Topic: Can Libra Disrupt The Financial/Economic System? - page 3. (Read 1994 times)

Before launching to the public Libra coin have positive respond from many investor around the world, they are really excited with Libra become cryptocurrency. The investor know how fantastic Libra if opening to public and give disrupt financial economic system where many investor move to Libra coin, just keep in our mind when Libra coin open investing for public and when people can buy Libra coin for investment assets.

The incompetent government, corruption and the influence of businessmen and oligarchs on the governments of their states will somehow destroy the economic system of any country, even without the help of the blockchain.  You can take any country we take as an example where the economy is very weak, although it has very good potential due to its resources.  But if the state machine does not work like clockwork and is run by professionals for the benefit of its citizens, then the use of cryptocurrency will only benefit, although in my opinion the control and regulatory process should still be mandatory.

I understand your sentiment but we have to accept that nothing is permanent in this world, except change.
If Libra will be able to provide better the needs of the people then it will be fully embrace and our current system might be disrupted.
But, I can assure you, the government is still always in control no matter what, so don't worry about that much.

The destruction of the financial and economic system is a huge crisis for the whole world, which will throw humanity back in development. We do not need any destruction, we only need to improve the existing model of the economy with the help of available technologies. Whether Libra will be able to destroy the financial and economic system, I deeply doubt it. The regulators won't allow it.

It looks to me that both Mark Zuckerberg and David Marcus are trying to find an exit strategy. They realized that creating a cryptocurrency is not as easy as they would have liked and it pits them against some of the major corporate and financial players. Most of their partners have pulled out of the project, and without them I don't think that Libra can honor the timelines decided earlier. Even if Libra comes in to existence, then the roll out will be delayed by quite a bit, as a lot of development and regulatory work remains to be done.

news cryptocurrency libra is still confusing, there is no certain news about it, if indeed someday libra will become a stable coin then that will be a challenge for usdt, usdc or other stable coins.

It depends on how Mark handles a project. If arguably would interfere with other currencies I might disagree that bitcoin alone does not affect the financial system of government banks and the global economy.
Libra will be strong standing as stable coin where many parters who have left it but Libra will surely shine because under the auspices of people and famous platform named Facebook.

Good point. Libra by no means will be able to disrupt our economic system since it'll be a "reincarnation" of the current banking system. Facebook will act as a "Central Bank 2.0" subject to regulators worldwide. In this scenario, the Blockchain cannot fulfill its true potential since it was designed to be free from middleman or third parties. It's not a question whenever Libra will disrupt the economic system, but rather if Blockchain and decentralized cryptocurrencies will be able to truly change our economy for the better. So far, this seems to be the case, as people are using decentralized payment systems for their own benefit.

Nonetheless, neither Facebook or another mainstream company will be able to disrupt our economic system in its entirety. Only governments and central banks will be able to disrupt the economic system via the use of Blockchain technology for their own benefit. They won't allow private monies (like Bitcoin, Ethereum, or even Facebook's Libra) to take over Fiat anytime soon. In the end, Facebook's ambitions of a worldwide cryptocurrency for the "unbanked" may result to be more of a dream than anything else. Just my thoughts

Libra isnt revolutionary, Paypal was intended to be a stand alone currency originally also and yet it really isnt, but still it moved the game.   Not everyone will remember but there were attempts at some kind of token internet currency prior to bitcoin in the dotcom boom and they bust because they were not especially useful or even new because shop points or similar existing for years.
    So Libra does one thing different from other projects that I can see and that it holds a basket of currencies across the world to reflect its users and their spending habits.   Sounds fair but the current dollar system is actually not especially matching that, it has a bias towards the long standing powers from the ww2 era and years post that.  So is some disruption but its not a massive amount, however anything Facebook does is big news in theory.

So people on this forum are hyped about Libra for just the obvious possibility that facebook is a behemoth of a website with billions of users.  Then they have the idea to equate Libra with crypto and so billions will be swayed towards Bitcoin hence a boom, its likely this idea is in the price we have now still though it leaked some.


I dont see a big clash, the existing financial system is just not in good condition.   Its like a dying man with a grenade, everyone is a threat and he is a threat to everyone; he can pull the pin to spite us all and if anything the slow bleed out makes that more likely.   Facebook took too big a step, it upset those already ill.

Nobody mentioned that in Mr. Robot a TV series?  they predicted these events some, now we just need a couple other things and we're on the set of Bladerunner

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

Libra is not active but it's affecting the entire cryptocurrency universe as it is focusing government attention on the entire industry and on cryptocurrency in general.

Hopefully it doesn't result in crypto being banned or heavily regulated. But some of us would have preferred if Zukerberg had stuck to his social media empire and left crypto alone.

Agree. I don't think Libra will survive with regulatory pressure from worldwide governments. They're being strict mostly because of Facebook's privacy leaks. The world's biggest social network would need to show themselves worthy of governments' trust by preserving user's privacy within the mainstream world. But it'll be a difficult journey for Libra as it aims to become a worldwide stablecoin (which means that it'll need to comply with regulations from different jurisdictions). This shows us that the launch of Libra will be very unlikely to take place in the future.

While Libra won't be able to disrupt our current economic system, I believe that another digital currency will. It could either be a government-backed digital currency, or a digital currency created by another prominent company within the mainstream world. As long as the digital currency complies with worldwide regulations, it'll have the "green light" for launch. All in all, Blockchain technology (not a specific cryptocurrency) is what'll make our world a better place. Just my thoughts

Why many forum on bitcointalk tread always talking with Libra coins, so far we know Libra still not active as cryptocurrency or other digital payment. Not get allowed from United government make Libra never listed to public, how ever without know when coin open to public will make less investor and less trusted from people with Libra coin, maybe libra never can't disrupt bitcoin price.

only 7 out of 21 companies that refuse / resign, it looks like 7 of these companies do indeed have big names, but don't forget the large combination of companies from the Union square ventures that still supports. Empty positions can be filled at any time considering that there are still many companies that value this project.


an official board of directors was formed with David Marcus as the leader, he who developed the fb blockchain project. if Mark decides to separate, libra can potentially move anywhere and for anyone, including China as the strongest competitor. This can destroy the old economy, or make it a turning point for the new system.

How the project is going to move on, without support from Facebook? Most of the partner companies joined in Libra, because Facebook was there as the pioneer. Most of those remaining companies (Visa, Mastercard, Paypal.etc have already pulled out) will terminate their participation, in case Facebook shows little interest in the project. And even if some of them remain with the project, I don't think that it may move ahead as planned. So my prediction is that Libra would die, in case FB pulls out from the project.

it seems like libra will not be able to be able to exert such economic influence because I see the libra platform is currently getting a lot of rejection from various companies and I fear that if libra becomes of no interest, libra conditions will be different if it can be accepted and used for one alternative payment.

I'm worried that Libra will do exactly this on the USA financial system after I have watched the Congress Conference with Zuckerberg from yesterday. One of the most approached subject was how will Libra will  affect the monetary system and banks system of USA and honestly Zuckerberg can't really confirm anyone that Libra will not affect this systems so no wonder why they will not approve the regulation. He also told that if they won't approve the regulation , Facebook will retire from the project but the project will move on without them so basically there is no chance of stopping Libra anymore.

He got absolutely hammered by Congressmen:

https://www.ft.com/content/2c5fd142-f5a7-11e9-a79c-bc9acae3b654



My reading of this is that the US will prevent his coin being backed by US dollars. So then it needs to be backed by other currencies and those countries might not like Facebook using them in that way.

Libra never can't disrupt of bitcoin price, many investor have know whit bitcoin and never replace by any other altcoin although Libra coin, by the way Libra still not crypto because we don't know about Libra when open to public and how Libra is it, until today Libra still get allowed from United State government and never have chance they will allowed Libra become publish to all investor.

Another Libra hearing going on now with Mark Zuckerberg himself - https://www.youtube.com/watch?v=B1a5h5KncNM

I expect another major league kicking. Interesting that he's aligned himself so closely with this. He must realise his face is a negative in the minds of many.