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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.
See Also Facebook is backpedaling from its ambitious vision for Libra
(Score: 1) by jmichaelhudsondotnet on Sunday July 21 2019, @11:11AM (1 child)
Mark 'we have been selling your private messages to anyone who blows a cool breeze across my sphincter' Zuckerberg should not be let anywhere near banking or currency or the United States, this is racketeering and espionage behavior.
Arrest Zuckerberg is the correct answer, not Let Zuckerberg Run Global Finance.
I think even the discussion of this topic represents a mania, it should be dismissed out of hand and the police should be issuing search warrants at FB headquarters.
Trust is built upon trust, is built upon trust. If someone loses your trust, you stop building things with them. Further study and practice of this concept will be rewarded.
Anyone who trusts zuckerberg and his cult hoodie at this point is an idiot and deserves what they get, which will be screwed.
I am just screwed because anyone who points out these obvious things is targeted by advanced persistent threats.
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @12:58PM
You know why they don't get it? It's because they don't know the reason for privacy. You can hear this when they reply to someone who point out the danger of giving up your privacy.
- Stop uploading your personal data, they don't respect your privacy.
- I have nothing to hide.
- Oh, I'm sorry. I wasn't aware that you're the only one in the audience who don't get tricked by mentalist performers. Do continue providing commercial and political entities with the data they need to perfect the art. *mumbles* sucker *mumbles*
- What was that?
- Oh nothing. So uhm.. what are you voting, your lastest purchase and what makes you mad, happy, etc.?