Can Libra Disrupt The Financial/Economic System?

[candy27]

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.

David Marcus (of Facebook) already tried to create a P2P function in Facebook Messenger.

It failed badly, which is why they're trying to generate interest in launching their own currency.

Given their first attempt failed, why would the second succeed? The types of people who are on facebook are likely not the types who are interested in cryptocurrency.

[Sithara007]

John McAfee came up with an attack against Libra a few days back.... and this time he was successful in attracting some media interest. After his failed venture (McAfeeDEX) last month, he looks desperate to get some publicity. Meanwhile, in response to Libra, several governments are planning to list their own stablecoins. China has almost finalized the plans, while the one by Canada seems to be in the final phases of planning. And the most important thing to remember here is that many of these coins will be out even before Libra gets listed.

[supercanada1]

John McAfee came up with an attack against Libra a few days back.... and this time he was successful in attracting some media interest. After his failed venture (McAfeeDEX) last month, he looks desperate to get some publicity. Meanwhile, in response to Libra, several governments are planning to list their own stablecoins. China has almost finalized the plans, while the one by Canada seems to be in the final phases of planning. And the most important thing to remember here is that many of these coins will be out even before Libra gets listed.

McAfee is serious about this for sure. He is trying hard to defame Libra. Anyway, Libra is going to face hard time certainly and it is amazing that Facebook is the first one to make the move, not Apple, nor Microsoft or Amazon but Facebook. Lets just not forget about its breaches and privacy invasions, above all whistle-blowers. All the governments will be doing the same as what China is doing at the moment.

[LUCKMCFLY]

What governments fear is that the market capitalization in terms of money FIAT will have a greater dominance the stablecoin Libra, China is the country that is most interested in not giving the launch of Libra, the reason is simple, Libra will give more hegemony to the dollar (Mark made it known) because its support currencies do not appear in the Chinese Yuan, then China's local economy can be affected, in fact, they have been researching for 5 years, to develop a stable currency that without no doubt it will be a clone of Libra.

Based on the fears that Libra causes about China, it is because it will have more acceptance and much more community than China's stablecoin currency, since a stablecoin launched by a social network like Facebook has more acceptance than the stablecoin launched by some government, where in general, politicians around the world are not very well seen by people, much less banks.

The flight of capital by many countries will be a fact, money will flow much faster and with large volumes, thus losing control of governments and banks, tremendous inflation can occur if it is not handled well, because at the digital level It would enter a deflationary economy when that money is injected into the Bitcoin market, thus raising the need to issue more cash, generating inflation and negative interest rates, and they would have to try to have more liquidity in their economy.

[karanggatak]

yes I think the use of libra coins can indeed disrupt the world financial system. because if this libra is released then everyone can send or receive money to the whole world without any country restrictions. and of course the presence of this libra will threaten government banks and other financial institutions. and also facebook has many users. if each user has a libra then this libra can become a global currency. and might threaten the sovereignty of the national currency. therefore the congress has not yet given permission to Libra.

[deisik]

What governments fear is that the market capitalization in terms of money FIAT will have a greater dominance the stablecoin Libra, China is the country that is most interested in not giving the launch of Libra, the reason is simple, Libra will give more hegemony to the dollar (Mark made it known) because its support currencies do not appear in the Chinese Yuan, then China's local economy can be affected, in fact, they have been researching for 5 years, to develop a stable currency that without no doubt it will be a clone of Libra

But here's the catch

What you just said is equally applicable to the US dollar itself (and technically, that can be one of the reasons, if not the primary reason, why the American establishment are so hellbent on bringing it down or nipping it in the bud). Even if the dollar makes the whole of Libra, the latter being used instead of the former (after all, this is exactly what Libra aims for) means that the dollar will be losing ground. To sum it up, it is not about China alone as it is more about undermining the whole dollar hegemony as such in a really astonishing and even paradoxical way (with Libra itself being only a stable coin based on the American dollar)

[Ludmilla_rose1995]

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

[Abiky]

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.

Exactly. Libra's success or failure won't have any impact within the decentralized world of crypto. After all, Libra will be an extremely centralized stablecoin resembling a central bank. Its design makes it different from other well-known cryptocurrencies like Bitcoin and Ethereum. All the talks about Libra taking over the world and such, has been related to hype than anything else. People believe that Libra will be the next big thing in finance, when in fact, it's all the way around. As long as a Blockchain system is controlled by the hands of a few (in this case, Facebook), it'll never be able to disrupt our economic system as we know it. There needs to be true decentralization in order for our economy to improve in every way possible. Bitcoin creator Satoshi Nakamoto intended to provide an alternative financial system that's free from middleman or other third parties. Which is why, a Blockchain works best when it's decentralized than all the other way around.

But who knows? Maybe Facebook manages to launch its cryptocurrency after reaching approval from worldwide governments. If that happens, then you could expect for our economy to improve a little. But it'll be nothing compared to the likes of decentralized cryptocurrencies we know and love today. I believe that cryptos like Bitcoin and Ethereum are much better than those which are controlled by a single entity (like Ripple's XRP, and Facebook's Libra). In the end, the market (and the people) will decide which Blockchain system will be suitable enough for disrupting our entire economic system. My best guess, is that government-backed digital currencies will take the lead in this regard. But no one can predict what will happen with certainty in the future. Just my opinion

[bitbunnny]

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

[deisik]

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so

It didn't fail due to its intrinsic faults, weaknesses, or flaws

In a sense, it was failed by external forces which its centralized nature couldn't resist or stand up to (this was probably its only "flaw"). So whether it could disrupt the global financial system if it were as resistant and invincible as decentralized currencies are remains open to discussion. But the very fact that it had to be publicly executed and shut down with the help of the big guns in the US Congress speaks much for itself if you ask me

[FaMouS8828]

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

Facebook as a corporation has a lot of power, but the main question -  Do the people want to buy Libra? People buy bitcoin because want to control their money personally not with help of banks or government. People don't believe them and Libra will be 100% controlled by government. So,  we need this feature? I assume that no.

[JeffBrad12]

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

It will certainly disrupt however might only disrupt in the US which where it mainly originates from in the other region there are plenty of cashless method and I think Libra will have a hard time penetrating other market. What makes Libra got the government backlash is because it could potentially become a threat to the USD considering that it is trying to gain as much user in US.

[LeGaulois]

But who knows? Maybe Facebook manages to launch its cryptocurrency after reaching approval from worldwide governments. If that happens, then you could expect for our economy to improve a little. But it'll be nothing compared to the likes of decentralized cryptocurrencies we know and love today. I believe that cryptos like Bitcoin and Ethereum are much better than those which are controlled by a single entity (like Ripple's XRP, and Facebook's Libra). In the end, the market (and the people) will decide which Blockchain system will be suitable enough for disrupting our entire economic system. My best guess, is that government-backed digital currencies will take the lead in this regard. But no one can predict what will happen with certainty in the future. Just my opinion

Facebook doesn't need the approval of anyone basically but if it wants to operate in X country it will have to get a banking license first. Remember even if we're talking about a 'companycoin' here and all the bla bla bla blockchain/cryptography, the most important point is with the banking activities. There is no way around, the laws are the laws.

I don't know which 'sane' country will let FB entering in its banking system (except perhaps some exotic countries). Especially with the reputation, Facebook acquired through the various scandals (Cambridge Analytica,...), the lobby, etc.

Too complex for Facebook, probably better to create a neo-bank , it's surely more viable than with a 'companycoin' but so, it doesn't make sense considering how the market for digital banks is overloaded. Or a crypto token for people playing candy crush there lol.

Speaking about Facebook itself, it has already some projects failed before to be alive to the mass. One example I could give is when FB planned to become an ISP provider. I give it 2 years and you will see nobody talking about it anymore.

[panganib999]

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?

Facebook is powerful, there's no question with that but Libra isn't that powerful and won't even be one since the crypto space won't give it that power. It wasn't even being released since only the experimental code of it was being out in the public. The big fuzz that libra has caused is mainly because of the criticism and whatever obstacles this project is facing because of the shuft of details and other legislators of it raising new ambitious plans. And if what the public are being afraid of is the fuzz it has been causing, I don't think it's something worth worrying because its fuzz will just stay fuzz.

[Ludmilla_rose1995]

Facebook as a corporation has a lot of power, but the main question -  Do the people want to buy Libra? People buy bitcoin because want to control their money personally not with help of banks or government. People don't believe them and Libra will be 100% controlled by government. So,  we need this feature? I assume that no.

I also think so. Libra will be fully controlled by the government because Libra is a centralized currency (therefore I don't want to adopt it). But people might buy Libra because of the ease of payment such as insurance, electricity, water, etc. And traditional payments using fiat will soon be abandoned.

[rmhuntley]

A lot of negative information about Facebook Libra even from organizations representing the world of central banks assessing Libra plans can pose a risk to international banking systems.But I respond positively to Facebook Libra thinks, because it is just an issue, so can believe it or not.

[Abiky]

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

Exactly. Right now, Libra seems to be an idea than anything else. It won't be able to make it before launch as governments are already against it. Facebook will have a hard time trying to "disrupt" the economic system as we know it. Given that hopes for the launch of Libra are lost, I believe that another cryptocurrency will take its place in transforming the world's economy for the better. It could be another stablecoin issued by a widely recognizable mainstream company, or simply government-backed digital currencies issued by worldwide central banks.

Believe me, it's not about cryptocurrencies but rather Blockchain technology itself. This same technology has attracted the likes of governments, central banks, and businesses alike because of the benefits it provides. Any cryptocurrency can come up with new features and an attractive supply, but if it's highly centralized or more of the same, it'll fail in the long run. The core Blockchain technology is what matters nowadays, and if mainstream companies and governments put it to good use, they'll be able to disrupt our economic system in the future. But this will greatly depend on how much people are willing to adopt this system within the mainstream world.

Nonetheless, there's no doubt that Libra will fail in disrupting our economic system. But Blockchain technology will succeed one way or another within the not-so-distant future. We'll have to be patient to see how worldwide governments will adopt a regulatory framework suitable for the growth of the entire crypto industry. Only then, we'll see the "green light" for centralized digital currencies with the aim to replace the old Fiat system of today. Just my opinion

[CarnagexD]

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

Exactly. Right now, Libra seems to be an idea than anything else. It won't be able to make it before launch as governments are already against it. Facebook will have a hard time trying to "disrupt" the economic system as we know it. Given that hopes for the launch of Libra are lost, I believe that another cryptocurrency will take its place in transforming the world's economy for the better. It could be another stablecoin issued by a widely recognizable mainstream company, or simply government-backed digital currencies issued by worldwide central banks.

Even bitcoin is incapable of being the world currency and so the non-existent yet Libra could not too. Really facebook? After having such big scandals that associates with data breaching, your next move is to make a cryptocurrency? As far as I know Zuckerberg is facing still these recent anomaly in court with facebook. If the world is ready for cashless, then someone big will arrange for it, surely it is not the facebook, maybe the richest nation by that time. And for sure thing it is backed, stable and secured.

Believe me, it's not about cryptocurrencies but rather Blockchain technology itself. This same technology has attracted the likes of governments, central banks, and businesses alike because of the benefits it provides. Any cryptocurrency can come up with new features and an attractive supply, but if it's highly centralized or more of the same, it'll fail in the long run. The core Blockchain technology is what matters nowadays, and if mainstream companies and governments put it to good use, they'll be able to disrupt our economic system in the future. But this will greatly depend on how much people are willing to adopt this system within the mainstream world.

China has already in process of integrating blockchain with their current system. What they are doing recently is tracking down illegal and fraudelent organization to basically start their initiative on upbringing this one. Blockchain is the next big thing, I'm starting to see online banking with the help of blockchain that could help banks and consumers with ease.

Nonetheless, there's no doubt that Libra will fail in disrupting our economic system. But Blockchain technology will succeed one way or another within the not-so-distant future. We'll have to be patient to see how worldwide governments will adopt a regulatory framework suitable for the growth of the entire crypto industry. Only then, we'll see the "green light" for centralized digital currencies with the aim to replace the old Fiat system of today. Just my opinion

As for current relationship of every country, the change we want might come longer than we think. But atleast we have a vision and mission now.

[dewin]

I think yes, it could disrupt. Take note, how many people use Facebook, almost 3 billions now so Libra has enormous users base at the beginning. To many people it could the most convenient method of payment. What' more Libra signed cooperation with 21 members e.g. Spotify, Uber or PayU... It is going to be huuuge

[JC btc]

I think yes, it could disrupt. Take note, how many people use Facebook, almost 3 billions now so Libra has enormous users base at the beginning. To many people it could the most convenient method of payment. What' more Libra signed cooperation with 21 members e.g. Spotify, Uber or PayU... It is going to be huuuge

I don't think so, yes we do have a lot of users for facebook, but let us also be reminded that every country already has their own different types of payment system, I still can't figure out for now what Libra will do for them to encourage people to try Libra as we all know it is not like Bitcoin that has advantage way of holding, as it can't go pump and dump just like Bitcoin.