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Topic: US Government vs. Facebook Libra (Read 943 times)

sr. member
Activity: 672
Merit: 250
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July 27, 2019, 04:28:01 PM
#94
The US is steaming because Facebook covers a much larger mass of the population.  And because of this, their economy may suffer.  It is very serious.  I believe that the United States is not in vain worried.
full member
Activity: 644
Merit: 100
July 25, 2019, 09:30:51 AM
#91
IMHO they can create any coin they want, but if they want to change it on the fiat money it will be everything like in the real world with ID for each client.
member
Activity: 756
Merit: 12
July 24, 2019, 09:03:36 PM
#88
I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.
That's wrong, faceobook users now are billions in numbers, they have agree to submit their information and their photos and that's already a threat.
Government concern is only the regulatory side, they won't allow Libra to launch without complying those first.

The purpose of the hearing is to find out whether the purpose of Libra Coin is created and whether it is in accordance with regulations. Companies from America must comply with legal policies and I think this is reasonable. With the huge potential of Libra Coin users, it is only natural for the government to have its own fears for Libra Coin because libra coins will be used by people around the world
member
Activity: 840
Merit: 10
July 24, 2019, 08:36:39 PM
#87
Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

"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. 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."

https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf

Libra Coin may be a threat to dollar domination in the world. With members spread throughout the world, Facebook has the potential to change monetary policy. But with the statement that Libra Coin is backed up by Fiat, the American government should not worry
full member
Activity: 966
Merit: 104
July 20, 2019, 09:37:13 AM
#86
I think the founders of Facebook want to keep up with current technology, creating Libra coins, but on the other hand the US government is afraid of Facebook big plans. So that the American president speaks like that. Let's see what will happen in the future, I hope Libra will have a good impact on Bitcoin.
In any case, this project is really very interesting, but it is alarming to me that the fesbuk will control not only finances, but also personal data of users.  Although if we take into account that Libra and Calibra will be one and will resemble the next payment system that we faced earlier, that the risks are almost minimal.
full member
Activity: 546
Merit: 100
July 20, 2019, 04:49:55 AM
#85
I think the founders of Facebook want to keep up with current technology, creating Libra coins, but on the other hand the US government is afraid of Facebook big plans. So that the American president speaks like that. Let's see what will happen in the future, I hope Libra will have a good impact on Bitcoin.
member
Activity: 476
Merit: 12
July 18, 2019, 07:52:56 AM
#80
Honestly,yes I think facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply because it is very obvious, even the most poweful country in the world is now scared on what will facebook crypto will bring to our industry. We all know that facebook is most powerful social media so it is not hard to please people to embrace this kind of crypto.
full member
Activity: 784
Merit: 101
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July 19, 2019, 02:01:25 AM
#79
Personally, I don't think that far.  Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things.  So the government sent a letter to Facebook
It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem.
I just heard that, it looks like they are very scared of the Facebook plan.  Hopefully this will not disrupt the development of the crypto market in general
member
Activity: 686
Merit: 11
July 18, 2019, 06:34:35 AM
#78
Gradually,  hypocrisy is gradually eating deep into the hearts of the foremost leaders of the world order. I bet it, they have weighed their options,  seeing they do not  stand to gain much, hence a reason for their reactions.
sr. member
Activity: 1176
Merit: 265
July 27, 2019, 04:34:42 PM
#76
US government is made up of smart people and they really realize the potential risk of Facebook Libra Coin. Facebook nows everything about you, give them an ability to manage money and states will no longer be needed.
legendary
Activity: 2352
Merit: 1101
July 27, 2019, 03:32:02 PM
#75
Personally, I don't think that far.  Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things.  So the government sent a letter to Facebook
It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem.
I just heard that, it looks like they are very scared of the Facebook plan.  Hopefully this will not disrupt the development of the crypto market in general
Well, two things I see about Facebook’s plan to introduce its own currency is that it may Make and it may Mar the cryptocurrency industry, it will make the cryptocurrency industry in the sense that it will introduce cryptocurrency to virtually over 2 billion of its users and once these people know about crypto and pickinterest in it, then that maybe be a bygone for the traditional banks operating, but if this is the case, government would always want the establishment of traditional banks that they can easily have control over, and they might all team up with other government to declare cryptocurrency as illegal, so I don’t know which side Facebook will take.

Government don’t like cryptocurrency, but they can still make do with the level of compliance it is now and the little awareness going round, but with Facebook coin, crypto compliance will become high which they would not want.
legendary
Activity: 2338
Merit: 1124
July 27, 2019, 12:42:02 PM
#74
I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.


Once you are using the facebook, it would be easy for them to make a promotion so Libra will be noticed by the facebook users, they are in control on this, if they can promote other company or business, for sure they can do better with their own.
I just see all these as bureaucracy, people have been making payments to Facebook advert without any complain, and they have been running this smoothly for a long time with their partnership with credit cards, PayPal and the rest, so what other additional benefit will Facebook add to them.

One of the reasons why blockchain was development was to first eliminate third party, which may lead to reduced cost of doing business, but in this case of Facebook, I have not rally seen where this will fit in because they are not creating a decentralized system, the coin Libra will still need to be purchased by fiat which will still require the use of credit and debit card while some people will still use PayPal too. This is why I just see it as duplication of system that as never given any issue, their coin is just like proffering solution to a problem that does not exist.
hero member
Activity: 2772
Merit: 645
No dream is too big and no dreamer is too small
July 25, 2019, 01:51:53 AM
#73
I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.


Once you are using the facebook, it would be easy for them to make a promotion so Libra will be noticed by the facebook users, they are in control on this, if they can promote other company or business, for sure they can do better with their own.
hero member
Activity: 2464
Merit: 585
July 24, 2019, 11:49:44 PM
#72
I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.
I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.

At least 10 to 30% of those active users will surely be interested on what the Libra coin is all about and adopt it which will also be a plus to bitcoin and Ethereum, because I learnt that people will be able to use Bitcoin and Ethereum alone to buy the Libra coin, and this also means massive adoption for bitcoin which will make the price rise since there will be so much demand for those coins, and the higher the demand, the higher the value rises. Facebook is really going to be a blessing in disguise to the cryptocurrency space.
hero member
Activity: 2926
Merit: 636
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July 24, 2019, 07:49:48 PM
#71
I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.
That's wrong, faceobook users now are billions in numbers, they have agree to submit their information and their photos and that's already a threat.
Government concern is only the regulatory side, they won't allow Libra to launch without complying those first.
sr. member
Activity: 1246
Merit: 263
SmartFi - EARN, LEND & TRADE
July 24, 2019, 07:32:22 PM
#70
I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.
legendary
Activity: 2338
Merit: 1124
July 24, 2019, 10:54:13 AM
#69
Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.
I think Facebook can still survive without Libra if the US government is getting Libra nightmares. In addition, Libra is going to be in the market soon and people across the US will use it as well because the team management on the back of Libra has already discussed and made deals with the leading banks in the US. In addition, the government might not be too pressing to kill the coin.
If the government are really having issue with the Libra coin, there is no way that Libra will also succeed partnering with these banks because most of these banks are under government and they all work by government policy, before those banks can implement anything that will be used by the citizens financially, it has to go through the central bank and the central bank must seek approval from the government, except in countries where central bank is independent, but in my country central bank is solely dependent on the government.

Like you said, I do not see Libra coin really having such challenge because it seems there system will allay the fears of the government as regards cryptocurrency and since they are simply just building a centralized coin, I think that has already settled their issue with government.
legendary
Activity: 2842
Merit: 1130
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July 24, 2019, 10:00:31 AM
#68
Maybe the government has fear on it, because we all know how facebook itself dominates in the world in terms of business, then now they will be introducing a new stablecoin called libra, it could be possible and might be its a threat for US financial system, im not really sure, because libra is not yet out in the market this time.
Mark is a smart guy and intelligent to create a system that will totally affect or disregard the system of the government, he would not want to have any challenge too with the government and I believe that any system he is creating may likely even benefit the government more.

Government will surely be threatened after knowing what the blockchain technology is all about, and the fear or hatred they have for one of the products that was produced out of it, they are yet to see the negative impact of cryptocurrency on them and they are watching slowly to see how it gradually gets adopted, and what will be the outcome of its adoption.

With Facebook adoption, it means there will be sharp adoption which will override the way they gradually monitor the adoption for them to know if the use of cryptocurrency will have negative impact, but I am sure that Facebook will end up helping them in creating the centralized system they wished for.
sr. member
Activity: 672
Merit: 254
July 20, 2019, 04:37:33 AM
#67
The US government has found that they are apprehensive with the information of 2 billion users. If they establish Libra money, it will greatly affect their current traditional finance. That's why President Trump tweeted that if Facebook wanted to, follow the way to set up a traditional bank
It seems to me that you need to understand the risks of such a new financial system that wants to create Facebook. I'm on the side of the United States.
sr. member
Activity: 560
Merit: 250
July 19, 2019, 04:46:58 AM
#66
The US government has found that they are apprehensive with the information of 2 billion users. If they establish Libra money, it will greatly affect their current traditional finance. That's why President Trump tweeted that if Facebook wanted to, follow the way to set up a traditional bank
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