US Congressman: Facebook Should Adopt Bitcoin, Drop Libra Project

[brightemo]

Facebook should drop own money idea otherwise it will be too powerfull

[error08]

States have protectionist mentalities towards fiat currency monopolies they own & operate. They last thing a government wants is free market competition from tech giants like facebook forcing them to be more innovative, professional and proactive in their approach.

Definitely that's the case why some States refuse to accept libra as people are free to move their funds anytime, anywhere without additional fees like the traditional banking system.
It would be a better idea if libra could be implemented across the world as it will represent an advantage of cryptocurrency, although the value managed to be stable.

[robelneo]

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).

Republican Representative Warren Davidson should say this to all developers that want to create their own token or coin, blockchain is open-sourced these lawmakers should understand that every company and a big company like Facebook can adopt it and use it to create their own, let them create their own coin and just regulate on how they are going to use it, they are now making a lot of noise now, but quiet for a long time when a lot of developers in the past are scamming investors.

[Webetcoins]

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.

I really do not understand the point behind regulating bitcoin. Before I proceed any further, I would like to say that bitcoin has worked for us and still helping the intelligent investors in its own free way. It does not need to find some way to work. Moreover, nobody who like economic control does not support this idea of regulation. As far as Libra case goes, no one provided clear points but indeed government is planning something.

[desticy]

It's funny to see how congressmen who are not experts in blockchain and cryptocurrencies recommend that the project adapt Bitcoin and leave the space that the Libra project is trying to occupy.
This is a very tricky and recently-sighted move, saying that Congress really does not want the project to be published. So he really can change something. For such a piece of the pie a whole battle unfolded.

[alexsandria]

They should not neither drop libra nor adopt bitcoin. First thing first is that they need to address issues with regards with Facebook users privacy, there were some issues arising within that. Second thing is that Bitcoin is something unreal to control. Third thing is that they should be enhancing Libra about the possibilities of illicit transactions so that they can deploy it. It might as well solve their problem they don't need to abrupt shifting on adopting bitcoin right away.

[Vishnu.Reang]

They should not neither drop libra nor adopt bitcoin. First thing first is that they need to address issues with regards with Facebook users privacy, there were some issues arising within that. Second thing is that Bitcoin is something unreal to control. Third thing is that they should be enhancing Libra about the possibilities of illicit transactions so that they can deploy it. It might as well solve their problem they don't need to abrupt shifting on adopting bitcoin right away.

To tell the truth, they don't care. Facebook is having more than two billion users and there is no immediate danger to their business model. Even if a few users delete their Facebook profile, it is not really going to impact their revenue figures (as evident from the latest profit calculations released by them last week). But I would never expect them to adopt Bitcoin, as Facebook is not going to profit out of it. 

[Broly46]

That’s very sorry news for FB, their wish of having an independent crypto empire is rejected, humbled, and application on hold for TBA, then finally distorted into adopting to the enemy that they once want to ban it so badly that they simply deleted, removed, permaban any user who try to promote it on their platform.

[Oneandpure]

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).

I agree if Facebook have adopt bitcoin and keep away to make Libra coin, Facebook team have working more than three moths how to release their Facebook coin called Libra, until today difficult permission from United State make Libra coin still not open for investor and public, they still try to make US government believe with Libra coin become better currency for the future.

[fullhdpixel]

I really do not understand the point behind regulating bitcoin. Before I proceed any further, I would like to say that bitcoin has worked for us and still helping the intelligent investors in its own free way. It does not need to find some way to work. Moreover, nobody who like economic control does not support this idea of regulation. As far as Libra case goes, no one provided clear points but indeed government is planning something.

I want to believe that the regulation of bitcoin that everyone is referring to is to regulate some of the activities that is surrounding it and not to regulate the technology itself because it will be impossible for the government to do so, but regulating bitcoin means that they will be able to establish a bod that will overseas all the activities of exchange that are involved in the exchange of bitcoin, so that it can be free of scammers.
 
All these regulations we are talking of is just to either allow or disallow a project and also constantly be looking at the projects that is being released on those exchanges as the case of Libra. They are having problem because government has seen that its use will be of a very big disaster to the economy which even regulating it may not work.

[jostorres]

They really need to adopt bitcoin, but they may create their own cryptocurrency, that's what every company does. I wasn't a fan of the Libra coin, but I started to get interested in it when I saw a lot of organisations joining the Libra association. I had a thought that it's going to be a big a project if it was successfully launched, but unfortunately for them it seems like it's getting canceled and a lot of the organisation that joined the association have withdrawn themselves and it seems Facebook is dropping Libra according to the latest news I saw about it.

I think the reason why a lot of people hated the libra is because it is a centralized coin and not like Bitcoin which is decentralized. And also Facebook is a big company and has a big audience, imagine if the project was successful.

[abeecrypto]

You don’t think we need Libra? We? The Libra thing is not necessarily meant to favour you, it is to favour them: Facebook. Facebook is in on things for business, and they will look for ways to ensure they have control over their business.

Facebook is simply breaking into the crypto world by securing land where they can build stuff, and not rent on someone’s house. They want to be more independent.