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Facebook Cryptocurrency Plan Faces Opposition in France

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Re: Facebook Cryptocurrency Plan Faces Opposition in France

#41

Post by cwkoss »

dmitrygr wrote: post #4
tim333 wrote: post #3

Earlier quoted context omitted.

It bypasses SWIFT but only in the way bitcoin and similar cryptocurrencies do already.

statistically, so few people use bitcoin, that one might as well round to zero, so governments do not need to care. FB has 2.5B users whom they can easily manipulate, hence governments care.

I don't think governments 'dont care' but rather they are powerless to act effectively against Bitcoin. A ban would legitimize its utility to people skeptical of central banking. Because Satoshi is anonymous, there is no person or team to attack with legal or extralegal coercion. Only way to effectively take down bitcoin is to spend ~$1B building a huge mining operation with the purpose of launching a 51% attack, but even that could be mitigated.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#42

Post by huis »

js4ever wrote: post #28

What France really want is to tax it (even before it exist)

Yes ofcourse they will.

When a county doesn't receive tax it will be a very big problem.

So countries need to be in control of the flow of money.

It is also a very big problem is an outsider can change the value of your own currency. So you don't want US companies taking over your money flow.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#43

Post by neckeri »

orbifold wrote: post #11

There is basically no way that a self respecting first world country will allow this to happen. The national federal reserves in Europe are still responsible for international settlements, that gives a tremendous amount of power and oversight, they won’t allow a third party to take that away from them. Facebook may be able to buy off US regulators, but they won’t be able to convince the EU.

Thats assuming the EU isnt easy to buy off - looking at a couple of regulations in the pesticide industry its easy to see they're very accommodative. Lobbying is big business in Brussels.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#44

Post by root_axis »

cwkoss wrote: post #41
dmitrygr wrote: post #4

Earlier quoted context omitted.

statistically, so few people use bitcoin, that one might as well round to zero, so governments do not need to care. FB has 2.5B users whom they can easily manipulate, hence governments care.

I don't think governments 'dont care' but rather they are powerless to act effectively against Bitcoin. A ban would legitimize its utility to people skeptical of central banking. Because Satoshi is anonymous, there is no person or team to attack with legal or extralegal coercion. Only way to effectively take down bitcoin is to spend ~$1B building a huge mining operation with the purpose of launching a 51% attack, but…

> A ban would legitimize its utility to people skeptical of central banking

i.e. a tiny irrelevant niche. I don't think banning bitcoin is a good idea, but a ban would be highly effective because nobody cares enough to risk fines or jail time over something they have no use for anyway.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#50

Post by m3kw9 »

Despegar wrote: post #7
chvid wrote: post #6

Earlier quoted context omitted.

This is still a system on American control even if other currencies than USD are supported. One thing is that countries may be cut off from swift. That limits money transfer in and out of the country but the bank transfers within the country would still work. Blocking this could potentially halt the internal money transfers of a country.

So if a company or person is sanctioned, can Facebook or someone else freeze their Libra currency?

The main question is, can Fb print currency
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