Europe is against Libra. Who else?

[JeffBrad12]

Well back in July the US Congress asked Facebook to pause it's development of Libra until they had time to access it's impact:

https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency

In a letter from the Democratic head of the house committee on financial services, congresswoman Maxine Waters, and the heads of its subcommittees, the legislators ask the company to “immediately cease implementation plans”.

“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,” the letter says.

“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.”

Do we have an update on this investigation, it seems Libra coin is now ok with the congress and no part of the group is leaving the group, and the launching is already scheduled to launch this 2020, I'm sure their lawyers are doing everything, to lobby for the launching of LibraCoin but I'm afraid after the launching, Libra Coin will be heavily regulated and all actions will be watch.

Being heavily monitored is definitely the fate of this Libra coin this coin is released by a big company and such a thing is really to be expected.
But, it seems that Libra coin is far from the release. If this coin could released maybe it will make cryptocurrencies amainstream among the citizens but it's quite the opposite, facebook itself seem having a serious regulation backlash if facebook can't get trough the court libra will surely become just a dream.

[Mahanton]

Well back in July the US Congress asked Facebook to pause it's development of Libra until they had time to access it's impact:

https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency

In a letter from the Democratic head of the house committee on financial services, congresswoman Maxine Waters, and the heads of its subcommittees, the legislators ask the company to “immediately cease implementation plans”.

“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,” the letter says.

“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.”

Do we have an update on this investigation, it seems Libra coin is now ok with the congress and no part of the group is leaving the group, and the launching is already scheduled to launch this 2020, I'm sure their lawyers are doing everything, to lobby for the launching of LibraCoin but I'm afraid after the launching, Libra Coin will be heavily regulated and all actions will be watch.

Being heavily monitored is definitely the fate of this Libra coin this coin is released by a big company and such a thing is really to be expected.
But, it seems that Libra coin is far from the release. If this coin could released maybe it will make cryptocurrencies amainstream among the citizens but it's quite the opposite, facebook itself seem having a serious regulation backlash if facebook can't get trough the court libra will surely become just a dream.

No, it would still have some effect when it comes to cryptocurrency market.Libra might be heavily centralized but you cant really stop people to mind on what the origin of these coins which would lead up on the discovery of Bitcoin and other decentralized coins.

Im not really that expecting for Libra to have these kind of problems but  as expected for government which isnt really that easy for these companies to bypass out on all things that they do have in mind specially they are tagging up with crypto.

[ashmodeus]

No, it would still have some effect when it comes to cryptocurrency market.Libra might be heavily centralized but you cant really stop people to mind on what the origin of these coins which would lead up on the discovery of Bitcoin and other decentralized coins.

as long i try to speak about altcoins,and also deflect public accusations that say altcoins are a scam.
basicaly, general people think like this, when they see some new coins, and they get some bad thing from these coins, the next happen will be wherever they seeing new coins,they will equate with what happened before.
so the point, i personaly dont like libra, but if they still came to this world, i just really make some hope they will bring positive affect to people who think crypto just a shit digital project.
recently bitcoin etf got declined by SEC, its make more worst on crypto world.

[bartekjagoda]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

First you have to understand why did Libra emerge... was it because they wanted to fill a gap, or was it Mark being Mark, simply stealing an idea he could not buy, and to boost the stock value.

Of course it has nothing to do with a traditional crypto currency (have you read the white paper before posting?)

Libra is just another EOS alt, a centralized shit coin controlled by a small entity with no inherited abilities of a true crypto currency. Its a mere excel coin...

[ivakar]

The whole crypto world is against it

yes, there is a point. whole crypto is about decentralization and freedom and anonymity
while Libra and facebook proves one thing - they are against it
so I hope facebook won't succeed !

[Murat]

If Libra commences its journey then some payment system will collapse for sure, So after the US government, Now some European countries are against the Libra so far I know, It's not a cryptocurrency that is decentralized, it's a controlled and stable coin so it will hamper the conventional system which exists. One important thing is that Facebook has collected a lot of information about us in the last 15 years, they know every detail of our system and that's why it might be a threatening issue for us which is Libra, So in this way, Facebook will grab all of us by technically so Libra should be prohibited before entering the market, Who knows what in their planning regarding this issue.

[blckhawk]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

If Libra would somehow be able to pull this off, their main aim is to change that statement, make the cryptocurrency as money, and maybe will be used to transact in their platform, the Facebook, which is not a plausible idea for the people in the crypto-space. The main idea is for crypto to be decentralized. That's why these news comes up, some of the companies involved expresses doubts.

I think that change in statement would make it a lot worse for crypto, since government would fire crypto more being a volatile, can be a scam, or other negative statements.

[gentlemand]

Do we have an update on this investigation, it seems Libra coin is now ok with the congress and no part of the group is leaving the group, and the launching is already scheduled to launch this 2020, I'm sure their lawyers are doing everything, to lobby for the launching of LibraCoin but I'm afraid after the launching, Libra Coin will be heavily regulated and all actions will be watch.

I'd love to know who's providing your media content as none of that is the case at all.

I doubt the US government has to do any more than they have to express their utter contempt for the idea. Europe is already saying they won't allow it and Mastercard, Ebay and Stripe have all pulled out.

https://www.bbc.co.uk/news/technology-50023008

It's toast.

[cotton ball]

Many companies have left Libra not only Europe against with Libra coin but today got new announce about master card have left Libra and PayPal too, not have schedule and planning about when Libra become show to the public make many company less trusted with Facebook of Libra coin, I think just few days later almost partner of Libra will announce for left Libra.

[EdvinZ]

In the light of recent events, which are disagreements between the creators of Libra and some countries, I think that the parties will look for some kind of consensus. Perhaps Facebook will revise the model of its cryptocurrency and make it decentralized. And maybe the countries of Europe will allow the circulation of Libra coin on their territory with some restrictions.

[gentlemand]

Perhaps Facebook will revise the model of its cryptocurrency and make it decentralized.

They can't. It has to be pegged. Someone has to maintain that peg. That someone is the centralised element and always will be.

If they wanted to make a conventional cryptocurrency there's no shortage of existing ones to cut and paste.

[7788bitcoin]

I've seen places stating Libra isn't and will never be accepted in their shop. It's good news for me. And now let's talk about price - it's going to be a Stablecoin.. and privacy'll be gone.. so who cares about it?

Are you telling that you saw places where they state that they will never accept a coin that is not even released and who in the right sense will advertise those to confuse people  . There are many challenges for them to over come to come up with their version of a stable coin and i have no idea how they are going to get the government sanctions and if they over come all these and release the coin then it will depend upon the end user whether they want to use it. Whether i will personally use after they release it cannot be said now, it all depends upon the ease of carrying out a trade.

[Fredomago]

Many companies have left Libra not only Europe against with Libra coin but today got new announce about master card have left Libra and PayPal too, not have schedule and planning about when Libra become show to the public make many company less trusted with Facebook of Libra coin, I think just few days later almost partner of Libra will announce for left Libra.

That's the possibility since many partners are showing less interest. Chances that once this project is being completely introduced, more partners will leave and forget about this project. If people sees that the project got less nteresting, it will affect the whole process of success unless it will bring something unique that investors can have big benefit. Aside from that, it's still a big question whether this project will gain success or not.

[bittraffic]

I'm however in favor of Libra though because its our window to the adoption of crypto to millions of users in facebook. While Libra will become popular, BTC and altcoins are going to be introduced to the users as well.

Anyone heard of OpenLibra? Someone posted about it yesterday here in bitcointalk.
Libra while has not yet been launched its already forked by the co-founder of the Wireline project last year.

[NathanJB]

Now the Libra project will be very difficult to get support, because after Paypal has withdrawn its support for Libra, other partners are also following Paypal's steps. And this will be an obstacle for the Libra project to be able to develop in the future. Wait and see what happens for Libra.

There is already an exodus happening right now. Before it was only Paypal. Right now, there is also Visa, Mastercard, Ebay, etc. This is going to be a world harder for Facebook already. If it was hard for them before with the support of all these business giants, it would be harder now that they are almost left all alone in its endeavor. And besides, more governments are voicing their disapproval of the project. It seems they are left with no other choice but to call it quits.

[btc_angela]

Now the Libra project will be very difficult to get support, because after Paypal has withdrawn its support for Libra, other partners are also following Paypal's steps. And this will be an obstacle for the Libra project to be able to develop in the future. Wait and see what happens for Libra.

There is already an exodus happening right now. Before it was only Paypal. Right now, there is also Visa, Mastercard, Ebay, etc. This is going to be a world harder for Facebook already. If it was hard for them before with the support of all these business giants, it would be harder now that they are almost left all alone in its endeavor. And besides, more governments are voicing their disapproval of the project. It seems they are left with no other choice but to call it quits.

To be honest, I was surprised that those big companies are pulling it out and dropping Libra. I thought that they are really on the boat because of the potential to make a lot of money. But hey, those companies wanted to protect their name too that's why they bailed out as early as today because they don't want themselves to be associated with Facebook or Libra which has been receiving a negative backlash from all over the globe.

[Kyraishi]

Who isn't...

It's kinda sad to see a company that actually had decent ideas just end up making so many mistakes and then their partners and other countries ending up shaming them, they had a decent idea of how to use blockchain technology in real life fiat applications.

I don't think they'll be able to go anywhere now, they have no support from anyone and it just looks like a money trap nowadays.

[finzyoj]

There is already an exodus happening right now. Before it was only Paypal. Right now, there is also Visa, Mastercard, Ebay, etc. This is going to be a world harder for Facebook already. If it was hard for them before with the support of all these business giants, it would be harder now that they are almost left all alone in its endeavor. And besides, more governments are voicing their disapproval of the project. It seems they are left with no other choice but to call it quits.

Yeah they are just playing safe. Though Libra is a product of FB which is a very huge company, but since it got negative feedbacks from the regulators then these given companies backed out. You can't blame them either because even the ctowd are now doubting about what Libra can do. As of now, it now only have 22 supporting companies which previously 27. That's a tough one to be honest but it's still early to conclude Libra as a failure. Le's see what will happen in the next frw weeks.

[asus09]

What the continue with Libra coin, will be running for investor or have been stop. I want to see how the Libra coin working the same with bitcoin as function or have other advantage with Libra coin, Libra have great team and many partner but why they look slowly for building their coin and why pass more than six months Libra coin still doing anything whit their project and prepare for schedule of Libra coin.

[ajaymukund]

I think fighting against Libra is really a bull shit. This business is sure to make the US GDP growth very high in the coming years because it has a large market and the US economy will recover most quickly after the Chinese taxes.
this prohibition will certainly create opportunities for China to carry out a similar project and dominate the market. I think this is a mistake by the US government.