Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

User avatar
Ad Orientem
Executive Member
Executive Member
Posts: 3117
Joined: Sun Aug 14, 2011 2:47 pm
Location: Florida USA
Contact:

Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by Ad Orientem » Thu Jul 11, 2019 9:39 pm

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.
Read the rest here...

https://www.cnbc.com/2019/07/12/trump-c ... libra.html
User avatar
Smith1776
Executive Member
Executive Member
Posts: 263
Joined: Fri Apr 21, 2017 6:01 pm

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by Smith1776 » Fri Jul 12, 2019 1:01 am

As much as I dislike Facebook (and yes I know the new consortium is not facebook), I hate the world's entrenched banking cartels even more.

Trump doesn't know what he's talking about.

You know what also facilitates unlawful behaviour? The U.S. Dollar -- more than any other currency in the world.
Early to bed and early to rise makes a man healthy, wealthy, and wise.
User avatar
Maddy
Executive Member
Executive Member
Posts: 901
Joined: Sun Jun 21, 2015 8:43 am

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by Maddy » Fri Jul 12, 2019 6:40 am

A digital currency controlled by an intelligence operative whose unabashed goal is centralized control over every aspect of your life is the banking cartel's wet dream.
User avatar
shekels
Senior Member
Senior Member
Posts: 117
Joined: Sun Jun 02, 2019 9:01 am

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by shekels » Fri Jul 12, 2019 10:30 am

Smith1776 wrote:
Fri Jul 12, 2019 1:01 am
As much as I dislike Facebook (and yes I know the new consortium is not facebook), I hate the world's entrenched banking cartels even more.

Trump doesn't know what he's talking about.

You know what also facilitates unlawful behaviour? The U.S. Dollar -- more than any other currency in the world.
Without Cash you will surely lose the rest of you Liberties/Privacy.
Now if the way the Laws that govern money and how money is created were changed, that would be a step in the right direction.
Cryptocurrency is not stable Money.
What do Christmas lights and Jeffrey Epstein have in common?
They don’t hang themselves.
User avatar
Smith1776
Executive Member
Executive Member
Posts: 263
Joined: Fri Apr 21, 2017 6:01 pm

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by Smith1776 » Fri Jul 12, 2019 12:05 pm

I see what you guys are saying, but I'm sticking with my guns on this one.
Early to bed and early to rise makes a man healthy, wealthy, and wise.
User avatar
dualstow
Executive Member
Executive Member
Posts: 8774
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by dualstow » Fri Jul 12, 2019 3:42 pm

Mark Cuban (yeah, I know, I know) thinks Libra is a bad idea. Not necessarily for the U.S., but for nations run by more..problematic governments.

https://www.cnbc.com/2019/07/12/mark-cu ... stake.html
https://www.reddit.com/r/TactiCat
User avatar
shekels
Senior Member
Senior Member
Posts: 117
Joined: Sun Jun 02, 2019 9:01 am

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by shekels » Wed Jul 17, 2019 8:36 am

dualstow wrote:
Fri Jul 12, 2019 3:42 pm
Mark Cuban (yeah, I know, I know) thinks Libra is a bad idea. Not necessarily for the U.S., but for nations run by more..problematic governments.

https://www.cnbc.com/2019/07/12/mark-cu ... stake.html
“There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring,” he explained.

Cuban has a point. But what of the Despots in the G20, Central bankers get upset and can't control their currency anymore :o
What do Christmas lights and Jeffrey Epstein have in common?
They don’t hang themselves.
User avatar
dualstow
Executive Member
Executive Member
Posts: 8774
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by dualstow » Wed Jul 17, 2019 2:12 pm

That is also a good point. O0
https://www.reddit.com/r/TactiCat
User avatar
Smith1776
Executive Member
Executive Member
Posts: 263
Joined: Fri Apr 21, 2017 6:01 pm

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by Smith1776 » Wed Jul 17, 2019 2:48 pm

I wonder what Harry Browne would have thought about Libra. Not just from an investment perspective, but from his libertarian perspective.

It's cryptocurrency. Except it's not truly decentralized. It's not fiat, but it kind of is, thanks to its fiat reserves. It's a free market solution, but a highly commercialized and consolidated one. It has limited supply like gold, but only enforced in software, not by nature.

In many ways I like Libra. It has just enough elements of free money and decentralized money, in addition to stabilization and centralization that it might just work.
Early to bed and early to rise makes a man healthy, wealthy, and wise.
User avatar
shekels
Senior Member
Senior Member
Posts: 117
Joined: Sun Jun 02, 2019 9:01 am

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by shekels » Thu Jul 18, 2019 9:27 am

Smith1776 wrote:
Wed Jul 17, 2019 2:48 pm
I wonder what Harry Browne would have thought about Libra. Not just from an investment perspective, but from his libertarian perspective.

It's cryptocurrency. Except it's not truly decentralized. It's not fiat, but it kind of is, thanks to its fiat reserves. It's a free market solution, but a highly commercialized and consolidated one. It has limited supply like gold, but only enforced in software, not by nature.

In many ways I like Libra. It has just enough elements of free money and decentralized money, in addition to stabilization and centralization that it might just work.
Just a thought I had.
If our Debt based money system was not as corrupt as it is today, would anyone be interested at Crypocurrency as real currency?
Or would crypto just be a speculative vehicle for making money like stocks and commodities?
What do Christmas lights and Jeffrey Epstein have in common?
They don’t hang themselves.
User avatar
bitcoininthevp
Senior Member
Senior Member
Posts: 143
Joined: Fri Sep 25, 2015 8:30 pm

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by bitcoininthevp » Thu Jul 18, 2019 10:41 am

Smith1776 wrote:
Wed Jul 17, 2019 2:48 pm
I wonder what Harry Browne would have thought about Libra. Not just from an investment perspective, but from his libertarian perspective.
Harry thought the PP should be location/regional focused. As Libra is a bundle of international currencies, it would be bad for the PP/investment in that regard. Its just a bundle of fiats with a counterparty and custodian that you have to trust.

From a libertarian perspective, Libra is asking how to comply with the government currently. So there is not much liberty to be found there either.
Smith1776 wrote:
Wed Jul 17, 2019 2:48 pm
It's cryptocurrency. Except it's not truly decentralized.
Cryptocurrency as "Tokens" issued on a "blockchain" do not have any inherent value. You and I can issue one this afternoon if we wanted.

The value of Bitcoin is in the censorship resistance via decentralization.

Libra's network is set to be run by a few, named, companies with mailing addresses, complying with regulations of the government. What is the investment value proposition for something like this? What is the liberty value proposition for something like this? There may be some efficiency gains from new technology, but Im unclear why "blockchain" is the best technology for a centralized group to run. (why not a database that each member of the group share rules to update?)
Smith1776 wrote:
Wed Jul 17, 2019 2:48 pm
It's not fiat, but it kind of is, thanks to its fiat reserves. It's a free market solution, but a highly commercialized and consolidated one. It has limited supply like gold, but only enforced in software, not by nature.
"It has limited supply..." Source of this? I dont think it is limited.
Smith1776 wrote:
Wed Jul 17, 2019 2:48 pm
In many ways I like Libra. It has just enough elements of free money and decentralized money, in addition to stabilization and centralization that it might just work.
Per my comments above, Im unsure what is gained by Libra. Happy to hear your thoughts on it in more detail since I have not given it too much research yet.
User avatar
dualstow
Executive Member
Executive Member
Posts: 8774
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

Post by dualstow » Mon Jul 29, 2019 8:36 am

This doesn't warrant its own thread, but I noticed when I logged on to Vanguard that the busy line at the bottom of my browser (Firefox) included what looked like "transferring info to Facebook..." for a half sec. Although my account is deactivated it's not deleted, and I don't doubt that Facebook keeps tabs on my browsing, pun intended.

Still, I wonder what info is being transferred. Do you think they're just noting that I visited Vanguard?
https://www.reddit.com/r/TactiCat
Post Reply