Can Libra Disrupt The Financial/Economic System?

[Smokey23]

It looks like Libra has hit a few snags as I suspected. I will be quite surprised if it actually launches.

"If Bitcoin takes over, we are all in a world of hell!" - https://www.youtube.com/watch?v=gHOAKWzDH-Q

[omonuyak]

Libra is bullshit and I think is not have good planning at the future, do you know how long Libra have planning for launching their project to the public, but until right now they are still trying for their product.

I have read online that libra may not be launch but i think it is to reduce the effect of libra on the cryptocurrency pricing. From what has happened we now understand that libra is bullish on bitcoin and cryptocurrencies generally. I could have be happy if governments allow libra to be launch as this could have enabled easy adoption of bitcoin.

[shoreno]

Libra is bullshit and I think is not have good planning at the future, do you know how long Libra have planning for launching their project to the public, but until right now they are still trying for their product.

I have read online that libra may not be launch but i think it is to reduce the effect of libra on the cryptocurrency pricing. From what has happened we now understand that libra is bullish on bitcoin and cryptocurrencies generally. I could have be happy if governments allow libra to be launch as this could have enabled easy adoption of bitcoin.

You mean they are faking that libra coin wont be launch just because they want to decrease the price ?  Thats a silly strategy but that might be the reason for the recent decline  of bitcoin and other cryptos  . but thats better if they wont launch libra coin so that it wont make any noise and it wont make any impact on the price of cryptos  .

[dengpei]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

No one knows for sure how Libra is going to impact the world's financial systems but I think if Facebook manages to go through current regulation hurdles they could surely put a dent in our monetary system. Libra might not be able to compete against the more established US dollar or BTC which has more unique and superior features to its name, Libra might find a more conducive environment in emerging economies and developing countries.

Take a country like India for example, it desperately needs a more efficient vehicle to move diaspora remittances — given that nearly 200 million people use WhatsApp (According to the Digital Information Report https://urlzs.com/cPXDY). The Asian country’s market for diaspora remittances is one of the biggest in the world, with the World Bank estimating that about 80 million United States dollars were remitted to the country in 2018 alone. Information on hand paints Libra coin as a viable vehicle that is going to ensure that digital banking services reach the unbanked parts of the world.

I think it would be naive to undervalue the impact and traction that Facebook has in developing and emerging economies, I think Facebook Libra is going to piggyback on this traction. While most first-world markets around the world lean on messaging services like Apple’s iMessage for communication, the high-end smartphones on which such apps run on are priced out of many third world markets. Instead, the more generic apps such as WhatsApp and Facebook Messenger can run on various entry-level smartphones, some of which cost under one hundred dollars and allow for cheap and effective communication.

In most African countries innovative Mobile Network Operators have been coming up with internet connectivity products tailor-made for social media platforms such as WhatsApp and Facebook bundles that offer exclusive access to these platforms at cheaper rates.

There are some countries where people actually believe that Facebook is the internet!

 Facebook seems to have been studying towards answering the, how to serve the unbanked world population question, as Libra coin is leaned towards serving the ‘forgotten ones’ — remember when Mark Zuckerberg made a surprise visit to Nairobi to learn about mobile money?

Now with Facebook having announced that to store and exchange Libra, you’ll need to use a “wallet”; a service that will be integrated into existing apps such as WhatsApp, Messenger & Instagram. Adoption and scaling in developing countries is likely to be a breeze as most people are more familiar with how to navigate around these apps.

Just my thoughts

[el kaka22]

I have no say no because Libra is still under the monitoring of the government and they are such complying with the rules enforce to them, they can be bigger than the financial system that the government has build and promoted.

They have a technology that has been designed to actually create a smooth financial system, but the governments would not want to put the entire financial system of the world into the hands and control of a single man, it could really be very dangerous, no one know the people that mark is working with, and if government is to allow the system, it means virtually some secrets of the government financially will be known by Mark and Libra team, except after they build the system, they will hand it over to the government fully, but the question is, which of the government would it be handed over to because the Libra coin is proposed to be a global currency, so this is where the this unity will come from, and this is what will end the reign of this Libra coin.

[Bitcoin Seller]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

The information has appeared that Libra might be even not released through a lot of difficulties and limitations which are met by the Facebook company. It can turn out that FB will spend billions and lose them. Therefore, the question about Libra release is still opened. Thus, we cannot say if it has some positive or negative effect on the economic system.

[coin-investor]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

All of these are just possibilities we never know how things will turn out but the government of the United States, already stated, that they do not want Libra coin and Facebook comply and concede, so we will never have a chance to see it happen, maybe in the future we really need a big company coming up to join Cryptocurrency and Facebook is such a huge company.

[Botnake]

There is very less possibility for libra to financially disrupt the financial economic system. This is no different from the regular money, libra is digitized which is the only difference. I consider libra the same way as the mobile wallets serve or the inbuilt wallet services of Marketplaces like Amazon pay.

It will I guess because it will affect the business of the remittance centers, banks, and etch, which are costly and slow in terms of transaction.
With Libra, you can send instant money just like sending message from your facebook account, that's what I understand.

[serjent05]

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

No, it is not potent to disrupt the currency financial system. It seems to me that libra is like any other company token that is spendable within its community.  Meaning, this is not something new.  Besides, it is still pegged to fiat currency so what is new there? 

[Your point could be the reason why the US government is very hard on Libra coin, they do not want it to launch, that is why they are imposing a lot and asking so much, the government will not let their control compromised and Libra coin is an example that they can stop any threat to their system.

It is not a threat, US government are just worry of the possible money laundering since it is somehow out of their control.  Aside from that, the US government is probably worried about possible manipulation that will cost their citizen to lost a lot of money.

[Darker45]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

It can make solid disruptions to the market as well as to the entire system provided its objectives and plans are successfully translated into reality. The plans are pretty amazing. Libra is going to be a stablecoin so there is no need worrying of its value fluctuating every now and then.

Please note that Libra is not all about Facebook. As I have pointed out in another post, it might have started with Facebook's initiative but it will eventually be controlled by Libra Association which has several members including the giants Visa, Uber, Spotify, Mastercard, Paypal, eBay, and several others. Every member including Facebook will only have a single vote in decision making.

The potential disruption has caused serious panic among the governments that they have initiated efforts to stop its development. This is an obvious sign that they are threatened. Imagine the giant companies of this world coming together as one, using their own cryptocurrency. Mark has even mentioned that he will try convince Google to join them. This is going the shake the world. Well, if they are able to launch.

[coiningz]

Libra may be the big influencer in financial market it will be realeased. And due to it USA want ban it. They dont want to loose control on financical flows

[LeGaulois]

ok, can anyone tell me:

Do you think a company would be allowed to perform banking activities without a banking license? If it was possible, everyone would do it already. And if a state says "No" Do you think a company can reply "I do what I want". If Facebook is one of the biggest company it doesn't allow it to be above the laws.

I know Walmart filed a patent to create its Walmart coin (link). This company will get the same problems as Facebook.

[hatshepsut93]

Facebook doesn't want to disrupt financial system, it wants to become a part of it. They use Libra to achieve this because they want to ride the cryptocurrency hype, but they can't hope to use it as a loophole, the reaction of regulators and government showed it clearly.

But the biggest problem of Libra is that no one really wants it, there's no good reason for people to use it - it doesn't have convenience, it doesn't have any properties of cryptocurrency, it doesn't offer customer service like banks do and so on.

[Schirer]

 It can disturb the niche they are after and that is our every day small payments to each other and paying for small products.
I bet thet they have plans to integrate it with their Facebook shops, pay for ads and so on. If it goes true , it can work, Not that I am fan of Facebook mafia.

But the biggest problem of Libra is that no one really wants it, there's no good reason for people to use it - it doesn't have convenience, it doesn't have any properties of cryptocurrency, it doesn't offer customer service like banks do and so on.

They dont need customer support, do you need support when buying things online from your bank? I dont think so, you get your card, paypal or other account and just buy it! No support ever is needed, if you have problems you contact the online store..

[Reid]

I dont think so.

Have we seen a large scale of change in the financial system when bitcoin suddenly rose to a number which no one expect.
And not just that. Add Ripple, USDT, BCH and ETH. Yet nothing still drove it to the edge where it could be outnumbered.

Facebook Libra is just an addition to that. Worse it could just go in and out. We have so much crypto currency here which have a wonderful trust rating than what this new thing they are offering.
Facebook might have a lot of users but it is not because of the crypto they had but just the application.

[Kakmakr]

Well, when 2.32 Billion active users start using a new currency, then I would think that it would tip the balance on global fiat currencies.    Capital control would be a nightmare for smaller economies and the US Dollar as a global reserve currency, would definitely get tough competition. 

So I think Facebook only realized the impact that this might have when governments started to take notice and when they started to voice their concerns. <All of this was triggered by Donald Trumps tweet.> 

I think Libra will be canned before it even started, due to government presure. 

[deisik]

Well, when 2.32 Billion active users start using a new currency, then I would think that it would tip the balance on global fiat currencies.    Capital control would be a nightmare for smaller economies and the US Dollar as a global reserve currency, would definitely get tough competition

I'm not sure there are so many active Facebook users

This figure is greatly exaggerated, while the real number is likely closer to a few hundred million users throughout the world. And I'm not sure about the world either as in many countries there are much better alternatives to Facebook (like VKontakte in Russia and Russian-speaking countries)

Regardless, we will likely see a few million Libra users at most, most of which will be amused and somewhat interested cryptocurrency users looking into this thing out of idle interest (and a quick buck profit opportunity). It took Bitcoin long 4 years to get some traction, so I wouldn't expect too much from this wannabe fiat killer

I think Libra will be canned before it even started, due to government presure

I think the whole shebang is fake through and through

[hatshepsut93]

They dont need customer support, do you need support when buying things online from your bank? I dont think so, you get your card, paypal or other account and just buy it! No support ever is needed, if you have problems you contact the online store..

A few months ago I was depositing some cash via an ATM and it took my money without crediting them to my account, so I had to call my bank and they have investigated it and manually solved the problem. Now imagine something like that happens with Libra, a tx gets screwed due to a bug or something, and no one will do anything.

[guoyu78]

They dont need customer support, do you need support when buying things online from your bank? I dont think so, you get your card, paypal or other account and just buy it! No support ever is needed, if you have problems you contact the online store..

A few months ago I was depositing some cash via an ATM and it took my money without crediting them to my account, so I had to call my bank and they have investigated it and manually solved the problem. Now imagine something like that happens with Libra, a tx gets screwed due to a bug or something, and no one will do anything.

Since the history of cryptocurrency, have you ever since something or issue as this arise? Other than maybe your account is being hacked or the exchange which you use deliberately takes off your fund. This scenario you use is just because it has to do with physical system, let’s look at your money in your bank, as it ever disappeared without any tangible reason, now aside this, as big as Facebook is, do you think that they would create a system without a good support?

If you think so, mail Facebook support one of these days, despite the fact that they have over a billion users, they still attend to lots of issue like it is their life.

I could remember when an hacker hacked my business account on Facebook, and it placed an advert of over $2000 on my account per day, I contacted Facebook and my account was resolved and my money returned back to my account, so if they can manage over 1 billion accounts smoothly, why do you think this will be difficult for them to handle?

[sana54210]

I think it depends on how facebook utilizes it, if they only strict it with facbeook/instagram/whatsapp type of situation then I do not think it will make too much of a difference, I am still wondering if people can send each other money via whatsapp thanks to libra, how will they be able to cash that out as well, thats the real question.

Lets say person A has 100 dollars, Person B has none, Person A decides to send that 100 dollars to Person B then somehow Person A has to find a way to buy libra with that which I assume can be done on facebook or instagram or even whatsapp itself, however after that Person A will send that Libra to Person B and then Person B has libra that worths 100 dollars, the real question is how will Person B cash out that libra to dollars on their bank account? If they can't find a solution to that there is no way of really utilizing it.