US Congressman: Facebook Should Adopt Bitcoin, Drop Libra Project

[ChrisPop]

They want control over the cryptocurrency of course, but it's a burden just to make all those endeavours to create Libra and fight with the US Congress and regulators.. If you are after the greater good of the society why don't you just support the Bitcoin adoption? Maybe they don't have the same opinion regarding fiat money, that it is garbage inflationary currency centralized and controlled by governments, plus it has no instrinsic value besides the debt and support of the govt. We need to find ways to bring BTC to the people and personally once I find some free time I will definitely do that.

[target]

I like this congressman. BTC price would certainly will moon if facebook adopt BTC but then of course they are not gonna do it since BTC is too decentralize for facebook to handle. By the looks of it, Facebook is not going to give up Libra. They'd find a way to get on with their plans, they have spend money already for this project and if it means accepting both adopting both BTC and Libra they will probably agreed.

[mazdafunsun]

That would make a lot of sense IF facebook would actually like to enable blockchain technology on their platform. But they just want to use the name, nothing more, their interests lie in making profit from currency they can control and monitor and this is why they want to make their own so called crypto.

[samcrypto]

That would make a lot of sense IF facebook would actually like to enable blockchain technology on their platform. But they just want to use the name, nothing more, their interests lie in making profit from currency they can control and monitor and this is why they want to make their own so called crypto.

Big companies wants to have control over their money and if they rely on bitcoin, its not possible for them to control it. If facebook really wants to create their own coin then they will do it despite of the pressure from their own government. Some big companies also planning to have their own coin and join the competition, maybe facebook can do that too.

[youdacapt]

Facebook is superior to their total members, libra will be accommodated very quickly. Other speculations like this won't change anything because Mark is famous for being tendentious with his own desires. Fb has an active trademark in the global trade exchange. It is impossible if they adopt something with a very unstable price then it will only make it collapse instantly, all global business people will also not agree if faced with the same situation.

[huu78]

Don't they just adopt the blockchain system only for their Libra? So how can they adopt Bitcoins which have already become king in cryptocurrency?
It's good if Libra is thought to ripen by adopting an earlier and refined project to be a popular stablecoin in the future.

[smyslov]

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).

This is the article that tells that
https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/

I don't think Facebook is going to do that, they have no control on it's supply and they will have to spend more, small companies or even individual can create their own token, so why not Facebook, they have the means and can hire top notch coders, they can create a chain that is much better than other chain creator, the congressman is quick to call Libra Coin a shitcoin, when in fact this shitcoin can create a disruption, other shitcoin in the market can't do that.

[DBronze98]

Should facebook adopt bitcoin? He really has a problem in his mind. Facebook created Libra primarily to create an ecosystem and make a lot of money from users' P2P transactions. but now the US government forces them to use bitcoin. This is really a trick of the US government for Libra and Facebook. If the situation continues like this, I believe that Libra will be no more.

[Zeke_23]

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).

This is the article that tells that
https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/

I don't think Facebook is going to do that, they have no control on it's supply and they will have to spend more, small companies or even individual can create their own token, so why not Facebook, they have the means and can hire top notch coders, they can create a chain that is much better than other chain creator, the congressman is quick to call Libra Coin a shitcoin, when in fact this shitcoin can create a disruption, other shitcoin in the market can't do that.

Facebook won't consider that. Facebook created the Libra project as their own. It is nearly impossible for Facebook to drop its project just to adopt bitcoin which is impossible for them to control. They already started their project and it is under their reach to the success, if only their government legalize using it, then maybe it is progressing right now.

[cutesgirl]

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).

Facebook look hate with bitcoin with not allowed promote bitcoin on their social media, Facebook owner want to make their own coin become competitor for bitcoin and move all bitcoin investor become Libra investor. They working still not corresponding what he wants because Libra still not have permission from united state government to allowed Libra could publish to investor and public.

[audaciousbeing]

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 was looking to see a quote or a link to the source of where the US congressman made the statement before your own opinion, but none of that is happening which makes the title of the thread misleading.

The major undoing to Facebook Libra is nothing other than control and it will be difficult to convince the general populace that its not going to happen. AliPay has its own payment system but even though there could be some collaboration with other global companies, its manageable. What Libra wants to go on with is massive and should it be successful, I see taking over from national currencies because as these companies cuts across borders, so also will Libra and that is the fear of majority of governments and its official has against Facebook. On whether they should adopt bitcoin instead, time will tell...

[Obito]

Just a bunch of new innovations we don't much need. Either way it would be tough to have them in control over it. Besides small proportions of Facebook users are interested with crypto though they may use their platforms to introduce Libra. And in addition, they created Libra just because they Facebook cannot grasp bitcoin, I mean no one could. So there is no point of dropping their project just to adopt bitcoin.

[Genemind]

Facebook wants to have libra as their own cryptocurrency so they will have the full control of it, unlike Bitcoin. If they would want to adopt Bitcoin then they should have done it before. What they really want is a coin which they could manipulate. The problem is, it's hard for them to gain the trust of most investors because most of them are into Bitcoin. However, it doesn't have any negative effect on Bitcoin. It's standing firm despite the existence of Facebook coin.

[yulchatar]

I don’t think that the creator of Facebook will abandon the idea of ​​his own cryptocurrency and agree to accept bitcoins, since a lot of effort and money has already been invested in Libra, because its development has been ongoing for almost two years. And he will continue to look for options for its launch, although it will not be easy for him.

[shield132]

Facebook should adopt none payment method, maybe it will be better to see social network with really a lot of opportunities, even with one which will let us easy transactions but at first facebook is something that we can't and won't trust in this case. A website that doesn't care about our privacy, how can that be trusted with payments? After our emotions and expressions, thoughts shared on facebook, they also want to know how we spend our money which is double win for them but in overall not good for us.
So at some point I agree with you, we don't need Libra. It's nothing special, no, even worse.

[Hydrogen]

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.

I still think facebook introducing libra would provide consumers with more options and force the US government to do a better job addressing the deficit and regulating inflation. Its a step in the right direction.

If our goal is to encourage governments around the world to take deficits and hyperinflation seriously, there may be no better option to achieve this than to set facebook's libra loose on the world, and hope the self correcting nature of free markets takes hold.

[bitbunnny]

To my opinion in this case Facebook doesn't care too much what some congressman is saying. Facebook investet too much efforts and capacities into Libra to give up that easily, no matter that it hasn't made the success it was expected. So I expect that Facebook will try to save Libra no matter what and adopting Bitcoin is under very big questionmark.

[atjiat]

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.

[bitgolden]

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).

If they have found that challenge in bitcoin, why don’t they all come together as a techy guys to run minds together on how they can make the speed of bitcoin to increase, just like some genius came up with the lightning network which has assisted bitcoin to an extent, if they keep coming up with different project, the market will be too saturated without much focus.

Facebook is thinking of their own Libra, other countries too is thinking of their own cryptocurrency also as we may see in the case of china, and some other countries that their proposal is along the way, so if you ask me, all those coin, where is the population to use them for one common goal. Bitcoin is slow, but then it can be made faster with some other ideas, and not diversifying again into these altcoins.

[oktana]

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.