US Government vs. Facebook Libra

[rhayot]

Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf

[lucho1592]

Yes, exactly, they are afraid that Facebook Libra will become something more than just a cryptocurrency. This is their greatest fear.

[Jet Cash]

I think Washington's handling of the Iran situation is more important. The oil supply agreements with Iran and Saudi Arabia led to the US dollar taking over from Sterling after the Second World War. Russia seems to have taken over OPEC, and Venezuela and Iran are likely to side with China to allow the Renminbi to replace the Dollar. A government backed "crypto" is likely to be more popular than FaceBux, especially as Facebook seems to be on the skids at the moment, as a result of their censorship.

This is my opinion, and don't forget that I believe that Satoshi is/was a department in a central bank.

[bekkioPEK]

governments fear everything they cannot manipulate or control. even the banks fear Libra and cryptocurrencies. the banks have probably pressured governments to intervene. let us remember, however, that Libra is not truly decentralized.

[rdluffy]

If something really bothers Governments, you know for sure they will found a way to stop

Sometimes you guys are so naive to think a coin created by Facebook can threatens a economy

BTC and the ideas can do some to economy, but if a government create a law to arrest anyone who uses BTC, will you continue to use and face the risks?

[davis196]

Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

Now this is a weird statement.
Libra won't be a threat to the US dollar because the libra price will be tied to the US dollar price(if the rumors are right about that).However,it's always good to have a constructive discussion about that topic.Zuckerberg will be obligated to reveal his true intentions about this new facebook currency.

[Johnzky]

This has been published weeks ago and I think this is another government way of harassing cryptocurrency,imagine the popularity of Facebook is now their target tout down the libra coin release next year.wondering what’s their true motive ,specially these lawmakers that preventing the launching of this much awaited coin

[Ulven]

This means that encryption has begun to erupt media warfare between global systems, I believe this step is important in the future of the digital currency will have a political, economic and social impact, Certainly, the more controversial the issue of encryption, the more positive the result.

[gabbie2010]

The US government had the right to question facebook libra before is being rolled out on its consequences on their economy and how its going to affect government policies in a longer term perspectives as digital currency, we are all aware of bitcoin decentralized features which the banks sees as a major threat to their existence the coming of Libra might also posses another threat which prompted congressmen to take a critical assessment of the cryptocurrency so as to take a drastic action.

[bitmover]

Facebook Libra will have to obey the law and any judicial decision. As it is a company, it must obey or it will be just shut down.

Facebook indeed has a lot of resources, but in the end they must obey regulations. Maybe Libra project gets postponed

[Upgrade00]

Governments when discussing the risks associated with cryptocurrency consisteo highlights external agencies like exchanges. That publicity could be used to warn people to avoid storing their assets in an exchange and effective use of wallets and private keys.
Similar to cryptocurrency, if one unknowingly divulges credit card information to a third party, while for example; shopping online. Their funds would likely be lost and banking agencies would be of little help.

On the issue of Facebook coin, I would rather not give them control or access to my financial details.

[seoincorporation]

Money is power and facebook already has a big piece of the cake, the problem is if libra gives more money to facebook than any amount we can think about, then it will become a threat for us gov, and banks, even it is a threat for bitcoin. We don't know how popular it will become, but for sure it will be a big deal, if facebook let us pay their services with libra, tons of users will accept it.

[tomahawk9]

The americans will do everything in their power to maintain their fiat ponzi scheme alive...What a surprise.

But i'm gonna be honest, on one hand, I'd like to see how the governments around the world will fight against a new global "cryptocurrency" that threatens the fiat system. But on the other hand, I want Libra to fail, this centralized shitcoin with [very likely] built-in surveillance features will only help big corporations have a bigger and better database of their customers (after buying it from FB, of course) which god knows what they'll do with it other than spam the users with annoying ads.

[Slow death]

Probably what the government will want to know is: If facebook is going to give you all of your activity reports constantly, this will be another chance for governments to have access to everything people do. that is what is at stake. this argument that will create financial collapse or will be a danger to banks, it's a fairy tale. what is at stake is control over people

[jvdp]

I'm not sure where the fighters between facebook and usa government. Here in my country Facebook new coin is not legally  accepted one. Hubli e e we will find more critics against Libra coin soon.
Aisa group to user I will never encourage the the centralised cryptocurrency market.

[Artemis3]

Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

Yes, that is the whole point of crypto. But it won't be Libra, it is too weak and badly designed and will be defeated. Bitcoin, truly decentralized, immutable, community maintained, came to this world to put an end to governments and financial institutions from manipulating people's money, or as Antopoulos said: separate Currency from State, the same way Religion and State are now separate in modern countries.

Zuckerberg came too late to the game and in his ignorance removed all the advantages of crypto to restore several disadvantages from fiat. For this reason its going to fail, hard. And having FB, IG and TW behind it won't save it either, but will be fun to start the cryptocoin discussions and people will inevitable find their way here, where it all started... Yes, I expect ignorant Zuckerberg to read this forum to find out why he is failing, he should have adopted Bitcoin instead of attacking it. OR if making (yet another) altcoin, make it as close to Bitcoin as possible, not go the other direction which ensures his failure.

But some people just need to lose half or more of their fortune to get it, just ask those other millionaires who tried to fork bitcoin on their
brilliant ideas alone...

According to some US law you can't make your own money, and that is that. He should have seen it coming from miles away...

[klaaas]

Andreas had a good speech about the facebook crypto project. give it a watch.
A corporate central bank as facebook and friends could become a threat for the central banks.

[serjent05]

Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

Now this is a weird statement.
Libra won't be a threat to the US dollar because the libra price will be tied to the US dollar price(if the rumors are right about that).However,it's always good to have a constructive discussion about that topic.Zuckerberg will be obligated to reveal his true intentions about this new facebook currency.

The problem is, it is not tied to USD alone, but rather to different currency, depending on which is more stable.  In short, the Libra value conversion will keep using different currency on which it chooses the most resistant to fluctuation.


I believe that the US government are fearing of Libra choosing other currency as it will weaken the purchasing power of dollar.  Remember how one US representative wanted to ban cryptocurrency because it weakens the USD influence?  I believe same theme is happening why US government is acting like this.

[JeffBrad12]

Facebook Libra will have to obey the law and any judicial decision. As it is a company, it must obey or it will be just shut down.
Facebook indeed has a lot of resources, but in the end they must obey regulations. Maybe Libra project gets postponed

There is a high probability that the US government will turn its face to Libra and change their attitude. I guess Mark is too smart not to understand high risks. Everything was taken into account. Libra will be released.

I don't think so and did you watch how the majority of US lawmakers didn't even like with born of the first real major company to create crypto? What makes you think if US will turn its face to libra when US still has a system that gives a lot of advantages for the country?

[clipto]

It was obvious that not every government will accept Libra coin, but I had hoped that at least USA is going to do so. But they realise that Libra coin would have a massive effect on the current economy, so lets see what happens next.