Can Libra Disrupt The Financial/Economic System?

[posi]

I dont think Libra is dangerous at all, stable coin and centralized coin is not a threat to the economic system, because it can be control, the one that potentially threatened the economic system is the decentralized coin like btc or ETH and Libra just started its step, we still don't know what could be done with it

You make a good point because centralized coins can be controlled but the government doesn't see the Libra coin like that and if you study the concept with the features behind the coin creation through the whitepaper you'll know that there's indeed the possibility the coin could make national currencies obsolete.

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[Abiky]

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.

Exactly. Facebook's Libra cryptocurrency cannot disrupt the financial system because it's merely a stablecoin backed by the value of the USD. With extreme centralization, it's just another central bank. If they have the desire of becoming a worldwide currency, they could easily provide customer service like Banks do, among other things. Once governments approve the launch of Libra, Facebook will be registered as a financial institution like traditional Banks.

Despite this, Libra will not entirely replace existing Fiat currencies because of many obvious reasons. Central Banks will always remain in power, and will try their best to prevent any other alternative (like Libra) from taking over the world's economy. Which is why, Libra's prominence within the mainstream world may be extremely limited in my own opinion.

In the bright side, Libra will trigger massive adoption of Blockchain technology if it becomes a success. Cryptocurrencies' popularity will rise like never before because of this. In the end, our finance will be disrupted by Blockchain technology itself instead of a single cryptocurrency. Governments will devise their own currencies that use this innovative technology in order to change the world for the better. Both Libra and crypto will do fine as alternative money in regards to Fiat for a very long time. Just my opinion

[freedomgo]

It is very possible because if we look at aspects of libra supporters it is quite large. plus the platform that will be used after being tested also gets a fairly positive response in India. It is not impossible, of course, the Libra ProJeck will succeed later

Libra is a good project, but still it's just a tool to facilitate a faster transaction, every time we transact and we want to spend our money, we still have to convert it into fiat as Libra is only an online currency and we can't expect people will easily adopt.

It will not disrupt but it could help to have a better financial system that people will minimize their expenses on fees of sending money like the crooks are charging people with big charges when sending money especially on countries where there's a lot of unbank people.

[jaocoincrypto18]

Although i believe that Facebook Libra will be a success market after launching but still i don't believe that it will disrupt the current market as their platform is just the same with Bitcoin. Like you will use Libra coin to avail the FB services and to use the coin for investments then we have already Bitcoin which is the main source of that concept and the most trusted platform.

[Irvinn]

In any case, not only the USA, but also other states will fight against the implementation of the Libra project.  This we will see in the near future.  The fact is that Facebook wants to create an independent economic ecosystem using the blockchain and the internal currency Libra, which will serve all users of social networks who will be able to make digital and non-cash payments that will have nothing to do with the banking system at all.  In addition, the number of users totals tens of millions of people from different countries.

[shinharu10282016]

But we know that already that it is not sure set cryptocurrency , right now there is like a program already into play which will come out in 2020 , we cannot yet decide for ourselves if it is really a threat or not , if it is a scam that would only be recognized correctly in 2020, we should know that right now it is nothing more than a experimental code.
- according to the facts

But considering how Facebook is already problematic with things considering the privacy of the users I think I won't be blindly able to trust libra now.
But let's see ...

We just have to wait for it and decide for ourselves if it is really worth the risk or maybe there will be no risk.

Libra might later be able to provide something new in an economic and financial system where the blockchain system is implemented and also the number of companies that support is not a small matter of course the target of this project that in the future will be great

The hype of those people who believes in crypto's capability is always there so why ask for something that isn't even clear except its name. But it will be good if it can really help companies.

[bitgolden]

I believe Libra can have some sort of punching power like bitcoin itself but I doubt it will be anything further, it is not going to be a currency in itself but only a paypal like thing where people exchange money with each other. We have vemo right now we had paypal we gonna have libra, none of the previous ones really changed the economy so we can be sure that this won't change it neither.

What this can do is allow people to send money worldwide because facebook itself is worldwide but aside from that there won't be really much to change. People will end up cashing that out to dollars eventually and that means libra itself has no power. The day people will be capable of spending Libra on shops (digital or brick) or cafes and what not then we will be capable of talking some changes, until then this is just a better version of paypal and nothing more.

[sana54210]

Although i believe that Facebook Libra will be a success market after launching but still i don't believe that it will disrupt the current market as their platform is just the same with Bitcoin. Like you will use Libra coin to avail the FB services and to use the coin for investments then we have already Bitcoin which is the main source of that concept and the most trusted platform.

How their platform is the same with bitcoin, are you insinuating that Libra coin is creating a decentralized coin?

When I read their whitepaper abstract, I never saw anything that is pertaining to bitcoin there, and the only thing that I saw in common is that it would be a payment system, and was also clearly stated that it would not support anonymity, so how would you likened such platform to that of bitcoin, I am not sure they have much in common.

Moreover, Facebook is only going to create a stable coin,they would never create a coin where you can use as investment and I think because it would be pegged to a dollar, is the reason why government are seeing it as threat since they feel it may make people to drop the dollar  that is already loosing value.

[ethereumhunter]

For now, I don't know because the libra project still running until now. If the project is very good in the future, then libra can disrupt the financial system, although it still difficult because the government will prevent that. The government still learn about cryptocurrency and libra is one of the many coins inside the cryptocurrency, so maybe the government will announce something related to cryptocurrency. But lets we wait and see what will happens later.

[beerlover]

I think this is going to be more like a test run for the bigger companies in financial world. I know you are thinking facebook is a giant and they are making a lot more money than most other companies and so forth but they are literally a social media company that could literally go to zero as soon as another company becomes bigger, just to give an example if instagram decided not to sell their company to facebook and whatsapp decided not to as well and they joined forces as just one company I am pretty sure the combo of instagram+whatsapp would be a lot bigger than facebook right now.

Myspace and all similar stuff is a known story as well because they went up a whole lot and than right now they worth nothing, whereas financial companies who will be watching this libra run closely have a lot of money that can't be gone that quickly plus they bribe politicians heavily so when they actually go bankrupt they get bailed out by the government.

[Averim]

Libra just made early steps in the crypto market so it doesn't have a power or influence to disrupt any economic or financial system.

[RealMalatesta]

Libra just made early steps in the crypto market so it doesn't have a power or influence to disrupt any economic or financial system.

I have not seen anything that will make the Libra coin to disrupt government economic system, but may rather even add value to it. What would have been a threat to them is if Facebook had created an anonymous coin, then the fear would have been there that lots of billions of people would be exposed to nonpayment of tax, but Facebook itself is not coming with such technology.

Their technology is even design to work with financial institutions, and also work with the banking system, so when Facebook announced its intention to establish the so called Libra coin, the people I even expected to start getting worried over it are all these stable coins like tether, and also ripple because Facebook coin already covers all their services.

[Abiky]

Although i believe that Facebook Libra will be a success market after launching but still i don't believe that it will disrupt the current market as their platform is just the same with Bitcoin. Like you will use Libra coin to avail the FB services and to use the coin for investments then we have already Bitcoin which is the main source of that concept and the most trusted platform.

Facebook needs to prove itself as a better solution for micropayments than its competitors (like XRP) with the launch of Libra. To achieve this, it would need to provide better transaction capacity, and long-term stability unlike no other alternative cryptocurrency today. As Libra's aim is to be a stablecoin, it'll be used in the same way as the USD. Because of this, we cannot say that Libra will disrupt the financial/economic system. What it'll do is to give a boost to currently existent Fiat currencies (like in this case, the US Dollar).

Upon launch, Facebook could bring digital payments focusing mainly within unbanked people. That way, it could benefit the adoption of Blockchain technology, as unbanked people will get into other alternatives as well (like Bitcoin and other cryptocurrencies we know and love today). Despite the success Facebook might obtain with its Libra coin, it'll never be able to overcome Bitcoin in any way. Being extremely centralized is one of the main reasons why this won't happen anytime soon. With too many governments that are against Facebook's digital currency, it's becoming uncertain whenever it'll launch at all.

Nonetheless, Libra may not be able to disrupt our current economic system, but Blockchain technology will. Whenever it'll be via a government-issued cryptocurrency, or by another mainstream company with a focus of improving worldwide payments, it's yet to be seen. What's important is that Bitcoin's Blockchain technology has taken the world by storm, just as Satoshi predicted. Which is why, we'll be dealing with Blockchain tech without even noticing it within the not-so-distant future. Just my thoughts

[dengpei]

Getting the regulatory aspects of the currency right is key to Libra’s success, particularly in markets like India, which is proposing a new law that would make owning and selling cryptocurrency a crime and punishable for up to ten years in jail.

[Police Indo]

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?

right, Regarding privacy, Facebook's reputation has been severely disrupted since the emergence of the Cambridge Analytica scandal, which caused the personal data of millions of Facebook users to leak. therefore, Libra is feared to be a tool for Facebook to peek at users' financial data. each user must feel disturbed if their privacy is known to many people. such as the amount of assets, names, transactions etc.

[freedomgo]

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?

right, Regarding privacy, Facebook's reputation has been severely disrupted since the emergence of the Cambridge Analytica scandal, which caused the personal data of millions of Facebook users to leak. therefore, Libra is feared to be a tool for Facebook to peek at users' financial data. each user must feel disturbed if their privacy is known to many people. such as the amount of assets, names, transactions etc.

Not everyone are compel to use Libra, those who are afraid of the possible leak of information due to the reputation of facebook in the past scandal might think twice of using the platform but those people that are just ordinary people who are not really holding a big amount of money may not see it a risk.
Moreover, facebook was already penalize of their past offence and I don't think they will do the same mistake twice.

[juperos]

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 Libra project actually has a lot of partners and they have raised enough funds, they are about to launch Libra coin but the US government has stopped this.
Libra needs to go through an arduous hearing to formally decide whether or not to make a billion-dollar business.
The future is unpredictable, so we need to wait for more information from it.

[SirLancelot]

Regarding privacy, Facebook's reputation has been severely disrupted since the emergence of the Cambridge Analytica scandal, which caused the personal data of millions of Facebook users to leak. therefore, Libra is feared to be a tool for Facebook to peek at users' financial data. each user must feel disturbed if their privacy is known to many people. such as the amount of assets, names, transactions etc.

Facebook is really not going to be that much of importance to people, they are not government to impose their coin on people, so they can only do some market by employing some technocrats that will market the coin to the world, and it is now left for people, to see if there is any benefit in it that they can gain, I mean not in terms of services, but in terms of monetary benefits.

Other than that, Facebook is just going to be a copycat of some of the coins that we have in the market, the only reason why I just want Facebook to be released is because I am sure that many will get to know about crypto generally through the launch of the Facebook coin because there is no way they can make intro without pointing at the kings of crypto, bitcoin and Ethereum.

[bryant.coleman]

I can see that a lot of users here have misconceptions about Libracoin. Let me clear them. First of all, Libra is very different from Bitcoin. While the latter is a decentralized cryptocurrency outside the fiat system the former is something which can be included within the fiat system and centralized. Bitcoin is something which is capable of disrupting the mainstream financial/economic system, since it is outside the fiat currency environment. But no such threat comes from Libra, as it is part of this environment.

[Kemarit]

I can see that a lot of users here have misconceptions about Libracoin. Let me clear them. First of all, Libra is very different from Bitcoin. While the latter is a decentralized cryptocurrency outside the fiat system the former is something which can be included within the fiat system and centralized. Bitcoin is something which is capable of disrupting the mainstream financial/economic system, since it is outside the fiat currency environment. But no such threat comes from Libra, as it is part of this environment.

It's because they thought that Libra is really a threat to Bitcoin, when they hear crypto, what comes to their mind is that Facebook will join the crypto-verse, and thanks for clearing that up and I do hope that members here realised by Libra coin is. There's so much hype in this coin that people really didn't understand. It's a centralised coin, like XRP, which we know has a lot of hate in this community. And even XRP didn't pose a threat although there was this so called "Rippening" (https://news.bitcoin.com/rising-ripple-threatens-usurp-bitcoin-ushering-rippening/), but wasn't successful in the long run.