I'm sure you've heard by now that Facebook is making an entry, or at least, is planning on making an entry to the cryptocurrency market in the first quarter of 2020. What you might not know, is that the American government is stomping on the brakes, and the language being used is quite telling.

Dear Mr. Zuckerberg, Ms. Sandberg, and Mr. Marcus:

We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.

Rival the Dollar

We've long talked about how cryptocurrencies will eventually render FIAT currencies useless, and yes I don't think it's a matter of if, but more a question of when at this point. So, when this letter is what's being penned from our lawmakers, you can't help but to fully grasp that they are aware of this too.

Listen, I say this as someone who does not support Libra per say, but at the same time can appreciate the silver lining of its creation. In many ways it validates the concept for the no-coiners as we call them. I mean, if facebook is doing it, then it must be a thing, right?

More Bullish still

Even if they fight this well into the second or third quarter of 2020. The truth is that enough eyes have turned their attention to crypto, and ignoring it, as they have in the past (lawmakers that is), is just impossible at this point.

Another key element I take from this conflict, small as it currently is. This moratorium, this handbrake being pulled in fear of the power struggle that is sure to come, could never, and I do mean, never truly be enforced on a decentralized blockchain. I mean, who would they write to, to ask if they could put a stop to BTC until it can be discussed?

Yes, exchanges could be taken down, laws could be made to outright ban the official exchange of cryptocurrencies, but again, can they really stop distributed code? - The answer is no, and for the same reasons that torrents are still around, as illegal as they are. (I'm not endorsing illegal behavior, just to be clear)

So yes, Maxine is out to get us, but she's pointing her cannons to the wrong castle. Web 3.0 is not centralized, Facebook is not in the forefront of this movement, they just want in too. She can fight Zuckerberg with swords, as far as I'm concerned, but all this letter does is prove one thing.

The future can only be decentralized...

MenO