Facebook’s Libra Yields Before Congress. Bitcoin Can Never Be Controlled.
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Facebook’s Libra Yields Before Congress. Bitcoin Can Never Be Controlled.

Facebook announcing a new digital currency and aims to make it as easy to send money around the world as it is to send a photo. Facebook wants to befriend your wallet. We are fully committed to working with regulators here and around the world. David Marcus is a Facebook executive who was called to testify in two congressional hearings this week, after releasing a white paper last month for a new digital currency. Satoshi Nakamoto is the pseudonym of a mysterious software developer who released a paper describing the cryptocurrency Bitcoin. on an obscure mailing list in 2008, and then disappeared two years later. So we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations. This is not Silicon Valley. Facebook now wants to control the money supply. Like a toddler who has gotten his hands on a book of matches What could possibly go wrong? Satoshi Nakamoto created a decentralized software network that no government agency has the authority to regulate or control. We’ve got the Treasury, the Federal Reserve, the SEC, the FDIC, the OCC, CFPB, the NCUA, the CFTC, the FHFA. Which of all of these regulators would have a piece of creating the rules of the road? Do you believe currency is a public good? Congresswoman, I believe that sovereign currencies are sovereign. Do you believe Libra should be a public good? Congresswoman again, we will work with all of the regulators and and address all concerns, and the regulators will definitely… I’ll take that as a no? I should take that as a no? It is not for me to decide Congresswoman. Okay, I’ll take that as a no. In the end, Congress has a great deal of power. But one of the most important differences between Facebook’s Libra and Bitcoin is that it can never make Satoshi Nakamoto sit in that chair. It takes a breathtaking amount of arrogance, a breathtaking amount of arrogance to look at that track record and think, you know what…

100 thoughts on “Facebook’s Libra Yields Before Congress. Bitcoin Can Never Be Controlled.

  1. I wonder what we will think about this time 30 years from now. Will this conflict and the start of a worldwide universal currency come in my grandchildren's history e-books?

  2. The federal reserve is already a private company. We've been down this route before!! Only government can issue money as gold and silver simply because it can't be printed.

  3. News Flash:
    BTC is already controlled, and crippled, by Blockstream, corporation created by bankers. Wake up crypto sheeple and go back to learning about Bitcoin properly… Bitcoin is BSV… literally.
    BTC is a fake, nothing but a useless SegWit Shitcoin with nothing left but merely 5-7Tx sec, which is not enough for even 0.002% of the world's population to transact just ONCE every day.
    Blockstream's propaganda and their sock puppets like Andreas Antonopoulos, Tone Vays and rest of their hider frauds, brainwashed you good.

  4. This video loosely presents a false equivalency between libra and bitcoin. The difference between the two is that no one individual or corporation controls bitcoin and is therefore free, while Facebook will control Libra. Technically, they could cause inflation and deflation at will. They could also “deplatform” or exclude anyone for any reason. These things do not happen with bitcoin as far as I know.

  5. "Why is Bitcoin worth money?"
    "Why are antiques worth money? Why is fine art worth money? Why are diamonds worth money? Because people will pay for it."

  6. Worldwide currencies can only work under some type of Worldwide governmnet. Otherwise you will just have regulators doing this over and over and over. That's also why Bitcoin likely will remain taken by a small monority of transactions

  7. Even when I agree with AOC, she still comes across as a moron….asking meaningless questions with no answers….then just implying she got the answer she wanted.

  8. All eyes are still on the crucial $10,400 level," Mr Simon Peters, an analyst at the online trading platform eToro, said. "Investors will be waiting to see whether this rally has enough stamina to break this level. "If not, falling back to levels of $7,000 is still highly possible." so i’ll advice current investors and newbies is to take advantage of mr Diego’s program, a pro trader who’s is helping investors/newbies recover loss from the crash and also accumulate more bitcoin through his amazing trading strategy, with his program i went from having 1.5btc to 9btc in just 3weeks. you can reach him on whatsapp; WhatsApp +1(985)686-0034 or telegram @Diegodouglas440.

  9. News flash Google's Prometheus AI Can and most assuredly tracks Bitcoin via DOD 4th estate using this Program for Mass Surveillance.
    Look up Prometheus AI and what is Publicly known about this Master AI progenerate to All social media Platforms and Who all now has access to it ?!
    Bitcoin is a CIA/UN agenda
    Tool to Destroy the world's Currencies and markets as an Psyop to Destroy the Sovereignty of Nations and Break the World so badly til the Worlds Populace Cries out for their Planned Takeover of even America Publicly announced
    In 2030 .
    Wake up Peeps ; merely owning Bicoin is Evidence of Treason .

  10. Letting a free market control currency seems like a good idea, until it's not, but by then it will have been to late.

  11. Except for electricity. Bitcoin can be controlled by electricity. Let’s not forget that without a grid to begin with, btc fails to exist

  12. Never get in any deeper than you are willing to lose . Prices are determined by the end users themselves . Caveat Emptor

  13. Currency should NEVER be controlled by individuals or corporations! This could destabilize the monetary system and Facecrack needs to be shut down!

  14. Boy, I sure do love unaccountable, monopolizing, giant corporate oligopolies. You know the problem with too much libertarianism? It always gives rise to despotic authoritarianism.

  15. Thats one of the reasons its so bad lol

    You scared of AOC?

    But the big holders and transactors more so. Imagine believing in a currency whose value is dependent speculation by people misunderstanding it, ie. if ppl understood how currencoes work itd be worthless lol

  16. the issue is when Facebook decides that it disagrees with your politics or just plain doesn't like you and they take all your stuff or freeze your assets.

    well I don't think government should ban a private corporation for making its own cryptocurrency and stopping people from investing or using it, I will stay far away from any big tech silicon valley left wing currency system. I would highly suggest caution. For every decent cryptocurrency like Bitcoin you could have another cryptocurrency where a guy rips off 870 million dollars from people and disappears.

  17. It's funny how a bunch of people who claim to believe in free speech are perfectly willing to allow the government to essentially outsource censorship to unaccountable mega-corporations… This is why I will never join the Libertarian Party. Because individual rights are FAR more important than the rights of tech monopolies.

  18. and if facebook says "you said a mean thing about somebody who identifies as an attack helicopter today. We're going to have to ban you from facebook and take all your facebook money." Or, more likely, just ban you without notice and block all ability to use their faceobok money just because they don't like you.

  19. Lol I can't believe AOC is a "thing" the most she should have been is a saleswoman at a furniture store…

  20. Libertarians lost me when they started treating billion dollar corporations the same as normal individual citizens.

  21. "Do you want to control the money supply?"
    – Err, no, but apparently you do. We would like to compete for currency use.

  22. This video would have been better if you brought up actual examples of the government regulating types of crypto currency and the value of said currency going down

  23. The USG does not like serious dollar competition. Originally based on a paper representation of gold and silver (the only two true forms of money and store of wealth), when the dollar was decoupled from precious metals in 1971, dollar hegemony was ensured by the US military, US taxpayers, and position as the worlds reserve currency replacing the Pound Sterling. No way is the USG going to allow Bitcoin, Libra, or any other crypto to gain traction other than as boutique or niche market methods of setting economic transactions.

  24. It's always good to know where to invest and watch your money work for you …..https://www.ald-investment.com has helped me alot this year

  25. I can't decide whether I hate AOC or Facebook more. Probably AOC. God I hate her. What a smug yet monumentally ignorant piece of shit she is.

  26. Trust those morons.Who put America 20 trillion in debt.What do u think is gone happened to dollar? Bitcoin is digital gold.

  27. One of the few times I actually liked what was coming out of AOCs mouth.
    The government does need to be kicked out of a lot of things…. but they NEED to come down like a sledge hammer on big tech… demolish every little bit of it and let the free market come back to the internet.

  28. What? It's not about the CryptoCurrency part, it's about the FACEBOOK part! Who in their right minds trusts FACEBOOK of all people with being in charge of currency!?

  29. Libra is not a decentralised censorship free currency. It is nothing more than a corporate SDR at consumer level. Libra is a shitcoin with a brand name stamp on it.

  30. When they know what you buy they can sell advertisements targeted not at just groups of similar people, but at individuals.

  31. I don't have anything like a "bucket list", except that I hope one day I am in a position to be charged with contempt of congress. It would also be cool to be sued by the SEC and win like Mark Cuban did. Suck my 7 inch clit bitches.

  32. Does congress not get how trade works? If I have apples and you have oranges, and we both want what the other has, then we simply trade them. Apples are common, oranges are not. So I might trade them at a two to one ratio. You don't NEED money for that (though it is somewhat helpful).

  33. I am always pleased whenever I see congress wasting their time on nonsense rather than passing laws that further erode our freedoms.

  34. Why would anyone in their right mind trust a multinational corporation in handling their money (Especially one with as many privacy and security issues as “Fecebook”)!?
    The only reason anyone does so now is because government forces them to do so.

  35. Misleading video. Portraying Libra as a cryptocurrency similar or equal to Bitcoin. Either you do not know what Libra is or what Bitcoin is. https://www.youtube.com/watch?v=7S6506vkth4

  36. This is a desperation move by Facebook. New Cryptocurrencies pretty much always fail. This will be no different.

  37. Did anybody read the libra white paper? They can't ban you from your wallet because they don't know who you are or who's wallet the address belongs to. Libra is a bridge currency and uses the same validation structure as XRP. Just not as fast. In fact, it's highly probable that Libra would be transacting on the ripple network or something similar. It's permission based now but plans are to phase it into being permissionless. When and if that happens the trust level will be equivalent to that of Bitcoin or Ethereum. But it's too early to tell right now. Let's see how it all unfolds.

  38. Pro tip: turn the radio down, or wherever the crappy music is coming from. It will make the content easier to hear and understand. You're welcome!

  39. Wait im confused are you for facebook having control of currency??? Is it questioning people with power your against ? Im lost with the description of the video

  40. OUR Currency needs returned to the treasury and put back on Gold standard .
    Crypto should be made illegal
    It threatens all Markets to fail
    Designed to devalue Sovereignty of Nations currency and Collapse economies by Design .
    Bitcoin is Tracked via Prometheus AI and the 4th estate ;
    Absolutely nothing Online is Anonymous and that's a Fact .
    Bitcoin is the United Nations and CIA Psyop on behalf of the CFR .
    Crypto is their Tool to reach their agenda ; quit kidding yourself and realize you are being played and owning these Crypto's is Treason against your Own People .
    Wake up to these
    Inconvenient Truths

  41. Cryptocurrencies live and breathe by the loophole that we don't want to debate whether they're legal tender or a financial service for electronic transactions yet. Libra can't shield itself like this, without the encryption dodge actual cryptocurrencies proceed from they are merely printing their own money and the Secret Service will be shutting that noise down in fairly short order.

  42. The problem with bitcoin and other electronic currency is both that it is essentially a fiat currency, and the fact that every purchase and possessor of a bitcoin can be tracked so that no commerce is possible without a searchable record. Its an Orwellian nightmare. Quintuply so if it is administered by a pack of feral totalitarians such as Fraudbook.

  43. So now facebook wants to make its own currency but keep it with a lot of red tape, it will probably be like using the original $ currency at this point except that it is not involved in the massive loan crisis we have today with the $ currency.

  44. They are taking this way too seriously… like anyone in there right mind would trust FB with their money…. all you have to do is sit back and watch the whole thing collapse …..

  45. When i look at these old farts in Washington, who think that they know everything about how this 21st century world works… i just have to laugh! Let us be free and send our money arround the US and the world like we want to! Don't force us, how you want us to be! This is not what you are being elected for! Stay out of peoples lifes! WE DECIDE FOR OURSELFS WHAT IS GOOD FOR US, THANK YOU!!!

  46. Bitcoin hasn't already destroyed the government money because it's too slow. When someone finds a way around that, it will be game over for all the mafias that call themselves government around the world.

  47. "XY" wants to control the supply of money, what could possibly go wrong…
    XY: insert you favorite central bank here.

    As if all those overhead institutions actually guarantee market and financial stability, it rather seems like a ship with dozen of captains and each with own steering oar.

  48. Mark and the dozen tech companies behind libra are literally trying to disrupt the old guard monetary system created around the fed, Wallstreet and DC, it is a hostile take over. Tech giants are the new Wallstreet and they have something Wallstreet doesn't have, direct access to the conscious/subconscious of over 2billions humans. Too bad they are doing in public unlike how the fed was formed and sold to the masses as a brilliant PR package. Mark is going to have to wait a while to be the new JP Morgan but make no mistake if not libra, the fed or the chinese central bank will create their own 'fake' crypto currencies it is envitable if they want to expand their control into the internet the power of the fiat isn't so strong there.

  49. …and yet Democrats are still providing cover for big tech and their censorship of conservatives, along with their manipulation of news algorithms to manipulate US elections.

  50. This little vid got very close to saying something…. and then didn't. I don't get what the point of view of this vid is.

  51. Libra is not decentralized, Bitcoin is not scalable – neither will be able to effectively replace fiat money. BUT these types of projects do pave the way for a decentralized, scalable, secure blockchain to be built that will work and would be every free market proponent's dream.

  52. When the government starts talking about the responsibility involved with managing a currency I stop listening.

  53. Congress doesn't trust facebook to issues tokens backed by fiat currencies, but we're supposed to trust congress not to destroy our soon to be worthless fiat currency. What a bunch of morons, who have no business doing anything of importance. Can't wait til the US dollar gets forced back onto the gold standard. It'll take a while, and the economic depression required to get us there is going to be worse than the 1930's but we will get there.

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