Ep. 56 - The Truth About Libra - Facebook’s Cryptocurrency
Jul 27th, 2019 by truthquest
Facebook’s recent congressional testimony before the House Financial Services Committee regarding their proposed cryptocurrency, Libra, caught my attention. It got me wondering: where in the Constitution does it grant the federal government the power to regulate a cryptocurrency or a social media platform? I posed that question on the Truth Quest Facebook Fan Page and immediately started researching this episode.
The truth is that cryptocurrencies in general and the Libra specifically pose a threat to many entities - central banks, power hungry government officials, and too-big-to-fail banks.
In this episode I explain what Libra is and examine the threat posed by it and other cryptocurrencies. Along the way we discuss the benefits of cryptocurrencies, congressional overreach, sound money, central banks and the concept of private money.
- Why This Economist is Skeptical of Facebook's Grandiose Claims About the Libra
- Why Facebook's New Cryptocurrency is No Threat to Bitcoin
- Libra: Competitor to Inflationary Central Banks
- Facebook's Fake Money
- It's No Bitcoin: Facebook's Libra Currency Tied to Government Currencies
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