Discover and read the best of Twitter Threads about #Libra

Most recents (24)

Members of the @FSCDems House Financial Services Committee question @Facebook #crypto chief David Marcus about their proposed #Libra cryptocurrency. We are clipping some videos of the hearing in the thread below 👇👇👇
Read 14 tweets
Good morning Washington. I'm back for Day 2 of the #Libra hearings: the @FSCDems/@FinancialCmte edition. @davidmarcus will be on deck for the second round in 15 minutes. Here's a preview of what we might expect from our other witnesses:… #LibraInDC
"Today we’re here for a hearing on Facebook’s proposed digital currency, libra, and its wallet, calibra, and its impact on the financial system," says @MaxineWaters, kicking off today's #LibraInDC hearing
Read 174 tweets
What about Facebook's history makes anyone think it could be good at stopping money laundering? Why are we even entertaining this horseshit? #Libra
Maybe it was that time Facebook sold 3rd parties access to CHILDREN? Is that what makes you think they could bust, say, human traffickers? #Libra…
Maybe that time Facebook accidentally let a company steal 4M users' data — maybe that's what makes you think these paragons of decency can handle #libra…
Read 6 tweets
1/ Draft of a Congressional bill titled "Keep Big Tech Out of Finance" Act is significant.
Note out this announced is right on the heals of Trump tweeting his feelings about #Bitcoin and #Cryptocurrency in general and specifically called out #Facebook #Libra...
2/ FB jumping in the financial industry with their 2billion userbase to tap into *is* a wakeup call. They laughed at #Bitcoin because it was small, but with FB they see a threat.

I'm no fan of #ZuckBucks but I think the #Crypto industry needs to get on #TeamFB with this bill.
3/ This knee jerk reaction to #BigBanks not liking their domain being disrupted by #BigTech, so they're getting Congress involved. It's clearly an overreach in govt trying to coddle #BigBanks, a relationship that needs to seperated more through disruptive tech, not less.
Read 8 tweets
Having access to foreign currency, or other money constructs, substituting as a medium of exchange, wont magically drive economic growth and stability in an emerging economy.

The concept of “banking the unbanked” without understanding foundations of economic policy is harmful.
In cases where less developed economies leverage currencies like #Libra it could lead to longer term sustained negative impacts to those economies.
At worst, emerging economies leveraging #Libra will likely see their economies drained of wealth as it is transferred wholesale to the developed economies.
Read 5 tweets
#Livestream #bankenlive zu #Libra läuft. Bankenverbands-Chef Christian Ossig. begrüsst unsere Gäste @Techquartier. @osanten hat Moderationsposition schon eingenommen.
Wer unser Diskussionspapier zu #Libra nachlesen will, findet es hier:…
Stellen Sie Fragen, Moderator @osanten erinnert daran, auch gerne hier an uns via @bankenverband unter #bankenlive.
Read 22 tweets
Quick thread on #China response to #Facebook #Libra. It is the greatest threat to Chinese fintech dominance now and they know it. CN tech firms have not yet gained many users internationally, unlike US tech. US tech has not, however, had fintech success of Alibaba/Tencent 1/n
2/n In response they are speeding up central bank digital currency plans with Ant Financial, and even raising the possibility of loosening domestic cryptocurrency regulation to ensure there is a Chinese competitor. My primer on CN crypto regulation:…
3/n They warn, rightly, that many people might dump unstable local currencies for Libra, which could lead those currencies to fall and disrupt economies. But of course, they want to warn other countries against allowing an American firm to design a currency used internationally
Read 8 tweets
I also find this argument persuasive.

THREAD on #CBDC & #cash

Having a central bank digital currency alongside cash is effectively like the govt offering 2 different competing monies, b/c they have different characteristics, risk profiles, etc.
Cash is better for privacy, not subject to systemic digital failures, & accessible to all (even those who can't afford digital svcs).
CBDC may be cheaper for govt to offer, enables greater use of negative interest rates as a tool of monetary policy, makes money laundering/terrorist financing more difficult, reduces friction in txns, & enables financial inclusion.*

*Just stating args-don't necessarily agree.
Read 22 tweets
I love reading @mikejcasey; he just gets it. When we disagree, it's only a matter of degrees. People often forget, especially on @twitter, the great #WestWing quote from Prez Walken: The things that unite us are far greater than the things that divide us.…
1) The more things speed up, the deeper the breath one needs to remember to slow things down. There are plenty of dull moments in the world of blockchains and cryptocurrencies when you peel back the hype and look for actual successful work and ventures...
2) A perfect example is the "two earth-shattering stories" of the past two weeks. They will, in my humble opinion, become mere blips on the radar screen in the months and years to come.
Read 11 tweets
Am I the only one who thinks the hype around Facebook's #Libra is massively overblown?
I will start to get worried when reserve currency issuing governments start accepting tax payments in #Libra. Until then, it is HYPE. Nothing more.
Furthermore, I confidently predict that for transactions that matter, like buying food, paying rent and getting to work, hardly anyone will use #Libra. Not least because the companies that provide these services are perfectly capable of issuing their own cryptocurrencies.
Read 8 tweets
#FB will soon learn that its vaunted plans for #Libra are going nowhere
#FB’s #Libra is like when the Gates Foundation spent $8mm on an “ewallet” for #Haiti after 2011. The app designers didn’t talk to 1 ordinary Haitian merchant,school, or remittance sender. They ended up begging Western Union + local banks to trade credits for cash. 1/n
#FB’s #Libra is just another “engineer-driven” app. #FB is not exactly belovef these days, having hacked democracy, + trust is everything in payments. The world’s central banks+ anti-money laundering agencies are not going to roll over + give up control to Zuckerburg. 2/n
Read 5 tweets
1/Last week's №1news was not the >10kBTC breakout or #Facebook's #Libra announcement, but release of the #FATF(Financial Action Task Force) Guidance on Virtual Assets(VAs) and Virtual Asset Service Providers(VASPs, anyone professionally dealing with crypto, inc. natural persons)
2/Libra and FATF news represent the "old", centralised world's most powerful-yet attempts at fencing the global crypto phenomenon. One year US Presidency in FATF ending Jun30, effectively helped extend the recent FinCen crypto guidance ( globally
3/And market clearly isn't yet pricing in any of the potential outcomes entailed in this development.We suggest monitoring it in the context of state-by-state implementations, which will end up harmonised - i.e. similar. Here's what we wrote to our Research subscribers in March
Read 19 tweets
Why I think Ethereum "joining" @Libra_ conflicts with Ethereum's vision and community goals, a thread...
1a.) IDENTITY: The Calibra wallet will require identifiable information that enables the consortium (and possibly others) to tie social/personal data to financial data. Unlike KYCed ICOs or exchanges, there is no way to pseudonymously send a transaction to yourself
1b.) We therefore must trust @facebook and other consortium members not to abuse this new stream of data. These companies have continuously shown that they are incapable of protecting users, and the most vulnerable group they are targeting (the unbanked) are at a greater risk.
Read 9 tweets
Been thinking about #tendermint / #BFT / #Libra and what it means to be a settlement layer vs a MoE layer, and the gradient of crypto finality and how that relates to the centralization of the system and what we might see emerge with #ETH2 as a result.

$ETH isn’t money.
I’ve heard that said many times over by smart people working on the project.

So why does everyone say it is? ETH is simultaneously derided for being bad for tokens but not acknowledged as being great for SC.

Why not money? It gets complicated.
A deep dive into the Libra white paper reveals an interesting tech stack. The two things that stick out to me:

Ability to influence transactions.

Shortcuts the hard stuff by making it centralized. Their model doesn’t have to deal any of the real world hard stuff, like forks.
Read 15 tweets
I know I said I was taking a break from this, but then Libra happened.

Come on guys, #Libra! I mean, what do you want me to do?…
“There are no necessary or sufficient criteria for ‘money’. Anything that enhances the ability to create and circulate universal credit will do. How it works or what extra characteristics it has is beside the point.”
Read 6 tweets
1. #Libra has a long way to go before being successful, but in theory, it's brilliant and frightening. At the start of the week, I thought the problem would be that it would reinforce Facebook's corporate power.
2. Now, a few days out, I think the problem is different and bigger: a new layer of monetary control between central banks and individuals, mediated by corporations. My piece today in the FT:…
3. What Libra backers are calling “decentralisation” is in truth a shift of power away from developing world central banks and toward multinational corporations and the central banks of the largest economies.
Read 4 tweets
1/ My views in EconomicTimes on #Libra: “If @facebook were to design the Libra to be a closed system, only to be transacted on its network and not beyond, #RBI should ideally be less concerned, since the #coin does not engage with the external economy”
2/ “If it is not meant to operate in a closed system, then it is exactly the kind of #DigitalAssets that concerns RBI. #regulations as currently drafted seem to indiscriminately apply to both the above examples.”
3/ "The argument that this is a #stablecoin — a #cryptocurrency whose value is pegged to be as stable as the dollar — is unlikely to pass muster with the banking regulator, due to concerns around tax evasion, money laundering and fraud" @ikigailaw
Read 3 tweets
#libra has a few major advantages

1. Separation of money and technology
2. An army of CS PhDs willing to work at Facebook
3. Benefit of #blockchain but freedom from the "hash pointer linked list" paradigm to explore new ideas
4. No particular need to argue with the regulators
And a few more...

1. The hacker culture of Facebook
2. A history of useful applications turned around in days rather than weeks
3. Useful apps from day 1
4. A history of good design
None of these guarantee success of the idea but the ecosystem needs all of the above.

The entry of big tech in a big way is the best thing that has happened for those who are really in it for the technology
Read 5 tweets
#Libra thread:

#KYC requirement could as well be what kills Libra, considering that #Facebook and Libra are very likely to implement US and EU style of KYC/AML regulations that assume everyone has a national/state ID, SSN (or equivalent), and utility bills in their own names. >
> This requirement excludes over 80% of the world’s population from banking and global economy, as people in developing countries often do not have means to obtain such documents - or, the documents are so primitive that would not meet a U.S./E.U./G7/OECD standard of KYC. >
> This also holds true with migrants, undocumented immigrants, and refugees in “first-world” countries, as well. >
Read 8 tweets
#Libra : Wie #bitcoin nur stabiler? – Die Berichte über die neue digitale Währung von #Facebook und anderen Tech-Unternehmen sowie Zahlungsdienstleistern sprudeln nur so über. Die #BayernLB hat sich ebenfalls durch das Whitepaper gewühlt und kam zu folgenden Ergebnissen: 👇
#Libra ist keine neue Währung, sondern an einen Währungskorb (und damit vor allem an den US-Dollar) gekoppelt. Damit importiert das Libra-System, wie bei herkömmlichen „Currency Boards“, die Geldpolitik von Fed und Co.
Das #Libra-System ist im Kern ein Zahlungssystem wie Paypal, mit dem Unterschied, dass Facebook bereits rund 2 Mrd. User und Messaging-Apps wie Whatsapp hat, in welche #Zahlungsmöglichkeiten implementiert werden können.
Read 10 tweets
1/ #Facebook released their #Libra #cryptocurrency whitepaper today. This is a stable coin governed by a Foundation that is comprised of a handful of the world’s largest corporations
2/ The currency will run on the Libra #blockchain and coins will be backed by assets consisting of bank deposits and government securities that will be issued by the Libra Reserve whose members each invested a minimum of $10M to run a validator node
3/ This pseudo #decentralization is not being brought into the world to ‘empower billions of people’ or ‘help people everywhere live better lives’ as Facebook suggest
Read 6 tweets
1/ La présentation du "libra" de @facebook a pris tout le monde de court. Je vous ai préparé un petit thread pour vous récapituler toutes les infos à retenir sur cette crypto inédite qui devrait être disponible en 2020 👇 #Libra #facebook #zuckerberg #bitcoin
2/ Le projet "libra" est crucial pour @Facebook. Le groupe, dont les revenus viennent à 98% de la pub, doit se diversifier après les scandales à répétition sur l'exploitation des données personnelles (Cambridge Analytica) #libra…
3/ Facebook a commencé (au moins) dès 2017 à travailler sur le "libra". Début 2018, Zuckerberg a officialisé la création d'une équipe blockchain. Il a mis à sa tête @davidmarcus, le patron de Messenger, qui a piloté le projet depuis le début #libra…
Read 15 tweets
1/5 @Buttarelli_G Further concentration of #personaldata poses additional risks to rights & freedoms of individuals. The launch of digital coin #Libra by #Facebook will require careful scrutiny from several enforcement bodies, including data protection authorities #cryptocurrency
2/5 We recognise the potential of new technologies, including, as in the case in question, new applications, which aim to provide financial and #ecommerce services in new or efficient ways.
3/5 However, it would be deeply concerning, e.g. for a company with access to massive volumes of personal information, gathered through its social media platforms and communications services, to be able to combine this information with the tracking of online digital purchases
Read 5 tweets
1/13 Abro hilo sobre #Libra: un nuevo mecanismo de transferencias de activos, confirmación de pago y ejecución de contratos inteligentes. Es mas una obra de infraestructura de pagos que una moneda. Tiene el potencial de revolucionar el comercio (moneda) y la inclusión financiera.
2/13 #Libra usa la tecnología de las criptomonedas para transferir activos y verificar transacciones. Tiene dos diferencias importantes con las criptomonedas existentes. La principal es que tiene un valor fijo con respecto a una canasta de monedas con poder adquisitivo estable.
3/13 Segunda, se monta sobre la red de FB/Whatsapp/Instagram que incluye a un tercio de la población global (2.4 mil mill de personas en FB). Su potencial como medio de pago se deriva de la estabilidad de su valor y de esta red existente, (incluye gente sin cuentas bancarias).
Read 13 tweets

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