Congressman Sherman - Libra is more dangerous then 9/11

[Lucius]

We recently had a chance to see and hear what Trump&US Secretary of the Treasury thinks about Bitcoin, Libra and cryptocurrency in general, but this congressman went to the greatest extreme with his statements. He is describes Libra as something much more dangerous then attacks which happened on 9/11. But if you watch video you will see that his biggest fear is about drugs on American streets, tax evasion and fact that if Libra is come out, there will not be money for cancer research or country defense.

Personally I do not care about FB and Libra, but it is very interesting how much dust was raised around this project - and how some American politicians compared Libra and Bitcoin. Mr.Sherman is say something about Bitcoin and crypto currency in this video (from 5.55), and he is say "Bitcoin is small baby", compared with Libra.

I know we are see so many threads about FB Libra, but is this coin so dangerous that it is upset some of the the most powerful people of the world?

[BitHodler]

Sherman is financed by financial institutions, so from there it's not really surprising to see that he is so hostile towards both Libra and Bitcoin. This dude has BIASED tattooed on his forehead.

I do like the discussion that Libra triggered because where Bitcoin is a potential threat in the future if it takes off at one point, while Libra could capture hundreds of millions of users in an instant, up to billions of users.

It poses an incredible risk to pretty much every government issued fiat currency. Who need dollars when every business and joe at home use Libra? These banksters must wake up soaked in sweat.

[fiulpro]

The fact that of all the crypto currencies he chooses libra to be you know to Detroit in the eyes of the public means , maybe someone paid him to do this .

Might be true or might be false but at the same time bankers agree how libra is a far safer asset as compared to bitcoins .

I don't know , this seems like a paid stunt.

[The Sceptical Chymist]

I don't know , this seems like a paid stunt.

I doubt it was a paid stunt--it seems more like political posturing to me, which is usually why these idiots say what they do.  There's always going to be some concern about tax evasion when it comes to cryptocurrency, but this asshole is basically saying "can't we please think of the children!!", and that's a tired old piece of rhetoric.

I love how he immediately backpedaled by saying Zuckerberg isn't as evil as Bin Laden.  The guy obviously wants some media attention, and the best way to get that is to spout inflammatory nonsense about crap he obviously doesn't fully understand. 

A tool for drug dealers?  Last I checked, drug dealers readily accept everything from loose change to $100 bills.  A new cryptocurrency isn't going to change that in the least.

[merchantofzeny]

I think people are upset because they don't trust Facebook Inc. There have been multiple security leaks as well as the issue with censorship. I think users have the right to ask "what happens to my money if they 'decide' that they don't like my posts".

I'd chuckle over everything bad people would talk about Libra, I think the company deserves the treatment it's getting. I just ignore anything said about Bitcoins though coz I know that they either don't understand it or they also want to smear it.

[Upgrade00]

...

The way I see it, both Bitcoin and Libra are threats to the monopoly of banks and governments. But with the large market base, Libra could explode quickly hence they are trying all sorts to shut it down.
I believe it's a discussion we would be having for a very long time, cause I would guess that Facebook and partners planned for the criticism and would have back up plans

[hatshepsut93]

That's the guy that wanted to ban Bitcoin not so long ago. Whatever he is saying about Libra, he is not our friend, he doesn't hate Libra because it is owned by Facebook and will likely be used to further violate user privacy; he hates Libra because it's a challenge to banks and regulators, at least according to him. In reality Libra nodes will be controlled by many companies, including those that deal with traditional payments, and Libra doesn't challenge regulators, it will be KYC compliant and so on. It's really not a threat to the fiat that we know, it's actually just a new face for fiat.

[HelioWallet.com]

It's not really as dangerous as the way he said, it was guaranteed in dollars, Facebook also said Libra is not anonymity.
But with Facebook's large number of users, when changing financial habits does it affect the US economy and the world?
A matter of concern.

[1Referee]

Once you see these politicians throw with non arguments you know there isn't an other way for them to win this battle. Munger referred to Bitcoin as harvested baby brains, Buffett referred to Bitcoin as rat poison, and Sherman considers Libra worse than the 9/11 attack.

The banks that were largely responsible for the crisis a decade ago have received billions in support while the average people that were affected by it lost everything, that's pretty fair.... Institutions that are meant to drive an economy have done nothing but bet against for or against it because they knew they were the ones messing around with the housing market.

If that isn't enough, the deepest point of the bear market was where institutions of all sorts bought hundreds of thousands of homes to flip them later on at exorbitantly higher prices. Sherman is paying his bills largely with money donated by institutions providing credit to businesses and people at home. Shall we call it blood money?

[Bitum]

How did they all get moving, from one side shows everything that makes libra really care for government, from another point of view it is clear, the cryptoepedimie is unstoppable. If such monsters join as FB, that says a lot about the future global trend

[rodel caling]

Get it what is the point of congressman sherman they say bitcoin is baby, he scared about libra because we all should knows libra is the project of facebook the online social media use by billions people all over the world so it's easy to intriduce using promotion to through fb to convince people invest libra.
My opinion for this is also can bring bitcoin ro convince people what is bitcoin importance as king of crypto currency.

[coin-investor]

How ignorant and pathetic to compare Libra coin to 9/11 attack, he knows 9/11 but it seems he doesn't know anything about Cryptocurrency and Libra, yes there is a danger on US system but not as dangerous as this idiot congressman think it is, it will definitely backfire to him as people are more educated on the difference between the two.

[fzatni]

We recently had a chance to see and hear what Trump&US Secretary of the Treasury thinks about Bitcoin, Libra and cryptocurrency in general, but this congressman went to the greatest extreme with his statements. He is describes Libra as something much more dangerous then attacks which happened on 9/11. But if you watch video you will see that his biggest fear is about drugs on American streets, tax evasion and fact that if Libra is come out, there will not be money for cancer research or country defense.

Personally I do not care about FB and Libra, but it is very interesting how much dust was raised around this project - and how some American politicians compared Libra and Bitcoin. Mr.Sherman is say something about Bitcoin and crypto currency in this video (from 5.55), and he is say "Bitcoin is small baby", compared with Libra.

I know we are see so many threads about FB Libra, but is this coin so dangerous that it is upset some of the the most powerful people of the world?

I don't know, it seems like about tax evasion, drug transactions, terrorist financing is still a problem in crypto, but if all they fear doesn't seem to make sense because before FB made the libra there were all these problems.  if what is feared will reduce the use of USD it seems unlikely because Libra must be converted to USD.  my personal opinion is that Americans only want to profit from Libra coins

[Herbert2020]

as much as i hate Libra but that is a load of nonsense coming out of this guy! the biggest problem with Libra is its centralization and i honestly don't see why the US government is currently going ape shit about something they can fully control. i think the only reason for it is because they don't want to let this company (Facebook) to gain any more power than it currently has. otherwise this is yet another payment processor like PayPal where it prints money and pegs it to USD and then get paid for letting people use their online services.

[linkybit]

Let them keep crying, we'll move forward. Politicians always love to give statements out of the context.

[RealMalatesta]

Lol, it is certain that United State is not in support of Libra, which means that the meeting between them and Mark is deadlock. I knew that Libra was going to be quite difficult to be accepted by the government of United states, and this statement by congressman would have already sent strong signal to other countries to reject Libra coin.

Do not be surprised when you start seeing that countries beginning to declare bitcoin as illegal and I think mark himself went too far to be coming up with this system too at this point. I really don’t trust the technology of Libra, because why the sudden change when everyone knows the stand of Facebook against cryptocurrency initially. I know that Facebook like to dominate, but to want to dominate cryptocurrency again, I think this is not going to be accepted.

[poornamelessme]

Seems more like political posturing to me. It's easy now to be anti-facebook ... and there are some real concerns with facebook controlling any type of currency.

In the end, I don't think it'll matter as much as some think. It's basically just a crypto version of paypal, run by a company that most wouldn't trust with their money.

[bigcash2011]

From all these events and statements its looks like that if libra ever gets launched it will be fully in control of US government and that is quite obvious and that is why China is also working secretly to develop its own controlled global stablecoin for payments and transfers so the competition is going to be fierce and i think crypto market will be ultimate winner out of this war.