Facebook’s Libra Yields Before Congress. Bitcoin Can Never Be Controlled.

Take Control of Your Domain Names

Satoshi Nakamoto is the pseudonym of a mysterious software developer who released a white paper describing a new peer-to-peer currency called bitcoin on an obscure mailing list in 2008, then disappeared two years later.

David Marcus is a Facebook executive who was grilled in two congressional hearings this week about a new digital currency project called “Libra,” which the social media giant is billing as a less volatile version of bitcoin that can be monitored and controlled by governments.

“We are fully committed to working with regulators, here and around the world,” Marcus said on Tuesday before the Senate Committee on Banking, Housing and Urban Affairs. “And let me be clear and unambiguous: Facebook will not offer the Libra digital currency until we have fully addressed regulators’ concerns and received appropriate approvals.”

The hearings were a useful reminder that one of the many reasons that bitcoin is a revolutionary technology with profound political consequences, and Facebook’s Libra is a payment network with some interesting properties, is that Congress can never make Satoshi Nakamoto appear on national television to be grilled by lawmakers.

Written and narrated by Jim Epstein; Graphics by Austin Bragg and Meredith Bragg.

Alexandria Ocasio-Cortez Photo Credit: Stefani Reynolds—CNP / MEGA / Newscom

David Marcus Photo Credit: Bill Clark/CQ Roll Call/Newscom


This post has been republished with permission from a publicly-available RSS feed found on Reason. The views expressed by the original author(s) do not necessarily reflect the opinions or views of The Libertarian Hub, its owners or administrators. Any images included in the original article belong to and are the sole responsibility of the original author/website. The Libertarian Hub makes no claims of ownership of any imported photos/images and shall not be held liable for any unintended copyright infringement. Submit a DCMA takedown request.

Read the original article.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Weekly Newsletter SignupTop Story of the Week

Subscribe to our newsletter to receive a weekly email report of the most popular article on the Libertarian Hub!