Libra... Switzerland... Duh.
Is anyone surprised that Libra is pushing to be regulated by Switzerland? We really shouldn't be. Countries like America, Russia, China, and India are freaking out; thinking they can regulate/ban this new tech. Well, they can't.
Big Tech is about to swoop in and run circles around all the regulators. I still can't wait for Amazon to unveil what they've been doing for the past however many years.
Switzerland has always been known for its lax banking regulation (aka pro-privacy). Of course Libra would seek asylum there and create a base of operations.
That's how smaller countries like Switzerland thrive. They accept new tech with open arms and value education very highly. Other bigger countries like America, Russia, China, and India all have millions (if not a billion) slaves they can leech from. Other smaller countries have to be a little less overt to succeed in this meat-grinder economy.
Conclusion
Distributed Ledger Tech is raising the bar for all countries on the planet. The countries with the most power are afraid of it because they are already on top. They are afraid that DLT will decentralize their power over the masses, and they are correct.
However, even if all the world powers decided to ban (or try to ban) crypto, there are still going to be other countries out there who don't ban it. Imagine if the USA tried to ban the Internet. We'd be fucked as a country. The same concept can easily be applied to crypto; even moreso than the Internet.
Switzerland has always been known to be where all the ruling-elites keep there money. Of course they own the place.
And there isn't any resistance in Washington against Libra, it is all puppet theater. It is just to lower the guard of anyone who would think they should resist it. (why should they, when a congress-critter is already on the case?)
Everyone on the internet is saying its going to the moon
(but then we would only be able to do transactions half of the day)
^_^
Facebook is still an entity/company in the united states so they will continue to be targeted. When you step back and think about it there is a good reason why governments are trying to stop and ban it. It would seriously jeopardize economy that have been in place for hundreds of years. To ever think they will approve an ETF or stock market listing of bitcoin is ludicrous it just wont happen or will be HEAVILY regulated.
What does Facebook have to do with it?
That's part of the problem right there: Libra isn't Facebook.
I think it's interesting that Zuckerberg even went public in the first place and created this perception that Libra is Facebook.
They are part owners of the so called crypto.
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Right, part owners, yet you'll never hear anyone say any name other than Facebook. This implies right off the bat that regulators and the general public have no idea what they are dealing with.
In fact, a lot of people aren't even using the word Libra. They just replace it with "Facebook cryptocurrency".
No billions of people on Facebook no Libra, it's as simple as that. That's the real fear factor, Zuckerburg has access to billions of people, he can succeed in changing the monetary system. In the end though it will be at the same rules and procedures in place or they will squash him.
Also, you're talking to someone who wrote a blog post titled:
Could Stable-Coins Crash The Economy?
I wrote that 7 months ago.
Right there with you, friend.
Looks the the answer is: yes.
This is why I think there is no turning back on the asset class as the risk for the US and other governments will be to lose out to being the center of the development taking place in the ecosystem. I would not mind moving to Switzerland!
Switzerland is a great Country! A good place to be :)
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As crypto becomes more popular and more companies move into the space I think that more lax countries could benefit, i see plenty of crypto projects now based in Peurto Rico. Countries will look to get their piece of this new pie by offering lax laws. A part of something is better than a whole nothing
I wouldnt hail swiss ;)
Good Morning,
Very eye opening, thanks for sharing! I also believe that even with regulators attempting to overcome the advances of crypto, they will never be successful as long as smarter groups adopt it!
-pf
Every time one of those dumb ass regulators said something in regards to Switzerland rather than the US I wanted to smack them in the back of the head.
It's like they're hitting someone with a baseball bat and asking why they're running away. Fucking psychos.
Excuse my animosity towards their stupidity.
I left Facebook before it was cool to do so. I did so because of privacy and security issues. I knew when they launched apps that there would be a major breach of security, because duh. They gave way too much info out. I hate Facebook with a passion, because they are complete idiots and only care about profit. And yet...watching the law makers interview that guy from Facebook the other day had me screaming at the TV and kinda siding with Facebook, or more accurately Libra, when I actually hate them.
I have no idea if Libra is gonna be good or suck. I personally view it as a sort of global Paypal. They can't use USD (well, they can, but it's stupid to do so), so might as well have a digital currency tied to multiple currencies to be more stable. If it does turn out to just be a sort of global Paypal, these stupid lawmakers are just showing their hand and paranoia.