Topic: Can Libra Disrupt The Financial/Economic System? - page 10. (Read 1994 times)

Only people who don't study and understand the Libra coin whitepaper concept will think Libra is the next big thing to invest in other to earn some multiple profits but there's a chance for the coin early investor to buy it cheap though which I believe this is not meant for original/common people.

And on top of that Libra is just another stable coin. People seem to think Libra is the next HUGE investment opportunity. It's not! It's just a centralized coin, controlled by a company that invades your privacy like nothing else (besides maybe Google).

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.

Agree, I don't think libra will destroy the finance of the world or any country because we should look at bitcoin, its value and growth is still very fast but until the end, the impact on finance in a large area is very little, Libra with the role of a latecomer, it may be more developed but unfortunately, it will be under the management of the governments of the countries. Countries only allow libra to be spread to some extent, a level that does not affect the balance of finance, exceeding the limit will cause the government to launch a mechanism of destruction

This is my thinking and my own perspective on this issue.
Why are people so negative about Libra's development? The US government only sees Libra's huge development, so it wants them to come up with reasonable and transparent plans, otherwise they have to cut it to make it reasonable.
and when they failed to convince the US government, they still developed as a normal business and provided a more extensive payment service on a small scale.
businesses are born to make services better. Why do we think it can disrupt the financial system?

Libra is only a FIAT basket of other currencies.   The factor which disturbs some at least a little is that its not just a dollar clone like Paypal but so widespread it could feasibly alter the daily spending habits of many to reflect a new order that is not already true in the global reserve currency system.

So disrupt is a big word, it might highlight some difficulties already existing.   I think its only a really small part, it might draw attention.

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.

I also agreed with what you said but the governments don't see it that way since Libra coin was said to be pegged and issue in many national currencies. Mind you, they are once against bitcoin due to its potentials before some of them started to give in but I think we need to wait for the result of the meet which the lawmaker wants to have with the Libra team in Switzerland to see if they will also give in.

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.

Libra is something same as the stablecoin, and it gains more potential through its backing from facebook. For a long time facebook was doing a research on the need for cryptocurrencies and the way it can be functional without flaws. There is nothing to panic thinking about the economic system that's been used around. Libra is just a supportive platform, and this gives ease in the accessibility and the same isn't gonna make any big impact over the economic system.

It is likely to disrupt the role of the central bank. If Libra Coin is used by people around the world through the Facebook platform, the role of the central bank as an intermediate will be disrupted but in my opinion it will not interfere with the economic system

We cannot ignore who and what is behind Libra. but I strongly believe that influence clearly exists and can be good or bad. but until now I cannot be convinced that it will affect the crypto and its bitcoins. because it is not easy to change the trust that has been established even though by a large company that supports Libra behind it.
everything will go on as usual and only small ripples will occur.

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.

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.

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.

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.

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.

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.

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.

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