Topic: Can Libra Disrupt The Financial/Economic System? - page 9. (Read 2005 times)

Libra is not open selling for the public and we don't know how much effect have for other altcoin, maybe its can stop how bitcoin raised up and never have chance become the same with bitcoin position.

If this rumor is confirmed, then it can't possibly affect the global financial system. It will just be a convenient way to use fiat by aggregating a few major currencies in one token. Other than that, you can do anything with these currencies taken separately which you can do with Libra, though maybe in a less convenient way. So how is it going to disrupt the global financial system? Besides, we already have such a currency (sort of)

It is called SDR and its value is based on five major currencies

Libra uses real money as a support, and it is rumored that Libra is a stable coin. this certainly makes many governments worry that this will affect the financial, or economic system. Facebook is a social media that has many users, it certainly can make changes to the economy, and also the development of crypto.

I read a few articles today and found an interesting article regarding this

https://cointelegraph.com/news/how-facebooks-libra-has-been-influencing-crypto-politics-and-finance

Everyone has no uniform opinion on this project, but for me, I'm positive that Libra would be a big help for the crypto space to grow.

We all like to grow, right? so we need to support this one, this isn't actually a competition of bitcioin and most altcoins since it's only a stable coins, but the amount of users it will bring to crypto will result to increase of adoption, I'm just looking at the bright side and I'm not worry how the government judge them now, but I know they'll be able to pass everything that is required to them.

We just need to get use to not being able to conquer government, it is not as if Facebook will literally disrupt their system, the US government doe just want anything that will take their reputation away, and if US was wise, Mark Zuckerberg being a citizen, they were supposed to call him and see how they can work with him on his system, and lure him to develop a system that will still help government, but no, they just want to kill the coin.

Okay, if they are so much powerful, why they have not also queried the coin that china too is planning to create, at least it is also cryptocurrency and this coin too also has the power to take the world, why cannot they call china too to other, you see why they will always suppress the powerless ones.

agree, I also agree with what you say, the influence of libra will definitely have an impact but I am sure it will not be as bad as what might be feared and what is often said by experts.
the hope that you say also becomes what I expect, let libra move on its own and will not directly affect directly and frighteningly.

Looking like a nope - https://www.cnet.com/news/facebooks-libra-backers-reportedly-looking-to-cut-ties-with-cryptocurrency/ which I can't say I'm the slightest bit surprised by. I was taken aback by the sheer venom authorities express towards it but I guess it's pretty obvious when you think about it.

I can well believe some of the ideas may be lifted by governments. And there's no way they'll let anyone else in on the fun.

Theres nothing to answer really, its paypal but with multiple balances automatically.   Paypal also operates in many currencies, the difference here is that it wont be 1:1 with dollar even for USA residents.   Its going to balance all currencies into one mix and Europe and USA Libra users will be holding the same mix where as Paypal has them each in Euro or USD seperately, in theory this shouldnt be a big deal.   Its all FIAT anyway


Its more resembling a global Euro system.  So a mixture of countries and they all hold a fixed mix and call it just one unit.   Euro is dominated by the German Deutsche Mark but not on the face of it, its part of what creates problems for entirely different economies like Greece that otherwise would have a weaker currency.   
   When the British Sterling standard tried to join the Euro it famously failed thanks to George Soros partly, they were kicked out and that friction has never gone away.   Libra is voluntary and I doubt will come with debt financing but could possibly illustrate imbalance and weakness.

Its only online currency, spare change for games or whatever but it could be seen as the slim end of the wedge.   I guess thats all it takes for some upset

Libra is not cryptocurrency .Libra is centralized issued and owned by corporation
Libra wants to be backed by currency basket.I been watching  hearing about Libra in congress
Most of congressman questions was not answered
Personally i don't Libra it is already causing problems for cryptocurrencies
Some regulators are mixing Libra with decentralized projects what is not good for for crypto at all
Much more interesting will be to watch what will be impact of digital yuan what China will release soon

That begs a question, though

If Facebook is to create a system that will benefit the US Dollar monumentally, in every way imaginable, why then is the American establishment so hellbent on preventing it from starting off? As I see it, they should rather welcome its development and launch simply because it is them who would profit from the dollar further expansion in the world. In simple terms, something doesn't add up in your train of thought. What am I missing?


This future has been around for a few decades by now

Major fiat currencies are already digital in this day and age. All things considered, the only conceptual difference between fiat and crypto currencies (other than Ripple and its likes, of course) is that fiat currencies are centralized, i.e. sanctioned and controlled by government, though not necessarily issued in a centralized way (see credit money), while cryptocurrencies are decentralized and exist beyond the government control, i.e. they are not authorized by any official body, agency or authority (at least, not officially or publicly)

Yes simply the facebook libra would be illegal according to banking regulation if they want to operate around the world with such centralized currency , unless if libra run fully decentralized which it's not the main plan. That venus might be a serious threat for libra if they don't make a move faster ..

but still i'm sure people just too excited to see how libra developed by facebook going to public , could be just a hype.

Exactly. Facebook's aim is not to create a global currency, but rather a system which benefits the US Dollar in every way. Being a stablecoin, means that it'll have nearly the same characteristics as the world's #1 reserve currency. Merging the physical realm (Fiat currency) with the digital one (cryptocurrency) proves to be quite advantageous in every way. With this, the US Dollar can become borderless, blazing fast, and dirt cheap to send worldwide. It's hoped that Libra will take the right direction towards improving the use of US national currency upon launch. But, even if Libra doesn't become a reality, governments still have the choice of launching a digital currency of their own.

Which is why, I believe that it's not Facebook's Libra which is going to disrupt the economic system, but rather Blockchain technology itself. Whichever way it's implemented within the future (via government-issued digital currencies, or digital currencies issued by mainstream corporations like Facebook and Google), it'll surely transform our economy for the better.

Nonetheless, Libra's launch might not have an effect in disrupting current finance, but it will pave the way towards the creation and adoption of government-backed digital currencies within the future. Still, Libra has been a subject of controversy among worldwide governments ever since it has been announced by Facebook. Which is why, it's highly uncertain what the outcome will be for this brand-new cryptocurrency with ambitions to change our world for the better. Just my thoughts

Well, technically, this is not quite correct

If internally Libra will be pegged to a basket of major currencies (like dollar, euro, etc), you could still earn some dough off it, though definitely not in the way many people here are used to (simple buy, hold and wait until it rises x times won't work). Besides, if it will be circulating freely within the two worlds (fiat and crypto) and more like cryptocurrencies (i.e. with no banks and their insane policies involved), it may turn out to be a damn good device after all for hedging the value of cryptocurrencies, which exists outside the crypto domain itself (read, it could potentially be a lot better that the plain vanilla US dollar)

It is not being negative about Libra, its a sort of PR work from people who know what Libra is towards people who have no idea what Libra is but this is people who are trying to tell people they are wrong what they think Libra will be like so it looks like negative view.

For example, some people think facebook will be creating a coin and they want to invest so they can make more money later on when libra goes up, this is wrong because Libra will be a stablecoin where it would be used towards sending money around the world, now this looks like "negative" because you are telling people you can't make money with it but its not because it just tries to explain to people what Libra will be like and help them understand, that is why its not negative and just helpful tips.

That's one of a hell kind of requirement being asked on. Becoming a bank? Pretty sure that FB wont tend to dive it out and for sure they wont consider on pursuing to comply on whats being asked but somehow Binance might get the 1st spot: https://cointelegraph.com/news/binance-reveals-venus-its-own-project-to-rival-facebooks-libra

That's what i mean, a single currency used globally won't be easy crystallized. Any government would stand for their own currency instead easily allow other currency like libra to get in their territory.
The last news I heard about libra that they need a bank charter ... Facebook libra need to become a bank otherwise they are against bank regulations , Facebook libra might failed to launch, the system always prevent innovation.

Funny thing, it was just one person that probably started this thinking and many people started towing the line also without think of it deeply and seeing how it can really disrupt their financial system, and I don’t think that Facebook is ever proposing a global currency, if it was proposing a global currency, they would could say that it would disrupt the system a bit, I mean the financial flow chart, which means government would have to change a whole of their policy that is governing fiat which would really be a very tedious thing.

What I feel that Facebook is juts creating is a system that is very similar to already existing cryptocurrency payment plans, and also would serve as a payment system for their own business platform which has generated so much money for the government also.

For some time at least, XRP successfully managed to fool a section of the cryptocurrency users. On multiple occasions in 2017 and 2018, XRP had even surpassed Ether to become the no.2 cryptocurrency (in terms of market capitalization). It is so sad to see so many users falling into the trap set by Ripple and investing their hard earned savings on a shitcoin.

I have always believed that XRP was the biggest scam ever pulled out in the world of cryptocurrencies. Out of the total supply of 100 billion tokens, only around 9 to 10 billion are being held by individual users with no connection to the founders and promoters. All the remaining is being held by the founders (either directly or indirectly) including Chris Larsen and Jed McCaleb.

That's certainly true, mate. While Libra may have the required funding for launch, it still has a barrier that needs to overcome (which is the US government). It'll be a hard time for Facebook trying to comply with every single regulation worldwide, especially when governments are already opposing its launch. The vision of "banking the unbanked" by Facebook might not become a reality anytime soon if the launch of Libra becomes a complete failure. The technology is there in order to help Libra reach people all over the mainstream world. But without the proper acceptance from governments worldwide, it could become a completely useless cryptocurrency. Still though, it may be too early to tell what the outcome will be for Libra by 2020.

Things aside, Libra's aim is to disrupt the way we send money to people worldwide by relying on the stableness of the US Dollar, combined with the benefits of well-known cryptocurrencies like Bitcoin and Ethereum. Facebook's ambitions may be grand, but it still has a long way to go. Even if Libra doesn't make it up towards launch, another cryptocurrency might fulfill its vision within the future. Perhaps, another mainstream company will develop a digital currency of its own, or maybe governments worldwide will finally do the switch from physical to digital cash. Whichever way it is, Blockchain will certainly disrupt our economic system one way or the other.

Nonetheless, Libra's status as a stablecoin will look more like a "digital US Dollar" instead of a real cryptocurrency. Which is why, I believe that it's unlikely that it'll truly disrupt our economic system in every way. In the end, the Blockchain holds better promise of doing this within the future. Just my opinion

I believe the part of a single digital currency to be a global currency which may so break some country rules and regulations was the reason why the governments and the lawmakers think Libra coin will be a threat to the economic system.

whereas the world economy is overheated already.

It too early for us to hear any update about this type of situation cause it something that concern deep thought and to win over the governments and lawmakers is not some easy.