Can Libra Disrupt The Financial/Economic System?

[Abiky]

Libra will only clash with the existing financial system. Transactions will be uncontrolled by the jurisdiction of each government and tend to weaken the bank.

What is being questioned by many financial experts at the moment is the leakage of user data/usage whose accountability cannot be guaranteed, Facebook itself recognizes that, so it needs new legal points in a clear MoU.

Agree. I don't think Libra will survive with regulatory pressure from worldwide governments. They're being strict mostly because of Facebook's privacy leaks. The world's biggest social network would need to show themselves worthy of governments' trust by preserving user's privacy within the mainstream world. But it'll be a difficult journey for Libra as it aims to become a worldwide stablecoin (which means that it'll need to comply with regulations from different jurisdictions). This shows us that the launch of Libra will be very unlikely to take place in the future.

While Libra won't be able to disrupt our current economic system, I believe that another digital currency will. It could either be a government-backed digital currency, or a digital currency created by another prominent company within the mainstream world. As long as the digital currency complies with worldwide regulations, it'll have the "green light" for launch. All in all, Blockchain technology (not a specific cryptocurrency) is what'll make our world a better place. Just my thoughts

[alyssa85]

Why many forum on bitcointalk tread always talking with Libra coins, so far we know Libra still not active as cryptocurrency or other digital payment. Not get allowed from United government make Libra never listed to public, how ever without know when coin open to public will make less investor and less trusted from people with Libra coin, maybe libra never can't disrupt bitcoin price.

Libra is not active but it's affecting the entire cryptocurrency universe as it is focusing government attention on the entire industry and on cryptocurrency in general.

Hopefully it doesn't result in crypto being banned or heavily regulated. But some of us would have preferred if Zukerberg had stuck to his social media empire and left crypto alone.

[TrevorS]

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

[STT]

Libra isnt revolutionary, Paypal was intended to be a stand alone currency originally also and yet it really isnt, but still it moved the game.   Not everyone will remember but there were attempts at some kind of token internet currency prior to bitcoin in the dotcom boom and they bust because they were not especially useful or even new because shop points or similar existing for years.
    So Libra does one thing different from other projects that I can see and that it holds a basket of currencies across the world to reflect its users and their spending habits.   Sounds fair but the current dollar system is actually not especially matching that, it has a bias towards the long standing powers from the ww2 era and years post that.  So is some disruption but its not a massive amount, however anything Facebook does is big news in theory.

So people on this forum are hyped about Libra for just the obvious possibility that facebook is a behemoth of a website with billions of users.  Then they have the idea to equate Libra with crypto and so billions will be swayed towards Bitcoin hence a boom, its likely this idea is in the price we have now still though it leaked some.

Libra will only clash with the existing financial system.

I dont see a big clash, the existing financial system is just not in good condition.   Its like a dying man with a grenade, everyone is a threat and he is a threat to everyone; he can pull the pin to spite us all and if anything the slow bleed out makes that more likely.   Facebook took too big a step, it upset those already ill.

Nobody mentioned that in Mr. Robot a TV series?  they predicted these events some, now we just need a couple other things and we're on the set of Bladerunner

[Abiky]

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

Good point. Libra by no means will be able to disrupt our economic system since it'll be a "reincarnation" of the current banking system. Facebook will act as a "Central Bank 2.0" subject to regulators worldwide. In this scenario, the Blockchain cannot fulfill its true potential since it was designed to be free from middleman or third parties. It's not a question whenever Libra will disrupt the economic system, but rather if Blockchain and decentralized cryptocurrencies will be able to truly change our economy for the better. So far, this seems to be the case, as people are using decentralized payment systems for their own benefit.

Nonetheless, neither Facebook or another mainstream company will be able to disrupt our economic system in its entirety. Only governments and central banks will be able to disrupt the economic system via the use of Blockchain technology for their own benefit. They won't allow private monies (like Bitcoin, Ethereum, or even Facebook's Libra) to take over Fiat anytime soon. In the end, Facebook's ambitions of a worldwide cryptocurrency for the "unbanked" may result to be more of a dream than anything else. Just my thoughts

[huu78]

It depends on how Mark handles a project. If arguably would interfere with other currencies I might disagree that bitcoin alone does not affect the financial system of government banks and the global economy.
Libra will be strong standing as stable coin where many parters who have left it but Libra will surely shine because under the auspices of people and famous platform named Facebook.

[erickastella]

news cryptocurrency libra is still confusing, there is no certain news about it, if indeed someday libra will become a stable coin then that will be a challenge for usdt, usdc or other stable coins.

[Sithara007]

news cryptocurrency libra is still confusing, there is no certain news about it, if indeed someday libra will become a stable coin then that will be a challenge for usdt, usdc or other stable coins.

It looks to me that both Mark Zuckerberg and David Marcus are trying to find an exit strategy. They realized that creating a cryptocurrency is not as easy as they would have liked and it pits them against some of the major corporate and financial players. Most of their partners have pulled out of the project, and without them I don't think that Libra can honor the timelines decided earlier. Even if Libra comes in to existence, then the roll out will be delayed by quite a bit, as a lot of development and regulatory work remains to be done.

[EdvinZ]

The destruction of the financial and economic system is a huge crisis for the whole world, which will throw humanity back in development. We do not need any destruction, we only need to improve the existing model of the economy with the help of available technologies. Whether Libra will be able to destroy the financial and economic system, I deeply doubt it. The regulators won't allow it.

[Botnake]

The destruction of the financial and economic system is a huge crisis for the whole world, which will throw humanity back in development.

I understand your sentiment but we have to accept that nothing is permanent in this world, except change.
If Libra will be able to provide better the needs of the people then it will be fully embrace and our current system might be disrupted.
But, I can assure you, the government is still always in control no matter what, so don't worry about that much.

[wxxyrqa]

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

Good point. Libra by no means will be able to disrupt our economic system since it'll be a "reincarnation" of the current banking system. Facebook will act as a "Central Bank 2.0" subject to regulators worldwide. In this scenario, the Blockchain cannot fulfill its true potential since it was designed to be free from middleman or third parties. It's not a question whenever Libra will disrupt the economic system, but rather if Blockchain and decentralized cryptocurrencies will be able to truly change our economy for the better. So far, this seems to be the case, as people are using decentralized payment systems for their own benefit.

Nonetheless, neither Facebook or another mainstream company will be able to disrupt our economic system in its entirety. Only governments and central banks will be able to disrupt the economic system via the use of Blockchain technology for their own benefit. They won't allow private monies (like Bitcoin, Ethereum, or even Facebook's Libra) to take over Fiat anytime soon. In the end, Facebook's ambitions of a worldwide cryptocurrency for the "unbanked" may result to be more of a dream than anything else. Just my thoughts

The incompetent government, corruption and the influence of businessmen and oligarchs on the governments of their states will somehow destroy the economic system of any country, even without the help of the blockchain.  You can take any country we take as an example where the economy is very weak, although it has very good potential due to its resources.  But if the state machine does not work like clockwork and is run by professionals for the benefit of its citizens, then the use of cryptocurrency will only benefit, although in my opinion the control and regulatory process should still be mandatory.

[cotton ball]

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?

Before launching to the public Libra coin have positive respond from many investor around the world, they are really excited with Libra become cryptocurrency. The investor know how fantastic Libra if opening to public and give disrupt financial economic system where many investor move to Libra coin, just keep in our mind when Libra coin open investing for public and when people can buy Libra coin for investment assets.

[secretgirl]

Facebook is the largest social media company in the world and has 2.3 billion Facebook account users. and imagine if in the future all Facebook account users have Libra coins. then every change in the value of Libra coins will have a major impact on the world financial system. so do not be surprised if this coin gets a lot of rejection in European countries and the United States. and this Libra coin is a coin that is centralized and controlled by Facebook. so maybe government officials fear Facebook can monopolize the world economy with this Libra coin.

[carriebee]

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's obvious that this libra is another way grow of business of Mark Zuckerberg like other his businesses. But I think we don't need this libra even it will have big impact in crypto market if they will launch it. Of course some whales out there will want a great profit if they invest to this libra so they grab opportunities which some cryptocians don't want to launch this libra because  high class (known personalities) will be benefit about this libra.

[Abiky]

I understand your sentiment but we have to accept that nothing is permanent in this world, except change.
If Libra will be able to provide better the needs of the people then it will be fully embrace and our current system might be disrupted.
But, I can assure you, the government is still always in control no matter what, so don't worry about that much.

Exactly. Governments always have the final say within any emerging industry in the mainstream world. Blockchain technology has reached this far because governments have allowed it. If they truly wanted to stop Blockchain and crypto from growing into a massive ecosystem, they would've done so within Bitcoin's early days. Now that Blockchain tech is too big to fail, mainstream companies have become interested in it. Facebook is one of those mainstream companies with the ambitions of launching a global digital currency for the unbanked people to enjoy. In a form of a stablecoin, Facebook's Libra digital currency aims to disrupt the economic system in every way. It's yet to be determined whenever it'll have success or not, since it's still facing some regulatory issues from governments worldwide.

With the US being skeptical about Facebook's digital currency, I'm sure that it'll do it's best to prevent it from launching anytime soon. After all, the world's biggest social network company (Facebook) has been well-known to violate people's privacy. Governments are afraid that Facebook will be putting people's privacy at risk by exposing their transactions to malicious actors. Which is why, Facebook needs to prove itself trustworthy enough to fulfil its vision of disrupting the worldwide economy.

Nonetheless, it's very unlikely that Libra will disrupt the economic system. But Blockchain technology in its entirety will, as governments and central banks adopt it for their own benefit. This means that one way or another, our financial system will become disrupted by the same technology Bitcoin has brought to the world. Just my opinion

[cutesgirl]

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's obvious that this libra is another way grow of business of Mark Zuckerberg like other his businesses. But I think we don't need this libra even it will have big impact in crypto market if they will launch it. Of course some whales out there will want a great profit if they invest to this libra so they grab opportunities which some cryptocians don't want to launch this libra because  high class (known personalities) will be benefit about this libra.

Mark Zuckerberg is most danger person who want to competitor with almost trending in the world, when many people adopting with instagram his facebook use and adopt with instagram by insta story, now he tries to be competitor with bitcoin by building his coin called with Libra Facebook coin, not legal from government make Libra do not publish now to investor, I think how many people use with Facebook coin they can't cross with bitcoin and less away become bitcoin competitor.

[NeironixNV]

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 is unlikely that it will destroy the current economic system, I read at the neironix.io, that the global financial community is putting the wheels in the wheel and we will not see the libra in work soon, but in theory, of course, if you fantasize, then in some kind of utopia, the Libra can become a world currency.

[alyssa85]

Facebook is now trying to trashtalk bitcoin:

https://www.cnbc.com/2019/11/06/facebook-executive-david-marcus-says-bitcoin-is-an-investment-not-currency.html

David Marcus, the head of Facebook’s cryptocurrency projects, on Wednesday said that Bitcoin is digital gold, but it’s not a good currency for transactions.

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said speaking at the New York Times DealBook Conference in New York. “I see it as digital gold.”

Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but the drastic upswings and dips that Bitcoin goes through makes it a bad option for people who need a system to send remittances across borders.

That is a key market that Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, libra’s value will be tied to currencies like the U.S. dollar and the Euro, which will help it remain stable.

Marcus said a key reason that Bitcoin has not been regulated out of existence is because it is not perceived to be a medium of exchange.

“It’s an investment class that’s decorrelated from the rest of the market,” Marcus said. “Why feel threatened by that?”

[tambok]

Facebook is now trying to trashtalk bitcoin:

https://www.cnbc.com/2019/11/06/facebook-executive-david-marcus-says-bitcoin-is-an-investment-not-currency.html

David Marcus, the head of Facebook’s cryptocurrency projects, on Wednesday said that Bitcoin is digital gold, but it’s not a good currency for transactions.

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said speaking at the New York Times DealBook Conference in New York. “I see it as digital gold.”

Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but the drastic upswings and dips that Bitcoin goes through makes it a bad option for people who need a system to send remittances across borders.

That is a key market that Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, libra’s value will be tied to currencies like the U.S. dollar and the Euro, which will help it remain stable.

Marcus said a key reason that Bitcoin has not been regulated out of existence is because it is not perceived to be a medium of exchange.

“It’s an investment class that’s decorrelated from the rest of the market,” Marcus said. “Why feel threatened by that?”

No matter what they say about Bitcoin, they will have no impact on it, Bitcoin already established its name and Libra is just nothing compare to it, we all know that Libra has no impact at all, some people are just doing hype to manipulate people, they are taking advantage of it, they wanted to take this chance to earn a lot by making people invest when in fact it is not worth to invest at.

[Memminger]

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

Good point. Libra by no means will be able to disrupt our economic system since it'll be a "reincarnation" of the current banking system. Facebook will act as a "Central Bank 2.0" subject to regulators worldwide. In this scenario, the Blockchain cannot fulfill its true potential since it was designed to be free from middleman or third parties. It's not a question whenever Libra will disrupt the economic system, but rather if Blockchain and decentralized cryptocurrencies will be able to truly change our economy for the better. So far, this seems to be the case, as people are using decentralized payment systems for their own benefit.

Nonetheless, neither Facebook or another mainstream company will be able to disrupt our economic system in its entirety. Only governments and central banks will be able to disrupt the economic system via the use of Blockchain technology for their own benefit. They won't allow private monies (like Bitcoin, Ethereum, or even Facebook's Libra) to take over Fiat anytime soon. In the end, Facebook's ambitions of a worldwide cryptocurrency for the "unbanked" may result to be more of a dream than anything else. Just my thoughts

The incompetent government, corruption and the influence of businessmen and oligarchs on the governments of their states will somehow destroy the economic system of any country, even without the help of the blockchain.  You can take any country we take as an example where the economy is very weak, although it has very good potential due to its resources.  But if the state machine does not work like clockwork and is run by professionals for the benefit of its citizens, then the use of cryptocurrency will only benefit, although in my opinion the control and regulatory process should still be mandatory.

Through regulations, we will have an order and to put some reasonable punishment to those people who are abusing the Bitcoin or the cryptocurrencies in general. Also, regulations are vital part of integrating the blockchain technology in our lives and to the economy of a country if there are considering a mass adaption. Since as we know, through law, doing wrong things are restricted hence it would bring order among the users of the blockchain technology and those who are using cryptocurrencies will be viewed in a different light seeing it as legitimate currency or asset recognized by the government.