Topic: US Government vs. Facebook Libra (Read 1003 times)
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.
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.
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
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
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
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.
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.
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.
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.
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.
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.
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. 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.
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.
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.
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 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.
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.
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.
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. 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.
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.
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.
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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