Topic: Can Libra Disrupt The Financial/Economic System? - page 2. (Read 2005 times)

It will certainly disrupt however might only disrupt in the US which where it mainly originates from in the other region there are plenty of cashless method and I think Libra will have a hard time penetrating other market. What makes Libra got the government backlash is because it could potentially become a threat to the USD considering that it is trying to gain as much user in US.

Facebook as a corporation has a lot of power, but the main question -  Do the people want to buy Libra? People buy bitcoin because want to control their money personally not with help of banks or government. People don't believe them and Libra will be 100% controlled by government. So,  we need this feature? I assume that no.

It didn't fail due to its intrinsic faults, weaknesses, or flaws

In a sense, it was failed by external forces which its centralized nature couldn't resist or stand up to (this was probably its only "flaw"). So whether it could disrupt the global financial system if it were as resistant and invincible as decentralized currencies are remains open to discussion. But the very fact that it had to be publicly executed and shut down with the help of the big guns in the US Congress speaks much for itself if you ask me

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

Exactly. Libra's success or failure won't have any impact within the decentralized world of crypto. After all, Libra will be an extremely centralized stablecoin resembling a central bank. Its design makes it different from other well-known cryptocurrencies like Bitcoin and Ethereum. All the talks about Libra taking over the world and such, has been related to hype than anything else. People believe that Libra will be the next big thing in finance, when in fact, it's all the way around. As long as a Blockchain system is controlled by the hands of a few (in this case, Facebook), it'll never be able to disrupt our economic system as we know it. There needs to be true decentralization in order for our economy to improve in every way possible. Bitcoin creator Satoshi Nakamoto intended to provide an alternative financial system that's free from middleman or other third parties. Which is why, a Blockchain works best when it's decentralized than all the other way around.

But who knows? Maybe Facebook manages to launch its cryptocurrency after reaching approval from worldwide governments. If that happens, then you could expect for our economy to improve a little. But it'll be nothing compared to the likes of decentralized cryptocurrencies we know and love today. I believe that cryptos like Bitcoin and Ethereum are much better than those which are controlled by a single entity (like Ripple's XRP, and Facebook's Libra). In the end, the market (and the people) will decide which Blockchain system will be suitable enough for disrupting our entire economic system. My best guess, is that government-backed digital currencies will take the lead in this regard. But no one can predict what will happen with certainty in the future. Just my opinion

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

But here's the catch

What you just said is equally applicable to the US dollar itself (and technically, that can be one of the reasons, if not the primary reason, why the American establishment are so hellbent on bringing it down or nipping it in the bud). Even if the dollar makes the whole of Libra, the latter being used instead of the former (after all, this is exactly what Libra aims for) means that the dollar will be losing ground. To sum it up, it is not about China alone as it is more about undermining the whole dollar hegemony as such in a really astonishing and even paradoxical way (with Libra itself being only a stable coin based on the American dollar)

yes I think the use of libra coins can indeed disrupt the world financial system. because if this libra is released then everyone can send or receive money to the whole world without any country restrictions. and of course the presence of this libra will threaten government banks and other financial institutions. and also facebook has many users. if each user has a libra then this libra can become a global currency. and might threaten the sovereignty of the national currency. therefore the congress has not yet given permission to Libra.

What governments fear is that the market capitalization in terms of money FIAT will have a greater dominance the stablecoin Libra, China is the country that is most interested in not giving the launch of Libra, the reason is simple, Libra will give more hegemony to the dollar (Mark made it known) because its support currencies do not appear in the Chinese Yuan, then China's local economy can be affected, in fact, they have been researching for 5 years, to develop a stable currency that without no doubt it will be a clone of Libra.

Based on the fears that Libra causes about China, it is because it will have more acceptance and much more community than China's stablecoin currency, since a stablecoin launched by a social network like Facebook has more acceptance than the stablecoin launched by some government, where in general, politicians around the world are not very well seen by people, much less banks.

The flight of capital by many countries will be a fact, money will flow much faster and with large volumes, thus losing control of governments and banks, tremendous inflation can occur if it is not handled well, because at the digital level It would enter a deflationary economy when that money is injected into the Bitcoin market, thus raising the need to issue more cash, generating inflation and negative interest rates, and they would have to try to have more liquidity in their economy.

McAfee is serious about this for sure. He is trying hard to defame Libra. Anyway, Libra is going to face hard time certainly and it is amazing that Facebook is the first one to make the move, not Apple, nor Microsoft or Amazon but Facebook. Lets just not forget about its breaches and privacy invasions, above all whistle-blowers. All the governments will be doing the same as what China is doing at the moment.

John McAfee came up with an attack against Libra a few days back.... and this time he was successful in attracting some media interest. After his failed venture (McAfeeDEX) last month, he looks desperate to get some publicity. Meanwhile, in response to Libra, several governments are planning to list their own stablecoins. China has almost finalized the plans, while the one by Canada seems to be in the final phases of planning. And the most important thing to remember here is that many of these coins will be out even before Libra gets listed.

David Marcus (of Facebook) already tried to create a P2P function in Facebook Messenger.

It failed badly, which is why they're trying to generate interest in launching their own currency.

Given their first attempt failed, why would the second succeed? The types of people who are on facebook are likely not the types who are interested in cryptocurrency.

Through regulations, we will have an order and to put some reasonable punishment to those people who are abusing the Bitcoin or the cryptocurrencies in general. Also, regulations are vital part of integrating the blockchain technology in our lives and to the economy of a country if there are considering a mass adaption. Since as we know, through law, doing wrong things are restricted hence it would bring order among the users of the blockchain technology and those who are using cryptocurrencies will be viewed in a different light seeing it as legitimate currency or asset recognized by the government.

No matter what they say about Bitcoin, they will have no impact on it, Bitcoin already established its name and Libra is just nothing compare to it, we all know that Libra has no impact at all, some people are just doing hype to manipulate people, they are taking advantage of it, they wanted to take this chance to earn a lot by making people invest when in fact it is not worth to invest at.

Facebook is now trying to trashtalk bitcoin:

https://www.cnbc.com/2019/11/06/facebook-executive-david-marcus-says-bitcoin-is-an-investment-not-currency.html

It is unlikely that it will destroy the current economic system, I read at the neironix.io, that the global financial community is putting the wheels in the wheel and we will not see the libra in work soon, but in theory, of course, if you fantasize, then in some kind of utopia, the Libra can become a world currency.

Mark Zuckerberg is most danger person who want to competitor with almost trending in the world, when many people adopting with instagram his facebook use and adopt with instagram by insta story, now he tries to be competitor with bitcoin by building his coin called with Libra Facebook coin, not legal from government make Libra do not publish now to investor, I think how many people use with Facebook coin they can't cross with bitcoin and less away become bitcoin competitor.

Exactly. Governments always have the final say within any emerging industry in the mainstream world. Blockchain technology has reached this far because governments have allowed it. If they truly wanted to stop Blockchain and crypto from growing into a massive ecosystem, they would've done so within Bitcoin's early days. Now that Blockchain tech is too big to fail, mainstream companies have become interested in it. Facebook is one of those mainstream companies with the ambitions of launching a global digital currency for the unbanked people to enjoy. In a form of a stablecoin, Facebook's Libra digital currency aims to disrupt the economic system in every way. It's yet to be determined whenever it'll have success or not, since it's still facing some regulatory issues from governments worldwide.

With the US being skeptical about Facebook's digital currency, I'm sure that it'll do it's best to prevent it from launching anytime soon. After all, the world's biggest social network company (Facebook) has been well-known to violate people's privacy. Governments are afraid that Facebook will be putting people's privacy at risk by exposing their transactions to malicious actors. Which is why, Facebook needs to prove itself trustworthy enough to fulfil its vision of disrupting the worldwide economy.

Nonetheless, it's very unlikely that Libra will disrupt the economic system. But Blockchain technology in its entirety will, as governments and central banks adopt it for their own benefit. This means that one way or another, our financial system will become disrupted by the same technology Bitcoin has brought to the world. Just my opinion

It's obvious that this libra is another way grow of business of Mark Zuckerberg like other his businesses. But I think we don't need this libra even it will have big impact in crypto market if they will launch it. Of course some whales out there will want a great profit if they invest to this libra so they grab opportunities which some cryptocians don't want to launch this libra because  high class (known personalities) will be benefit about this libra.

Facebook is the largest social media company in the world and has 2.3 billion Facebook account users. and imagine if in the future all Facebook account users have Libra coins. then every change in the value of Libra coins will have a major impact on the world financial system. so do not be surprised if this coin gets a lot of rejection in European countries and the United States. and this Libra coin is a coin that is centralized and controlled by Facebook. so maybe government officials fear Facebook can monopolize the world economy with this Libra coin.