I am watching the House Financial Services Committee's hearing on Facebook's plan to create the Libra cryptocurrency. It is really fascinating to hear all the different questions members of congress have for someone from Facebook that likely knows more about crypto than any of them. Their lack of knowledge is not the reason for this post. A very interesting exchange I witnessed was between congressman Duffy from Wisconsin and the Facebook rep.
Representative Duffy pulled out a $20 dollar bill. He asked the fb rep. who in the world can use that currency. To which he responded anyone can. He then went on to ask the rep if Milo Yiannopoulos or Louis Farrakhan could use Libra. Both of those men are banned from Facebook as their views do not align with Facebook's community standards. The Facebook rep did not have a solid answer, but did address Facebook's standards and the reasons they have them.
Duffy's point was that Facebook's Libra currency, if globally adopted would be a massive new form of monetary movements, could be controlled and regulated based on what and who Facebook likes and agrees with. This is a very scary thought and I think is the complete opposite idea behind cryptocurrency. I won't even get into why Libra isn't a true cryptocurrency, but wanted to share my thoughts on this exchange.
What are your thoughts on Libra?
Do you think it will succeed?
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