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Facebook cryptocurrency Libra banned in Germany and France

This is a clip from Lunduke’s Weekly Tech News, originally aired on Sep 17, 2019.

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  • When is the IPO for LundukeCoin?

  • Libra will be launched and they are making world currency!

  • Give me control of a nation's money and I care not who makes the laws. I don't know or care who seed this, but his probably right.

  • .. only the bankester can create coins from nothing. all other slaves are forbidden!

  • Where do we acquire the DUKE?

  • Why haven't we just nuked Facebook already

  • WqrldWqrld

    Author Reply

    What about paypal? I would love to have them banned too then

  • Why no mention of rms leaving on this channel?

  • All money is artificial. Go back to bartering. LOL

  • 03:23 – 03:29 – Now apply this logic to anything else that is monopolized or (coercively) regulated by the state and you will see how the state is basically a mafia.

  • Bryan allow others to talk!

  • Basically it is a way of the europeans to protect their customer from any potentially wrong doing by facebook, which is of course not possible ;-), see the facebook history. and to the point if it will be succesful: it can be if you take a look at the customerbase on facebook. and everybody said bitcoin wouldn't be successful as well.

  • Normally I strongly disagree with Gardiner due to his lefty leaning stances, and, in this case, I still think he's wrong in his approach of "it's bad because it's a company", but I do agree with him that facebook's libra is bad news, and that it can give them more leverage… and we are talking about a company that has been involved in clear political activism through the biased manipulation of their supposed "platform" to steer the elections and so on. There's a famous quotation attributed to Rothschild that goes something like this "Let me issue and control the money of a nation and I don't care who makes it's laws". Lunduke is dismissing this too lightly.
    Then again, as a lefty, he's way too enthusiastic about regulation. Lunduke here wisely points in the direction of how most regulation is some bargain for big players that can get in bed with the government. Really, that's what most regulation is about. There's only a very small ammount of regulation in place in any modern nation that is really made for the good of the population, and I'm not even talking about adequacy, just intention. Most of it is the interest of people in bed with them and getting to control more things to further spurious interests, with at the same time also opens yet more opportunities for big private interests to play the bargaining game.

  • Libra is just the latin for "Pound".

  • Baseball cards have no value here in EU… What is baseball?

  • Good stuff BL & LG.

  • I disagree because the coin you create might have value because there are only a few in existence, however, once you see them selling on ebay, you could flood the market with more of them to make cash, but you've just devalued the previously released ones. I do agree it's like baseball cards. Isn't that why baseball cards are now worthless and tops received numerous lawsuits for over printing cards? So perhaps it should be regulated.

  • It is a very good idea to outlaw bitcoins and all the rest of the crypto-garbage.

  • Don't,wont care about it, I 'm also irritated by its name.

  • "I hate the state/govt so lets try to give the power of a nation and its govt to a few people, so they can be a new state, that will be better." Yeah, ok.

  • You would still control the Lunduke coin as long as you are the only one who can mint it. You could flood the market with coin and crash its value or stop replenishing the coin to raise its value at any time.

  • Facespay… Spybook… Facebook is a Chines whore. Xi can manipulate Mark to manipulate the value of the money supply. France and Germany did something smart… for a change.

  • The thing Bryan missed is that the authority of Libra is going to be almost inextricably tied to a centralized banking system. The analogies given don't rely on a centralized banking system. That's where these analogies slip into the faulty analogy fallacy because of these different premises.

  • The idea behind Libra is NOT just a cryptocurrency. Facebook wants to implement Libra in Whatsapp, so people could have the Libra's wallet and payment service easily accessible in their smartphone. They want to emulate WeChat's success in China, but with their own currency.

  • I want to trade DOGE coins for Lunduke coins!

  • I'm proud to be French for once 😀

  • Wait, isn’t the Federal Reserve owned by a group of private banks? There’s not a lot of difference.

  • Just outlaw facebook.

  • i wish Lunduke is right …. but Libra will be the first step to a new dark age ……

  • Completely agree with Gardiner. Difference between collectibles, stocks, etc, and cryptocurrency is that cryptocurrency doesn't have an intrinsic value. Also, I feel like it's a little silly for Lunduke to be saying cryptocurrency is only a bartering system when it has currency in the name.

  • Germany and France are just jealous that Libra choose Switzerland as its base in Europe.

  • From the rhetoric I hear about Libra you might as well lump the IMF and World Bank in there also as they are privately held entities also.
    And yes, they control the Federal Reserve also, or whatever monetary system that they spawned in your country too.

    The World Bank is a really shady entity truth be told.

  • Mr Lunduke Sir, I like you, but you don't ever let others talk. Just shut it and listeeeeeen to your guests once in a while. Sheesh.

  • An instrument of barter isn’t the same as a currency, cash-equivalents, or other instruments of money. The latter can function as a proxy for goods and services, but are not the same as the good or the service, which may be bartered. It’s important to ask whether the thing of value can be used as a unit of account, whether it is fungible, can be used as a medium of exchange, and is a store of value. Further, bitcoin and most other cryptocurrencies aren’t fiat by design or functionality. Unlike bitcoin or gold, currencies are often borrowed into existence, the debt of which cannot be extinguished by further borrowing of more currency into existence. Extinguishing debt requires labor, goods, services, or non-fiat monetary instruments.

  • I thought they already try things like undermining 3rd would country states, for example with their facebook internet thing in Africa. I think at this point tech giants try to become state like by controlling infrastructure, because that's the next logical step for gaining more power. Having an own, actively used and widely accepted currency would be a jump start.

  • Best coin is Lunduke coin.

  • Bryan clearly does not understand the problem here. Still an entertaining video though.

  • DimmyDimmy

    Author Reply

    Libra works very differently than Bitcoin. The biggest difference being that it will not be created by mining but directly bought/sold. This not only creates a problem for smaller countries that might see an increase in local money export that will have to be regulated somehow, but also creates an issue because it's unclear if facebook can potentially create/buy/sell money as they see fit, manipulating the market.

  • Y e s !

  • Lundoubloons are on the way.

  • The EU is a totalitarian state guys, you just waking up to this? Lol.

  • Facebook having a currency would mean that they could have both the money and the data of basically everyone in the world, that's big brother in a nutshell

  • Lunduke forgets than Facebook announce (As JCPenny also announce with his own coin aswell) than they will guaranty the value of the Libra will be stable in 1Libra = 1 USD exchange rate.

    Yeah, Germany and France kinda notice than now, Facebook can de facto print Dollars, and if the so wish, and if they so expand, change or manipulate the trade value of other currencys using conversion and calculated speculation.

    They are (facebook) just one step away of being able to declare sovereignty over a territory, if so they wish, doubt they'll do, but they can win a strong foothold of control without any doubt.