Facebook's 'Libra'

Discussion in 'Digital Currencies' started by Roswell Crash Survivor, Jun 19, 2019.

  1. pegleg

    pegleg Member

    Joined:
    Aug 5, 2013
    Messages:
    39
    Likes Received:
    0
    Trophy Points:
    6
    Location:
    Australia
    Sounds like getting payed in company credit you can only spend at the company store
     
  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    2,690
    Likes Received:
    1,503
    Trophy Points:
    113
    Location:
    Singapore
    I agree on the tax, I believe gold bullion will eventually be taxed just like copper and iron. In fact, it's already taxed in countries like Japan and India.
     
  3. Oddjob

    Oddjob Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2018
    Messages:
    4,024
    Likes Received:
    4,871
    Trophy Points:
    113
    Location:
    Oz
    I take it that most heard or read DJT's comments on crypto's today.

    https://www.forbes.com/sites/samant...-anti-cryptocurrency-tweetstorm/#6618ee907ff6

    The President tweeted:

    "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...."



    He continued, criticizing Facebook's Libra cryptocurrency:

    "....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National..."

    https://twitter.com/realDonaldTrump/status/1149472284702208000
     
  4. JOHNLGALT

    JOHNLGALT Well-Known Member

    Joined:
    Apr 3, 2017
    Messages:
    2,822
    Likes Received:
    953
    Trophy Points:
    113
    Location:
    Country Victoria Australia
    Watch LIVE (Libra Crypto hearing).

     
  5. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    2,690
    Likes Received:
    1,503
    Trophy Points:
    113
    Location:
    Singapore
  6. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    13,612
    Likes Received:
    3,074
    Trophy Points:
    113
    Location:
    Australia
    Fascinating. Especially:

    more than two centuries) and then the U.S. (thanks to Alexander Hamilton)—all had their currencies linked to gold.

    For a variety of reasons gold holds its intrinsic value better than anything else. It’s like a measuring rod. It no more restricts the money supply than the 12 inches in a foot restricts the size of a building you might wish to construct. All it means is that the Libra will have what no other currency has today: a fixed value. And that fixture will gradually make it the most desirable medium of exchange around the globe. People hunger for trustworthy money.

    Your consultants, like most economists today, will be vociferously opposed to the yellow metal, burdened as they are by ignorance and countless myths and superstitions. This widely shared skepticism will actually be an advantage, as it will keep away well-capitalized imitators.​
     
  7. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    2,690
    Likes Received:
    1,503
    Trophy Points:
    113
    Location:
    Singapore
    I've a sudden idea. What happens if facebook decides to issue Silver Libra, each unit is backed by 1 ounce of physical silver? 1 Silver Libra silver dollar = $16.20 + 1% premium at current price?

    How many do you think he can sell? I think he can easily sell 100 million units of Silver Libras, assuming he actually has 100 million ounces of silver in a warehouse.

    If Silver Libras are fixed at 100 million units, how will he handle the situation if the demand exceeds supply and people start to bid Silver Libras so that each Silver Libra is worth more than the market price of an ounce of silver?
     

Share This Page