Topic: Can Libra Disrupt The Financial/Economic System? - page 5. (Read 1994 times)

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.

And right on cue, the Ripple CEO has popped up to bash Libra, because of course Libra is a competitor to Ripple:

https://fortune.com/2019/10/07/facebook-libra-cryptocurrency-ripple-ceo-brad-garlinghouse/

We really can't tell since the population can be classified to two, the ones who know how to research technology related news, and the other who just uses social media and doesn't care as long as something does work. The ones that will research will know of the flaws of Libra, incorporating decentralized idea to their centralized system would be a big disappointment for them and won't attract as much. But for people that does not have a single hint about crypto, they would treat it as just another digital wallet, and would probably use it without realizing that they're supposed to be and can be anonymous in crypto-space.

Well, maybe I'm missing something here

But frankly, I don't see how Ripple is much different from other fiat currencies for the reasons stated. Yes, it has its own exchange rate and it is not dependent on any other fiat currency. But that's exactly what makes it one such currency itself (and its centralized nature, of course). As I see it, the distinction between fiat and crypto lies in who or what controls that currency. If it is one entity like Ripple (or the FED, for instance), it can be considered a form of fiat, public or private, digital or otherwise


In this way, Libra is a token, a currency derivative (perhaps, that's what you wanted to convey)

I am not a big fan of the shitcoin Ripple and I have criticized it on many occasions. But that said, at least we can say that Ripple is different from fiat currency. It has its own exchange rate, no matter how manipulated it is. The Ripple exchange rates are not dependent on any fiat currency, although it may be influenced by the fluctuations in the Bitcoin exchange rate.

However, Libracoin is just a stablecoin similar to Tether and the numerous other coins out there. It doesn't have an exchange rate of its own, as it is pegged against the USD. And as you said, the combination of financial information and personal information makes Libra dangerous. Libra takes away whatever anonymity we had earlier. And that stands completely against the principle of cryptocurrency as put forward by Satoshi Nakamoto.

You think that government does not have a tab of all the personal information about their citizens, which country you are from, they have all the bank account details and hence all your financial details and then they have all the family details and all the relevant data available and you think that if there is a centralized currency the government will not have the control over all the transactions  .
Centralized currency like Libra will be controlled by the government, if they control the back end of the social media app is it that hard to have the back end of a centralized currency  .

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.

Libra have many member because many Facebook member look like for investing with Libra, can disrupt the financial economic with Libra depend when is open for investing, have many advantage with using Libra as digital payment or not because we not get until today what the mission and vision of Libra coin.

it can, obviously .
somehow , new thing with big people who are very influential inside can create a new system in the world, and also they are at alliance together.
new digital money, with backed by big coorperation can easily enter the system of daily life, easy adopt everywhere.
so, world banking will be disrupted by it.

How development of Libra so far, have good information about Libra want to adopt as cryptocurrency or not? after make many information last two months Libra today still not anything about what have they did, will launch or not to the public we don't know about how Libra situation today, deal or not for listing to the public.

You do have a point there, mate. It's possible that Libra might have a positive impact on our economic system because of its partnerships with renowned companies worldwide. With top players in the business sector like eBay, PayPal, and even Visa, Libra could gain a massive boost in adoption within the mainstream world. The US has realized how powerful Libra will become once launched as a global cryptocurrency for the world. For that reason, it's been doing its best trying to stop the development of Libra at all costs. Considering that Facebook is a centralized entity, it's much easier for governments to take action against Libra in this regard.

Whenever Libra will become successful in the future or not, we cannot know for sure as it's still too early to tell. With many oppresive central banks and governments worldwide trying to put an end towards the launch of Libra, I highly doubt that Facebook's cryptocurrency will disrupt our economic system in the future. Still though, whenever it's in the form of Libra or another corporate-backed cryptocurrency, Blockchain will be the one true technology that will greatly disrupt our economic system as we know it. With due time, we'll be able to see the results sooner than we've ever imagined. Whatever happens, neither Libra or another cryptocurrency launched by a centralized entity will be able to become a threat against the very existence of decentralized cryptos such as Bitcoin or Ethereum. Just my thoughts

Well, I'm not sure about those laws at all

As far as I understand it, the laws which are in place do not only fail to prevent the government from accessing this sensitive information but explicitly allow such access for special services (which are part of the government, by the way). Indeed, specific laws and their scope may be different across various jurisdictions, but generally, you wouldn't really expect those writing these laws to limit themselves in so important matters (see Patriot Act for one such example). In simple terms, do you really think that the US government (represented by whatever alphabet agency) doesn't have access to Facebook servers and their contents, digital or otherwise?

The latest news is Paypal just left the group, which in my opinion is good for the group and Libra Coin's cause, libra coin's reputation is dying because of bad perception by countries and companies, they treated it as a monster ready to prey anyone who comes their way, when they are in fact heavily regulated, and their hands are tied up because of this so many regulations.

How will the government get hold of all that personal information? Laws are in place that prevent them accessing it.

And if the govt can't get hold of it, they want to make sure that NOBODY can get hold of it, certainly not a rogue private company. Which is why they're going all out to stop Libra. While allowing bitcoin to continue.

But then nobody should be using Facebook, right?

Actually, it doesn't really matter since "when money talks, bullshit walks". I mean people will turn deaf and blind as soon as they start to smell the easy money that Mark is going to offer them (or they come to think he is going to). They won't care about the dangers of losing their privacy, personal data being misused and sold to companies without their prior consent, or whatever. People are greedy and that's what would count and make all the difference in the end


In fact, governments might be happier with that than with plain vanilla cryptocurrencies. If anything, it is the government that will get the first-hand access to all this wealth of personal information. So why should they resist if only for this reason alone?

The issue is that nobody trusts Zuckerberg.

There have been too many problems with privacy, data being misused, data sold to companies without consent etc.

I think governments are OK with crypto as a stand alone.

But crypto that matches up with all your personal data, combined with a rogue company that will happily sell to advertisers not only who you are but how much money you have in your wallet - that's just too much and too dangerous.

Libra is facing too much resistance and it looks to me that it is never going to realize. First, it was the American law makers who had issues with the project. And now even the partners such as Paypal are no longer interested in it and are looking for an honorable exit. It seems that many of these companies jumped in to the Libra bandwagon too soon, without thinking much about the consequences.

I really doubt whether Mark Zuckerberg has properly studied about the concept of cryptocurrencies. He wanted to take advantage of the hype surrounding Bitcoin and use it to remove the stagnation in the FB revenue growth. Also my guess is that he wanted to compete against Bitcoin, as his rivals (Cameron and Tyler Winklevoss) are well known supporters of BTC.

I completely do not understand why there is so much fuss about Libra and how can this stable coin change the financial system of the world. I don't see any future for this coin. USA and France will not allow Libra to be used. Even paypal is on the verge of quitting Facebook's project.

Looks like Paypal is going to withdraw from the Libra project:

https://www.ft.com/content/6af11092-e5fd-11e9-9743-db5a370481bc



If they quit and others follow, I doubt Libra will even launch.

Fiat going down, that seems to be impossible as long as long as we have the central bank who prints money for us, I mean, they are in control so they will dictate if they will allow fiat to be taken down. For me, if that is possible and people are already using crypto for good, I think even if the government are late, they will still create their own, regulate it and won't allow they don't have control of everything in the market.