Bitcoin Forum

I think this is one of the most important processes for the blockchain to be part of the real world. Blockchain hasn't been in the legal system and institution so far. Since blockchain was apart from the legal system and institution, regulations and laws were suppressing the whole industry. With the series of the legal, and political process that Libra is gonna get through, blockchain can be part of the real world.

"The U.S. House Financial Services Committee will host a hearing on Facebook’s libra cryptocurrency next month, one day after the Senate Banking Committee holds its previously announced hearing.

Maxine Waters, chair of the powerful House committee, announced the hearing Monday, The Hill reported, after calling on Facebook to suspend development of the project multiple times last week. The hearing is scheduled for July 17, and no witness list has yet been released." - Coindesk

Blockchain for payment created by facebook only focuses on Facebook group and network participants are managed and monitored by facebook.  The number of unlimited tokens made for the project is not different from the national currency issue.  This disturbs the market and affects the national currency.  Bitcoin and altcoin have limited numbers and are freely circulated.  Users benefit from pos, pow, vote, Dpos, Poc and more mechanisms.  Blockchain must be really democratic, really dispersed and must be more than an owner.  Compare Libra compared to stable currencies like Usdc, usdt, tusd, usdk .. v..v ... The stabble coin is only used in crypto transactions and is not widely used in personal payments like Bitcoin.  And I see that these stable coins do not affect as much as facebook.

the legalism and political process indeed will help blockchain to be adoption by the world wide but remember they government wants blockchain to be centralized and they can control it. There will be no decentralized system again and that will be disappeared.

This is very difficult, we live in countries, have laws and regulations. With blockchain, they can't control it.
Criminals and scammers will increase dramatically, they use blockchain technology!

They can only impose a centralized blockchain on newer projects or some existing ones that are under their control or jurisdiction, and the only way they can actualize that is just to declare a decentralized blockchain illegal. But it is already too late to pronounce that on bitcoin again. Bitcoin is a decentralized system that has been created, and there is absolutely nothing they can do to change whatever has been written in bitcoin.

Satoshi who has the codes is not known and nowhere to be found for them to force him into re-writing the bitcoin technology into being a centralized one. The only new coin I see dancing to their tune is that of Facebook, and I am still having this believe that the governments are the one sponsoring this Libra coin, but just using Facebook to run it, being that they have the largest database of social media user worldwide.

I think it was already in the real world, you may think that usa federal laws are the "world" for you but we have talked about this way before. There have been nations with blockchain laws and there have been even usa state ohio that decided to accept crypto related taxes paid to be crypto as well so that is not like the first time.

Yes, this will be the first time blockchain will be in the federal law in written and that is of course a big thing, it does matter a lot because crypto currency is an up and coming thing even after 10 years because it is fraction of all other financial stuff so it is great that it is finally getting in the record as well but that just doesn't mean it is the first time in real world. Look at all other countries that literally have federal laws supporting or banning bitcoin.

You must never heard of centralized blockchain, even stablecoin can be considered as a centralized blockchain despite being crypto and which regulation cant regulate blockchain based stuff? I think there is none since regulating it is basically the same as regulating any digital payment.