US senators wants to know why Facebook wants crypto - page 2.

redsun114

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Quote from: tsaroz on May 12, 2019, 10:59:48 AM

Quote from: Tipstar on May 11, 2019, 01:51:26 AM

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

Though the PDF contains a bit of different set of questions, your deduction are easier to understand. I'm a crypto enthusiastic but also believes that it should have full support from the authorities. The nature of crypto that troubles our establishment should be modified for the greater good.

That is the trendiest question in almost everyone’s mind who’s in the politics or deals with the monetary policy or is in the Federal Reserve. But an entrepreneur would not do anything but for money and maybe Mark wants to be part of the growing trillion dollar business which might be the reason behind the idea of FBCoin. I think he should do it.

talkbitcoin

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Quote from: Tipstar on May 11, 2019, 01:51:26 AM

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

haha, not a chance.
as an information gathering source, Facebook is not going to add any sort of privacy to their token. it will be exact same as their platform, Paypal and any other centralized service void of any privacy.
specially when you consider the fact that Facebook is a company in US you can see that there is no chance in hell they are going to add any shred of privacy to their token. they want to gather more information and sell it to the 3 letter agencies.

Alpinat

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Government are just afraid that bitcoin will accepted by the community and the users of facebook. Facebook can lead to a massive adoption of cryptocurrency that's why they are questioning it. Me, personally I am waiting for the facebook to promote cryptocurrency in the future.

florac9

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Why do they want to know? Is Facebook answering to u.s ? I don't get it ,Facebook is the most popular social media on the whole planet if the CEO decides to implement crypto then its his call ,he must have seen a potential in crypto

neonshium

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Quote from: Tipstar on May 11, 2019, 01:51:26 AM

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

Hahaha, some people are now getting scared, I have a very good feeling that in few years to come, the government will seize to exist, because the only way the government can control the people is to control the finance, and once we get to a level where everyone could control their own finances without the need of the government, then the government will become obsolete, this is why they are so scared and will do anything possible to avoid mass adoption of crypto, but I don't think Crypto is something any government of the world could fight even if they come together as one.

martychubbs

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Facebook is the main assistant to the government in the transfer of personal data of users. Any Facebook-related cryptocurrency will follow these same principles.

Ucy

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As a Centralized company, facebook will likely not make the mistakes of creating something that cannot be monitored or controlled by government. This is why I am skeptical about a Facebook coin that's based on immutable public blockchain.

I think they are creating a fiat currency on blockchain.

tsaroz

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Quote from: Tipstar on May 11, 2019, 01:51:26 AM

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

Though the PDF contains a bit of different set of questions, your deduction are easier to understand. I'm a crypto enthusiastic but also believes that it should have full support from the authorities. The nature of crypto that troubles our establishment should be modified for the greater good.

Galley

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For Facebook, this is probably another way to make money using the advantages of a cryptocurrency. And the government is interested in total control over the actions of users. Let's see how this will end, although the result is likely to be predictable after Mark’s first call to where it should be.

Adriano2010

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I also think they want to control more the money and maybe they not like, but maybe they will finally let Facebook to create own crypto coin after Facebook say for what they want to use it.

CryptoBry

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Quote from: Furious 7 on May 12, 2019, 01:34:13 AM

Quote from: Ibizugbe1 on May 12, 2019, 01:28:26 AM

It will be easier for me to pay for my ads on Facebook than using my debit card, with sometimes having restrictions from my bank and paying more than acceptable charges as compared with cryptocurrency charges. Facebook stable coin won't be anonymous I guess, so things can be tracked and audited.

I agree that there is no concern about this. I am sure that if this is realized, the use of advertising will increase, because of the ease of transaction and transparency. This will be the next stable coin and many people benefit from these coins throughout the world.

So the government is now really afraid of cryptocurrency as something that they can't audit, track and of course control. And now that Facebook has big plans to go into cryptocurrency and might be integrating this to their operation not just in Facebook but also with other platforms it is controlling, some people in the government are concerned. I am not actually wondering why. But of course, we know that Facebook is just following the trend and they are expecting that cryptocurrency can do more wonders for their overall business and revenues. Whether the entrance of Facebook into cryptocurrency can be positive to the industry, this remains to be seen. It would be intriguing how Mark and his team can handle this inquiry.

Chika08

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Well I think Facebook should give them a candid explanation on what and how their proposed token was going to work and why they needed it. As long as the US Senate are not asking out of arrogance

niisarearning

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Quote from: Tipstar on May 11, 2019, 01:51:26 AM

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

How it will be harder for the government to monitor personal and other moves blockchain all about transparency no were they mentioned they are going to introduce privacy coin or ananymous coin . Still people doesn’t understand crypto currency and blockchain

Script3d

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Quote from: lyks15 on May 12, 2019, 12:45:53 AM

That is very unproffesional things that US senate that done. They are not a rights to questioned the facebook's decision as long as facebook did not perform activity that violate law in using and with dealing in a cryprto world. The answer in to the senate question is veru simple. Because facebook was already see the worth and value of crypto that can change every people's life.

The ones questioning are probably the old guys, they have no idea what the modern technology can do, even the CEO of google had a hard time answering questions because the old guys can't understand his answer.

kindbtc

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Senators should know that if a centralized platform like facebook in entering crypto it is like controlling crypto so the senators should not worry about it rather they should be satisfied that they will have control and know who is sending whom and why the money within the fb platform.

coin-investor

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Quote from: Tipstar on May 11, 2019, 01:51:26 AM

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

These are good questions coming from the US government, they know that Facebook coin will have a huge impact on society, this is not just another project with a coin, this will create a massive promotion on cryptocurrency, and the government knows that cryptocurrency is decentralized, we'll see what's going to happen.

cryptofirm

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Quote from: Fluxtorrence9 on May 12, 2019, 01:40:46 AM

Facebook is a well popular social media and it will be reasonable if they implement crypto in there system for users ,how is this hard for them to understand???the only thing I'm worried about is Facebook is full of scammers ,I don't know what will happen after the implementation of crypto

just take the positive things from this news
wich mean if facebook really create their own cryptocurrencies, this will become a free promotions for cryptocurrencies, especially for bitcoin and altcoins with huge potential my friend

Fluxtorrence9

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Facebook is a well popular social media and it will be reasonable if they implement crypto in there system for users ,how is this hard for them to understand???the only thing I'm worried about is Facebook is full of scammers ,I don't know what will happen after the implementation of crypto

Furious 7

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Quote from: Ibizugbe1 on May 12, 2019, 01:28:26 AM

It will be easier for me to pay for my ads on Facebook than using my debit card, with sometimes having restrictions from my bank and paying more than acceptable charges as compared with cryptocurrency charges. Facebook stable coin won't be anonymous I guess, so things can be be tracked and audited.

I agree that there is no concern about this. I am sure that if this is realized, the use of advertising will increase, because of the ease of transaction and transparency. this will be the next stable coin and many people benefit from these coins throughout the world.

Ibizugbe1

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It will be easier for me to pay for my ads on Facebook than using my debit card, with sometimes having restrictions from my bank and paying more than acceptable charges as compared with cryptocurrency charges. Facebook stable coin won't be anonymous I guess, so things can be be tracked and audited.

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