Did Zuckerberg deserve this from Lawmakers and Financial Services Committee ?

[Youghoor]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

[blckhawk]

I oppose though. Libra is more centralized than being decentralized. It does not cohere with Satoshi's main idea, which is a fully decentralized system without passing even a single intermediary body that may control your transaction. Facebook on the other hand, might have decentralized network of nodes, but all the transactions would still pass through Facebook's data centers. And having Facebook known for privacy controversies, it's not a good start for a crypto since Satoshi's idea is being anonymous as much as possible, opposite to what Libra may offer.

[BlackFor3st]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

That is the difference between Bitcoin and Libra coin that Zuckerberg that wants to launch. Bitcoin is fully anonymous and it doesn't need any special approval from governments for it to launch while Libra is plain business in creating their own coin so they need the approval of the governments like the US in order to launch their coin successfully.

Because their coin is more legal and their partners are big companies so they need legal papers in order to stop the incoming problems upon their launch. If they can settle all their obligations and the US senators will favor the launch of Libra then it will be a big game changer in crypto currency society.

[CryptoBry]

Personally, I don't think these people understood what he is trying to develop.

But do we in the cryptocurrency community really and fully understood what Mark Z. and his minions are trying to create in Libra? At least we pretend we do. We understand that Libra is not a decentralized beast and can be made for the main purpose of expanding the Empire of Facebook. Now, had Facebook got a very goods record in handling data and privacy, maybe regulators can be more lenient to Libra. That is why the best thing to do for Mark is to announce once and for all that he and Facebook is going to leave the operation and development of Libra to other people so as to end this charade and political attack against him and Libra. Right now, there is still no clear path for Libra to gain regulatory approval especially in USA. Now, they can start first with countries they can easily influence and from them show to the whole world that Libra is just a cute and cuddly puppy and should not be taken as a threatening bulldog.

[Darker45]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

The main problem here is that the Libra Project is owned and controlled by certain people. Bitcoin is not. Had Bitcoin been owned and controlled by a Satoshi Nakamoto that has a physical body, know and seen by people, with an identity that is transparent to the authorities, he would have also been invited countless of times to futile hearings and investigations. But he is not and since Bitcoin is open-source, it cannot be killed even if they find Satoshi.

Please do not say that Libra is similar to Bitcoin because it clearly is not in more ways than one.

[Youghoor]

I oppose though. Libra is more centralized than being decentralized. It does not cohere with Satoshi's main idea, which is a fully decentralized system without passing even a single intermediary body that may control your transaction. Facebook on the other hand, might have decentralized network of nodes, but all the transactions would still pass through Facebook's data centers. And having Facebook known for privacy controversies, it's not a good start for a crypto since Satoshi's idea is being anonymous as much as possible, opposite to what Libra may offer.

I understand that LIbra is highly centralized but when you watch the video in my post, Zuckerberg described Libra Coin having the exact nature of bitcoin. I think you should rewatch the video again. That will help you understand my post a bit better.

[nasipadang]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

Blockchain technology development cannot be central, from what I know that the launch of Libra always has problems. From the press confrees Mark did last week, he was pressured by the launch of Libra and regulations from the US where there were so many flaws. From this I got the thought that satoshi remained anonymous because he did not want this technology to be in government regulation.
Saotshi's idea was quite simple, he wanted to create peer-to-peer transactions, where direct transactions between the two parties without intermediary institutions such as banks. Blockchain technologists also reach all transactions.

[Kyraishi]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

It was expected to be honest. When you have a reputation like Facebook's as a social media network that is expected to keep everyone safe, and then you use that trust from your customers to profit off them, and then try start a secure crypto-currency, what do you expect?

Obviously a company as popular as Facebook is going to go under a lot of heat from congress, even when they where only a social media network, Mark was invited to meet the government and basically got roasted by then for an hour, you can find this on YouTube.

Deserved? Probably, for all the bad things he's done in the past.

[Quickseller]

Bitcoin is fully anonymous 

Bitcoin is very far from fully anonymous.

It is pseudo anonymous 

[avikz]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

Facebook is a market listed company. So the ownership of Facebook doesn't really belongs to Zuckerberg. Everything they do, they have to answer to their shareholders. So they are just doing what they are expected to do - seeking licenses to conduct their business and trying to be fully compliant! Facing hurdles in the process!

On the other hand, Satoshi didn't have any such compulsions! So even if the vision is same - to create a global currency, the operating structure is really very different for Bitcoin and Libra both! It will be utter stupidity if we try to compare Bitcoin and Libra!

[Argoo]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

Facebook is a market listed company. So the ownership of Facebook doesn't really belongs to Zuckerberg. Everything they do, they have to answer to their shareholders. So they are just doing what they are expected to do - seeking licenses to conduct their business and trying to be fully compliant! Facing hurdles in the process!

On the other hand, Satoshi didn't have any such compulsions! So even if the vision is same - to create a global currency, the operating structure is really very different for Bitcoin and Libra both! It will be utter stupidity if we try to compare Bitcoin and Libra!

Facebook is a company created  businesses by individuals and for the purpose of profit. Therefore, I am categorically against the idea that a global stable coin should be created by a separate business structure, and not by a state or a group of states. Can you imagine if such a coin is used everywhere and serious financial problems arise with Facebook? There will be a threat to global financial stability and the state will be forced to financially support the business structure. Who needs this?
Such a stable coin cannot be compared with Bitcoin in general, where business ideas were not present at all.

[Youghoor]

On the other hand, Satoshi didn't have any such compulsions! So even if the vision is same - to create a global currency, the operating structure is really very different for Bitcoin and Libra both! It will be utter stupidity if we try to compare Bitcoin and Libra!

I 100% agree with you regarding it being stupid to compare Bitcoin and Libra. My problem i had with his description of Libra is the fact that he didn't reference Bitcoin as an inspiration behind his idea for creating Libra. His idea for developing Libra is no different from that of Bitcoin.

[hello_good_sir]

Possibly. There are 2 sides you can look at here.

1 side is that you can see Facebook, a company that would track user data and then sells it to advertisers, is finally getting their just desserts and their reputation has finally affected one of their business ventures.

The other side, it was a genuinely decent attempt at a crypto-currency and actually took a lot of inspiration of bitcoin and made it into something even more interesting for the finance world, and it's one of the first coins a big company has made, and it's pretty saddening to see it basically get shut down.

[Yaunfitda]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

They are not even comparable, Satoshi created bitcoin not to make money for himself, as compare to Mark Z. who is a venture capitalist and that is the main reason why his creation, Libra has been taken a lot of backlash not just from the US, but other government around the globe specially in Europe.

So yes, definitely he will be under the US government's jurisdiction and they will scrutinized every bit of his creation because they know what Mark Z. is all about.

[senin]

Zuckerberg at a meeting of the US Congress said that Facebook will not be relevant to the emergence and use of stable coins Libra. Therefore, we can already unequivocally say that his original idea was completely destroyed.
I'd rather support a new stable U.S. or Chinese coin than Zuckerberg. In my opinion, a global stable coin should be created by states, and not by the business structure.

[Kakmakr]

Zuckerberg is not untouchable, his organization have to adhere to many other rules and regulations and if he launch something that the government would disagree with, the government would find something else to pinch him. <Environmental requirements and/or licenses and/or anti-competitive requirements or something to do with his labor force and taxes.>   

You cannot go up against the government and expect no push back in the long run, they are just too powerful and they make the laws and determine the rules for your business. 

Zuckerberg did not deserve this treatment, because the people he spoke to, obviously had no clue what they were talking about. 

[clickerz]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

That is the difference between Bitcoin and Libra coin that Zuckerberg that wants to launch. Bitcoin is fully anonymous and it doesn't need any special approval from governments for it to launch while Libra is plain business in creating their own coin so they need the approval of the governments like the US in order to launch their coin successfully.

Because their coin is more legal and their partners are big companies so they need legal papers in order to stop the incoming problems upon their launch. If they can settle all their obligations and the US senators will favor the launch of Libra then it will be a big game changer in crypto currency society.

Libra being back by big conglomerate and businesses and is approve by US government is indeed a game changer. BUt is achieving this the government is ironing out all mess but it seems backers are not supporting  this slowly turning away from the project. While they were busy criticizing th Libra project, China is pushing their own cryptocurrency. There is a big difference between these two big nations and seems China is advancing the game.

[BonfireBob]

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin.  But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

Well while we can disagree with Libra, but those people that are questioning Zuckeberg are totally morons, half of the hearing was pure nonsense. They were asking irrelevant questions, being emotional and , etc. It just show how the people in the committee just don't know what they are talking about.

[Jating]

Well we can agree to disagree at certain point here. Zuckerberg is a business man, so they can look at it as trying to make his company/shareholders richer with Libra and change the landscape of the financial industries.

On the other hand, Mark could be very well wanted to help everyone specially crypto enthusiast, building Libra as a gateway, to be able to used them in online transactions. But it's that the approach is very negative to US and the rest of the world.

[ðºÞæ]

.................... he is trying to develop. .................

He is trying to create a scam.
https://bitcointalk.org/index.php?topic=5155083.msg52566110#msg52566110
A private company trying to create a digital bank coin is nothing like Bitcoin, more of the same old just a digital version.