Facebook Libra Legality – Congress Needs to Understand History, not Libra
Facebook Libra legality is being determined in US Congress hearings next month based on the understanding gained by US k=lawmakers during these hearings. As I see it, that’s the wrong way to go about it. Facebook is widely regarded as a monopoly in business and media quarters and given their unique market position that is above and beyond dominance, I agree.
Facebook is a monopoly nearly as powerful as Standard Oil and AT&T. The subject of Facebook Libra Legality cannot be limited to the coin itself and what it might be used for. The questions members of congress need to ask is: What happens when a powerful global monopoly has its own monetary system?
Answer: We don’t WANT to find out.
I’m the last one you’d think is a conspiracy theory nut but… WHAT IF the Facebook Libra legality issue is part of a bigger play to protect Facebook from a government-mandated breakup?
Either way, Facebook Libra legality must be denied. To allow Facebook to get its hooks into a significant amount of global monetary transactions is too dangerous.
How dangerous?
New research, carried out by U.S. brokerage eToro, has found that while 58% of the U.S. adults have heard of bitcoin, the first and largest cryptocurrency, Facebook’s libra is already known by 16% of people—just a month after it was unveiled.
Here’s the scary part — Bitcoin has been around for TEN YEARS. The only safe way I see to Facebook Libra legality is to divest Libra from Facebook as a condition as it being approved as a viable stable crypto coin. So much power allowed to be in the hands of a single entity is too dangerous. That’s why AT&T and Standard Oil were forced to break up; to protect consumers through the balanced dispersal of concentrated corporate power.
