Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
1–10 of 164 posts
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#2After 10 years of the crypto-crazies of bitcoin denouncing the power of central banks, a private company announces to do a version of a crypto-currency and is under fire from a central bank.
Clearly they got something right.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#3After 10 years of the crypto-crazies of bitcoin denouncing the power of central banks, a private company announces to do a version of a crypto-currency and is under fire from a central bank. Clearly they got something right.
If we knew which government, I mean person, created bitcoin would the same apply? Or would the Feds be all over Satoshi Nakamoto?
FB has been the subject of several congressional and parliamentary hearings around the globe recently. Why would they not question Libra?
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#4The US already has full control of the global currency, what could this possibly buy them? They want to be able to embargo nations' currency and destroy them doing that economically, this would get in the way of that... They would need FB's blessing to properly deprive citizens of other countries whom they are targeting of financial resources. So obviously it's a non-starter.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#5After 10 years of the crypto-crazies of bitcoin denouncing the power of central banks, a private company announces to do a version of a crypto-currency and is under fire from a central bank. Clearly they got something right.
If we knew which government, I mean person, created bitcoin would the same apply? Or would the Feds be all over Satoshi Nakamoto? FB has been the subject of several congressional and parliamentary hearings around the globe recently. Why would they not question Libra?
There are several crypto projects (some even fairly popular) where we do know who's behind them - Ripple, Stellar, Ethereum, Tether, Bitcoin Cash, Tron, EOS, etc. Hell, the core dev team members of Bitcoin itself is public knowledge.
I think it's interesting that while crypto was a bunch of hobbyists and startups, it was just a bunch of folks wasting their money, but now that FB is involved it's a threat to the global monetary order. (Personally, I think the threat of FB is overblown - I'd bet that it'll make some significant noise over the next 2-3 years but fail over the next 10 - but the threat of startups and new crypto projects is underestimated. While the government is obsessed with FB's 2 billion users, someone else will come up with a cryptocurrency that's actually useful and take those 2 billion users for themselves.)
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#6My main concern about libra is that, by being strongly tied to real currencies, libra issuers (not just facebook, all of them) have effectively assumed the role of unsanctioned mints, with the ability to damage the stability of each currency because libra is not tied to the international exchange system: if you pay facebook, or anyone else, $10 and they convert that into libra, now they have $10 that they will absolutely put back into circulation to make additional money on, _and_ $10 worth of libra have been created, which can be converted back into real dollars with the original $10 already gone.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#7My main concern about libra is that, by being strongly tied to real currencies, libra issuers (not just facebook, all of them) have effectively assumed the role of unsanctioned mints, with the ability to damage the stability of each currency because libra is not tied to the international exchange system: if you pay facebook, or anyone else, $10 and they convert that into libra, now they have $10 that they will absolu…
What about that makes it better to be embargoed by Facebook? That's a dystopia no one needs.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#8My main concern about libra is that, by being strongly tied to real currencies, libra issuers (not just facebook, all of them) have effectively assumed the role of unsanctioned mints, with the ability to damage the stability of each currency because libra is not tied to the international exchange system: if you pay facebook, or anyone else, $10 and they convert that into libra, now they have $10 that they will absolu…
This is how every bank works.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#9After 10 years of the crypto-crazies of bitcoin denouncing the power of central banks, a private company announces to do a version of a crypto-currency and is under fire from a central bank. Clearly they got something right.
Nothing about Libra denounces the power of central banks.
Facebook just becomes an unregulated central bank.
Re: Fed Chair Jerome Powell Has ‘Serious Concerns’ with Facebook Libra Proposal
#10Earlier quoted context omitted.
If we knew which government, I mean person, created bitcoin would the same apply? Or would the Feds be all over Satoshi Nakamoto? FB has been the subject of several congressional and parliamentary hearings around the globe recently. Why would they not question Libra?
There are several crypto projects (some even fairly popular) where we do know who's behind them - Ripple, Stellar, Ethereum, Tether, Bitcoin Cash, Tron, EOS, etc. Hell, the core dev team members of Bitcoin itself is public knowledge. I think it's interesting that while crypto was a bunch of hobbyists and startups, it was just a bunch of folks wasting their money, but now that FB is involved it's a threat to the globa…
>someone else will come up with a cryptocurrency that's actually useful
You named 8 different digital coins. Why aren’t any of them useful? Why do we need other ones?