Facebook Won’t Control Libra, Top Exec says

[ppblockchain]

With members of Congress calling for a halt on Facebook’s (FB – Get Report) cryptocurrency plans, the executive in charge of the project, tried to dissuade concerns in a blog post on Wednesday. 

David Marcus, a former president at PayPal (PYPL – Get Report) who’s now in charge of Facebook’s Libra project, took to (where else?) Facebook to address some of the blowback from lawmakers since the project was announced two weeks ago. Facebook shares closed 1.1% higher on Wednesday.

“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges,” he wrote. “Facebook created a subsidiary — Calibra — that will operate a wallet service on top of the Libra Network, and while Facebook, Inc. owns and controls Calibra, it won’t see ...

Read more : https://paperblockchain.com/facebook-wont-control-libra-top-exec-says/

[Bitcoinqubit]

forget this shit coin...

in the moment it stable coin its already waist of time to talk about this...

if we go deeper for the fun and educate others, its something else.

but the all point of crypto is to have low supply of coin and max supply so the price will only grow and grow with the time.

[Nadziratel]

With members of Congress calling for a halt on Facebook’s (FB – Get Report) cryptocurrency plans, the executive in charge of the project, tried to dissuade concerns in a blog post on Wednesday. 

David Marcus, a former president at PayPal (PYPL – Get Report) who’s now in charge of Facebook’s Libra project, took to (where else?) Facebook to address some of the blowback from lawmakers since the project was announced two weeks ago. Facebook shares closed 1.1% higher on Wednesday.

“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges,” he wrote. “Facebook created a subsidiary — Calibra — that will operate a wallet service on top of the Libra Network, and while Facebook, Inc. owns and controls Calibra, it won’t see ...

Read more : https://paperblockchain.com/facebook-wont-control-libra-top-exec-says/

Even worse news continues to come. Some people at the US congress wanted the Libra project to be closed because it could be seen as a threat to the USD.

[NeuroticFish]

The chicken did not cross the road. I repeat, the chicken did not cross the road.

What they say is not necessarily what they do. I don't trust them. If you do, that's your problem.
I read this as a somewhat "run from responsibility". They want to get rich from it, but it's not theirs, it just popped in their backyard.

[X-ray]

With members of Congress calling for a halt on Facebook’s (FB – Get Report) cryptocurrency plans, the executive in charge of the project, tried to dissuade concerns in a blog post on Wednesday. 

David Marcus, a former president at PayPal (PYPL – Get Report) who’s now in charge of Facebook’s Libra project, took to (where else?) Facebook to address some of the blowback from lawmakers since the project was announced two weeks ago. Facebook shares closed 1.1% higher on Wednesday.

“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges,” he wrote. “Facebook created a subsidiary — Calibra — that will operate a wallet service on top of the Libra Network, and while Facebook, Inc. owns and controls Calibra, it won’t see ...

Read more : https://paperblockchain.com/facebook-wont-control-libra-top-exec-says/

A new article about the problem that face by US law makers and libra coin was rolling out and it looks like US law makers will never try to approve the development of the libra coin. US consider libra as a threat and it can disrupt the economic system. I guess libra will become a dream .

[Bttzed03]

  They're trying everything they can to appease these lawmakers. Libra operates on a centralized network where only founding members can access. They may try to hide facebook's involvement/control but they're not fooling anyone.