David Marcus vs US House of Representatives: The hearings on the Libra project

in #news5 years ago

The hearings on the Libra project are already taking place in the Financial Services Committee of the US House of Representatives, which is chaired by one of the most active public critics of the project, Congresswoman Maxine Waters...


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Dear @blockchaintoday

It's hard not to see that currently discussions around Facebook and their libra are attracting attention and are very intense. And to tell you the truth, personally don't know yet what to think about it.

I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.

Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....

Important question I would like to ask you, and hopefully you would share your own opinion:

  • many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.

What do you think? Upvote on the way.

Yours,
Piotr

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