Just in case you needed additional proof that Libra is coing to compete with the banks, and not with Bitcoin and other existing crypto-currencies: financialservices.house.gov/up

The most absurd thing about this, in my opinion, is that US government entities somehow think they have the right to tell a private company that its engineers cannot implement certain computer programs in the first place, which is completely different than running computer programs in ways that would violate laws.

... which, in essence, is censoring research work. Except they know they can't do that, so it's just an open letter containing a strongly worded request, and not actual legal action.

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@raucao That's not research work though. There has been plenty of research in this area, an no one has tried to regulate it.

This is not research. This is an actual attempt to take control of the monetary system, and the regulator is doing what they are supposed to do in regulating this.

Whether or not one agrees with the fact that governments regulate monetary flow is a completely separate issue, but the fact is that this is what governments all over the world does.

@loke It doesn't matter if that's the attempt. You can not forbid someone from writing code that doesn't violate laws. But I'm not here to convince you of anything. Have a nice day.

@raucao I would like to be convinced though. My understanding is that they do indeed violate laws.

As best as I can tell, it's illegal to create an alternative currency or to compromise the integrity of the existing currency.

I think that your position is that it is not illegal, so I guess if either of us are interested in coming to an agreement, we'd need to look into what the laws actually say, and I'm not sure either of us feel like doing that.

@loke Sorry, not interested in a discussion. If I had to explain the global financial system to everyone who asked, I'd need to employ people helping me to do it full-time, in addition to spending all day on it.

@loke I'm sure you're capable of researching anything you may want to know for yourself.

@loke I'd like to apologize for my earlier response. The answers are actually quite simple, and it's most likely not your fault that you think these things, if you've never learned about them yourself. Both education systems and media are unwittingly causing these ideas, by way of never teaching anyone anything about money in the first place....

@loke It is perfectly legal to create your own currency. In fact, many alternative currencies exist, and aside from those, many other things are used as currency. Anyone is free to accept your currency. The only thing you cannot do is pay your taxes in said currency. And usually, a court will only acknowledge the value in its nation state's legal tender at the time of transaction, in case you're claiming damages.

@loke It is even perfectly legal to "compromise the integrity of an existing currency", and you can observe this every day all over the world. Both in terms of governments and central banks compromising the integrity of their own currencies, as well as traders influencing the price of state currencies against other state currencies.

@loke So, what this really is about, and the letter to Facebook explicitly states that, is that nobody has attempted to create an alternative currency for mainstream adoption at Facebook scale yet. The general idea of having a basket of state currencies as reserve for a common currency is very old. In fact, the IMF operates the SDR, which works exactly in this way. But the US government basically controls the IMF, while it can only indirectly control members of the Libra Foundation.

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