Waters leads a chorus of caution about Facebook cryptocurrency

[TexasTowelie]

WASHINGTON – Both Republican and Democratic U.S. lawmakers joined policymakers across the globe who are concerned what Facebook Inc’s decision to launch its own cryptocurrency could mean for data privacy and security.

Representative Patrick McHenry, the senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chairwoman Maxine Waters, a Democrat, calling for a hearing on the initiative, dubbed Libra.

“We know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he wrote. “It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”

A spokeswoman for McHenry said he would be open to having Facebook testify about the move.

Read more: https://www.mercurynews.com/2019/06/18/waters-leads-a-chorus-of-caution-about-facebook-cryptocurrency/
(San Jose Mercury News)

[DetlefK]

1. Facebook trying to go the way of Ali Baba.

The chinese corporation is basically like Facebook. Except that you can use their Ali Baba app to pay for stuff and except that they are not just greedy capitalists but actually and intentionally evil: If you live your life in a way the owners of the Ali Baba Group don't like, they ruin your life.

Imagine that you would be able to pay for goods and services via Facebook.

Imagine that some features of Facebook would no longer be available to you because Mark Zuckerberg decided to discriminate against people with your interests and your lifestyle.

That's what Ali Baba does.

[Farmer-Rick]

2. Interesting how these alternative currencies keep popping up.

There use to be all sorts of private currencies out there. You deposit your money and get bank notes to use as cash. But each bank had their own, as did some states and even restaurants. Until the federal gov't conveniently took over the process for everyone and made one standard form of currency for the entire country. This ended the wildcat banking period with laws restricting the use of private currencies.

So, I have to wonder why private currencies are back in vogue again? Is it the lawless nature of the internet, the instability of our economy or out of control capitalism? Whatever it is. It seems we are back to wildcat banking.

[DetlefK]

3. It's a sign of the times: Distrust of authority.

People are trying to be special, they are trying to reassert their individuality. And the easiest way to do is is by doing things differently, even when it doesn't make sense.

Who wants to tell these people that the crypto-currency market is currently ruled by scammers and soon will be ruled by corporations?