Topic: US Government vs. Facebook Libra - page 4. (Read 1003 times)

A lot of noise around the Libra coin.I think even if it starts to exist it will not be in too great demand.In my country, almost no one uses Facebook.In this situation, I'm just wondering how things will develop further.If Facebook succeeds then undoubtedly all platforms and all sorts of businesses will massively create their own coins.

When it comes to LIBRA, it is not the decentralisation that the governments are afraid of. They are afraid that the centralisation of money is moving out of their control.

I predict that LIBRA will take over monetary supply in the whole world within 50 years.

If you think about it, it is both good and bad in many ways.

This entire situation is going to be interesting to follow. Although there seems to be a large void of intelligence and understanding of technology in our current president's administration which will create issues in bringing about a greater understanding to the elected government officials.

Of course it does . Hillariously, Trump in his tweet is trying to attack crypto while all characteristics he has given to them can be applied to fiat currencies. At this point, I am not sure whether it´s funny or not... I consider Libra as an experimental attempt to oppose government-backed money (while privacy and usability is... meh). You can see how many negative reactions it gains. It only proves that what everyone is doing on this sector is right: as everyone would LOVE to control others, and crypto can prevent it to some point. It will be an interesting "reality show" to watch, I guess  .

well , did that really came from them ?
i mean , how they can say like that.

for me, what will happen from libra coin will bring new era on money system.
but,the fact, it's still centralized,right ?

The government of US sees the crypto as a threat to the dominance of united states Dollar. The Libra coin is waxing stronger and the government are on the alert of the monopoly that may come with the roll out of Libra cryptocurrency. Libra has set to take off and I don't see anything stopping it.

Yes, it is going to threat the power of the government money supply and the concept of trust over the government as a stake holder of the currency they print. But this is happening and I think the government would be able to implement regulations that is they would be in a position to influence Libra. However, since Libra is going to bank the unbanked, there is a huge sum of profit expected from the operations of the coin.

Things seem to be heating up between US government and the facebook libra project lets see where it will all end but i think eventually facebook will have to bow down and we may see a very tightly regulated libra coin otherwise fb may have to stop the project if they try to avoid govt there.

The Facebook coin really threatens the US financial system. However, they will most likely find a solution (they will just take control of everything).

It was obvious that not every government will accept Libra coin, but I had hoped that at least USA is going to do so. But they realise that Libra coin would have a massive effect on the current economy, so lets see what happens next.

There is a high probability that the US government will turn its face to Libra and change their attitude. I guess Mark is too smart not to understand high risks. Everything was taken into account. Libra will be released.

I don't think so and did you watch how the majority of US lawmakers didn't even like with born of the first real major company to create crypto? What makes you think if US will turn its face to libra when US still has a system that gives a lot of advantages for the country?

The problem is, it is not tied to USD alone, but rather to different currency, depending on which is more stable.  In short, the Libra value conversion will keep using different currency on which it chooses the most resistant to fluctuation.

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I believe that the US government are fearing of Libra choosing other currency as it will weaken the purchasing power of dollar.  Remember how one US representative wanted to ban cryptocurrency because it weakens the USD influence?  I believe same theme is happening why US government is acting like this.

Andreas had a good speech about the facebook crypto project. give it a watch.
A corporate central bank as facebook and friends could become a threat for the central banks.

Yes, that is the whole point of crypto. But it won't be Libra, it is too weak and badly designed and will be defeated. Bitcoin, truly decentralized, immutable, community maintained, came to this world to put an end to governments and financial institutions from manipulating people's money, or as Antopoulos said: separate Currency from State, the same way Religion and State are now separate in modern countries.

Zuckerberg came too late to the game and in his ignorance removed all the advantages of crypto to restore several disadvantages from fiat. For this reason its going to fail, hard. And having FB, IG and TW behind it won't save it either, but will be fun to start the cryptocoin discussions and people will inevitable find their way here, where it all started... Yes, I expect ignorant Zuckerberg to read this forum to find out why he is failing, he should have adopted Bitcoin instead of attacking it. OR if making (yet another) altcoin, make it as close to Bitcoin as possible, not go the other direction which ensures his failure.

But some people just need to lose half or more of their fortune to get it, just ask those other millionaires who tried to fork bitcoin on their
brilliant ideas alone...

According to some US law you can't make your own money, and that is that. He should have seen it coming from miles away...

I'm not sure where the fighters between facebook and usa government. Here in my country Facebook new coin is not legally  accepted one. Hubli e e we will find more critics against Libra coin soon.
Aisa group to user I will never encourage the the centralised cryptocurrency market.

Probably what the government will want to know is: If facebook is going to give you all of your activity reports constantly, this will be another chance for governments to have access to everything people do. that is what is at stake. this argument that will create financial collapse or will be a danger to banks, it's a fairy tale. what is at stake is control over people

The americans will do everything in their power to maintain their fiat ponzi scheme alive...What a surprise.

But i'm gonna be honest, on one hand, I'd like to see how the governments around the world will fight against a new global "cryptocurrency" that threatens the fiat system. But on the other hand, I want Libra to fail, this centralized shitcoin with [very likely] built-in surveillance features will only help big corporations have a bigger and better database of their customers (after buying it from FB, of course) which god knows what they'll do with it other than spam the users with annoying ads.

Money is power and facebook already has a big piece of the cake, the problem is if libra gives more money to facebook than any amount we can think about, then it will become a threat for us gov, and banks, even it is a threat for bitcoin. We don't know how popular it will become, but for sure it will be a big deal, if facebook let us pay their services with libra, tons of users will accept it.

Governments when discussing the risks associated with cryptocurrency consisteo highlights external agencies like exchanges. That publicity could be used to warn people to avoid storing their assets in an exchange and effective use of wallets and private keys.
Similar to cryptocurrency, if one unknowingly divulges credit card information to a third party, while for example; shopping online. Their funds would likely be lost and banking agencies would be of little help.

On the issue of Facebook coin, I would rather not give them control or access to my financial details.