The latest on Libra keeps making Bitcoin look better and better!
Libra has been getting grilled lately from just about every direction...
First it was the FED Chairman saying he has concerns about it, then it was the President saying he is not a fan of it, and lately it has been Congress taking their shots at it...
As you can imagine their concerns stem from Facebook's irresponsible actions in the past regarding their users private information, that plus money laundering concerns, terrorist financing, yada yada the list goes on.
Basically all the same concerns we have heard about crypto since it began.
Facebook/Libra responds...
(Source: https://www.pymnts.com/cryptocurrency/2019/bitcoin-libra-facebook/)
The latest from Facebook/Libra:
These are the latest comments from David Marcus, the co-creator of Libra:
"I appreciated the opportunity to discuss the vision for Libra, and the benefits it can bring to many people around the world, at a hearing today with BankingGOP."
"The conversation was thoughtful and highlighted important issues we, and the Libra_ Founding Members, will need to address. I want to reiterate here what I said before the Committee: We will take the time to get this right."
"And we will not launch until we’ve fully addressed regulator concerns. We also recognize that for the Calibra wallet trust is essential. I’m looking forward to speaking with the FSCDems tomorrow."
Basically he is saying that Facebook is not going to back down and quit the project, but they are going to take the time to make sure it complies with existing regulations.
What else could they say, really?
What I found most interesting in all of this...
The interesting thing to me listening to these hearings is how bitcoin has suddenly become the good guy.
Law makers seem to dislike the idea of a virtual currency being controlled by corporate entities with the kind of reach that Facebook has...
They even went as far as to say they like how bitcoin is open and not controlled by anyone much better than what is proposed with the libra project!
Say what?
Yep, libra is now the bad guy and open/transparent bitcoin which is controlled by no single entity is becoming the good guy.
I mean I always thought libra was going to be bullish for bitcoin, but I didn't think it would be bullish by highlighting everything good about bitcoin in comparison.
Not only is all that great, but this message is being convened in a very public way, being witnessed by millions.
The general population will start to see bitcoin as a legitimate investment not controlled by any single entity.
(Source: https://medium.com/swlh/the-creator-of-bitcoin-satoshi-nakamoto-is-most-likely-this-guy-8723eddb517c)
Out of the shadows and into the light for Mr. Bitcoin!
Stay informed my friends.
-Doc
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People had to see this coming. Corporations and governments becoming the big crypto players at some point. To think otherwise is to believe crypto is not destined to be a superior form of currency in the future. Especially for governments, they will in time love it because of how easily it can be tracked, how "contracts" can be added for lovely things like taxes for each and every transaction. Whatever thingy or law or opinion they want to add they can and it will be 100% provable, traceable and automatic. In the end crypto currency will be used as a more efficient way of obtaining tighter controls on people, not the other way round.
Libra is just a stable coin. It has the potential of bypassing sanctions, banking regs. ect. just as bitcoin does. Other then it's a big corporation doing it I don't see the added threat to governments.
Probably being adopted beyond the national currency, that would be my guess.
And the crop grows.
Yes it does.
libra rhymes with shita
Lol, maybe if you say it with the right accent?
Not only that but continues to show the benefits of decentralization and really not caring what anybody else has to say with a network with those capabilities.
Yep. It's suddenly seen as the "good guy", or perhaps less bad guy?! Interesting times!
I figured regulators would have a field day with Facebook. Libra is going to be mired in muck for the foreseeable future. It could very well die on the vine. It might have gone differently if a company like Amazon had been first to market with this idea, especially with all of the Gov cloud initiatives they are participating in.
The fact some of those same regulators are holding up BTC as the paradigm is a pleasant surprise for sure.
I thought it was pretty humorous to say the least. Bitcoin is now being seen as the good guy... go figure.