Quote from: Kakmakr on July 12, 2019, 05:44:39 AM

Quote from: squatter on July 12, 2019, 05:31:02 AM

Quote from: Prateek_sharma on July 12, 2019, 05:07:14 AM

What's the reason behind this criticize?

It seems like Facebook's Libra cryptocurrency has ruffled a few feathers. Several Congresspeople immediately took up arms and pushed for a moratorium on the Libra project while they presumably work on hastily passing regulations on cryptocurrency. Now Trump is joining the party.

Sadly for US users and traders, this is a sign that unfavorable legislation is coming down the pipeline.

I want to agree with you on that, Libra has triggered a shit storm with their announcement. The US government has not seen Bitcoin as a threat, because they defined it as a commodity and not as a currency. Now Libra comes along and it is backed by a large corporation and it challenges the Dollar as a reserve currency. Tongue

Donald Trump has built his campaign and presidency around the strengthening and protection of the US economy and the Dollar and now Libra pose a threat to the Dollar. Roll Eyes

Expect to see a lot of protection mechanisms kicking into place to fully regulate Crypto currencies and protect the US Dollar in the near future.

Facebook Libra coin is a curse for bitcoins, and I hope Libra coin is taken off the market before it does more damage to bitcoin. As @Kakmakr rightly pointed out that Trump had build his campaign around US economy and USD, hence he had to take a stand as Libra coin will be launched just ahead of USA presidential elections. Those mechanisms will be very bad for bitcoin and the entire crypto market, I do hope bitcoin enthusiasts in USA will take a stand against it.