4 ms·
How will this liberate control from governments? Libra will still be pegged to government controlled currencies, libra is just a proxy for transportation. Gover
by themacguffinman 7y ago
How will this liberate control from governments? Libra will still be pegged to government controlled currencies, libra is just a proxy for transportation. Governments can still regulate transactions that cross borders, the same laws will apply and will actually be easier to enforce because the libra network is managed by legal corporations rather than an anonymous pool of users.
- _bxg1 7y ago> Libra will still be pegged to government controlled currencies For the time being. That's just part of the bootstrapping process, to avoid volatility in the short-term. > Governments can still regulate transactions that cross borders And how do you suggest they'll do that?
- themacguffinman 7y ago> That's just part of the bootstrapping process, to avoid volatility in the short-term. How would you stop pegging libra to a currency without destroying or distorting enormous values of libra that existing owners have and therefore permanently destroying trust in libra? I don't see any real substance to this sort of vague cynical claim that "they're just biding their time". > And how do you suggest they'll do that? By applying the same transaction reporting laws to libra (which have equivalent currency value) that already apply to bank-to-bank transactions. The key validators in libra transactions are legal corporations unambiguously within government jurisdiction.