Facebook answering Senate questions about Libra LIVE on CSPAN


Live now:

https://www.c-span.org/video/?462671-1/senate-banking-hearing-facebook-digital-currency

Here's the question I would ask if I was there.

Last year Facebook decided ban the advertising of cryptocurrency products and services, by changing the wording of its “Prohibited Financial Products and Services” on January 30th 2018.

Facebook included “cryptocurrency” in a category of financial products “that are frequently associated with misleading or deceptive promotional practices”, and instituted an advertising ban on almost an entire industry, a ban that remained largely unchanged until May of this year.

Did Facebook begin work on its own cryptocurrency, Libra, before or after deciding to ban the rest of the industry from advertising on the world’s largest online advertising market?

Libra breaks Facebook Rules with JPBLiberty.jpg

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You can also read a good explanation here on my blog.


Comments 4


@brianoflondon yes I am also waiting for the libra this will change the cryptocurrency market.

16.07.2019 16:21
0

Dear @brianoflondon

It's hard not to see that currently discussions around Facebook and their libra are attracting attention and are very intense. And to tell you the truth, personally don't know yet what to think about it.

I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.

Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....

Important question I would like to ask you, and hopefully you would share your own opinion:

  • many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.

What do you think? Upvote on the way.

Yours,
Piotr

18.07.2019 09:22
0

Within America I don't see Libra having a huge effect except on existing payment technologies and competing products (who seem to be in the consortium anyway). I suspect that PayPal will shift to running as a block chain. Nobody will notice because it'll look like the same centralised system it is now!

For overseas payments, however, it will shake things up. None of the Senators or Congresspeople seemed to understand quite how important this will be for sending vast amounts of dollars out of the USA: obviously this happens now with middle men making a ton of money, but this is going to be a big impact I think.

Overall I don't see it making that much difference, but the majority of people in rich countries barely ever move money internationally. As it happens I've been moving large amounts around the world for a decade and it is horribly expensive and complicated. I just don't think Libra will help in the short term but it won't make much difference either.

However, Libra will destroy many nascent competing technologies if it is allowed to go forth as is. That's why I want Facebook challenged at this point.

18.07.2019 09:34
1

Great comment. I really appreciate your kind reply @brianoflondon

Nobody will notice because it'll look like the same centralised system it is now!

Do you really think that it could be done this way? to the point that it does look like centralized system? Noone else managed to make it that simple yet.

I also wanted to make some suggestion.

My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).

Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.

This way not only I would have a chance to read your publication, drop a comment but I will also `upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)

Please let me know what do you think. This surely should sound like a interesting offer :))

Cheers, Piotr

19.07.2019 08:56
1