Can Libra Disrupt The Financial/Economic System?

[joelsamuya]

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?

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[leea-1334]

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 ones who call it fake are the ones who understand crypto and who use it properly. Facebook's Libra is nothing like how we will use crypto. You think it will be about wallet addresses? No it will be about giving people your username. And to verify your accounts you need to give ID scans etc. I never need to do this for btc.

[fiulpro]

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 ...

[asajapheth]

Facebook's Libra actually has the ability to disrupt the financial and economic system. As it can change the way we currently make payments, but it lacks something we all enjoy about cryptocurrency - trust.

Would the world trust Libra?

It has shown that it does not have the qualities of cryptocurrency - decentralisation. It is also not really revolutionary. There are quite a number of crypto stablecoins out there. It's because it's Facebook doing it, that's why there is hype.

[veleten]

it could , if it couldn't then the governments and central banks would not be so concerned and react immediately
it is a stablecoin indeed and has only few traits of a regular cryptocurrency and its purpose is different from that of bitcoin
Facebook with Libra follows the old saying that if you cannot defeat something - lead it
trying to issue this quasi cryptocurrency and combine it with their spying platform so people had their version or an  "alternative" to bitcoin
do not underestimate the potential impact on the society - Facebook has almost unlimited advertising abilities
Libra will be promoted heavily and you , most likely , would be able to pay for things with it straight away
starting with services and ads associated with FB itself and then making deals with the companies who are buying advertisement from them
it is early to say , but Libra could challenge not only the current cryptocurrencies status quo , but also meddle with the Central bank's printing coloured paper playground

[avikz]

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?

Libra is a far fetched dream for Facebook now! US authorities have already raised concerns on Libra and I am sure a lot of other countries will do the same as and when Facebook will try to enter there! There will be no Global currency available at least in our lifetime. The current geo-political scenario doesn't support such type of global currency and I don't think it will ever be possible!

Libra will continue being in R&D phase I doubt will become a reality ever! Don't be over-optimistic about it!

[LeGaulois]

Libra will disrupt nothing because it may never come, and Facebook admitted it to the SEC. Facebook thinks the legal framework is too difficult.
Bad future for 'companycoins' good days for cryptos
FB has several failed projects, I told it once, Facebook will never launch libra


https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/69ea7934-e26b-499f-85ca-eb67cd2a9fc1.pdf

Facebook's Libra actually has the ability to disrupt the financial and economic system. As it can change the way we currently make payments, but it lacks something we all enjoy about cryptocurrency - trust.

do you trust all the shitcoins around? This is another problem.
If you don't trust facebook, why using it?

[The Sceptical Chymist]

My post got deleted, but I think it was because I quoted someone else's deleted post....so I'm reposting here:

I just read for the first time today that it's supposed to be a stablecoin--no wonder the government doesn't want it to proceed.  If it was a regular cryptocurrency with a value that changed according to market forces, they could treat it like a security (I think).  If it's tied to the USD, Facebook is basically creating a new currency.  I'm pretty sure that's not allowed, which is why the US government had such a problem with those Norfed coins.

Even if FB manages to bring Libra to market, I don't think it's going to make a huge impact on the world.  If any crypto was going to do that, it'd be bitcoin--and we all know bitcoin has yet to be widely adopted as a currency, even though more people are hearing about it in the media.  I don't think people are going to have much of a need for any coin that Facebook puts out, even if there are hundreds of millions of FB users.  It is very interesting to follow all of this though.  If anything, bitcoin and crypto in general will get more attention and perhaps more adoption.

Libra will disrupt nothing because it may never come, and Facebook admitted it to the SEC. Facebook thinks the legal framework is too difficult.

But FB didn't actually say they were abandoning Libra as far as I read--but yeah, it certainly does look like they're in for a challenge if they do decide to try to push it through.

[Herros]

Libra is a blockchain like Ethereum to run smart contracts, backed by other assets so the price is relatively stable. Technically, the project has many benefits to it: A good type theory, has safety and direct evidence, Libra is written in Rust (a Safety-focused, grammediformity language), and is more efficient and scalable than proof of the work system Like Ethereum and Bitcoin. But ideologically, this chain is the opposite of most other blockchain projects.

[Periodik]

If Libra is launched and works according to its plan, it is going to be a strong disruptive force in the system. For sure, the millions and millions of followers of Facebook as well as its partners in the Libra Project such as Uber, Visa, eBay, Spotify, and so many others will also be supporting and using it. This is perhaps the greatest reason why the governments would do everything to stop Libra from launching or even developing.

[Ridwan Fauzi]

But I doubt there is many people who trust to libra coin since there is many information about scandal of facebook especially on user identity issues. Me myself have no interest to use libra coin since that information has spreading up in my mind. There are many risk if I try to store my money on this coin and in other hand the libra coin will not give any profit if I use it.

And now, facebook has launched that they created their own coin and was considered as a bank because if I see the whitepaper of libra coin the facebook has an intend to make own bank for their user which is way will make the government won't be silent to ban the use of libra coin for his country. So, I have no confident that libra will be success and be used by many people.

[hugeblack]

The problem with libra is that governments do not know much about how to control the total number of currencies and liquidity problem.
If the United States succeeds in a unified regulatory structure, these currencies may see a presence on the ground.
I think the basic idea is that the United States wants companies to become banks rather than to create currencies.
In short, Blockchain as a payment protocol like Ripple.

[hotforblockchain]

No it cant!

They can :
1) take a part of the micro txs market between persons
2) take a part and profit from little purchases online
3) disturb our privacy by stealing more of our data

[MonsterV]

~snip

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?

I think Libra is really strong against the global economy, if seen from the US government's criticism of this coin. If Libra can pass all regulatory challenges to become a new currency then I have no doubt that Libra is capable of having a huge global economic impact.

Even in my opinion, the US is more afraid of this Libra Currency than decentralized currencies because as we know that Facebook has a very large dominance in economic aspects, well this is the reason. Not only that, the US finance minister also mentioned Libra as a national threat.

[joniboini]

I think Libra is really strong against the global economy, if seen from the US government's criticism of this coin. If Libra can pass all regulatory challenges to become a new currency then I have no doubt that Libra is capable of having a huge global economic impact.

I don't see Libra will provide anything huge. Maybe new, but definitely not groundbreaking. We've seen similar systems like Libra that is now being used, digital money like Doku or something similar.

Facebook is creating another e-money/e-wallet and not using any existing provider because they want to get something from it. Media is just using this to spin text around saying it's groundbreaking while the system already exists and used. If there is something which can be called disrupting, it's Bitcoin of course.

[deisik]

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?

This is hype, just hype

It is in fact quite wondrous that people are so inclined to believe in this type of hype. Maybe, because they just want to believe in something? Bitcoin is kinda obsolete already, gold is just retarded, so people want a new kid on the block to refresh their lives. And it is even more fascinating that it has become a subject of discussion in the US Congress. There's something fishy about this coin, something which looks and feels like a con, not a real deal

[Hydrogen]

Libra done correctly has potential to make the world love alt currencies. It could bridge technology and generation gaps as the best platform for driving bitcoin mass adoption the world has ever seen. Imagine facebook apps and games paying out rewards in libracoin. With good exchange and retail support that could represent an ideal introduction to crypto, HODLers have been dreaming off since early adoption. It could allow facebook users to easily accumulate and spend digital currency, illustrating advantages crypto enjoys over banks and credit card companies who often utilize obsolete and inferior technology.

I think there is definitely potential in libracoin.

Competition breeds innovation. I would much prefer consumers and crypto end users to determine whether libracoin can occupy a useful niche in the cryptosphere than regulators, experts, analysts, critics or enforcing bodies like the SEC who often push agendas or political narratives rather than facts.

If nothing else, libracoin could force banks and credit card companies to offer better terms, lower APR rates and juicier options through market competition.

[SirLancelot]

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, Libra coin is just like Facebook trying to create another financial system entirely to go like digital payment but in form of blockchain technology, and where they will start from is from their platform, by imposing the cryptocurrency on the millions of users that they have using their platform for marketing.

Facebook has over 2 billion users, and you know that most of these users are active, so if they create such crypto and the awareness gets to millions of people, they will surely accept it because of their business. I think Facebook is trying to create a coin that can be used globally which is why they are proposing to partner with banks, so what will happen to other traditional digital payments, would they not be threatened by the establishment of Facebook Libra coin?

[Tylev]

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?

Here there was a danger that in private hands of Facebook management a lot of confidential information would be concentrated on almost a third of the world's population. With the advent of the Libra coin, this social giant will have the opportunity, in addition to general information about its users, to have information about their financial affairs. This is pretty dangerous. In addition, the Libra coin over time could be a real competition to generally accepted currencies. These world states will never allow, even if the Libra has no domination. The existence of such a monster world states simply will not allow even theoretically.

[aioc]

That's not going to happen now, there is news that they will not push through with the launching of Libra coin because of US government restrictions, and they cannot address so many issues about the status of Libra coin, so, for now, the coin will not going to see the light, maybe in the future when everything eases up.