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There’s a Big Problem With Facebook’s Libra Cryptocurrency

posted by Fnord666 on Saturday July 20 2019, @05:29PM   Printer-friendly
from the no-surprise-here dept.

upstart writes:

Submitted via IRC for AnonymousLuser

There's a big problem with Facebook's Libra cryptocurrency

Since Libra's unveiling, the project has gotten a chilly reception from some policymakers. On Wednesday, Federal Reserve Chairman Jerome Powell signaled skepticism about Facebook's plans for Libra.

"I don't think that the project can go forward ... without there being broad satisfaction with the way the company has addressed money laundering, all of those things," Powell said in testimony before the House Financial Services Committee. He added that the project raised "serious concerns" for regulators.

According to The New York Times, even some of Facebook's official partners are lukewarm on the project. Partners are slated to contribute $10 million each to help fund the launch of the network. But the Times' Nathanial Popper reported in late June that "no money has changed hands so far," and he noted that some of the companies who agreed to lend their names to the project avoided making strong public statements in support of it.

That reflects significant uncertainty about how Libra will actually work—and if it's even possible to launch a network like this within the bounds of the law. Facebook is trying to build a payment system that combines the best characteristics of blockchain and conventional networks. But the result may wind up just being a contradictory mess that leaves almost everyone dissatisfied.

Libra Cryptocurrency

See Also Facebook is backpedaling from its ambitious vision for Libra

Original Submission

 
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  • (Score: 1) by fustakrakich on Saturday July 20 2019, @05:47PM (5 children)

    by fustakrakich (6150) on Saturday July 20 2019, @05:47PM (#869429) Journal

    Exactly. And it's not that money laundering is the issue, it's that it has to go through the proper channels, like a political campaign, or a phony *Somebody* Foundation.

    --
    La politica e i criminali sono la stessa cosa..

  • (Score: -1, Flamebait) by Ethanol-fueled on Saturday July 20 2019, @06:13PM (4 children)

    by Ethanol-fueled (2792) on Saturday July 20 2019, @06:13PM (#869434) Homepage

    And do you want to know what I have to say about this? NIGGERS.

    • (Score: 0, Insightful) by Anonymous Coward on Saturday July 20 2019, @06:15PM

      by Anonymous Coward on Saturday July 20 2019, @06:15PM (#869435)

      yawn

    • (Score: 1) by fustakrakich on Saturday July 20 2019, @07:52PM

      by fustakrakich (6150) on Saturday July 20 2019, @07:52PM (#869452) Journal

      That gag is old, man [youtube.com]...

      --
      La politica e i criminali sono la stessa cosa..

    • (Score: 0, Troll) by NPC-131072 on Sunday July 21 2019, @12:41AM (1 child)

      by NPC-131072 (7144) on Sunday July 21 2019, @12:41AM (#869484) Journal

      Hello fren.

      That is highly offensive. I would suggest "POCoin", "BlackCash" etc for the name of your crypto-currency. If you stick with this naming idea, you should definitely avoid anything to do with the chain in blockchain - we progressives are super sensitive about that. Good luck.