Topic: Can Libra Disrupt The Financial/Economic System? - page 13. (Read 2005 times)

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.

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.

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.

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.

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.

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.

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

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!

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

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.

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 ...

I don't think it can disrupt the financial system because it's just a stable coin as i read on some articles about it. It is not threat to bitcoin as well, it's just a making buzz because it's backed up by facebook so everyone are talking about it.

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.

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?