They're finally afraid https://thehill.com/policy/finance/...-poses-serious-concerns-for-economy-consumers Fed chief: Facebook crypto project poses 'serious concerns' for economy, consumers Federal Reserve Chairman Jerome Powell on Wednesday said that Facebook's proposed cryptocurrency project poses "serious concerns" and warned the company against a "sprint toward implementation." Testifying before lawmakers on Wednesday, the Fed chairman raised questions about how Facebook's Project Libra could affect "privacy, money laundering, consumer protection and financial stability."
Shock! Horror! Chairman of monopolistic organisation takes negative view of competitor. Facebook will come under a huge amount of lobbying pressure to rein in Libra. They will almost certainly be forced to cave on this and redefine Libra's operating model. However, the decentralised projects march on...
I still have no idea what this Libra thing is all about...I'm going to buy libra with real green cash to use on goods and services when I can just use real green cash on goods and services. Is facebook trying to sell monopoly money as well?
I COULD NOT AGRRY WITH YOU MORE... even with the solid backing of a company like FB I would still be very careful with giving away a cent of hard earned money to this.. why? becasue of lot of hype. It is like creating a NEW Currency with hypothetical value and no or min govt oversight .. yah yah people like King going to cry out saying we are naysayers , anti technology and regulatory freak commies .. but at the end of the day it is your hard earned money and no matter how sexy the technology is, no matter if the user / investor is a Millennial or a old hag money is money and risk is risk. On the other hand if FB and others are creating it just for speculation purpose and IPO / ICO type stag profit then that is a diff outlook all together In that case anybody can create a NEW COIN Airline ICO Grocery co ICO blah blah blah There are 7 major tradable liquid currencies with USD acting as a "Global" currency in many cases ( and may be Chinese and Indian currencies) Why on earth do we need this pie in the sky I eat in $ and Fart in $ and everything in between end of story ! Sorry for the rant but how come rational people can't see the fallacy in all this ? and promote this as if this is the greatest thing since sliced bread! what a load of BS
The Fed does not stand alone in this. Previously the Chinese national bank, and the European national bank (ECB) voiced their concerns about Libra. Facebook may have to think twice as they see the US, China and Europe opposing their business idea.
Libra is not really for the US consumer but provides a path for a global currency that is actually used by people poor and rich worldwide. That is, a possible competitor to the USD in private hands. In my opinion the retarded fed should be pushing for decentralized USD managed ultimately by the USG. That would accomplish the goals of world domination upon creation.