Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
Yes, that is the whole point of crypto. But it won't be Libra, it is too weak and badly designed and will be defeated. Bitcoin, truly decentralized, immutable, community maintained, came to this world to put an end to governments and financial institutions from manipulating people's money, or as Antopoulos said: separate Currency from State, the same way Religion and State are now separate in modern countries.
Zuckerberg came too late to the game and in his ignorance removed all the advantages of crypto to restore several disadvantages from fiat. For this reason its going to fail, hard. And having FB, IG and TW behind it won't save it either, but will be fun to start the cryptocoin discussions and people will inevitable find their way here, where it all started... Yes, I expect ignorant Zuckerberg to read this forum to find out why he is failing, he should have adopted Bitcoin instead of attacking it. OR if making (yet another) altcoin, make it as close to Bitcoin as possible, not go the other direction which ensures his failure.
But some people just need to lose half or more of their fortune to get it, just ask those other millionaires who tried to fork bitcoin on their
brilliant ideas alone...
According to some US law you can't make your own money, and that is that. He should have seen it coming from miles away...