US Congressman: Facebook Should Adopt Bitcoin, Drop Libra Project

[Reid]

No links?
Here, I will help you out.
https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/#5228fa3916b2
Next time complete it please.

This kind of adoption should have been happening even before.
Why do they keep on creating their own coin.
Why not absorb bitcoin into their usage for merchandise or even as payment option. It just sucks to see a lot of crypto currencies are being listed.
Bitcoin offered so much good but yet not enough?

[AjithBtc]

No links?
Here, I will help you out.
https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/#5228fa3916b2
Next time complete it please.

This kind of adoption should have been happening even before.
Why do they keep on creating their own coin.
Why not absorb bitcoin into their usage for merchandise or even as payment option. It just sucks to see a lot of crypto currencies are being listed.
Bitcoin offered so much good but yet not enough?

We've got more than 3000 cryptocurrencies. Each were backed by different platforms and were designed to meet various requirements of the common people. Looking upon the same Facebook plans to make everything happen through them. As they're known to the world and consists of huge users it is easy for them to reach people with new additions. The same is happening with libra, already it is being fulfilled by bitcoin through the decentralized system. Now Facebook tends to keep everything under their control.

[hatshepsut93]

Remember how some months ago Trump bashed both Bitcoin and Libra in his tweets, and people were worried that Libra attracted negative attention towards Bitcoin? And look now, the opposite is happening - the Congress praises Bitcoin and tells Zuckerberg that Libra should be more like it. It would be extremely ironic if an invasive, power-hungry company called Facebook would become the reason why governments would warm up towards Bitcoin.

[Sithara007]

It could have been much easier if you had provided the link. Anyway, I was able to find it:

https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/#3a73644f16b2

It was the Republican Congressman Warren Davidson who made that statement. He represents Ohio's 8th congressional district. Davidson had earlier termed Libra as a "Shitcoin". He is having some pretty valid questions about Libra. For example, check this:

“If that central authority is able to manipulate the value of [Libra], how do you not treat it as a security?” Davidson rhetorically asked Goldstein and Rochard during the podcast interview. Once the conversation turned more directly onto Facebook’s Libra currency, Davidson let it be known that his main issues with the project revolve around the degree of centralization involved with it. The congressman claimed it’s clear Libra would be regulated as a security if it were ever to launch due to the fact that the entity or group in control of the network could make changes to the currency that would affect its exchange rate. For example, Libra holders could be harmed financially if it was decided that a much weaker currency, such as the Venezuelan bolivar, should be added to Libra’s fiat currency reserves.

And this is what he said about Bitcoin:

“I hope they try it because it’d be a way better idea than Libra,” Davidson responded.

According to him, Libra is a centralized asset, as the central authority (Facebook?) will be able to manipulate its value. Bitcoin is decentralized, as something like that can never be done to it.

[serjent05]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

Well , you stated the obvious.  Facebook as a popular company and with strong backers, why would they use a cryptocurrency that I do not control?  Why would they spend millions of dollar when they can just create a better one with just a hundred dollar?  In a businessman's mind, creating an owned currency will not only save them from huge expenses but will also give them a huge amount of money.

[barabarian1]

in my opinion facebook won't adopt bitcoin. because they are different libra coins are stable money coins and later these coins will be controlled by facebook. whereas decentralized bitcoin no one controls and already has a large volume of trade and community. so I don't think Facebook will take over bitcoin. I'm sure Facebook will try hard to make the Libra project successful and will become a competitor of bitcoin. but I'm optimistic that bitcoin is still superior to libra.

[Pamadar]

Remember how some months ago Trump bashed both Bitcoin and Libra in his tweets, and people were worried that Libra attracted negative attention towards Bitcoin? And look now, the opposite is happening - the Congress praises Bitcoin and tells Zuckerberg that Libra should be more like it. It would be extremely ironic if an invasive, power-hungry company called Facebook would become the reason why governments would warm up towards Bitcoin.

It's adding popularity to this project. Libra being a crypto currency will be associated with Bitcoin, with that previous stand from the congress it can also be possible that they are now chilling around and working for any possibilities that this project will push thru. Mark's project is on the process there's still a lot of work and talk regarding to any possibilities of getting legalized.

But it's opening the door of crypto approval, not limited to Bitcoin or Libra but also those coins that have a useful platform to serve the needs of being a payment process alternatives.

[airdnasxela]

It's not necessary for Facebook to adopt bitcoin actually. It's already successful even without cryptocurrency, whether Libra or Bitcoin. Though it's still up to the creator whether they're going to drop Libra or just continue and push that project. Libra didn't become that successful compare to what's expected. Even with that, they won't adopt bitcoin, because if they did, they just showed that Libra failed.

[shoreno]

facebook is a company , a business and does not really differ from other businesses like banks and governments  . all of them have the same kind of mindset that they want to control btc but they cant just make happen so easily so they find other way  . they create projects like this and that  to make more profit and they have the full control over it . so why would they still adopt btc when they can adopt libra ?  but libra project is really continued ? i thought its over

[asus09]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

How long Facebook Libra coin will playing their drama with delay to open coin for public? when the first time announce to public become very fantastic coin at the future right now Libra or Facebook coin make joke with playing their drama, only running on the same place without have progress how far their coin have input to public and when solid time the Libra or Facebook coin can invest by investor.

[desticy]

This is interesting.

The fact that a boycott of the Libra project creates a situation in which Bitcoin looks even more profitable.
This is wonderful because it has a good effect on the mass adaptation of cryptocurrencies, and also improves the attitude of ordinary people to bitcoin, increasing confidence in it.

It is not surprising that Libra is so heavily pinched because the project may become something that will change the rules of the game and its attitude to the dollar system.
Even if Libra comes out, it will come out under the dollar flag.

[Mometaskers]

Can you link which congressman mentioned this? Personally I don't think Bitcoin is the best crypto for the purpose that Libra was being created. It's not exactly fast which is what most people want went doing purchases in these platforms.

I'd rather use a credit card than use Libra. Works good enough for my needs.

[coin-investor]

If that congressman thinks that they will take his advice, he is dreaming I'd like to think that this congressman is keeping Bitcoin because he is very bullish on it, that's not going to happen, if any guy can create their own Cryptocurrency Facebook deserves to create their own chain, they can create a better chain, and of course Facebook wants full control and own system of distribution, they do not want to be a part of the system, they are the creator of the system.

[el kaka22]

We can change and tweak this as much as we can but that doesn't change the main concept. Facebook should not make their own currency that would give them too much power and make people tied to facebook financially as well. Having their own currency would give facebook way too much power and it would make them super rich as well because people would be paying facebook constantly for it.

However, if facebook started to help people use another currency, it could be bitcoin or it could be anything else and also help them cash it out wherever then people would basically be loving it. It doesn't have to be bitcoin, it can be something smaller, ethereum, litecoin, hell it could be doge all I care but this just means facebook won't have that kind of power.

[redsun114]

In any case, Facebook has no other choice.  If Facebook wants to implement its project, then this project will be either with Bitcoin or this project will not exist at all.  I think this statement by the US government is an ultimatum and a real warning to the Libra development team.

Facebook supports libra with great confidence, but this project is not in a body that can not be separated. Mark still seems to be pulling out if it's really not allowed.

The question is if finally libra is taken by a platform that is more friendly to regulations, then this will be a big loss for the government who rejects it. But I feel this will still continue until the agreement, and the statement is not like an ultimatum, but still in a bargaining position.

It is not about how friendly a project is to regulation, there is project that the government cannot regulate if they want to, if you think that they cannot regulate bitcoin, tell me why we are now clamoring for regulation the government and also asking the sec to approve etf, it is because we believe that regulation will somehow work for us.

Libra project is a project that will not be favorable for the government, if Libra really means good for the government, why did they not develop the project and then sell it to the government so that they can take ownership of it, the Libra coin is not like bitcoin that had passion for people, Libra is being created to make more money for fake book cooperation, because from everything they said in their paper, I see no usefulness of this project.

[DabsPoorVersion]

If that congressman thinks that they will take his advice, he is dreaming I'd like to think that this congressman is keeping Bitcoin because he is very bullish on it, that's not going to happen, if any guy can create their own Cryptocurrency Facebook deserves to create their own chain, they can create a better chain, and of course Facebook wants full control and own system of distribution, they do not want to be a part of the system, they are the creator of the system.

There is a deep reason behind it for sure.
But yes, it is impossible for Facebook to drop the Libra Project as easy as that. Facebook start that project and they are almost ready to launch the project. If they will drop it, they will only waste their own hard work to create and build Libra. Another thing, Facebook cannot control bitcoin that's why they will push the Libra project for sure.

[Periodik]

If that congressman thinks that they will take his advice, he is dreaming I'd like to think that this congressman is keeping Bitcoin because he is very bullish on it, that's not going to happen, if any guy can create their own Cryptocurrency Facebook deserves to create their own chain, they can create a better chain, and of course Facebook wants full control and own system of distribution, they do not want to be a part of the system, they are the creator of the system.

There is a deep reason behind it for sure.
But yes, it is impossible for Facebook to drop the Libra Project as easy as that. Facebook start that project and they are almost ready to launch the project. If they will drop it, they will only waste their own hard work to create and build Libra. Another thing, Facebook cannot control bitcoin that's why they will push the Libra project for sure.

The worst that could happen to this Libra Project is to be shelved for some time. Facebook will not allow the Libra Project to just die because the personalities in the government are against it. That sounds too shallow a reason for Mark Zuckerberg to call everything off and bid goodbye to Libra. Mark knows, as everybody else, that cryptocurrency is the future. He knows that the obstacles he and his project are facing are very temporary.

[karanggatak]

I don't think Facebook will adopt Bitcoin. because bitcoin is very volatile and also decentralized. while this Libra coin is a stable coin. and Facebook will not make libra coins fluctuate. because it is very risky. and can have an impact on the world economy because Facebook has 2.3 billion users. Facebook is a big, rich and strong company. Facebook will try hard so that the Libra project can be realized without adopting bitcoin.

[Baby Dragon]

It's not necessary for Facebook to adopt bitcoin actually. It's already successful even without cryptocurrency, whether Libra or Bitcoin. Though it's still up to the creator whether they're going to drop Libra or just continue and push that project. Libra didn't become that successful compare to what's expected. Even with that, they won't adopt bitcoin, because if they did, they just showed that Libra failed.

It depends on them if they are willing to adopt it or not, if they think that it will be beneficial to them then maybe they will look forward on adopting it. Also, if they think bitcoin can give them opportunities and if they see its potentialities then probably its possible for them to acquire it Well you got a point that but the decision is still up to them, however they should look for the possible outcomes of their decision because it can have a positive or negative influence on Facebook.

[wxxyrqa]

We can change and tweak this as much as we can but that doesn't change the main concept. Facebook should not make their own currency that would give them too much power and make people tied to facebook financially as well. Having their own currency would give facebook way too much power and it would make them super rich as well because people would be paying facebook constantly for it.

However, if facebook started to help people use another currency, it could be bitcoin or it could be anything else and also help them cash it out wherever then people would basically be loving it. It doesn't have to be bitcoin, it can be something smaller, ethereum, litecoin, hell it could be doge all I care but this just means facebook won't have that kind of power.

I believe that in any case, the problem is the regulation and control of cryptocurrency.  Facebook wants to implement a project that will be independent of all regulatory authorities, including the state system.  Of course, this is not beneficial for the government.  But what will be the value of the Libra coin for users if the Facebook project does not provide real benefits.  If, for example, I am a businessman and will use cryptocurrency in my online store, then I will never sell goods for Libra, if later I can not sell this coin or provide a report on my activity regarding the use of this coin as a means of payment.