Facebook Is Taking A Beating
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As I figured the government, SEC and FTC sure are not going to like the fact that LIBRA Facebooks new cryptocurrency coin is so called unidentifiable.
It should come as no surprise that the government wants to track every penny so they know they are getting their cut and cryptocurrency could make for a very easy way to track every penny in an open ledger.
There where a number of alarms that went off to me after reading the whitepaper yesterday that just floored me as to thinking why the government would allow such a thing to happen.
Well today that news has come out. Chair of house financial services committee requests a halt on Facebooks crypto project, Europe is also pushing back against Facebooks cryptocurrency and well I am sure much more will follow today.
Could it happen that Facebook comes under so much pressure, fees, charges etc from governments around the world that they will simply abandon the Libra project ? (To me it seems very possible as we roll forward)
This should also scream alarms about Bitcoins ETF and that the governments simply will never approve and allow it unless every single thing is tracked for them.
For now, it seems the facebook cryptocurrency is the headline in the crypto space
My ideal situation is to get this totally put on ice by the SEC and while FB fights it people who are keen can use solutions already available. WIll be interesting to see how this whole thing ends up playing out
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I read about the SEC calling a halt to FB new Libra coin. That, that was going to happen is pretty obvious to us in this space.
Beats me why the Zuck would go off half cocked like this? It sure has generated a lot of chatter about cryptos again. Which is all good for us :-)