House lawmakers ask Facebook to put Libra cryptocurrency project on hold
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Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#2“These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”
Says one bad actor to the other bad actor.
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#3“These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.” Says one bad actor to the other bad actor.
I really want to see what happens if Facebook says no.
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#4“These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.” Says one bad actor to the other bad actor.
Years of market manipulation is fine as long as you're a federal agency with the backing of major banks. It's like the US complaining about Russia proxy wars and election interference - who do you think they learned those techniques from?
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#5>“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these risks and take action,” the letter says.
We're scared that you have the ability to disintermediate our control of the financial system just like you did to publishers.
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#6This gets it all wrong, IMHO.
An "official ask" rather than actual laws or regulations comes across as silly, self-serving and grandstanding -- although it is in Facebook's self-interest to work with Congress.
The problem here is the potential for uncompetitive dominance -- just like Google or Apple can unfairly favor their own products in Search or apps, what does it mean for Facebook to favor or only allow its own currency option in transactions/marketplace/etc.?
Far better would be Congress ensuring freedom of choice -- let Facebook develop its own currency, but make sure that anywhere it's provided as an option on Facebook/Instagram/etc. there's also an equivalently frictionless way to use Apple Pay, Google Pay, PayPal, MasterCard, etc.
Force payment methods and currencies to compete on a level playing field, instead of by which mega-company forces them as exclusive options.
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#7“These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.” Says one bad actor to the other bad actor.
I really want to see what happens if Facebook says no.
It would not go well for Facebook. Their lawyers won't let them say no.
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#8Link to the Full text and release here:
https://financialservices.house.gov/news/documentsingle.aspx...
PDF: https://financialservices.house.gov/uploadedfiles/07.02.2019...
Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#9Re: House lawmakers ask Facebook to put Libra cryptocurrency project on hold
#10Official Facebook summary of the past two weeks, responding to many criticisms: https://www.facebook.com/notes/david-marcus/libra-2-weeks-in...