<story><title>Libra, 2 Weeks In</title><url>https://www.facebook.com/notes/david-marcus/libra-2-weeks-in/10158616513819148/</url></story><parent_chain><item><author>Lucadg</author><text>This is the part where they reveal how they plan to negotiate with regulators:&lt;p&gt;&amp;quot;At the core, we believe that a network that helps move more cash transactions — where a lot of illicit activities happen — to a digital network that features regulated on and off ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain activity, will be a big opportunity to increase the efficacy of financial crimes monitoring and enforcement&amp;quot;&lt;p&gt;In other words: let us do Libra and we&amp;#x27;ll help you win the war on cash.&lt;p&gt;The biggest blow on privacy in the world&amp;#x27;s history, brought to you buy Facebook.</text></item></parent_chain><comment><author>sametmax</author><text>Not just privacy. Democracy in general.&lt;p&gt;No cash mean you can&amp;#x27;t do anything that has not been validated by the state first.&lt;p&gt;It means kids will have less options to foul around without the parents checking it.&lt;p&gt;It means you won&amp;#x27;t be able to pay in a gay bar anonymously.&lt;p&gt;It means any new (and hence controversial) political concept will have no way to financially grow to acceptance.&lt;p&gt;It means no living off the grid.&lt;p&gt;It means hobo will be even more excluded.&lt;p&gt;It means in case of crisis, the financial system is paralyzed.&lt;p&gt;It means if powerful people wants something bad for you, you can&amp;#x27;t be on the run.&lt;p&gt;It means easy censorship against unpopular activists or artists.&lt;p&gt;It means no way to test a weird idea off the record to see if it&amp;#x27;s worth it.&lt;p&gt;It means no escape if the gov raises taxes in an unjust way.&lt;p&gt;It means no workaround for paralyzing bureaucracy.&lt;p&gt;It means no grandpa selling his home grown vegetable at the farmer market on the side.&lt;p&gt;It means everything you do, where you do, at what time and with whom is tracked, permanently recorded, then passed to algo or AI for analysis.&lt;p&gt;No grey area. No margin of error.&lt;p&gt;Just the immovable, inflexible structure of current society imposing itself to everybody.</text></comment>
<story><title>Libra, 2 Weeks In</title><url>https://www.facebook.com/notes/david-marcus/libra-2-weeks-in/10158616513819148/</url></story><parent_chain><item><author>Lucadg</author><text>This is the part where they reveal how they plan to negotiate with regulators:&lt;p&gt;&amp;quot;At the core, we believe that a network that helps move more cash transactions — where a lot of illicit activities happen — to a digital network that features regulated on and off ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain activity, will be a big opportunity to increase the efficacy of financial crimes monitoring and enforcement&amp;quot;&lt;p&gt;In other words: let us do Libra and we&amp;#x27;ll help you win the war on cash.&lt;p&gt;The biggest blow on privacy in the world&amp;#x27;s history, brought to you buy Facebook.</text></item></parent_chain><comment><author>gridlockd</author><text>This is exactly how all cryptocurrencies already are allowed to operate. Any domestic crypto exchange has to do KYC, but also cooperate with the IRS. With most cryptocurrencies, transactions are public and traceable.</text></comment>