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When it comes to Facebooks new cryptocurreny the LIBRA or GlobalCoin there are some very important things to take note of.
When Facebook released the white paper for their planned new cryptocurrency called Libra to launch in 2020 one thing that really stuck out was just how fast legislators moved into action and told Facebook to halt their actions.
With Bitcoin however the SEC and FTC have been delaying over and over again for the last almost 2 years now. Making zero decisions on the cryptocurrency and either rejecting or delaying every ETF that has come their way.
The take away from all of this should be this.
With Facebooks cryptocurrency with how fast they acted and told them to halt their actions it means government is no where near ready and might never be ready for cryptocurrency. To them it is very high risk that they can lose control and power and this includes banks.
Facebook is a central company or point of contact in which is the first time Governments can talk or have communication with someone preparing to launch a cryptocurrency.
With bitcoin however there is not central authority. Being that it is decentralized the governments really have no control over it. If they where to say halt development on Bitcoin, well it would simply fall on deaf ears and continue to go on.
The grand take away here is don't expect governments to approve Bitcoin any time soon. So if this currently rally is backed on Facebooks coin and hoping it brings legitimacy to cryptocurrency it could very well be on false hope.
Good points on both currencies, and believe me those who run this ponzi scheme that most of the population believes in, this paper money were all accustom to that is backed by nothing more than a belief and most believe it is real, know very well that a crypto currency such as Bitcoin outside of there control can end it all for them.
Peace,
Pappy
Good points. Said some of that myself (like bitcoin can't be stopped by any Gov, etc.). As far as Congressmen, legislators, regulators:
Think they really don't understand it or something (a lot of them are older, barely even understand computers :-)
They just fear what they can not control it could literally destroy a country overnight. I mean heaven forbid everyone in the world have a equal opportunity lol