Topic: Can Libra Disrupt The Financial/Economic System? - page 7. (Read 2005 times)

I have the same opinion with you about Libra, their founder is not understand about cryptocurrency working and do not know how to build some cryptocurrency at the future.

 I think what they fear most is due to the business model that will be unleashed, obviously when negotiating with Libra, everything will go to Bitcoin and Bitcoin to FIAT, once they make massive withdrawals in FIAT it will cause a great imbalance in the economy.

In addition, worldwide Facebook arrives and is known, so many jobs will be paid with Libra, there will be no problem to take it to currencies such as USD or Euro, but they can pass everything to Bitcoin, handling large amounts of money

That's true because as of now that they called libra have many speculation and some of are doubting about that libra from Facebook owner. Much better that they focus first about their platform before they launch another thing. As of now many Facebook user got hack and much better that they do something to make their platform more secured. Let say that libra will have huge impact in crypto market but still we don't have any assurance.

Already read an article about it and it's possible for Libra to affect the economic status of every country that uses Libra.
Try reading this article, you might learn something about it.

• https://www.piie.com/blogs/realtime-economic-issues-watch/could-facebooks-libra-affect-national-economies-and-interest

Most likely, the effect of Libra was into macroeconomics and it's a huge change to the market.

I don’t know what the libra is exactly capable of, but she makes a noise.
This is either really a future breakthrough in the field of finance, or a skillful divert of eyes from something that will be implemented immediately after Libra's refusal or approval.

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.

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!

Libra has not launched yet, but if it will get approval from the government, I don't think they will still distance themselves, if they play that game, they are just staying away from the money they will create in this market that is getting bigger and bigger.

Facebook knows the opportunity here that's why they plan on launching Libra a stable coin and I think despite of the hardships they will face and maybe are facing now, this will be successfully launch in the future.

Today we have some new news about Libra.
https://news.yahoo.com/1-u-dollar-main-currency-170905224.html

Libra will be centralized and regulated by bank. Even though it has the concept of a cryptocurrency, it might not behave like it. It might get a lot of users, because facebook is a social networking king.
But users of Btc, and other cryptocurrencies wont just adhere to Libra if they see it has a normal currency. And being Libra the 1st alleged cryptocoin that will be connected with USD, it might increase the value to USD in relation to other fiat coins.
In the end, we shall  wait to see what Libra can affect and how it will affect.

if it ever got launch it will be trimmed to lesser than we expect, organisation that were interested are distancing themselves from the project recently. Now they will know it is not about the name.

Perhaps. But, we're still early to tell since Libra hasn't even launched yet. AFAIK, there are many established players within the crypto space with the same ambitions of Facebook. Ripple's XRP and IBM's World Wire Network based on the Stellar blockchain already have strong partnerships and wide-spread support within the mainstream world. Despite the large number of users Facebook has, it might be unable to compete with these aforementioned giants. In my opinion, Libra won't disrupt the financial/economic system but Blockchain technology will. After all, the main focus of central Banks and governments worldwide is Blockchain itself instead of crypto.

Nonetheless, governments would not allow Facebook's Libra cryptocurrency to succeed as it could diminish their power among people's transactions. Governments would want their national currency to remain actively used by their citizens. Another contender with the hopes of taking Fiat's place within the mainstream world, would present itself as a threat to government's economic system. It's no wonder why many governments have expressed their concerns about Libra before launch. Which is why, Libra might fail in the long run as it won't be able to comply with every single regulatory measure worldwide. In the end, governments will make use of Blockchain technology itself in order to disrupt our economic system as we know it. Just my thoughts

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.

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.

Yes, it potentially could. Billions of people are users of Facebook. This gives Facebook a competitive advantage in that the platform already has a huge user base. I feel like, at some point in time, almost everyone in the world will be using Libra as a form of payment, not because they want to, but because it will be the most relatable crypto coin.Futhermore,the Libra Association, which will be governing the Libra economy consists of elite associations which have the potential to overturn the power of countries and even possibly national banks.

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).

But I don't think that these countries will allow Libra to be used. It is foolish to assume that countries such as China will allow a digital version of a foreign currency to be used for retail payments, along with the Chinese Yuan. At the most, Facebook may try to create a CNY version of Libra for China, which will be backed up by assets denominated in the Chinese Yuan.

However, it will appear and it is not a threat. The head of the Libra Association said that this cryptocurrency project does not threaten the financial stability of various countries. Libra reserve will consist of US dollars, euros, yen, pounds and Singapore dollar. If a something dramatical with one of these currencies occurs they will be removed from Libra basket. They will not deal with Chinese currency.

I also believe that Libra coin won't disrupt the economic system since it will also be a stable coin just like the one issue by the JP Morgan and you're when you said all active Facebook users won't be enthusiasts because some people still don't confidence in the crypto currency. But you're wrong when you said the Libra coin to be intended for facebook members because their whitepaper clearly stated the coin to be used globally which is the reason why the Libra team partner with some institutions and crypto exchange sites and I also believe this is the reason why some government think it will be a threat to the economy which already slowdown by the activities created by the government themselves.

Libra will not disrupt the economic system that already exists and it is only one participant (cryptocurrency) or choice that is not very influential. Libra is certainly intended for Facebook members and the system is centralized on Facebook servers. Although the number of Facebook members currently reaches almost one-third of the world's population, I'm sure not all active Facebook members will be enthusiastic about using libra as a means of payment.

The main reason is that not everyone understands the benefits of the digital economy. It takes a long time and the involvement of all elements of society to provide education about digital innovation and technology. After internet access is evenly distributed and the world community is literate about digital technology.

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

If that's the possible risk, then I'm sure their government will make a way to avoid or ban Libra, and they might ban facebook in their country, which is bad for the facebook business. Libra for me is more like a payment system I guess, if people will invest, they can also do that in other stable coin but I think the threat is not that big since majority of the people will still use the local currency.

Overall, I think Libra would be a great help, for countries whose inflation is high, they can us Libra which later the government will realize to issue their own
cryptocurrency like what happen to venezuela where they already have their petro coin.