U.S. Lawmaker Calls For Facebook To Pause Cryptocurrency Project

[VanguardVale]

Some news tends to claim that Libra boost Bitcoin price. If lawmakers blocks Facebook from even launching "Libra", what do you think the impact will be for Bitcoin Price? Does it have any impacts at all?


Maxine Waters, who chairs the House Financial Services Committee, said Facebook should halt development of the product, dubbed Libra, until Congress and regulators can review the issue, and called on company executives to testify before Congress.

"Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data."

she said in a statement.

"With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users."

Reuters

[Sharon121212]

Some news tends to claim that Libra boost Bitcoin price. If lawmakers blocks Facebook from even launching "Libra", what do you think the impact will be for Bitcoin Price? Does it have any impacts at all?

Mark Zuckerberg made the post about the Libra project on June 18th of this year and prior to that date bitcoin had shown good rising strength. Even at that I agree to disagree that facebook laughing there coin is the reason for bitcoin current price surge.
 Bitcoin reached it highest price in history back then in 2017 and before that bitcoin has been surpassing critical opinion all this happened even before facebook thought of that project.
 I would agree that facebook project will cause a might global interest with it high level of users but I would never attribute bitcoin future success to facebook project Libra coin

[Quickseller]

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

[Spendulus]

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

Always with tech one must look not at what it seems to be, but what it is destined or likely to become.

But just to look at the immediate issues, here's one thing.

Facebook sells your data to advertisers, and you give them a currency.

That closes the loop, creating a situation where the money knows the market trend, and yet creates and influences the market trend.

See any problems with that?

[darklus123]

Facebook is being accused for data exploitation that is the main issue that the lawmakers are trying to address because obviously in the long run. What you think about privacy is not Facebook's concern after all, why would you trust their stablecoin as it completely break the main objective of having the said crypto currency. Plus the lawmakers are too afraid of the fact that the government might not be able to control facebook when the time comes.

 Mark Zuckerberg made the post about the Libra project on June 18th of this year and prior to that date bitcoin had shown good rising strength. Even at that I agree to disagree that facebook laughing there coin is the reason for bitcoin current price surge.
 Bitcoin reached it highest price in history back then in 2017 and before that bitcoin has been surpassing critical opinion all this happened even before facebook thought of that project.
 I would agree that facebook project will cause a might global interest with it high level of users but I would never attribute bitcoin future success to facebook project Libra coin

The Libra coin has actually nothing to do with the current bull run, it is actually because of the sudden demand from India after the government has been banning some exchanges proving that it is need for them and should not be considered as a ponzi scheme.
https://coin.dance/volume/localbitcoins/INR/BTC

[KingScorpio]

libra is a pointless piece of junk, as pointless as bitcoin.

[omonuyak]

Some news tends to claim that Libra boost Bitcoin price. If lawmakers blocks Facebook from even launching "Libra", what do you think the impact will be for Bitcoin Price? Does it have any impacts at all?


Maxine Waters, who chairs the House Financial Services Committee, said Facebook should halt development of the product, dubbed Libra, until Congress and regulators can review the issue, and called on company executives to testify before Congress.

"Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data."

she said in a statement.

"With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users."

Reuters

I do believe that the development of libra coin will continue and Facebook will sort out all the legal matters. It is good Congress takes a position on this in other to protect the influence of this coin on dollars. Bitcoin had been growing before the idea of this libra coin and that is going to continue. Bitcoin has a large share of the market already and I don't think that stopping libra coin will affect it grow.

[Jet Cash]

Don't they have trademark problems with the name "Libra"

I think FaceBux is more of a threat to PayPal than to Bitcoin. It isn't even on the same road as Bitcoin. I certainly won't be using it. I'll be using the new general banking system when it arrives, if I want to transfer fiat. That is if fiat is still in existence. I believe Bitcoin will be used for asset payments and not general purchases, although side chains could change this.

[Spendulus]

.....
The Libra coin has actually nothing to do with the current bull run, it is actually because of the sudden demand from India after the government has been banning some exchanges proving that it is need for them and should not be considered as a ponzi scheme.
https://coin.dance/volume/localbitcoins/INR/BTC

What you say might be true, but the link does not provide evidence of it. At least not that I see.

[squatz1]

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

Yeah that'll be all. And even at that, Zuckerberg could (if he wanted to) fail to listen to the subpoena and just be held in contempt. I've seen little to no reaction from Congress when this happens anyway.

Even if he does speak in front of them, it's not going to mean anything anyway as Facebook is going to use their team of lawyers and lobbyists to make this work alongside the lobbyists of VISA, mastercard, etc.

Sounds like political BS / theater.

[rmilly]

I definitely think it had a rise in price due to the Libra announcement. I think it will ultimately mean that there are going to be far more regulations than we had hoped for if there is this much scrutiny on Libra

[Quickseller]

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

Yeah that'll be all. And even at that, Zuckerberg could (if he wanted to) fail to listen to the subpoena and just be held in contempt. I've seen little to no reaction from Congress when this happens anyway.

Even if he does speak in front of them, it's not going to mean anything anyway as Facebook is going to use their team of lawyers and lobbyists to make this work alongside the lobbyists of VISA, mastercard, etc.

Sounds like political BS / theater.

Zuckerberg could go to the committee hearings, and answer questions to the extent he knows the answers -- there is probably a lot that is still in the planning stages that is subject to possible change, so he may not be able to give a lot of firm answers.

Once Zuckerberg is at the committee hearing, there is nothing committee members can do to force him to put the development on hold, above public pressure.

[Vishnu.Reang]

I definitely think it had a rise in price due to the Libra announcement. I think it will ultimately mean that there are going to be far more regulations than we had hoped for if there is this much scrutiny on Libra

I don't think that the announcement regarding Libracoin has anything to do with the current bull run. The first confirmation about Facebook planning to create a cryptocurrency came in May this year (The Wall Street Journal on 2nd May 2019), while the bull run started almost two months prior to that date. And there was no immediate jump in the cryptocurrency exchange rates when the confirmation came out and the sharpest bull rally occurred one month later, in June.

[fatnet]

even if facebook is a leftist shithole, even if their cryptocurrency is centralized shit, we should resist the tries of government to intervene into the crypto-sphere the way they are trying to do this

[Spendulus]

even if facebook is a leftist shithole, even if their cryptocurrency is centralized shit, we should resist the tries of government to intervene into the crypto-sphere the way they are trying to do this

One fundamental truth in crypto coins and bitcoin is that they clearly show that today, we don't need governments printing and managing our money.

As far as I am concerned this extends equally to Big Data and Big Corporations. We don't need them creating our money.

There is no way Gov/Big Data/Big Corp will not get entangled and find ways, aboveboard and secretly, to foster their mutual interests.

That has just about zero to do with the interests of an individual.

[TheCoinGrabber]

I don't believe it really made a big difference in the price. BTC have been going up anyway.

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

What Facebook and Google knows about you is more dangerous than what your bank knows. They know your routine, they know who your friends are, etc.

Back to Libra, what people is worrying is that it can get to the point where it's the only way to transact. I believe there are already establishments that only accept credit cards. Basically the scenario some fear is that businesses would only accept credit card or government-approved cryptos.

[reginalkri]

I don't think she has any legal authority to force Facebook to stop developing Libra. She probably does have the authority to subpoena Facebook executives to testify before her committee.

I also don't think there is a basis for being concerned that Facebook has a lot of data on its users, when discussing Libra. Most of what Facebook has access to is irrelevant to Libra, and banks have access to much more relevant information about their customers, especially their long standing customers, and they have access to information contained in third party databases such as credit reporting agencies.

The concept of a stablecoin is also not new, and stablecoins have had mainstream acceptance in the crypto space for years now.

There are a lot of reasons to be concerned about Facebook, but IMO libra is not one of them.   
 

The difference between banks having private data and Facebook are the way they use it. Banks use it for your identity, prevent things like money laundry, and other activities that they are required to do by law (KYC). Facebook is a social media company that secretly collects data on its users and uses that data in shady ways.

[Mometaskers]

Found a decent article from Forbes https://www.forbes.com/sites/francescoppola/2019/06/30/the-real-threat-from-facebooks-libra-coin/#2ceb1f811dc5

Basically we are currently Facebooks's product and with Libra, you are practically paying for your data to be sold by Zucc to God knows who.

[Coin-1]

I definitely think it had a rise in price due to the Libra announcement. I think it will ultimately mean that there are going to be far more regulations than we had hoped for if there is this much scrutiny on Libra

I don't think that the announcement regarding Libracoin has anything to do with the current bull run. The first confirmation about Facebook planning to create a cryptocurrency came in May this year (The Wall Street Journal on 2nd May 2019), while the bull run started almost two months prior to that date. And there was no immediate jump in the cryptocurrency exchange rates when the confirmation came out and the sharpest bull rally occurred one month later, in June.

Perhaps you're right. Facebook's Libracoin is not the main reason for the current bull run on crypto exchange markets. I'm wondering why have Zuckerberg announced his "crypto currency" exactly at this time.

In my opinion, Libracoin is a threat not for decentralized Bitcoin but for fiat currencies, because according to statistics, almost 50% of adult customers do not have an active bank account due to their bad credit histories, etc. So they will be able to buy goods or pay for services online using Facebook's centralized Libracoin.

I'm not surprised that U.S. lawmakers are worried about such a convenient payment system based on one of the most popular social networks in the world.

[omonuyak]

Some news tends to claim that Libra boost Bitcoin price. If lawmakers blocks Facebook from even launching "Libra", what do you think the impact will be for Bitcoin Price? Does it have any impacts at all?

Mark Zuckerberg made the post about the Libra project on June 18th of this year and prior to that date bitcoin had shown good rising strength. Even at that I agree to disagree that facebook laughing there coin is the reason for bitcoin current price surge.
 Bitcoin reached it highest price in history back then in 2017 and before that bitcoin has been surpassing critical opinion all this happened even before facebook thought of that project.
 I would agree that facebook project will cause a might global interest with it high level of users but I would never attribute bitcoin future success to facebook project Libra coin

Thank you for opening our eyes to this. Before 18th of last June we have seeing bitcoin in the uptrend! There are many claims of what is creating the current bull trend ranging from the expected halving by may next year, libra coin, institutional investors interest in crypto currency and recovery from last year bearish trend. It is very clear that all this contributed to the growth we are seeing today and if the USA congress stop the development of Facebook coins i don't think it will affect the market much.