Bitcoin Forum

And this good news for Facebook's Libra even if there is only one showing up with the party. Mark Zuckerberg is hoping that an avalanche of support from legislators can suddenly and magically appear right before his eyes...



Well, its good to see that a good senator is bucking the trend. From time to time, it is also nice to hear a different opinion, conviction and conclusion in relation to the launch and subsequent operation of the Libra coin platform which Mark's minions are hoping can be done as soon as possible. Maybe Mark and Marcus  (https://twitter.com/davidmarcus)can conduct an information and PR campaign to convince more members of Congress and Senate to allow Libra operate maybe provisionally before they make a conclusion that it can severely affect the traditional systems of the land.

Assuming that you are in the big shoes of Mark Zuckerberg (https://celebsline.com/mark-zuckerberg/), what are the changes you plan to execute with Libra to make it more digestible and palatable with the angry regulators and legislators?

Centralized coin will be supported by crooks in fancy suits/clothing.
Libra wont help the crypto-industry, it only promotes centralized coins and encourages banks to do the same.

We're about to see the balance between them and the government. But whether they'll get support from a senator it won't change the fact that they are centralized.
This will add more exposure to Libra as the launching is getting at hand.
And will also collect our data.

So a private company (Facebook) can see every transaction/payment of another private company (lets say Jeff's Locksmith) or private person (judge, solicitor, clerk, cashier, officer....... ), but (Jeff's Locksmith) cant see payments the other private company (Facebook) makes.

It the same as playing poker, one player holding the cards facing him, and the other player must have his cards face up.
That is a rigged game by any standard, a scam, the one with the face-up cards can not possible win.
A company, player par-taking in this game is not worth anything.

I think Libra will not fully support the crypto market it will firstly support centralized banking system and maybe it cause a negative effect on the crypto market, it is m own opinion maybe I am wrong.

Cryptocurrency is already helping the unbanked, we don’t need Libra anymore its like Paypal 2.0 so centralized. I don’t think he can convince big companies to jump in even it is praised by a Senator now. The government scrutiny is not over yet.

It is indeed good to hear a different voice. This will not balance the equation of course. There is an avalanche of politicians who are against libra. But at least, this will somehow open the other side for those who really think that libra has something to offer positive to the world, especially regarding the new way of doing commerce. Perhaps some politicians out there are just timid to come out supporting libra because everybody is against it. I am expecting a better debate on the project.

The major change Mark and the entire team will do is to lobby the regulators and legislators and they will pay them good to change their views and to support their project, he just got a major supporter in congress and how do you think he changed his views, lobbying and $igns :D. We can expect more people supporting them in the end of this year as they will target the decision makers.

after Libra project left mastercard, visa, amazon I think facebook decided to buy some support from government
what known in some country as corruption, in us called lobby  ;D
but the point is the same, business pays money to a politician in order to do something in favour of business
I guess that means that something went wrong and facebook goes to plan B  ;D

No other way but to prove to them that they have a better system to  improve the payment industry in the US.

Here's from another article:

Bitcoin is legal in the U.S.probably they would get free money out of thin air. Just like Bitfinex creating millions of tether.
Problem with centralized coins they can create and possibly hide those money.

Glad to see that Rounds is actually thinking about Libra for what it should be, rather than what it might grow into. As a stablecoin, Libra has the potential to allow people around the world to cheaply remit money without having to worry about ridiculous middleman and remittance fees. It could grow to disrupt the global remittance industry that essentially sees the governments of third world countries steal a fraction of money moved across borders.

The US doesn't charge remittance fees as far as I'm aware, except perhaps from sanctioned countries, so overall it should be of a huge benefit to US citizens.

The only factor I see why they support Libra coin instead of Bitcoin is that they can have a full control over it and they can take advantage of for their own self-interest. I'm not totally against the Libra coin because it could help to raise awareness about Bitcoin globally though I'm not sure if Facebook will let Bitcoin to be tradeable under their platform in the future.

even though libra has such support I feel it is still lacking to attract investors to buy and participate in fundraising for the development of the Libra platform. hopefully large companies can accept libra and support the development of libra.

So there is still hope for Libra to continue it's launch even if not sooner but maybe later as Libra will need more than Mike Rounds to be able to launch their project.

If this will continue and others will start to support Libra like avalanche of support as what Mark Zuckerberg is hoping then this project will surely be well known if it can successfully launch. Let's see if what will happen next, whether other will side the ideals of Mike Rounds or not.

Absolutely true, Libra is a stable coin and it will not crypto-industry by any means. They might monopoly the digital transaction if they are allowed to, with his style of doing things. I would not be surprised to see a mass fud coming for cryptocurrency in the future.


It was Mastercard, Visa and Amazon left Libra not Libra left them. Just like in the movie, a villain survives until the end of the film.
do not be surprised to see another major supporter in congress show up helping Libra.

Let's think of the reason why a government official needs to support libra coin, well, in my perception, there's no reason why he needs to support libra coin. Government doesn't need it, they can create their coin and call it their own, there's something fishy in here. In this case, we can still control the market, let us invest in bitcoin and let libra perform and see if it can surpass known altcoins.

It's going  to happen they have a lobby power since they have the funds and they have the resources they are now moving, because of the recent break away by some members of their group, they are going to do a lot of things and they will rally all the people that can make an impact on their project before their launch they coin, so we will see many more of this news.

I wouldn't actually call this support though, he is just voicing his opinion on the subject here. And you know what? Libra has hired someone to lobbyist for them and I'm sure this is the result of such move from Facebook. So we might see some Congressman out there changing their tunes or still some of them are against Libra because they are afraid of the power that Facebook can have in the future.

There's no backing from Mark Z, he is all out and wanted his project to be on production next year, regardless of US government opposition or some of their partners deciding to leave them at this time.

As per review on what has been stated here, the Senator who supported this Libra project was expecting huge outcome for this project. Even if PayPal, eBay, Mercado Pago and Booking Holdings had quit on this project, it doesn't hinder them to push their motivations towards Facebook Libra. As the support goes strong, some sectors find it wasn't good to continue supporting Libra, but the situation goes break even due positive responses coming from government side; most specially Sen. Mike Rounds whose the one praises Libra.

One senator is not enough. If Libra makes a community of supporters even in the US congress I think they will likely push through with their project earlier. But if not, their 2020 planned launching is probably not going to happen. They are more than aware themselves that pushing through despite the warnings and objections of the US government will only lead them in a suicidal situation. They need to look at Telegram's project for example.

That is a good point, but don't you think that in order to make Bitcoin global we need some centralized coins??

I am not defending Libra, and I am not encouraging its usage. I just think if more companies show trust in bitcoin it will have more influence in general.

Thought Zack and his Libra coin are under pressure from everywhere thanks to his other products breaching the  privacy of its users and have support from one congressman does not reflect the views of the majority, maybe the problem with this crypto is because it has a face!

That support means nothing and will not affect or change the regulations which currently hamper the development and launch of Libra.


Collected and leaked as happened last time.

If Libra was decentralized it could've gotten all the decentralisation support it could've needed to scale. Issues with centralization is institutional bodies and corporate individuals seem to support when they're favoured and if they ain't favoured they in turn easily backs out.

That senator either has some balls for writing that letter or hasn't been bought off by Visa and Mastercard's and the big banks' lobbyists.  I do have a suspicion that the reason why Libra is getting so much grief by the gov't is precisely because of big business's lobbying tactics.  Facebook is a huge corporation but it's a new one compared to the established payment processors and banks and I don't think facebook wields much power among politicians.

In any case, I'm watching these developments with interest even though I could not care less whether Libra ever gets released.  I don't think the world needs another stable coin and certainly not from a privacy hijacker like facebook.

Good support for Libra. But if this support were for the crypto market, not just Libra, it would be more gratifying news. Libra is good for adoption, but it will also be for a while. I do not know, it sounds like a game to me. I think they are making another plan on the sidelines.

Well that's a good news for Libra and Mark to have a government support after a lot of companies already pulled out from libra. But as for me, even how many influential supporters would share their thoughts about Libra, if the public and market don't give really much attention to it, it's still somehow worth less.

Let's just see how well Libra  will do in the market for the next few years

They should not dip their fingers to this issue and let the SEC has a say on the future of Libra Coin, the best way to ruin a project is when you have politics getting into the scene and hugging the limelight, these are politics they have an interest of their own, US already had an agency that deals with this,  if there's an investigation these politics will be bias.

Libra wouldn't get attention from the majority of Crypto enthusiast. Especially for people who don't like Facebook and Centralized crypto. Privacy is the biggest concern and it more enough for them to stay away from Libra. Another problem is, if Libra used as payment gateway on their service such as Whatsapp, FB and Instagram without limitation, I think many countries who don't support crypto would be blocked all of service under Facebook Inc.

The problem is that if the authorities allow them to start their stable currency then many companies will come up with their version of the coin and that will become another problem for the authorities, it is really interesting to see how the authorities will be dealing with the Libra project and how many countries will be supporting their centralized coin.

It is not a bad idea either to have a stable currency, i really do not trust USDT and other stable currencies in the market right now and we need to have a trusted stable coin.

The Libra game is much bigger than a simple crypto-currency launch.
There are giant amounts of Money, Interests, Politics, and Connections.

While I don't like the centralized coins, I'm happy about the whole media coverage about Libra, as there is no bad advertisement. More and more people are hearing of crypto every day.

That's one point for Libra. We need more people in the government who will support crypto or we will be seeing US exchanges closing everytime.
Its very true the pushbacks is really not healthy for innovation when we see this kind of projects are certainly what people need. When we oppose libra development are also blocking the new progress which we look forward to when it comes to adoption.

This wont help them. Big firms are lefting the project

Remember the opening scene in the Godfather part two; the party. When Michael Corleone met the corrupt senator and how the senator spoke praising Michael in the microphone? this feels awfully similar, this senator won't be publicly supporting Libra if he wasn't getting something in return.

Libra is an alternative to the Fiat system. You could argue that it could be better than the Fiat-System. However there is just one true decentralized currency that you should hold. Libra either succeeds and introduces a billion people to Crypto Or it fails and proves the need for truly decentralised Crypto.

I have the vision that in the future, governments have their currency to play with but the people will keep their wealth in secure currencies that aren't played with. Bitcoin is already changing the way we think about money. For me it's not anymore about how much money did you make with BTC, it turned into how much should I put in Bitcoin in order to protect myself for a financial collapse.

Yeah, don't forget about that hearing where Mark was called for that issue.
The big ones have left but there's still a quite good number of big company supporters for this project. We don't know if they will leave or announce their departure to the project within a few days. But if there's no announcement, means that they will stay.

Indeed cryptocurrency technology should help people who have not been touched by the bank because of access. Only with the internet, anyone can do financial transactions easily. The Libra Project does have a good idea because with social media, people can connect and transact very easily, hopefully regulations will not hamper it because if Libra is approved, the cryptocurrency market will be excited

Still they are hoping many will take consideration due to this. I think this news can attract somehow new investors who are avid fan of success of Facebook and stablecoins. Though Libra is facing big rocks since bigger companies are withdrawing their partnership but who knows there will be next to that first known supporter.

In it's consolations, this libra media exposures gives many hits in regards to crypto currency. People are now hearing different sides of this industry and for sure attentions that being brought to this market, with more news to follow, more people will think about it and chances that will look to much deeper information about this industry. In regards to this gentleman who shows support it can be a good thing to create more advertisement about crypto industry.

Even though many large companies are leaving this project, I think the Libra project will continue. The potential to control money circulation is very beneficial for Facebook and I think Facebook will find a solution to this regulatory deadlock

People might think that they are already lobbying, because we all know Facebook has a lobbying power which they always exercise when faced with a hard issue, I wonder how far their lobbying can go, considering they only have a short period of time to launch their own coin, we expect many more politicians announcing their support.

Well, when politicians enter  expect more mess but I hope they let Project Libra to have freedom to develop freely than full of restrictions from government. Most big named backers has slowly  fading, leaving Project Libra with  its original founder. I personally wants project  Libra to be develop and thrive and lets see the crypto explosion anywhere.

The private letter of one senator of the US Congress does not have any significant significance for the further development of the Libra project. But the latest report of the G7 countries and the Bank for International Settlements, which sharply negatively assessed the possible appearance of this coin, actually puts a fat cross on this project. Although before that time it was already obvious that the Libra coin is unlikely to ever appear after its main financial partners left this project.

Alas some of them that has probably cut a deal for themselves to secure thier futures will turn around to support Libra in subsequent hearings. America can't claim oblivious of crypto when they are the second highest ranking on Local bitcoin in terms of bitcoin volume. These power mongers are jealous of the monumental power to be left in Zuckerbergs hands.

https://www.facebook.com/aljazeera/videos/1350766745108537/

Finally, Mark Zuckerberg testifies now before the US House Financial Services Committee.

What can You say about his statements?

In the Cryptocurrency world, we tend to hype every little thing and blow it out if proportions, while it is a good trait that keeps us as enthusiasts and the whole cryptocurrency sphere going, sometimes it's good to call a spade a spade, The US Congress has 535 voting members, 435 representatives and 100 senators, so just one out of 535 members isn't really much to be excited about, ofcourse there would always be redicals and evidently this happens to be one of them, let's wait and see what the future holds though.