Can Libra Disrupt The Financial/Economic System? - page 6.

Sithara007

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Quote from: ivakar on October 04, 2019, 12:18:15 AM

I think main question is why Libra is created, what purposes it has. Who and what is behind Libra project. My thoughts are : because the world is rapidly changing and the role of fiat money could go down, people who are behind the feds could create and lead new trends.. ie.Libra could be a new dollar for a new world. Imagine how much control the owner of Libra could get .. all personal data from facebook + money people have, earns.
imagine an unprecedented level of control of the population.. scary//

And this is exactly why the US senators are not very comfortable with the idea of Libra. During the senate hearing, it was asked to the Facebook representative whether there is a chance that Libra could replace the United States Dollar, or pose a competition to it. The reply from the FB representative was very evasive. Facebook already control a lot of personal information from billions of users around the world, and this includes phone number, email address, photos, locations, personal preferences .etc. Now Libra will give them access to information related to the finances as well.

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Many investor called fake with Libra coin because have announce last four months until today do not have planning when libra is can be open for the public, what coin kind is not have form until today, will start as an ICO or IEO project investment, I think libra only issue how to make bitcoin have negative feed back from many investor.

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Do you think like this really? Do you think that Libra is going shake off the economic system of the whole in the coming days if they can develop following it's planning? I also think so. Suppose, When Libra will get full phase and it will be used for many payments platform such as Uber, Visa, eBay and can even Apple, Microsoft and so on, then some of the monetary sectors will get controlled by Facebook and it will be a threat of the total global economy, but the USA government is not interested in giving the permission for their whole process and even lunching Libra's development, Government think it will make a massive impact on the monetary sector for a long term basis, but it's also true Facebook will create it by hook or by crook because they have a lot of potential diplomacy policy and people will get in touch with Libra for their purpose. let's see how it will play in the coming days?

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Quote from: jmigdlc99 on October 03, 2019, 08:24:35 PM

Theres millions of active users, shops, services, and all sorts of monetizable things on facebook. When Facebook's Libra is launched everyone on the platform will be exposed to it and everyone will eventually use it. Imagine paying for everything online and paying with Libra

There seem to be a lot of ifs

If Libra becomes a sort of in-game currency (like many others out there in role-playing games) without a gateway to real world (read, we won't be able to convert it to fiat), it won't be of any particular help to all those users, shops and services. On the other hand, if it is exchanged freely to fiat as well as accepted everywhere on par with regular currencies (think PayPal, eBay, Amazon, etc here), it will be a game-changer for sure (and a cause of much pain in the ass for everything that it will compete with)

Quote from: bryant.coleman on October 03, 2019, 09:12:52 PM

Also, Facebook has enough monetary reserves to give good promotional offers for Libra. And this can attract hundreds of millions of users, if not billions. Libra will be the cryptocurrency equivalent of Uber or Lyft, and may be able to increase its market cap and user base rapidly once it is listed

Should we thus be looking for libratalk.org soon ("make posts and earn")? Has one been registered yet?

ivakar

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I think main question is why Libra is created, what purposes it has. Who and what is behind Libra project. My thoughts are : because the world is rapidly changing and the role of fiat money could go down, people who are behind the feds could create and lead new trends.. ie.Libra could be a new dollar for a new world. Imagine how much control the owner of Libra could get .. all personal data from facebook + money people have, earns.
imagine an unprecedented level of control of the population.. scary//

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Quote from: jmigdlc99 on October 03, 2019, 08:24:35 PM

Quote from: joelsamuya on July 30, 2019, 12:27:59 AM

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?

Theres millions of active users, shops, services, and all sorts of monetizable things on facebook. When Facebook's Libra is launched everyone on the platform will be exposed to it and everyone will eventually use it. Imagine paying for everything online and paying with Libra.

Governments will lose oversight of people's spending habits and taxation would be a gray area. Yes, Libra can disrupt financial systems and thats why they are being met with so much opposition.

Since Libra is being launched by one of the largest corporations, even large online retailers such as Ebay and Amazon may accept payments made with this currency. Also, Facebook has enough monetary reserves to give good promotional offers for Libra. And this can attract hundreds of millions of users, if not billions. Libra will be the cryptocurrency equivalent of Uber or Lyft, and may be able to increase its market cap and user base rapidly once it is listed.

And I don't understand your post when you say that the government will lose oversight of people's spending habits. Because Libra is going to be a centralized cryptocurrency, and if the authorities want to track it, it is going to be even more easier than tracking the fiat cash (since the Libra wallets are linked to the Facebook accounts). The only worry from the government side should be that the USD can lose its own market share to Libra. But that should not bother them much. Afterall, Libra is just a digital version of the USD.

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Quote from: joelsamuya on July 30, 2019, 12:27:59 AM

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?

Theres millions of active users, shops, services, and all sorts of monetizable things on facebook. When Facebook's Libra is launched everyone on the platform will be exposed to it and everyone will eventually use it. Imagine paying for everything online and paying with Libra.

Governments will lose oversight of people's spending habits and taxation would be a gray area. Yes, Libra can disrupt financial systems and thats why they are being met with so much opposition.

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Quote from: styca on September 26, 2019, 05:32:53 PM

Yes, Libra has the potential to cause massive disruption, just because it has the might of Facebook behind it.

Whatever comes of this, I think it's pretty clear that Facebook's involvement in crypto will benefit Bitcoin and alts. It should help in the push towards mainstream adoption. Crypto is coming, and whenever a big company like Facebook gets involved, it raises the profile of all crypto and helps to make it more established in the minds of the general public.

Perhaps this will be the one time that Facebook gets pushed back, maybe governments will see it as a step too far and ban it. But crypto is coming, it will replace fiat, and this is just one of many incursions that will follow, pushing forward onto ground that fiat has claimed and thinks it controls forever.

It's true that Libra's prominence within the mainstream world, will greatly benefit the crypto industry as we know it. But I don't believe that Facebook's cryptocurrency will disrupt our economic system, because it'll largely depend on Fiat for its survival. Being a stablecoin, indicates us that Libra will never be an independent cryptocurrency like Bitcoin and Ethereum. It's more like a central bank which lives on the digital realm than anything else.

With many governments and central banks attacking Libra before launch, I doubt that it'll have a large prominence within the mainstream world. Facebook's vision of dominating the world's economy might not become a reality after all. I believe that the main disruptor of our world's economy will be Blockchain technology itself within the future. This is because governments will devise their own digital currency solutions backed by Blockchain tech. But of course, this will take a long time to become a reality as the world is not ready yet for digital money. Various companies and startups will come up with diverse solutions in order to improve our economy for the better. It may not be Facebook in the long run, but another company will (probably Ripple?) within a couple of years from now. Just my opinion

styca

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Yes, Libra has the potential to cause massive disruption, just because it has the might of Facebook behind it.

Whatever comes of this, I think it's pretty clear that Facebook's involvement in crypto will benefit Bitcoin and alts. It should help in the push towards mainstream adoption. Crypto is coming, and whenever a big company like Facebook gets involved, it raises the profile of all crypto and helps to make it more established in the minds of the general public.

Perhaps this will be the one time that Facebook gets pushed back, maybe governments will see it as a step too far and ban it. But crypto is coming, it will replace fiat, and this is just one of many incursions that will follow, pushing forward onto ground that fiat has claimed and thinks it controls forever.

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Quote from: whyrqa on September 25, 2019, 01:03:41 PM

Quote from: deisik on September 25, 2019, 05:17:40 AM

Quote from: whyrqa on September 24, 2019, 04:47:11 PM

A project like Libra will generally give users the opportunity to gain independence in managing their finances. Perhaps this is precisely the main problem for governments, and not some kind of impact on the economy

But that will inevitably have a huge impact on the world economy

With a lot of unintended consequences and complex ramifications since governments won't be anymore able to print money like there's no tomorrow (what the monetary use of virtually anything but fiat comes down to). This will mean the whole modern economics paradigm shift, not some minor changes here and there

This is what governments are scared of. Whether this paradigm shift will be for good or bad on the whole is another question, but what is beyond question here is the gravity of the situation if Libra or anything like it (read, Bitcoin) takes off for real (unlikely but still)

Anyway, I can’t understand why only the Libra project causes such indignation among most governments. Even in some States of the United States, cryptocurrency and cryptocurrency exchanges are officially legalized, as evidenced by news from the Chicago Board of Trade, where Bitcoin futures trading starts. Apparently, in this regard, the problem is resolved and other cryptocurrencies do not cause such a negative as a Facebook project

There is a simple explanation

Note, however, that it is not necessarily the only explanation possible as there can be many as many factors are involved with this currency. As Libra is essentially a tokenized dollar, it can't threaten the underlying asset itself (i.e. the dollar), so the point of discord lies elsewhere. And here's the crux of the matter. Libra won't be a competitor to the dollar but it will definitely compete with the payment systems based on the dollar, i.e. almost every payment system out there (Visa, MasterCard, Western Union, to name but a few). So it is not with the governments that it causes so much tension, indignation and irritation but rather with the lobbies of payment companies in these governments

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Quote from: SquallLeonhart on September 21, 2019, 03:41:40 PM

Forget it, it's just hype and that's how it's meant to be. Facebook is a big company and people weren't really expecting them to dive into cryptocurrency. Though I do feel like it's going to make its way to the top, but not as a match for Bitcoin. Libra will get a boost because a lot of big names have adopted it. Companies like PayPal, eBay, Visa and more have coalesced to form the Libra association and it's going to help them up the chart.

I've come to learn that Libra will have features that will differentiate it from the regular cryptocurrency we know. For example, some people have claimed that we will be needing usernames for transactions with Libra, that's unlike Bitcoin and other cryptos that requires addresses to send and receive money. Another thing is that Libra is a centralized currency and Facebook will be in charge. For any institution to have access to their blockchain they will have to pay the sum of $10 million, wow!

That's mostly the reason for sure. So many people excited about Libra, without being launched yet. Right now, Facebook is having a hard time trying to comply with regulations worldwide. Central banks and governments worldwide have tried their best to put an end towards the development of Libra. With so much pressure from the world's most powerful nations, it's hard to believe that it'll launch anytime soon. Of course, the cryptocurrency has a great technology which is aimed for scalability. But what really matters is how useful and prominent it'll be within the mainstream world. By the looks of it, Libra will become another central bank 2.0. After all, it'll be a stablecoin pegged to the USD and several other Fiat currencies.

Things are even worse, as Libra is a permissioned Blockchain (which means it's centralized) unlike Bitcoin, Ethereum, and other public Blockchains within the mainstream world. Which is why, Libra's launch (if it ever happens) won't even pose a threat to decentralized crypto's existence. With all of these facts, it's hard to say that Libra will disrupt the entire economic system. But, Blockchain technology will, as it becomes adopted by worldwide governments in the future. Just my thoughts Grin

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Quote from: deisik on September 25, 2019, 05:17:40 AM

Quote from: whyrqa on September 24, 2019, 04:47:11 PM

A project like Libra will generally give users the opportunity to gain independence in managing their finances. Perhaps this is precisely the main problem for governments, and not some kind of impact on the economy

But that will inevitably have a huge impact on the world economy

With a lot of unintended consequences and complex ramifications since governments won't be anymore able to print money like there's no tomorrow (what the monetary use of virtually anything but fiat comes down to). This will mean the whole modern economics paradigm shift, not some minor changes here and there

This is what governments are scared of. Whether this paradigm shift will be for good or bad on the whole is another question, but what is beyond question here is the gravity of the situation if Libra or anything like it (read, Bitcoin) takes off for real (unlikely but still)

Anyway, I can’t understand why only the Libra project causes such indignation among most governments. Even in some States of the United States, cryptocurrency and cryptocurrency exchanges are officially legalized, as evidenced by news from the Chicago Board of Trade, where Bitcoin futures trading starts. Apparently, in this regard, the problem is resolved and other cryptocurrencies do not cause such a negative as a Facebook project.

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Quote from: Yatsan on September 25, 2019, 09:37:14 AM

Quote from: Bitcoin Seller on September 22, 2019, 04:45:11 PM

Quote from: xabre on September 19, 2019, 10:44:07 PM

Why always talking about libra coin without know when is listing and open for public selling, until now we do not hear what happen with Libra coin still available or have stop for launching to the public.

It is not yet launched, but there are a lot of scandals connected with Libra. It is known that FB cannot care about the anonymity of its subscribers. Facebook plans to launch its Libra cryptocurrency next year. Until now, it has been criticized only by regulators around the world. Earlier, the social media giant was involved in a scandal with Cambridge Analytica, which undermined the reputation of Facebook. This is the second time a company is involved in a data breach.

Definitely, Cambridge Analytica is a big data scandal especially it involves the social networking site king, Facebook. Since libra is facebook's digital currency there will be frequent questions, " Is our anonymity safe"
" Does the policies are implemented? " and others concerning the safety of using Libra currency. Hence, after Mark Zuckerberg lost billions of dollars on facebook market cap, he apologized for this issue and had changed the facebook's policy on personal data gathering. I believe they already learned their lesson after 2 scandals on data breaching and know that they were prepared on launching this one.

Do you think that users want to risk their money after Zuckenberg apologized for his mistakes? This is a huge responsibility and no one will want to get into the pit a second time. In my opinion, a social network should not fulfill its functions, and not try to replace the banking system.

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According to the article:

Source:https://la4tmx.com/2019/09/24/director-del-banco-central-de-japon-solicita-apoyo-internacional-para-regular-a-libra/

What they are afraid of is the possible impact on society, they usually fear that it will cause destabilization of the USD and the Dollar, although they have already declared that at the time of being released Libra must fully comply with all relevant regulations.

Note: Some statements have made it known that Libra will be backed by the US dollar, although we have to wait longer for claims that confirm if it is only the US dollar or will also add the euro and / or some important currencies worldwide.

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Quote from: Bitcoin Seller on September 22, 2019, 04:45:11 PM

Quote from: xabre on September 19, 2019, 10:44:07 PM

Why always talking about libra coin without know when is listing and open for public selling, until now we do not hear what happen with Libra coin still available or have stop for launching to the public.

It is not yet launched, but there are a lot of scandals connected with Libra. It is known that FB cannot care about the anonymity of its subscribers. Facebook plans to launch its Libra cryptocurrency next year. Until now, it has been criticized only by regulators around the world. Earlier, the social media giant was involved in a scandal with Cambridge Analytica, which undermined the reputation of Facebook. This is the second time a company is involved in a data breach.

Definitely, Cambridge Analytica is a big data scandal especially it involves the social networking site king, Facebook. Since libra is facebook's digital currency there will be frequent questions, " Is our anonymity safe"
" Does the policies are implemented? " and others concerning the safety of using Libra currency. Hence, after Mark Zuckerberg lost billions of dollars on facebook market cap, he apologized for this issue and had changed the facebook's policy on personal data gathering. I believe they already learned their lesson after 2 scandals on data breaching and know that they were prepared on launching this one.

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The government and the big banks are simply scared and want to keep holding their customers hostage while fleecing them of their deposited money and transaction fees. Libra will deal a great blow to some useless banks.

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Quote from: whyrqa on September 24, 2019, 04:47:11 PM

A project like Libra will generally give users the opportunity to gain independence in managing their finances. Perhaps this is precisely the main problem for governments, and not some kind of impact on the economy

But that will inevitably have a huge impact on the world economy

With a lot of unintended consequences and complex ramifications since governments won't be anymore able to print money like there's no tomorrow (what the monetary use of virtually anything but fiat comes down to). This will mean the whole modern economics paradigm shift, not some minor changes here and there

This is what governments are scared of. Whether this paradigm shift will be for good or bad on the whole is another question, but what is beyond question here is the gravity of the situation if Libra or anything like it (read, Bitcoin) takes off for real (unlikely but still)

whyrqa

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I believe that no government could have foreseen what is happening today. Governments and the banking system have always wanted to popularize cashless payments for citizens in all spheres of life. But no one expected the emergence and popularity of cryptocurrency, with which people can also use non-cash payments, while it should be borne in mind that almost 44% of people use online purchases and payments for goods and services using mobile applications. A project like Libra will generally give users the opportunity to gain independence in managing their finances. Perhaps this is precisely the main problem for governments, and not some kind of impact on the economy.

7788bitcoin

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Quote from: virasisog on September 20, 2019, 01:38:54 AM

Since Libra is speculated or confirmed to be a stable coin , it might really affect the economy (in a positive or negative way? lets see)
particularly US and other developed countries. It can really attract the attention of the possible customer on the Facebook market,
since Facebook is a global company.

First lets see whether they will launch as there are many opposition even when they announced about their plans of a digital coin, they will lobby the US government but what about each and every government around the globe, it will be a herculean task to convince each and every authorities around the globe, it is a global company but when it comes to currency it is a hard sell.

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Quote from: bryant.coleman on September 17, 2019, 09:14:12 PM

Quote from: Zemomtum on September 17, 2019, 12:42:41 AM

If Libra project is implemented, it will definitely disrupt the Financial system as USD, EURO and other foreign currencies might lose relevancy. I am of the opinion the project will be launched in year 2020 as they have all the arsenal to lobby their way and get approval

How the United States Dollar will lose its relevance, when Libra itself is a digital version of the USD? If the information about having USD backup is accurate, then Libra will end up strengthening the US Dollar and weakening all other fiat currencies including JPY, EUR, CNY and GBP (provided these countries allow Libra to be used in their territories

Agree with this view 100%

A while ago there was a heated discussion in the Russian subforum where I tried to explain to folks that Libra can't possibly undermine the US dollar (or whatever) as long as it is just a token (a stable coin in the crypto newspeak) representing that dollar (and a bunch of other currencies, as it seems). In other words, all of Libra's value comes through the value of the currencies it is set to represent (read, it doesn't have a value of its own). But my words fell mostly on deaf ears. If you are interested in that discussion, you can read the whole thing starting from here

Topic: Can Libra Disrupt The Financial/Economic System? - page 6. (Read 1994 times)