Topic: Can Libra Disrupt The Financial/Economic System? - page 11. (Read 1994 times)

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.

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 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.

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.

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.

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.

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.


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.

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.

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.

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.

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

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.

I think it depends on how facebook utilizes it, if they only strict it with facbeook/instagram/whatsapp type of situation then I do not think it will make too much of a difference, I am still wondering if people can send each other money via whatsapp thanks to libra, how will they be able to cash that out as well, thats the real question.

Lets say person A has 100 dollars, Person B has none, Person A decides to send that 100 dollars to Person B then somehow Person A has to find a way to buy libra with that which I assume can be done on facebook or instagram or even whatsapp itself, however after that Person A will send that Libra to Person B and then Person B has libra that worths 100 dollars, the real question is how will Person B cash out that libra to dollars on their bank account? If they can't find a solution to that there is no way of really utilizing it.

Since the history of cryptocurrency, have you ever since something or issue as this arise? Other than maybe your account is being hacked or the exchange which you use deliberately takes off your fund. This scenario you use is just because it has to do with physical system, let’s look at your money in your bank, as it ever disappeared without any tangible reason, now aside this, as big as Facebook is, do you think that they would create a system without a good support?

If you think so, mail Facebook support one of these days, despite the fact that they have over a billion users, they still attend to lots of issue like it is their life.

I could remember when an hacker hacked my business account on Facebook, and it placed an advert of over $2000 on my account per day, I contacted Facebook and my account was resolved and my money returned back to my account, so if they can manage over 1 billion accounts smoothly, why do you think this will be difficult for them to handle?

A few months ago I was depositing some cash via an ATM and it took my money without crediting them to my account, so I had to call my bank and they have investigated it and manually solved the problem. Now imagine something like that happens with Libra, a tx gets screwed due to a bug or something, and no one will do anything.

I'm not sure there are so many active Facebook users

This figure is greatly exaggerated, while the real number is likely closer to a few hundred million users throughout the world. And I'm not sure about the world either as in many countries there are much better alternatives to Facebook (like VKontakte in Russia and Russian-speaking countries)

Regardless, we will likely see a few million Libra users at most, most of which will be amused and somewhat interested cryptocurrency users looking into this thing out of idle interest (and a quick buck profit opportunity). It took Bitcoin long 4 years to get some traction, so I wouldn't expect too much from this wannabe fiat killer


I think the whole shebang is fake through and through

Well, when 2.32 Billion active users start using a new currency, then I would think that it would tip the balance on global fiat currencies.    Capital control would be a nightmare for smaller economies and the US Dollar as a global reserve currency, would definitely get tough competition. 

So I think Facebook only realized the impact that this might have when governments started to take notice and when they started to voice their concerns.  

I think Libra will be canned before it even started, due to government presure. 

I dont think so.

Have we seen a large scale of change in the financial system when bitcoin suddenly rose to a number which no one expect.
And not just that. Add Ripple, USDT, BCH and ETH. Yet nothing still drove it to the edge where it could be outnumbered.

Facebook Libra is just an addition to that. Worse it could just go in and out. We have so much crypto currency here which have a wonderful trust rating than what this new thing they are offering.
Facebook might have a lot of users but it is not because of the crypto they had but just the application.

 It can disturb the niche they are after and that is our every day small payments to each other and paying for small products.
I bet thet they have plans to integrate it with their Facebook shops, pay for ads and so on. If it goes true , it can work, Not that I am fan of Facebook mafia.


They dont need customer support, do you need support when buying things online from your bank? I dont think so, you get your card, paypal or other account and just buy it! No support ever is needed, if you have problems you contact the online store..

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.