When it comes to plain speaking, there are two categories that you can count on to give it to you straight: Southerners and Irishmen.
When both are rolled into one, count on fireworks and a bit more of salty language that the hoity-toity may not be use to.
Case in point, Sen. John Kennedy (R-LA), a member of the Senate Banking, Housing, and Urban Affairs Committee, questioned Facebook bigwig David A. Marcus in regards to Facebook prepped to sucker possibly millions and millions of people worldwide into trusting Facebook for their financial needs. Essentially, Facebook wants to be your global banker.
As seen in the video below, the Cajun Senator hammered away at Facebook for displacing truthfulness with “flagrant displays of bullshit”.
Far from done, Kennedy asked rhetorically (and with more than a touch of sarcasm), “Facebook wants to control the money supply. Look, what could possibly go wrong?”
Testifying before the committee, Marcus is the Facebook executive who is in charge of something called the “Calibra wallet” that will be built into Facebook’s WhatsApp, Messenger and its very own Calibra wallet app.
Within the Calibra wallet will be Facebook’s very own global digital-currency (cryptocurrency, actually) called Libra.
Those owning Libra will allow the same consumer to send “money” (Libra value according to the stock market) to other individuals, use for online purchases, finance your mortgage or car loan, or shop at local merchants.
All dependent only if the above mentioned individuals, lenders or merchants accept Libra via the Calibra wallet or through other third-party wallet apps.
Sometimes referred to as the “anti-Savings Bond”, unlike the monetary units of various nations, such as the US dollar, British pound, or Japanese yen, cryptocurrencies don’t hold their value/buying power based on any given nation’s economic power, but instead relies (according to the everything tech website Medium.com), “The worth of a cryptocurrency is directly dependent on its demand and cannot be controlled.”
Furthermore, Medium.com also cited of cryptocurrencies;
- Speculative value. Cryptocurrencies, because they are not controlled by a central bank or government tend to be highly volatile and can fluctuate in value rapidly. Some people like this aspect of cryptocurrency because it allows for high-risk, high-reward trading, while others would prefer more stable assets.
- Subject to market manipulation. Pump and dump schemes and insider trading has been hard to track because of the private nature of cryptocurrency transactions.