Facebook's head of Calibra David Marcus uses the last resort of monopolist scoundrels, which is national security. If the red, white, and blue big tech company Facebook doesn't release the global Libra payment product, China will.
Marcus says that when people open a Facebook Calibra wallet, they will have to upload a government-issued ID and a team at Facebook will be dedicated to this—with the goal of preventing fraud https://t.co/MBQDHvlU5b
WATCH: David Marcus, head of Facebook's cryptocurrency subsidiary Calibra, testifies in front of the Senate Committee on Banking, Housing and Urban Affairs. https://t.co/3l8KO9YcLg
David Marcus, Facebook's Head of Calibra, responded: “If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours”
@SenToomey @jontester @SenThomTillis @MarkWarner
David Marcus sort of reverses himself, implies that Calibra wallet will be embedded in Facebook's products, but third party wallets won't. The power is in the default, we know this. Ok, this is a payment monopoly leverage play.
to @DavidMarcus on @Libra:
"If a user wishes to use a wallet other than @Calibra, will you make it easy to allow export of their keys"..."and other data?"
David: "Absolutely." https://t.co/SCVM1vUV1z
Arizona senator brings up the great point that Facebook went back on its promise to not share data from WhatsApp a couple years after it was acquired. FB was fined in the EU for this. What’s to keep the same thing from happening with Calibra saying it won’t share data now?
Üçüncüsü FB son iki senede devlet tarafından çok fazla zarara uğratıldı. Yaptırımlar, cezalar, kanun değişiklikleri, senatolara çağırılmalar falan. Bu süreçlerin hepsinden sağ çıktılar.
O yüzden Libra/Calibra içinde devleti karşılarına alabilecek cesareti gördüm bu oturumda...
Just cuz you open source it doesn't mean you don't own it. Warren looking to lock it down, by asking about Calibra limitations. Marcus obfuscation #34 gets slammed down - how do u guarantee FB doesnt dominate? make it easy to move keys, data over to 3rd parties
Q: You say in your privacy documents that it will be easy to understand what data will be collected. Is the business model of Calibra to sell that data?
A: The public business plan or the private one?
Thoughts on #Facebook #Calibra head David Marcus' Senate testimony:
promises no Libra until "until we have fully addressed regulatory concerns" from "the broadest, most extensive, and most careful pre-launch oversight...in FinTech's history." This will take years, if ever 1/n
Mark: "on Calibra, you're on the record as making sure that you will put no barriers in place to moving from one wallet to another"
David: "We believe...this is...primordial for the Libra network that consumers have the ability to move from wallet to wallet" https://t.co/nhG3j1M3GB
I have never seen Democrats and Republicans so united as they are on the @Facebook @calibra
issues for #Libra cryptocurrency -- one this we can all agree on: Facebook's Libra is a problem - and Facebook has a lot of other problems it needs to fix first
With all the tough q’s today in from the Senate, seems like @Libra_
will be more permissioned than initially projected. @calibra
will be fine but the external wallets *will* end up limited in functionality. Still too many open questions: governance, taxes, consumer protection!
le informazioni finanziarie raccolte da Calibra non saranno condivise con Facebook, “a meno che le persone non accettino di consentire tale condivisione" 😂😂😂 https://t.co/zcFmz2Tuyp
A few things to that:
1) If you really want to wait to get regulatory concerns just right, why are you still insisting on a 2020 launch after @RepMaxineWaters
and others have told you to hold the #Libra project entirely?
retweet this: Facebook Calibra Coin governance will be in the hands of 19 members, these very powerful people will get very close, why trust our work and money to people when we have a math based system, limited supply that does not sells users data called @btc
retweet this: Facebook Calibra Coin governance will be in the hands of 19 members, these very powerful people will get very close, why trust our work and money to people when we have a math based system, limited supply that dies not sells users data called @btc
Habe jetzt aber mehre Tweets dazu gesehen: Also im Klartext: Facebook will laut @davidmarcus
keine Drittwallets auf Facebookplattformen zulassen. Das heißt in der Praxis, wer per WhatApp bezahlen will, muss Calibra nutzen.
shorter Cotton: "can I pay for my Breitbart subscription with Calibra or not since you people HATE CONSERVATIVES"
Marcus framing Facebook's reasoning for creating Libra/Calibra as making a public good, that it's for "the people we serve."
What percentage of the senators in the hearing know the difference between Libra and Calibra?
Facebook will only build its own Calibra cryptocurrency wallet into Messenger and Whatsapp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today at the Facebook's Libra Senate hearing...https://t.co/LNUldEHoeV
Marcus: Facebook's benefit here is more commercial activity on Facebook means more people on Facebook. More ad revenue.
Smith: Facebook is good at monetizing personal data. I'm not reassured abt data-sharing between FB and Calibra.
Again, "Like" buttons on publishers' websites.
My takeaway is that the head of Calibra is very patient. Those questions...
Senador Van Hollen sobre o expertise deles em lavagem de dinheiro, proteções de informações dos consumidores e respeito a normas financeiras. Marcus foi CEO do PayPal... Ainda ressalta que possuem time especializado e mais que qualificado na Calibra.
Marcus just implied that Calibra might filter transactions *according to the underlying good being bought or sold* – specifically talking about firearm transactions and other regulated goods. Did he mean that? So many questions if so.
As tough as they are being, Mr. Calibra is an excellent mouthpiece..
"If we don't lead, someone will," @davidmarcus
says, before pivoting to how Calibra might abide by sanctions law #LibraInDC
Senators are grilling FB on how its payments subsidiary Calibra will keep data separate from the rest of FB. Answer was essentially: we've separated it.
As David Marcus testifies before the Senate Banking Committee, check out @BLaw
#fintech analyst @RobertKimDC
's take on how #Facebook's Calibra intends to comply with the substance of U.S. and foreign regulations in areas of significant risk https://t.co/SPOmMBXCin
Marcus (the Facebook/Calibra witness) says they'll prevent "bad actors" by making people use a govt. issued ID to create an account, but this recent article on "synthetic identity theft" shows how that's a non-answer at best. https://t.co/SajPVx7BgH
David Marcus está diciendo que la infraestructura informática de #Libra/#Calibra será diferente a la de Facebook y que los datos personales no se mezclarán. ¿Podríamos olvidarnos entonces de que hagan el KYC a través de todo lo que Facebook sabe de nosotros?
Sen. Menendez: "If there is a commingling of Facebook's and Calibra data, will you notify both the users and the public in 48 hours?
David Marcus: "I commit that we will inform the users and the public within the reasonable timeframe." #LibraInDC
No real answer on how Facebook will keep Facebook data separate from Calibra data. Not surprising, but not encouraging either.
Live testimony of Facebook Head of Calibra. Interestingly, bitcoin price juxtaposed bottom left. 🤔 https://t.co/bXJszxQjQq
Menendez asks if Calibra chief David Marcus can commit to notifying consumers of any data breaches within 48 hours. “Things seem to happen at Facebook.” Marcus dodges and says it will communicate it in a timely manner.
How will Libra be able to free transactions to sanctioned individuals, Sen. Menendez asks.
Marcus - those types of activities should be extremely hard to do through regulated on/off ramps to Libra network--would be up to custodial wallets, like Calibra & others to block access
Finally tuning into Congress's hearing about Libra. Sen. @BobMenendezNJ
asks about Facebook plans to separate Libra data with FB data. “Trust is something you earn, and facebook certainly hasn’t earned it. So it’s not enough to say you will keep the Calibra data separate."
Oh, so it's up to the consumer to report to the @IRStaxpros
Mr. M from @facebook
in the hot seat. "Uh, uh, uh, uh, on the uh, "
Are you freaking serious Mr. Marcus, @facebook
Marcus sinaliza que Calibra enviará ao usuário o que é necessário para declarar o imposto de renda.
Other interesting questions out of the #Libra committee hearing: How will @Libra_
transactions be taxed? @davidmarcus
1. Libra is not volatile
2. Calibra wallet will have tools for tax reporting
3. Customers will be required to report transactions to the IRS
Marcus appears to be suggesting that Calibra will be a wallet for other cryptocurrencies as well.
Jones asks if Calibra is "putting the burden on the consumers"
Marcus says that Calibra would be following IRS rules, but would be willing to look into doing the tax reporting directly.
Alternatively, it seems that using the magic of zero knowledge proofs in the entire Calibra stack would ensure a cryptographic separation between FB and Calibra data, which seems to be the main concern of some of the senators.
Doug Jones asks about taxes, and whether Libra plans on reporting Libra transactions to the IRS.
Marcus: This is an important issue. Says Calibra wallet will provide "all tools" so consumers can report data.
Is anybody else watching the #SENATEHearing on @facebook @calibra
I must say I was impressed with @SenBrianSchatz
, D, Hawaii. :-)
This "currency " is THE BEAST SYSTEM.
This is all written the The Holy Bible.
#Jesus is surely returning SOON.
, unlike other digital currencies out there, will not be volatile to the dollar, @davidmarcus
will comply with tax law #LibraInDC
I think they're kind of smart. They're making it seem like this Libra layer is totes out of their hand and there be competition there among companies. Then they have that Calibra ting that is just another wallet, so they're not in control of as much as it might look like.
Watch Facebook’s David Marcus Testify Before the Senate Banking Committee on Libra https://t.co/5gBjFmjxdh
#Bitcoin #Cryptocurrency #Altcoins #BitcoinBTC #calibra
FACEBOOK's proposals for LIBRA / CALIBRA have been remarkably sketchy so far... FACEBOOK has a dismal track record for tackling bad actors... Oh! They want access to Government validated ID [KLAXON ALERT] https://t.co/mVsASgNIsk
Really well articulated, good read.
1. "..Libra does not compete with sovereign currencies or interfere with monetary policy."
2. "Calibra will not share customers’ account information or financial data with Facebook unless people agree to permit such sharing." https://t.co/k3n6wY5gV8
“Facebook will only build its own Calibra cryptocurrency wallet into Messenger and Whatsapp, and will refuse to embed competing wallets, the head of Calibra told the Senate Banking Committee today.” #FutureOfBanking https://t.co/mtHyia2FVD
I doubt it; We're entering the stage of money where you have STATE MONEY vs CORPORATE MONEY vs PEOPLE (crypto) money. Who will win?
If you believe Facebook's claim that Libra will eventually run on a permissionless blockchain (and that's a big if), then Facebook's assurances that the Calibra wallet will be regulated shouldn't assuage your AML, CFT, and consumer protection concerns.
Marcus positions Calibra as a blockchain alternative, saying if $FB doesnt act now, in 15 years half the world will be on the blockchain network that is outside of the reach of the U.S. national security apparatus. #deputized #prism #neverforget
JULY 16, 2019 | 8:38AM PDT | about an hour ago ·
WATCH LIVE: Facebook's David Marcus testifies before Senate on Libra cryptocurrency...David Marcus, head of Facebook's cryptocurrency subsidiary Calibra, testifies... https://t.co/CzQRbxNuDd
In the Senate Banking Committee hearing on Libra, Sen Tom Cotton asked the head of Calibra how he'll ensure that they will not block transactions made by republicans for things that democrats wouldn't like (guns, companies who work with border patrol, etc)
It could still launch but w/o the centralized platforms Calibra wallet but of course that's the whole point of launching it this way.
This is will be huge battle. Permissionless open community owned blockchains are the only way.
@Facebook F*ck you and your new #Libra #Calibra trash, the world has already fallen into your pit and stealing our personality/privacy.
Be prepared to get f*cked again by using their app and they sell your information what u bought.
Trust you again on this one ??
Calibra-Chef David Marcus: Es stimmt, dass Silicon Valley politisch voreingenommen ist. Werden bei den Vorschr / https://t.co/sNgmSVGLSI
#Calibra #Facebook #Libra