Facebook libra hearing

[el kaka22]

The sad thing is if Libra gets super famous then we will not see it in exchanges we use.

Libra could be the real alpha stable currency in the world of crypto and I would love to see it on places like binance for example but without these facebook allegations are over that is not going to happen, we don't know when facebook will be allowed to share its libra outside of whatsapp and facebook neither, I don't know how people will cash out neither, like if I want to send money to someone in USA for example and forward them 500 Libra and say here is your money, how will that person take it and cash it out, nothing is known so far and thats the issue.

I hope that with time they will add it to everywhere and we will be using it in all exchanges instead of the USDT we are using right now.

[bsherrill23]

I dont really support this Libracoin. I dont want it near my portfolio!

[Ridwan Fauzi]

Well!!

The head of Calibra, David Marcus told the Senate Banking Committee that, Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets.

what's your take on facebook libra hearing?

I don't take any action against facebook who create a coin that according to them use blockhain technology, but I doubt about it. The libra coin seemingly is like centralized system which is mean not fully cryptocurrency, its movement pricr will like money fiat. So, if I have a lot of money on my pocket I will never use it to buy libra coin, it will be good to buy bitcoin and other altcoin.

[Prateek_sharma]

Well in my opinion the libra coin will be mostly used to pay for premium Facebook services and will not affect other crypto coins, or maybe can also be used like other stable coins when want to trade.

Alright

[sjbi]

The US is fearful about its fiat currency when a powerful social media comes in with a plan to introduce its own digital currency. Facebook is so much powerful and its influence will have much impact. Likewise, other giant tech will follow suit. So the US is right in fearing impact of Libra. I think Facebook will convince US administration and issue its own currency.

[TheClownSong]

The US is fearful about its fiat currency when a powerful social media comes in with a plan to introduce its own digital currency. Facebook is so much powerful and its influence will have much impact. Likewise, other giant tech will follow suit. So the US is right in fearing impact of Libra. I think Facebook will convince US administration and issue its own currency.

I agree, with billions Facebook members in the whole world, Libra coin becomes a big potential that can erode the use of dollars. With various platforms owned by Facebook, the government feels threatened and the government should be support of technological advancements because sooner or later the use of money will switch to digital

[yangongear]

After reviewing the Facebook hearing with the US Senate, it seems that the US government still holds a very strict opinion on Libra. With a huge user base of 2 billion people, if Libra works, Facebook will operate a very large monetary system compared to the US government's monetary system. That why US government will not let this happen. Now we can only wait to see what Facebook will do to be passed.

Facebook would have no choice rather than to comply with the US laws. Even though they get shifted to Europe or somewhere, US would do whatever necessary to make sure they won't exist very long. Decentralization and Privacy is hated by every oppressive governments equally around the world.

Yes, that's why David Marcus is still trying to convince the US government to believe in Libra, even if it is registered in Switzerland. The most compelling reason he gave is that if the US does not participate in this field, other countries like Russia or China will be willing to do and take the opportunity of the US. And US will never go slower.

[(o)(o)ilikeboobs(o)(o)]

I don't think Facebook's project born to compete with bitcoin.
it's aimed to be stable coin, just like USDT, and I hope it succeed, cause market would be more stable if it did, Facebook is one of the biggest company on the planet right now. so they have abillity to do so