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Former Defense Secretary Ash Carter on Libra concerns

July 24, 2019



cryptocurrency you are somebody who has spent a lot of time thinking about the defense of the nation but also a lot of time focusing on new technologies what do you think about the administration's push back against cryptocurrencies right now well I think it's appropriate we got to take a look at this before we jump forward and I saw the exchange between Joe and secretary Newton and cash does get abused for sure on the other hand with the secretary the point the secretary is making was we know something about how to combat that when it comes to cryptocurrency we may learn how to combat that too but it's we're gonna need to learn to combat it and so it's reasonable to that it's reasonable for the government to ask yeah that llibre think that through and again it's first the zealots would say okay cash was never used for nefarious activities where's the where it where's the missing 21 trillion yeah now you're right Joe but that's what that's what the true believer believes a fiat currency yeah so there's a miss where's there haps Libre will give yet another round and to say we we've got to look whether we allow this to move forward the horses that left the barn on Bitcoin it's already moved forward you know you know Joe what I what I wish would happen is what that Facebook would itself suggest make a proposal for how it would self-regulate and how government should regulate it remember they have the technologists they know what what they intend to do they have plenty of lawyers and lobbyists and to go in front of Congress it reminds me of the Facebook hearings of a year ago which were a dialogue of the Deaf because these members don't they don't ask very good questions they clearly don't know exactly where they're where they're going and so we before they go forward I wish Facebook would itself make a proposal and that's true of social media as well I mean let's not lose sight of the big one here we got an election coming up and we still haven't landed the plane of regulation and self regulation social media and we're off talking about let me ask you a question and I let's again you late that libros a very different animal than then bitcoin yeah yep I understand how you could regulate Libra because I know who to call I can track it down I can track it down if I want to make them a bank I can force them to be a bank I see it it's very obvious to me it's and if you regulate it that way and that's the way the US government decides that crypto or digital currencies commodities / everything need to be regulated I then struggle because of the inherent value system and creation of the way Bitcoin was developed to understand how you could regulate it given that is almost unregulated Bowl I'm not sure it's unregulated bull but it has some features that we need to protect ourselves the critical thing is security security from terrorism spidery from from child pornography all of these kinds of things illicit payments Jose very good point and all the crypto currencies there is a way yeah I mean there is a way to do it you're absolutely right Andrew that Libre is different technologically from Bitcoin in the way it's implemented and it has some advantages but they're both well okay but they're both but they're they it can be done in both cases and it needs to be done because we need to protect ourselves and I continue to think that given the government's and particularly the legislative branch's deficiencies and understanding this why don't use the password in code for you for your Bitcoin I'm not saying about losing your password for coinbase or wallet but you bring us the actual token codes there's nobody to call there's nobody that's gonna help fix this for you if you're if you're in your business this is the security business you can't track it ahead of time you can maybe look at it after the fact once the money has moved and that's not to say you can't what you know track it's it's hard to track the the briefcases of cash in advance but you got to carry a lot of briefcases relative to how quickly and efficiently you can do it on the computer right so it's different Libra I agree with you I don't believe that bitcoin is completely impenetrable in that regard remember there's a permanent centralization you've got these financial institutions keeping the float you've got Mark Zuckerberg and involved it this is a transformative disruption to the way currency has been for the last two that I don't you said it ones digital gold and the other one is just like a debit card I just don't think Libra it solves any it doesn't do any of the things that did blockchain and Bitcoin allows with with distribute not what people are excited about they're excited about fiat currency I think it's off we get central bankers help them around the world debasing currencies in tandem that's what I don't but I'm using I think regulators don't want to undo that what regulators want to do is you heard from Steven urchins that they were to lower fees transaction fees if they can lower transaction fees they think they've won the game right and so the question is does Bitcoin do that with hell or does llibre do that without undoing regulators better be on their game if they think they're gonna regulate something it's already out there and again I would say the people who are developing the technology o us a proposal in this regard and also in regard to social media what the regulators to make the call you're saying I mean let's be clear the government has its deficiencies in regarding it in responding to things technologically fast off Facebook wants to do it fast make us a proposal you you

8 Comments

  • Reply Matthew Quarneri July 24, 2019 at 5:17 pm

    Reminds of a larger story; how the mainframe lost out to "The Web" and the network only got better.
    Libra is a decentralized scrip while Bitcoin is a distributed asset. Neither is a real "currency" since there is no legal obligation for creditors to accept it as "legal tender" to pay debts.
    Libra will be way better for micro-payments which is very exciting.
    Big G doesn't need to worry; taxation has financed governments for 2500 years; they'll find a way to tax your asset.

  • Reply mosa Issachar July 24, 2019 at 5:17 pm

    No one on this panel knows what they are talking about. 🤦🏿‍♂️

  • Reply Scott Koningisor July 24, 2019 at 5:17 pm

    Samantha Power should forcibly sodomize Ash Carter.

  • Reply teebone 21 July 24, 2019 at 5:17 pm

    It will hurt the profits of banks and billionaires they don't want this so the US government is attacking it

  • Reply Conscious Crypto July 24, 2019 at 5:17 pm

    It's really obvious watching this who owns BTC and who has buddies who tried to get him to buy some when it was at $8 who he's still trying to prove wrong.

  • Reply Ben Bravo July 24, 2019 at 5:17 pm

    US depends on a mighty USD to maintain and survive it's current lifestyle.

    Considering 22 trillion in debt and counting, rollover is going to harder in the near future.

    US govt has no choice but to destroy any threats, push down gold price and newly cryptocurrency.

    Or face bankruptcy.

  • Reply Joe Daniels July 24, 2019 at 5:17 pm

    Bitcoin is owned by everybody on the network. That makes it way more secure and resistance toward foreign and domestic enemy's. Libra developers and administrators can be baught, exploited, manipulated because of a centralized authority susceptible to bribes, favors, retaliation, etc. It is the decentralized nature of bitcoin that keeps any one power from dictating control. As people gain more awareness they will realize what a truly beautiful system bitcoin is. Decentralization keeps power from exploiting people no matter what country you are in. Bitcoin is a threat to banks not governments. I don't see that as a bad thing.

  • Reply IMA RUSSIAN July 24, 2019 at 5:17 pm

    Is this guy another failed obama hack?

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