Facebook's 'Libra'
- Thread starter Roswell Crash Survivor
- Start date
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.
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
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
Anyone seen this? Steve Forbes's letter to Mark Zuckerbeg.
https://www.forbes.com/sites/steveforbes/2019/06/25/open-letter-to-mark-zuckerberg/#4e79aa0f2614
https://www.forbes.com/sites/steveforbes/2019/06/25/open-letter-to-mark-zuckerberg/#4e79aa0f2614
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.
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.
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?
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?