Bitcoin Forum

On the 2nd day, David Marcus, head of their Calibra wallet, began his Q&A session with the U.S. House Financial Services Committee.

Congressman Gonzalez was the first to initiate the session. According to Gonzalez, the idea behind Libra (https://coinpedia.org/news/highlights-of-libra-senate-hearing-day-2/) is quite impressive but the idea of central governance makes it different from a typical cryptocurrency. He asked Marcus…


What's your take on this?

here https://www.youtube.com/watch?v=2WOVukI3f-g
Meltem Demirors from Coinshares explain how is Libra different from bitcoin and why all cryptocurrencies should not be treated like Bitcoin and confirmed Libra to be fully regulated and be abide by every laws and regulations.

With all of these people are taking bitcoin as a bad example and then isn't they are bitcoin haters? Why they must take bitcoin as an example about is bitcoin disrupting the economic system right now?

It's not just about Libra, Congress is also looking at the good and bad sides of bitcoin and other cryptocurrencies and realising now it's not possible to implement a ban on cryptocurrency because no one can have a full control over the blockchain.

With this, we have confirmed that Libra coin is far different from Bitcoin they are like Ripple which is very much centralized this Libra coin might end competing with Ripple, but then again Ripple is still a threat to Bitcoin, will Libra coin become a threat to Bitcoin, we will wait for the next episode.

I'm not following the hearing but it's the same hearing I guess in general relatively to cryptocurrencies along with bitcoin.

Exactly, they can't control it and they should embrace it instead.

They are trying to control cryptocurrency as much and that’s the purpose of this hearing. This is the only coin who are on the hot seat right after the release of the official details, and no whitepaper at all, a coin who are very new in cryptoworld. Those who are on the back of this hearing knows already the threat, they will not succeed anyway.

I think libra can still launch if they can clear some doubt about their coin and it's use. Just like the statement made by the Congressman stating that they had a good idea. But the problem is what if it only agender is to disrupt every other financial system including bitcoin!?

I think Libra cannot launch, at least from now until the end of 2020. There are too many concerns of the US government around Facebook's project, the government will never approve the Libra project until they control the concern related to the project. Libra's case is like bitcoin ETF, the government will delay until they feel they can control the concerns.