Big governments and central banks cannot tolerate Libra and Bitcoin, because they threaten to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites.
Libra has been a talk of town since its launch and because its supported by big big companies like- Uber, Visa, master-card etc so seems banks are worried about their business.
As per Facebook Libra is safe currency backed by assets and it will allow digital payment access worldwide. I will also reduce the use of fiat so I think thats is what making banks and government worried.
Recently Donald Trump shared tweets about bitcoin and cryptocurrency so market is in downtrend and there is huge dip in few days of time.
We all know that digital money is the future and sooner or later we have to adopt it then why not now. Its in early stage and we can get the most out of it now. We can not stop it so rather than finding the way to stop it govt and banks should find the ways to make it beneficial for their business.
Thank you.
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Dear @reeta0119
That's obviously very true.
Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important questionI would like to ask you, and hopefully you would share your own opinion:For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr
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Hi @crypto.piotr
first all thanks a lot for adding your valuable comments. I appreciate your time.
About Libra I have done study but unfortunately not much details are available officially. Based on my findings about Libra is that- its claiming to be a stable digital currency which will be acceptable world wide and it would be backed by few big names like Uber and mastercard etc.
This creates threat to traditional banking system because if it happens the FIAT use will reduce. Thats why banks are worried about it and might try to stop it. I agree that Libra can not replace fiat because thats a very big thing. Country economy depends upon FIAT and many more factors. Seems facebook has presence across the world so we can expect it to reach bigger audience but it might get successful too but its success does not mean that it will end fiat. We have to depend on fiat for many things and for next 30 years at-least crypto can not change the way it is.
I am not expert in this and I started working on crypto and blockchain since Feb this year and I am just beginner so you can expect lots of mistakes in my research, which is obvious. But I assure you that I will learn with your honest feedback and will work even hard to improve myself.
It means a lot to me that you stopped by my post and added your valuable words. Thanks Have a nice weekend.
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Thanks for your kind comment @reeta0119
I really appreciate it a lot. We seem to be on the same page with our views.
I also wanted to make some suggestion.
My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).
Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.
This way not only I would have a chance to read your publication, drop a comment but I will also `upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)
Please let me know what do you think. This surely should sound like a interesting offer :))
Cheers, Piotr
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Hi @crypto.piotr
Thanks for appreciating my comments and it like motivation booster for me.
I will share my posts with you through memo whenever I make something relevant to your interest. You can also share with me and I will try to give my opinion about that. Sorry but I don't have much SP so my vote won't give any value. After working for few months now have earned only few SP. Hope you understand how difficult it is here for newbies to manage. RC and SP restrictions all around.
Thanks for your nice words.
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Bitcoin why 2019
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