In the congress
testimony of Facebook’s Libra it is now known that Libra is not a
Cryptocurrency, it is a Digital currency and that in itself poses a
concern. Where the media giants are clearly uneducated to what a real
Cryptocurrency is and what a digital asset is, they show the world
how clearly uneducated and uninformed they are, and that is the real
problem in this country.
Facebook is not
creating a Cryptocurrency, rather it is creating a digital asset that
would be governed by a select few, does this not sound familiar.
Libra if it is allowed should not have a Libra association, for if it
does have such an association it is not defined as Cryptocurrency
rather a digital currency, that poses serious financial issues, and
security issues, not just for the United States, but for the entire
world.
With the actual
Testimony from Mr. Marcus, it is clear that the Governing body would
be the Libra Association. This in of itself, is a back door to a
centralized currency for a payment tool that would stifle
competition, just like the Big Tech Companies have censored American
Citizen’s free speech.
Bitcoin, on the
other hand, is a Cryptocurrency whose value is designed back by real
math and scarcity. There are miners which solve highly sophisticated
mathematical computations to provide hash power across the network,
which provides security to the network. There is also the factor that
each and every single transaction is verified by the miners, and no
fraudulent transaction will be allowed because
the miners would not
give a consensus to the transaction, and therefore would be rejected.
Another factor is Bitcoin is divisible by one-hundred-million units
known as a satoshi. A unit or Bitcoin is not automatically currency,
for example a unit of bitcoin can be a share in a company, or it
could be a kilowatt of energy, maybe a donation to education. Bitcoin
is not limited to be an actual payment currency it is a technology.
The real danger is
the media as well being utterly uneducated to the difference. LIBRA
is not, and should never be put in the category of Cryptocurrency,
because it is not Cryptocurrency. What Facebook is proposing is a
complete control of not only our voice, our elections, and media, but
also our finance and cannot be allowed.
“If the
citizens of the United States, ever allow a central bank to control
their currency, first by inflation, then by deflation, the banks and
the corporations that grow up around it would deprive people of their
property, and our children’s children would wind up homeless on the
very continent their Fathers conquered.” - Thomas Jefferson.
These words were
proven true, If we allow this to move forward the dangers of our
rights and our entire world would become a disaster. Big Tech needs
to be regulated, broken up and deprived of any ability to control
anything as important as rights, media, and most of all money.
If we fail to
prevent this the results could be disastrous for our country and
prosperity.
