Libra Finance Committee / Organizations Oppose Libra / Libra Programming Language

Inside Libra presented by TWiT.

Presented by Subscribe | View in browser Editors Note: Welcome to Inside Libra, our newsletter dedicated to Facebook's new and potentially game-changing cryptocurrency.  You will receive Inside Libra once a week while the rest of the week will be focused on the entire cryptocurrency market.       Market Watch: Bitcoin is up over 6% in the past 24 hours erasing its losses from the previous day. 80 percent of the coins in the top 10 by market cap is up over the past day.  Bitcoin: $11,286.26 (⬆️ 6.44%) // $200.84 billion market cap. Ethereum: $292.59 (⬆️ 1.44%) // $31.23 billion market cap. XRP: $0.39 (⬇️0.14%) // $16.97 billion market cap. Litecoin: $118.89 (⬇️ 30.27%) // $7.43 billion market cap. Top 100 Winner: Tezos: $1.19 (⬆️ 17.16%) // $785 million market cap. Top 100 Loser: Waltonchain: $1.79 (⬇️ 4.73%) // $74 million market cap. Prices are as of 1:45pm EDT.       1. The House of Representatives' Committee on Financial Services penned a letter to Facebook asking them to halt development of their cryptocurrency Libra. In its letter to Facebook, the committee said, "It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy." - FORBES       2. Multiple organizations such as the Service Employees International Union, the Consumer Federation of America and Public Citizen argued that regulators aren't prepared for issues that will arise from the launch of Libra. The group said, "All of us believe the risks posed by Facebook's proposal are too great to allow the plan to proceed with so many unanswered questions." Facebook's spokesperson Dante Disparte responded by saying, "The Libra Association maintains that financial inclusion, regulatory harmony, and consumer concerns are not competing objectives, but rather work in lockstep with the association's goals of offering a simple global currency and financial infrastructure that empowers billions of people." - BLOOMBERG       A MESSAGE FROM TWIT All Microsoft Podcast The Windows Weekly podcast covers everything Microsoft. Learn what's happening with Windows, Microsoft Office, Enterprise, Azure, Xbox, plus hardware reviews with hosts Leo Laporte, Mary Jo Foley, and Paul Thurrott. Subscribe to Windows Weekly on Your Favorite Podcatcher 3. From The Forums: @CryptoManiaks posted on Reddit five reasons why Libra is not a cryptocurrency.  It's not censorship resistant It's not borderless It's not neutral  It's not public It's not open @Eco_cannibalism responded to the thread and wrote, "It's hard to imagine a company more adamantly opposed to all the values Crypto was founded on, than Facebook. As a company, they're: Extremely violators of privacy Spy on their users and sell data Censor and manipulate information They shit on all the values of crypto. Decentralization, anonymity, free use, and borderless. Facebook is a TechCorp that crushes privacy and is nothing but a damaging force on this world. They're just trying to worm their way into crypto to make some money. They don't deserve to earn a penny. Keep their grubby fingers off Crypto and don't give them a penny. Boycott"       4. Facebook created a new programming language that will power Libra. Ben Maurer, tech lead for the Libra-focused Facebook subsidiary Calibra, said, "One of the things that's powerful about Move is it's very expressive. Move can express things ranging from simple transactions like sending money to more complex transactions like how money is created and destroyed. Move is an open source project so anyone can visit the project's Github and learn how to use it." - BUSINESS INSIDER       A MESSAGE FROM TWIT PODCAST 15 Tech Podcasts Covering Every Angle If you are into tech, check out the TWiT.tv podcasts. We cover the latest innovations, privacy, social media, security, plus reviews of smartphones, laptops, tablets, and wearables. If it has a chip, Leo Laporte and friends have a podcast for it. Find Your Next Favorite Podcast Here   5. Facebook Libra head David Marcus wrote a blog post defending the new cryptocurrency. Marcus wrote, "Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges." Marcus continued, "With Libra, anyone with a $40 smartphone and connectivity will have the ability to securely safeguard their assets, access the world economy, transact at a much lower cost, and over time access a whole range of financial services." - FACEBOOK       6. The Bank of Japan will monitor Libra. A BOJ representative said, "It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment." Japan assumes that as Libra users withdraw money to purchase the tLibra token from smaller regional banks, Facebook would likely place those reserve funds in Japan's larger banks, causing money to flow away from more minor institutions causing liquidity issues. -  NIKKEI       7. Visa Inc., Mastercard Inc., and PayPal Holdings Inc. may face tougher regulation since joining Facebook Libra's consortium. Morgan Stanley analyst James Faucette said, "It is not a stretch to imagine that widespread take-up and usage of Libra could result in the coin being able to become a free-floating currency, which means there's probably going to an up-swell of vocal opposition from regulators, central bankers, and lawmakers globally." - BLOOMBERG       Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny. Edited by David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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