Abiky
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August 23, 2019, 12:49:16 AM |
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Funny thing, it was just one person that probably started this thinking and many people started towing the line also without think of it deeply and seeing how it can really disrupt their financial system, and I don’t think that Facebook is ever proposing a global currency, if it was proposing a global currency, they would could say that it would disrupt the system a bit, I mean the financial flow chart, which means government would have to change a whole of their policy that is governing fiat which would really be a very tedious thing.
What I feel that Facebook is juts creating is a system that is very similar to already existing cryptocurrency payment plans, and also would serve as a payment system for their own business platform which has generated so much money for the government also.
Exactly. Facebook's aim is not to create a global currency, but rather a system which benefits the US Dollar in every way. Being a stablecoin, means that it'll have nearly the same characteristics as the world's #1 reserve currency. Merging the physical realm (Fiat currency) with the digital one (cryptocurrency) proves to be quite advantageous in every way. With this, the US Dollar can become borderless, blazing fast, and dirt cheap to send worldwide. It's hoped that Libra will take the right direction towards improving the use of US national currency upon launch. But, even if Libra doesn't become a reality, governments still have the choice of launching a digital currency of their own. Which is why, I believe that it's not Facebook's Libra which is going to disrupt the economic system, but rather Blockchain technology itself. Whichever way it's implemented within the future (via government-issued digital currencies, or digital currencies issued by mainstream corporations like Facebook and Google), it'll surely transform our economy for the better. Nonetheless, Libra's launch might not have an effect in disrupting current finance, but it will pave the way towards the creation and adoption of government-backed digital currencies within the future. Still, Libra has been a subject of controversy among worldwide governments ever since it has been announced by Facebook. Which is why, it's highly uncertain what the outcome will be for this brand-new cryptocurrency with ambitions to change our world for the better. Just my thoughts ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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EdenHazard
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August 23, 2019, 07:31:46 AM |
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This libra thing advertised very simple as a global currency while the actual is complex. How could a single digital currency used as one central payment gateaway without breaking each country regulation? I would'nt call it as a form of cryptocurrency at all.
The only thing disruptive is when authorities around the world giving facebook a discretion to use libra at their own territory without giving any benefit to each country such as tax , fee or something because everyone knows the libra concept is centralized just like a conventional bank and banks do takes fee . So no , nothing seems disruptive as long as libra did not runs in completely decentralized which could for real makes the function of conventional banks disappear as time goes by. It's a bit complex.
Adding up, government wont really like for a coin like this can move freely on its own.They do the current condition of crypto market yet this Libra is heavily centralized though but I cant see a reason why would it be disruptive on some manner. Tax is a possible cause for government to think off on going against it.Until now we haven't seen any updates in relation to it. That's what i mean, a single currency used globally won't be easy crystallized. Any government would stand for their own currency instead easily allow other currency like libra to get in their territory. The last news I heard about libra that they need a bank charter ... Facebook libra need to become a bank otherwise they are against bank regulations , Facebook libra might failed to launch, the system always prevent innovation. That's one of a hell kind of requirement being asked on. Becoming a bank? Pretty sure that FB wont tend to dive it out and for sure they wont consider on pursuing to comply on whats being asked but somehow Binance might get the 1st spot: https://cointelegraph.com/news/binance-reveals-venus-its-own-project-to-rival-facebooks-libraYes simply the facebook libra would be illegal according to banking regulation if they want to operate around the world with such centralized currency , unless if libra run fully decentralized which it's not the main plan. That venus might be a serious threat for libra if they don't make a move faster .. but still i'm sure people just too excited to see how libra developed by facebook going to public , could be just a hype.
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deisik
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August 23, 2019, 09:31:03 AM |
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Funny thing, it was just one person that probably started this thinking and many people started towing the line also without think of it deeply and seeing how it can really disrupt their financial system, and I don’t think that Facebook is ever proposing a global currency, if it was proposing a global currency, they would could say that it would disrupt the system a bit, I mean the financial flow chart, which means government would have to change a whole of their policy that is governing fiat which would really be a very tedious thing.
What I feel that Facebook is juts creating is a system that is very similar to already existing cryptocurrency payment plans, and also would serve as a payment system for their own business platform which has generated so much money for the government also.
Exactly. Facebook's aim is not to create a global currency, but rather a system which benefits the US Dollar in every way. Being a stablecoin, means that it'll have nearly the same characteristics as the world's #1 reserve currency. Merging the physical realm (Fiat currency) with the digital one (cryptocurrency) proves to be quite advantageous in every way. With this, the US Dollar can become borderless, blazing fast, and dirt cheap to send worldwide. It's hoped that Libra will take the right direction towards improving the use of US national currency upon launch. But, even if Libra doesn't become a reality, governments still have the choice of launching a digital currency of their own That begs a question, though If Facebook is to create a system that will benefit the US Dollar monumentally, in every way imaginable, why then is the American establishment so hellbent on preventing it from starting off? As I see it, they should rather welcome its development and launch simply because it is them who would profit from the dollar further expansion in the world. In simple terms, something doesn't add up in your train of thought. What am I missing? Nonetheless, Libra's launch might not have an effect in disrupting current finance, but it will pave the way towards the creation and adoption of government-backed digital currencies within the future This future has been around for a few decades by now Major fiat currencies are already digital in this day and age. All things considered, the only conceptual difference between fiat and crypto currencies (other than Ripple and its likes, of course) is that fiat currencies are centralized, i.e. sanctioned and controlled by government, though not necessarily issued in a centralized way (see credit money), while cryptocurrencies are decentralized and exist beyond the government control, i.e. they are not authorized by any official body, agency or authority (at least, not officially or publicly)
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Pab
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August 23, 2019, 10:42:53 AM |
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Libra is not cryptocurrency .Libra is centralized issued and owned by corporation Libra wants to be backed by currency basket.I been watching hearing about Libra in congress Most of congressman questions was not answered Personally i don't Libra it is already causing problems for cryptocurrencies Some regulators are mixing Libra with decentralized projects what is not good for for crypto at all Much more interesting will be to watch what will be impact of digital yuan what China will release soon
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STT
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August 23, 2019, 11:32:06 PM |
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Most of congressman questions was not answered Theres nothing to answer really, its paypal but with multiple balances automatically. Paypal also operates in many currencies, the difference here is that it wont be 1:1 with dollar even for USA residents. Its going to balance all currencies into one mix and Europe and USA Libra users will be holding the same mix where as Paypal has them each in Euro or USD seperately, in theory this shouldnt be a big deal. Its all FIAT anyway If Facebook is to create a system that will benefit the US Dollar monumentally, in every way imaginable, why then is the American establishment so hellbent on preventing it from starting off?
Its more resembling a global Euro system. So a mixture of countries and they all hold a fixed mix and call it just one unit. Euro is dominated by the German Deutsche Mark but not on the face of it, its part of what creates problems for entirely different economies like Greece that otherwise would have a weaker currency. When the British Sterling standard tried to join the Euro it famously failed thanks to George Soros partly, they were kicked out and that friction has never gone away. Libra is voluntary and I doubt will come with debt financing but could possibly illustrate imbalance and weakness. Its only online currency, spare change for games or whatever but it could be seen as the slim end of the wedge. I guess thats all it takes for some upset
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elisabetheva
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August 24, 2019, 06:11:55 AM |
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I don't think that Libra has such power. Although it's a kind of stable coin that is backed up by Facebook and some financial institutions it is not formaly introduced into financial system and can't disrupt it. I think that Libra is given much importance and power than in reality actually has. I don't expect that Libra will have some significant influence on anything, not just financial system.
agree, I also agree with what you say, the influence of libra will definitely have an impact but I am sure it will not be as bad as what might be feared and what is often said by experts. the hope that you say also becomes what I expect, let libra move on its own and will not directly affect directly and frighteningly.
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SquallLeonhart
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August 24, 2019, 07:09:20 AM |
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Libra is not cryptocurrency .Libra is centralized issued and owned by corporation Libra wants to be backed by currency basket.I been watching hearing about Libra in congress Most of congressman questions was not answered Personally i don't Libra it is already causing problems for cryptocurrencies Some regulators are mixing Libra with decentralized projects what is not good for for crypto at all Much more interesting will be to watch what will be impact of digital yuan what China will release soon
We just need to get use to not being able to conquer government, it is not as if Facebook will literally disrupt their system, the US government doe just want anything that will take their reputation away, and if US was wise, Mark Zuckerberg being a citizen, they were supposed to call him and see how they can work with him on his system, and lure him to develop a system that will still help government, but no, they just want to kill the coin. Okay, if they are so much powerful, why they have not also queried the coin that china too is planning to create, at least it is also cryptocurrency and this coin too also has the power to take the world, why cannot they call china too to other, you see why they will always suppress the powerless ones.
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Distinctin
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August 26, 2019, 04:49:08 AM |
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I don't think that Libra has such power. Although it's a kind of stable coin that is backed up by Facebook and some financial institutions it is not formaly introduced into financial system and can't disrupt it. I think that Libra is given much importance and power than in reality actually has. I don't expect that Libra will have some significant influence on anything, not just financial system.
agree, I also agree with what you say, the influence of libra will definitely have an impact but I am sure it will not be as bad as what might be feared and what is often said by experts. the hope that you say also becomes what I expect, let libra move on its own and will not directly affect directly and frighteningly. the more exposed about libra, there will be many concerns that occur, if we know this coin is the same as others, only supported by a reputable company, and reportedly indeed not fully decentralized coins. it's better to let it grow and of course the bitcoiners will later judge for themselves Everyone has no uniform opinion on this project, but for me, I'm positive that Libra would be a big help for the crypto space to grow. We all like to grow, right? so we need to support this one, this isn't actually a competition of bitcioin and most altcoins since it's only a stable coins, but the amount of users it will bring to crypto will result to increase of adoption, I'm just looking at the bright side and I'm not worry how the government judge them now, but I know they'll be able to pass everything that is required to them.
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deisik
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August 26, 2019, 06:21:56 AM |
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Libra uses real money as a support, and it is rumored that Libra is a stable coin. this certainly makes many governments worry that this will affect the financial, or economic system. Facebook is a social media that has many users, it certainly can make changes to the economy, and also the development of crypto If this rumor is confirmed, then it can't possibly affect the global financial system. It will just be a convenient way to use fiat by aggregating a few major currencies in one token. Other than that, you can do anything with these currencies taken separately which you can do with Libra, though maybe in a less convenient way. So how is it going to disrupt the global financial system? Besides, we already have such a currency (sort of) It is called SDR and its value is based on five major currencies
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OnceTwiceThird
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August 26, 2019, 08:17:27 AM |
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Libra is not open selling for the public and we don't know how much effect have for other altcoin, maybe its can stop how bitcoin raised up and never have chance become the same with bitcoin position.
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darewaller
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August 26, 2019, 07:06:34 PM |
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You can't make money from a basket, that basket is what you are using anyway and when they devalue your money devalues as well. So for example lets say 1 Libra will be equal to 1 dollar, by keeping your money there you are basically running against the inflation which is killing your money and your net worth.
You may think that it will get more valued or even better you may think that people who live in third world countries could get libra and leverage their position because their own national currency will devalue faster than dollar and that is great for short term gain but since dollar devalues anyway and you can't buy stuff for 100 dollars that you used to can buy, nothing changes, you are a bit further away from losing worth and that's it nothing more.
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STT
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August 27, 2019, 01:38:08 AM Last edit: August 27, 2019, 02:09:13 AM by STT |
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The point is it wont be 1 dollar. Paypal balance is 1 dollar or 1 Euro if you are in Europe. Here Facebook is maybe doing something new, its not crypto I agree but it will mixing many different currencies. The common person doesnt manage their plain cash especially, by default they are supporting the government of their country by holding a national IOU or zero coupon bond for value of 1 dollar or 1 Euro. The common person in the millions holds the IOU and the government prints excessive amounts of new cash and benefits from that latent demand. Its a form of taxation via inflation which Facebook Libra might disrupt some, hence the panic from the pinnacles of government held aloft by the burden of the many. So for example lets say 1 Libra will be equal to 1 dollar, I'm interested to know what % Libra will equal but it will not be 100% dollar. Let me go find a list of standing % in modern FIAT currency standards. Sterling used to be a massively greater % then it is now, fall of British colonial empire explains it I guess. Point being, massive changes are possible but its a decades based trend. This is SDR ratio. Why do we care, its linked to IMF and the most likely successor to Dollar dominance not Libra or anything similar tbh.
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Abiky
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August 27, 2019, 07:04:13 PM |
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We just need to get use to not being able to conquer government, it is not as if Facebook will literally disrupt their system, the US government doe just want anything that will take their reputation away, and if US was wise, Mark Zuckerberg being a citizen, they were supposed to call him and see how they can work with him on his system, and lure him to develop a system that will still help government, but no, they just want to kill the coin.
Okay, if they are so much powerful, why they have not also queried the coin that china too is planning to create, at least it is also cryptocurrency and this coin too also has the power to take the world, why cannot they call china too to other, you see why they will always suppress the powerless ones.
Exactly. Both governments and central banks have a lot of power, and they won't want anyone or anything that would disrupt the entire economic infrastructure. Facebook's Libra represents a threat to the very existence of the USD. Aiming to become a stablecoin, it could gain a lot of popularity effectively replacing the US national currency. That's something the government will not allow to happen anytime soon, which is why regulators have started "attacking" Facebook's initiative before launch. Another reason why governments have been vary of Libra is because Facebook has been known to violate people's privacy. Its social network platform has been highly controversial after the Cambridge Analytica hack, making governments believe that Libra will become extremely risky for its citizens. Given how many governments have been opposing Facebook's launch of a worldwide cryptocurrency, it's probably that Libra may not launch by 2020. By then, Facebook won't be able to disrupt the economic system in the way it was initially planned. Even if Facebook doesn't manage to create its own cryptocurrency, governments and central banks will, greatly disrupting our entire economic infrastructure in ways that we've never imagined. Satoshi envisioned a world where Blockchain technology takes a part of our daily lives. With the current situation, it seems that this will become a reality within the not-so-distant future. Nonetheless, it's evident that Libra will not completely disrupt our economic system, since it's practically an "improved" version of the USD. But, Blockchain will fulfil this purpose as it becomes adopted by every government and central bank worldwide. In the future, we'll be using the Blockchain without even noticing it. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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deisik
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August 27, 2019, 07:12:41 PM |
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Libra uses real money as a support, and it is rumored that Libra is a stable coin. this certainly makes many governments worry that this will affect the financial, or economic system. Facebook is a social media that has many users, it certainly can make changes to the economy, and also the development of crypto If this rumor is confirmed, then it can't possibly affect the global financial system. It will just be a convenient way to use fiat by aggregating a few major currencies in one token. Other than that, you can do anything with these currencies taken separately which you can do with Libra, though maybe in a less convenient way. So how is it going to disrupt the global financial system? Besides, we already have such a currency (sort of) It is called SDR and its value is based on five major currencies I think Libra can disrupt the market to a great extent thanks to its huge number of users around the world. The coin will be able to give everyone around the world a great opportunity and means to transfer money from one part of the world to another and this is what we need badly in the market right now. This will disrupt PayPal and similar companies And good fucking riddance to them They are inconsequential in today's world anyway. Really, who is actually using PayPal these days? I had been using them like 5 years ago, and now I can pay directly with my payment card or use crypto if this option is available. You might be able to use Libra in the same way, but here's the tricky part, which is, how are you going to cash out? Both online and over-the-counter cash-out markets for crypto are pretty well established since there is demand for it. Will there be such demand for Libra?
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STT
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August 27, 2019, 09:40:58 PM |
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Paypal is still useful for adding a layer of protection to otherwise unknown websites. So on quite low pay items, maybe some random order from a China related shop that isnt exactly credible then paypal can give some familiar policy in requiring the vendor to actually deliver the goods or they would be subject to returns policy similar to Ebay. If its the same cost to me either way then I'm quite possibly going to use Paypal and the vendor is maybe taking some cost but also benefits from the added revenue.
Its why Libra might work despite not being anything really that fancy and I dont consider it especially likely to be innovative but if it allows Facebook to enter into commerce transactions all over the world that might not even be related to Facebook, its a game changer for them and a giant avenue for revenue growth on their balance sheets. I dont even like Facebook, I prefer twitter if anything at all but I dont blame them for trying this idea out and I dont believe they will be giving up easily on it. Opposition is to be expected, the multi currency aspect is quite surprising in how its being done and I hope they dont change that but they might.
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seraph_the_wise
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September 15, 2019, 12:52:57 AM |
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Libra is not open selling for the public and we don't know how much effect have for other altcoin, maybe its can stop how bitcoin raised up and never have chance become the same with bitcoin position.
Indeed. One of the key factors will be how accessible/liquid it will be on the open markets. How and where will it trade vs other pairs. If it's only available to hold in select wallets such Calibra, than very little impact.
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Tylev
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September 15, 2019, 06:15:22 AM |
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If a stable Libra coin is issued, of course, it will greatly affect the existing financial system, because the level of its distribution and use will be supposedly large. Since this stable coin will be supported by various generally recognized national currencies, as well as other financial assets, its price will be arbitrarily set and various abuses will be possible here, and Facebook has repeatedly been exposed in them.
I am even more interested in this Chinese CBDC digital coin, which should simply become a digital renminbi.
A stable coin, similar to Libra, which will be based on various fiat currencies, in my opinion, should be issued jointly by manufacturers of these fiat currencies. Relying on the issue of global financial stability on a private corporation is very risky.
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noormcs5
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September 15, 2019, 07:06:51 AM |
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If a stable Libra coin is issued, of course, it will greatly affect the existing financial system, because the level of its distribution and use will be supposedly large. Since this stable coin will be supported by various generally recognized national currencies, as well as other financial assets, its price will be arbitrarily set and various abuses will be possible here, and Facebook has repeatedly been exposed in them.
I am even more interested in this Chinese CBDC digital coin, which should simply become a digital renminbi.
A stable coin, similar to Libra, which will be based on various fiat currencies, in my opinion, should be issued jointly by manufacturers of these fiat currencies. Relying on the issue of global financial stability on a private corporation is very risky.
I do not understand that how can a stable coin change the financial system of the world. The important thing is that Libra is more sort of centralized coin because to keep the price stable you have to control it and this will make it centralized coin. The hype of Libra is more only because of Facebook and when the actual Libra coin will be available in the market, it will not be much worth.
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