Bitcoin Forum

US Republican Congressman, Warren Davidson insists to add bitcoin in the Calibra wallet rather than making Libra.
Read link - https://ospreyfx.com/us-rep-facebook-should-give-up-on-libra/ (https://ospreyfx.com/us-rep-facebook-should-give-up-on-libra/)

I would like to agree with this good US lawmaker. Had Facebook instead develop the infrastructure around Bitcoin, it would have been much easier and can be a big boon to the Bitcoin movement. But then again, just like the Facebook set-up, Mark can never dream of something that he could not totally control so we now have Libra as one of his many gifts to humanity. While I don't sense any desperation on the part of the Libra team and no let-up in the support of Mark for his pet project, we know that this is going to have a hard time with regulators. Libra has to pass through the eyes of the needle and must be tested in intense fire before it should be allowed to operate.

Now that there has been an exodus of Facebook's Libra major partners in the likes Paypal, Visa and Mastercard, I guess most U.S. lawmakers would find it very encouraging to sustain its clampdown on the social media giant's proposed cryptocurrency that has stirred a lot of controversy!

Moreover, this exodus would even make it more harder for Facebook and its existing partners to convince the U.S. Government to give them the go ahead signal and approval so that I guess this is a losing battle for Libra that could have a negative effects on all its proponents once the dust settles. Imho. :-\

I wonder why most of the pro-bitcoiners appearing nowadays are Republicans? Some have already expressed distaste with Libra and some of the partners are already pulling out their share on the pie so it’s not surprising that some people, including this certain congressman to address his concerns regarding Libre and bitcoin. I just hope that his support does not end after giving his statement but rather introduce bills that would help bitcoin prosper in the US.

Hahaha, a good one from the Congressman, but Mark will rather stop his project, he wants more money and loves to see what he has full control over. They should add bitcoin to their system, while they also go on to launch Libra if the government gives them a soft landing. It's a trying time for the Libra team.

It's surprising for me to see Republicans supporting Bitcoin at all, and yet it really seems to be rather common. However, it's actually something that might unite Republicans and Democrats, and it also seems that Libra is still hated more by Democrats than Republicans. There was an article (https://www.theblockcrypto.com/linked/32512/analysis-democrats-more-negative-than-republicans-at-house-hearing-on-facebooks-libra) about it. At the same time, Republicans appear to be more pro-crypto in general (Democrats are against Libra, but not very pro-Bitcoin), which is rather weird. All in all, unfortunately, the majority in both parties is against legalizing Bitcoin as a kind of money, because Republicans see it more like a commodity.

Davidson actually co-sponsored a bill with a Democrat this year (https://www.congress.gov/bill/116th-congress/house-bill/2154/cosponsors) that would be really favorable to cryptocurrency investors and startups. It's really unlikely to pass, though -- it supposedly has a 4% chance (https://www.govtrack.us/congress/bills/116/hr2154).

I suppose Democrats generally tend towards more nanny state regulations. Republicans -- at least in their rhetoric -- favor less regulation because it discourages innovation. In truth, a lot of Republican rhetoric is hollow and deceptive, though.

I think the main point of what Davidson is trying to say is that he is more concerned about Facebook itself having a cryptocurrency and he would just rather have Bitcoin. We all know that Facebook stepped into the limelight when the senate hearing issued concerns about data privacy and how Facebook was reluctant to protect it. He thinks that Facebook with their own cryptocurrency would just make data privacy impossible since now users' accounts could potentially hold money in it and criminals would likely exploit it. If scams are happening in Facebook now what more if there is cryptocurrency involved with it?

What's the point of them creating the Calibra wallet if it won't be used for Libra in the first place though. There are enough decent wallets out there on the web, free to use by everyone. Calibra would be unnecessary, especially knowing that there's like a 90% chance that it's going to be a custodial wallet anyway.

i don't think they are going to give up on Libra though. they are losing all their supporters and partners these days but i am sure they will go ahead with it even though i think there is still a huge chance that it fails miserably, its centralization alone guarantees that.
maybe then, after the failure, they started adding bitcoin and showing support for it to revive their coin!

Same thoughts. Though PayPal, Visa, Mastercard, and other big names already pulled out, they could just probably look for partnership replacement right? I'm guessing that some other mid-size companies actually want in. PayPal and company probably just wanted out due to Libra being shunned by the fed.

maybe, maybe not. i think it could go both ways for them.
on one hand we have a multi million dollar company with a lot of power that is going through with the launch of their product and they are known to be successful company (Facebook!). so it would be an opportunity for these small fish to get in but on the other hand when the big players have pulled out (and there is a lot of them, i counted at least 7 big names) it is scary for others to go in something others have pulled out. they must know something that made them pull out.

I wonder if this is the general sentiments of all the republicans or just one senator, if this is the sentiment of majority of the republican then Facebook's Libra coin is really in trouble, that could sway public sentiment since it is the sentiment of the majority of one big party, but if it is only coming from one Senator then it could go either way, many will follow the sentiment or maybe other senators will just ignore since there is still no consensus among the party.

politics is starting now?lol republicans are now more possessive in favoring Bitcoin what a nice movement for our market here.
hopefully that Cong.Warren may gather more support from other legislators si this will become Law and if does happen i am sure we will be having another Great growth soon

is this for what?ano words for the link?

Damn. On one hand I feel bad for Libra, but the other it does make sense why they are getting all this backlash and Bitcoin is getting all this love. I mean, it was created by the same company that sells your data for advertisers.

To be fair though, Libra was created for a different reason to BTC (which was mostly just to become a people's way outside of the banking system).

Wonder if Libra will ever get off the ground with the hate they've been getting.

Facebook are going to find a way to implement Libra in a way that the US Government would be favored and the way to do this is to offer something that the US Government wants. <Surveillance & Control>

Libra will be centralized, so all information would be made available to the US government to track global financial data and to keep tabs on their own citizens spending patterns. Once they offer something like this, the US government would grant them approval to launch their coin.  ::)

It's all about power & control.  >:(

That's a really good advice from the US Congressman, I bet he does have some skin in the game if you know what I mean. If not, he would be the first politician I see that really cares about the future of this world. Bitcoin would get quite an exposure from being featured on a wallet that's going to be used more or less by the facebook user base. If this thing happens I'd look for a massive increase in Bitcoin adoption and overall more money poured into the market.

Lol, US Congressman Davidson just choosing the lesser ever here. Why would they give so much power to personalities such as Mark Z? That's why the respected gentleman insists that there should be somewhat of a compromise here, Facebook use bitcoin's infrastructure and then it's all good.

But Facebook thinks otherwise that's why it has met with a lot of backlash from government around the globe.

Warren Davidson has made a good point. If we support libra which is centralized and controlled by facebook then it is much better to support bitcoin. Libra is made to serve facebook and if people will support this controlled cryptocurrency then we are not really helping the masses but instead just helping facebook. Bitcoin is not self serving and has no hidden agenda unlike controlled cryptocurrecy such as libra. Also traders will not earn from libra since it is stable coin. Facebook have already have many problems and there are being questioned by the government regarding the social aspects, since facebook cannot even settle and solve their problems then why should they create a cryptocurrency and add another weight on their shoulders. Facebook should just focus on how to make their social network free from pornography, unjust criticism, racism issues and many more and just leave cryptocurrency to bitcoin.

Apart from politics, there is no reason why Facebook should list bitcoin as a currency "Calibra wallet." If they can.
Libra is a new type of hybrid currency that is gaining advantages from banking systems and cryptocurrencies where it is centralized but its fees are low, the confirmations are quick as it draws from the central banks the ability to generate & print money.
It seems that the fear of Facebook as a company or an alliance rather than a technology.

In the end facebook will succeed what he want, just look at the first steps:

Facebook’s Libra Just Got Its First Major Supporter in Congress (https://www.coindesk.com/facebooks-libra-just-got-its-first-major-supporter-in-congress)

Gradually Facebook will conquer the trust of regulators and all these companies that abandoned the boat will return to be part of Libra. In the world of money and power, it is enough for one party to offer the other party something that benefits them and that everything is resolved immediately

@GMoore87 this is an excellent suggestion by the congressman, if only Facebook was smart then it should have integrated bitcoins as a payment option. This decision would have saved them lots of money as they would not have to spend on research or do marketing of bitcoin. I yet believe it’s not to late for them to reverse their decision, and kill Libra as many partners are already walking out and it’s hurting Facebook’s reputation.

https://www.cbsnews.com/news/facebook-libra-loses-kayak-priceline-booking-com-as-partners-in-controversial-digital-currency-project/

if we think about it after reading the article you posted it is a good idea suggested by warren davidson to add bitcoin to the kalibra exchange instead of having to make libra coins because libra currently does not have strong certainty and in my opinion libra is not easy to become stabelcoin among other coins and if libra is to be formalized it will be an obstacle to the economy which can endanger investors and state assets in our country.

I reason too with what he has said because I really do not see the reason why people should just be creating coins as they like because they want to just make an impact in the market or just to have a name that they have a coin also.

The actually thing that many of these projects ought to have done is they really meant well in the cryptocurrency market is just to add bitcoin to their project, it would still mean the same thing and they will still achieve the same thing, if that had been the case, I am sure that by now, bitcoin would have never experienced black market again, and I am sure that even the government would have already done regulation that would make bitcoin to generally be accepted as global currency it was created for.

That's weird. Wouldnt expect a member of the US government which is usually someone who should be supporting centralized and more controlling crypto-currencies like stablecoins, like Libra.

Could this possibly mean that countries around the world would actually be interested in accepting Bitcoins as a currency and we'll see more adoption in the future? Or is this just everyone shitting on Libra.

Don't think we'll ever see libra getting launched with the amount of hate they are getting, and their partners backing out isn't a good sign.

Libra lately more attention, several months want to launch libra can continue to pressure. Starting from large companies
support some resign from supporting libra and now US congressman warren davidson is starting to openly dislike against libra,
by better supporting bitcoin. Actually I am personally surprised by the main purpose of facebook making libra coin, impressed
there is a hidden agenda in making libra. Added to Facebook's image related to data leakage is a minus value in the eyes of
the public world. I am also not sure that libra will be useful for society in general, we continue to monitor this libra coin.

I think the real difference comes in with Permissions. Libra is going to be a permissioned blockchain that is centralized where its consensus mechanism, software, and governance are controlled by Libra Association members who are the only ones permitted to validate transactions, on the other hand, Bitcoin is permissionless.