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posted by Fnord666 on Friday July 05 2019, @09:48PM   Printer-friendly
from the too-big-to-succeed dept.

Submitted via IRC for SoyCow4463

House lawmakers officially ask Facebook to put Libra cryptocurrency project on hold

House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.

Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move like this last month shortly after the project was announced. Waters's letter today, sent to Facebook's CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcus, formalizes that request from a few weeks ago. Aside from Waters, the letter is signed by House Finance's subcommittee leaders.

"If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability," Water writes. "These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past."

"[Libra] could pose systemic risks that endanger US and global financial stability."

[...] "We look forward to working with lawmakers as this process moves forward, including answering their questions at the upcoming House Financial Services Committee hearing," a Facebook spokesperson told The Verge Tuesday.


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  • (Score: 0) by Anonymous Coward on Saturday July 06 2019, @04:15AM (1 child)

    by Anonymous Coward on Saturday July 06 2019, @04:15AM (#863746)

    PinkyGigglebrain:

    "All wars are banker's wars": I like a good central bank conspiracy as much as the next guy, and there are be good reasons to be skeptical of the central bank, but around 6:09 the video in a single breath claims that "the media is subservient to the global worming cults wishes to conceal that the earth has been cooling for the past 16 years". WTF? An idiotic statement like that renders anything out of this idiots mouth completely null and void.

  • (Score: 3, Informative) by FatPhil on Saturday July 06 2019, @12:55PM

    by FatPhil (863) <pc-soylentNO@SPAMasdf.fi> on Saturday July 06 2019, @12:55PM (#863797) Homepage
    A little knowledge is a dangerous thing.

    We are undergoing solar cooling, and have done for nearly 2 sunspot cycles (each being ~11 years), because the previous sunspot peak was one of the lowest in the last century, and models predict that the next one will also be below average, perhaps even lower than the last peak. This insolation change is clearly visible in some of the graphs (the ones that don't have the magic hockey-stick filter applied to them, that magic filter that makes genuinely random noise appear to have a hockey-stick shape).

    However, it's a fallacy to claim that peaks and troughs of short cycles (the low maxima seems to be cyclic too, we don't have anough decades of data to be sure) are the long-term trend, which is ultimately more important.

    So you're talking at odds. All you seem to care about is the long-term trend, which would make the dismissing of short-term patterns as unimportant supportable. However, that doesn't mean that the short-term patterns do not exist, which is what you are claiming.
    --
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