Libra will be lucky to be released and if it is it won't be disrupting anything. It will be just another stable coin but with facebook's name attached to it. Look at all the other stable coins on the market. Have they really made an impact? No, they haven't. I would be very shocked if people started to use Libra for facebook transactions or anything else.
I have a feeling that the regulatory barriers the U.S. gov't is putting up are going to be too much and facebook won't be able to launch Libra. Already we're seeing partners dropping out, and that isn't a good sign at all.
Topic: Can Libra Disrupt The Financial/Economic System? - page 4. (Read 2005 times)
Libra can replace the dollar. Imagine that you can exchange all your dollars for digital dollars that have a legal status and are accepted absolutely everywhere.
Such a thing can become a single world currency, because it is completely centralized and has a stable fixed price, which makes it safe from market fluctuations.
And would regulators attack the project so hard if it weren’t at all dangerous for them?
Such a thing can become a single world currency, because it is completely centralized and has a stable fixed price, which makes it safe from market fluctuations.
And would regulators attack the project so hard if it weren’t at all dangerous for them?
World economic system? I doubt that Libra will be a great cryptocurrency, the beginning of the concept of Libra. This creates great doubt in the coin libra for crypto observers. At least to decide on the impact we need to see how the crypto users react when libra has entered the market. The crypto market is unpredictable, if when the libra market is opened and many are interested, it can have an impact on the traditional financial system, mark has a big name.
As you see, the Libra Association has problems already, and this centralized coin might not be launched soon (hope, it will happen, however). Some governments really think seriously that Facebook crypto can if not ruin, then weaken their national currencies. Many people are waiting for the best stable alternative to fiat, and Libra can become it. Once again — IF FB is let to work on this project further.
Oh it'll get back up there and fight some fight and come on somewhere on top of the centralised pile of semi-blockchain projects. Enough people will use it, and enough success will give it a few more decades of relevance, but it will not last the test of time the way Bitcoin has, the way Bitcoin will.
And if this has come as a surprise to anyone in the space, then they should really rethink their positions as experts in the space.
Still can't believe the number of people who actually thought Libra was the big killer thing for Bitcoin adoption. Right next to Bakkt.
I remember some years (or maybe even decades ago) there was a Canadian company which tried to do essentially the same, i.e. to issue a private currency that was going to compete with the official money (the Canadian dollar). Not surprising at all, they were outlawed by the Canadian authorities and eventually bankrupted. This seems to be an inevitable outcome of any such effort or initiative. So why should Facebook be different?
To be honest, facebook currency or Libra is very unnecessary in our economy. We already have a lot of fiat currencies in different countries and we already have a lot of option in terms of having a virtual or digital currency like Paypal. We are already all set in becoming a cashless society so having Libra coin as a new project related to currency is useless because we already have that system a lot of years ago.Actually, there can be certain advantages
In fact, if done right, Libra can combine the benefits of the both worlds - those of fiat and crypto. Because it is a stable coin, you don't need to worry about volatility, and you would send it without the habitual pain in the ass that international money transfers typically cause. In other words, it can be quite useful in certain areas and for certain applications. That's likely one of the reasons why it causes such butthurt in the banking as well as payment industry (and their lobbies in the government)
To be honest, facebook currency or Libra is very unnecessary in our economy. We already have a lot of fiat currencies in different countries and we already have a lot of option in terms of having a virtual or digital currency like Paypal. We are already all set in becoming a cashless society so having Libra coin as a new project related to currency is useless because we already have that system a lot of years ago.
What was needed was a token that you could exchange for local currencies everywhere that would confirm in minutes and have very low fees.
With Paypal - yes you can use it to convert your dollars to local currency - but they take a 5% spread on the currency conversion. And Western Union take 5% plus a $25 fee.
Bitcoin should have been that token but the fees surge when the price rises. Also bitcoin is volatile. Watch all the crypto exchanges across the world - as soon as there is a useful token on all the exchanges, with low fees and low network congestion, that's the one that will be used to move money.
Facebook worth today is worth billions of dollars and this money is mainly gotten from the people that are patronizing their product, and these same set of people are the ones they will still impose the use if their Libra coin on which is quite more than enough for their business population to make their project a very big success.
They are worth billions because of the business model they have which is not interfering with the economic situation of a country, if they are planning to launch a private currency that can be used globally then it will be a different story as no government will approve those secondary financial system growing inside a country and they will try to stop that in their roots and that is what is happening now and if they pursue with Libra then they will face legal challenges with their current business tooFacebook is not the first business trying to launch a private currency
I remember some years (or maybe even decades ago) there was a Canadian company which tried to do essentially the same, i.e. to issue a private currency that was going to compete with the official money (the Canadian dollar). Not surprising at all, they were outlawed by the Canadian authorities and eventually bankrupted. This seems to be an inevitable outcome of any such effort or initiative. So why should Facebook be different?
Facebook worth today is worth billions of dollars and this money is mainly gotten from the people that are patronizing their product, and these same set of people are the ones they will still impose the use if their Libra coin on which is quite more than enough for their business population to make their project a very big success.
They are worth billions because of the business model they have which is not interfering with the economic situation of a country, if they are planning to launch a private currency that can be used globally then it will be a different story as no government will approve those secondary financial system growing inside a country and they will try to stop that in their roots and that is what is happening now and if they pursue with Libra then they will face legal challenges with their current business tooFacebook is not the first business trying to launch a private currency
I remember some years (or maybe even decades ago) there was a Canadian company which tried to do essentially the same, i.e. to issue a private currency that was going to compete with the official money (the Canadian dollar). Not surprising at all, they were outlawed by the Canadian authorities and eventually bankrupted. This seems to be an inevitable outcome of any such effort or initiative. So why should Facebook be different?
Facebook worth today is worth billions of dollars and this money is mainly gotten from the people that are patronizing their product, and these same set of people are the ones they will still impose the use if their Libra coin on which is quite more than enough for their business population to make their project a very big success.
They are worth billions because of the business model they have which is not interfering with the economic situation of a country, if they are planning to launch a private currency that can be used globally then it will be a different story as no government will approve those secondary financial system growing inside a country and they will try to stop that in their roots and that is what is happening now and if they pursue with Libra then they will face legal challenges with their current business too. 
Libra is a centralised cryptocurrency just like ripple, somehow it can disrupt the financial system because of their big influence in the social media world by Facebook. They have a lot of criticism specially from the government because of their previous controversies including the data leak or mishandling the users data. I doubt the adoption of this coin will be as healthy as Bitcoin and other crypto.
As you see, the Libra Association has problems already, and this centralized coin might not be launched soon (hope, it will happen, however). Some governments really think seriously that Facebook crypto can if not ruin, then weaken their national currencies. Many people are waiting for the best stable alternative to fiat, and Libra can become it. Once again — IF FB is let to work on this project further.
It will further be discussed and review by more government agency both from political side and the business sectors.
Libra is a centralised cryptocurrency just like ripple, somehow it can disrupt the financial system because of their big influence in the social media world by Facebook. They have a lot of criticism specially from the government because of their previous controversies including the data leak or mishandling the users data. I doubt the adoption of this coin will be as healthy as Bitcoin and other crypto.
As you see, the Libra Association has problems already, and this centralized coin might not be launched soon (hope, it will happen, however). Some governments really think seriously that Facebook crypto can if not ruin, then weaken their national currencies. Many people are waiting for the best stable alternative to fiat, and Libra can become it. Once again — IF FB is let to work on this project further.
Libra will only clash with the existing financial system. Transactions will be uncontrolled by the jurisdiction of each government and tend to weaken the bank.
What is being questioned by many financial experts at the moment is the leakage of user data/usage whose accountability cannot be guaranteed, Facebook itself recognizes that, so it needs new legal points in a clear MoU.
What is being questioned by many financial experts at the moment is the leakage of user data/usage whose accountability cannot be guaranteed, Facebook itself recognizes that, so it needs new legal points in a clear MoU.
Libra is a centralised cryptocurrency just like ripple, somehow it can disrupt the financial system because of their big influence in the social media world by Facebook. They have a lot of criticism specially from the government because of their previous controversies including the data leak or mishandling the users data. I doubt the adoption of this coin will be as healthy as Bitcoin and other crypto.
Exactly. Being a centralized digital currency, Libra has all the likes of gathering a mass of financial institutions within the mainstream world. The real deal is to get Libra legalized in order to pave the way for its launch. Considering that some partner companies have withdrawn from the Libra Association, I highly doubt that it'll be able to disrupt our economic system in the future. I believe that another digital currency will fulfil Facebook's vision of "banking for the unbanked". Another company like Ripple, Google, or even IBM could launch it's own stablecoin for the world with approval from governments worldwide. As long as the cryptocurrency has the "green light" from regulators, then there should be nothing stopping it from disrupting our economic system as we know it.
All in all, Facebook's Libra will turn out to become just a dream than a reality. Another company, or possibly the government, will disrupt our economic system via the use of Blockchain technology. What matters is that traditional cryptocurrencies like Bitcoin and Ethereum will be here to stay for a long time. Just my opinion
Libra never can't disrupt the financial economic system because Libra still looks bad to make investor interested with Libra coin investment, Libra is not ready become cryptocurrency and never want to start become competitor for bitcoin and altcoin for the future because they still do not make new way how to start with building Libra coin and give many chance for investor to enjoy what is Libra and how get profit with Libra coin at the future.
You are forgetting something, you are forgetting the fact that Facebook has so many of their users that are already used to their platform, they make purchase of their Facebook advert every day for different reasons, and secondly, it is not until they get very big investor before their marketcap can build up, marketcap of Facebook coin will build up through the services that they render to people. Facebook worth today is worth billions of dollars and this money is mainly gotten from the people that are patronizing their product, and these same set of people are the ones they will still impose the use if their Libra coin on which is quite more than enough for their business population to make their project a very big success.
indeed a bit controversial as the government and banks also feel it, the only way is they create a financial system that follows the blockchain but still has control (centralized).
Or they try to accept it and see if it will have an financial impact or not.
what is certain is the presence of libra will definitely have an effect on crypto.
Or they try to accept it and see if it will have an financial impact or not.
what is certain is the presence of libra will definitely have an effect on crypto.
There is a nice nugget of information in the following article as to why Paypal and others have withdrawn support for Libra:
https://www.bloomberg.com/opinion/articles/2019-10-15/facebook-s-libra-cryptocurrency-exodus-has-an-upside
It was the threat of scrutiny of ALL their activities.
Bitcoin by contrast stands alone, not affiliated with any of these payment processors, and is thus not a problem for these senators (especially as bitcoin has a public ledger they can follow).
https://www.bloomberg.com/opinion/articles/2019-10-15/facebook-s-libra-cryptocurrency-exodus-has-an-upside
Quote
It’s clear why PayPal Holdings Inc., Stripe Inc., eBay Inc., MasterCard Inc. and Visa Inc. have decided not to join the Libra Association, which Facebook has been organizing to run the proposed digital currency. They took seriously the recent warning of Senators Brian Schatz of Hawaii and Sherrod Brown of Ohio that because of their membership, they could “expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities.”
It was the threat of scrutiny of ALL their activities.
Bitcoin by contrast stands alone, not affiliated with any of these payment processors, and is thus not a problem for these senators (especially as bitcoin has a public ledger they can follow).
I think this is very difficult for Libra to do, new coins such as Libra still need developments that can support its platform to make large projects like that, after libra can be used to pay for multiple platforms then the projects you mentioned might be possible.
In my opinion, that concern makes sense because Facebook is the largest social media network in the world with 2 billion users. imagine if all users later have libra. then this libra could have an impact on the world economy. and libra will later be controlled by facebook unlike bitcoin which is decentralized. this is probably what made some countries in Europe reject Libra.
Despite controls by governments and central banks worldwide. I think the wave of crypto currency is unstoppable. Though it may take a bit of time for a wide usage and acceptance, I foresee these legislative bodies eventually yielding in. Imagine even in some less developed markets we continue to see them slowly embracing crypto and a rise in awareness and sophistication by both users, technocrats and crypto entrepreneurs.
Stopping Libra now is temporary, new and similar projects will image somehow.
In my opinion, that concern makes sense because Facebook is the largest social media network in the world with 2 billion users. imagine if all users later have libra. then this libra could have an impact on the world economy. and libra will later be controlled by facebook unlike bitcoin which is decentralized. this is probably what made some countries in Europe reject Libra.
Libra never can't disrupt the financial economic system because Libra still looks bad to make investor interested with Libra coin investment, Libra is not ready become cryptocurrency and never want to start become competitor for bitcoin and altcoin for the future because they still do not make new way how to start with building Libra coin and give many chance for investor to enjoy what is Libra and how get profit with Libra coin at the future.
The fact that at the moment the leading countries of the world, including the USA, France and Germany have taken up arms against the implementation of the Libra project, first of all means that this project will not only not be launched, but also will not give developers the opportunity to implement their plans. Based on this, I believe that the influence of Libra on the economy is not. Jump to: