Down with all currencies! -- The Mark über alles!

Mark Zuckerberg wants to create another cryptocurrency. – Oh, goodie.

BillyBobPimpton posted about it HERE three days ago.

Zuckerberg wants to make his new cryptocurrency a “stable coin”, backed by a basket of currencies. Yeah, well, good luck with that.

Bad idea, says Steve Forbes, who suggests instead that Zuckerberg should back his new coin with
– wait for it – gold! Steve sings the praises of gold, every chance he gets. Steve loves gold.

And Steve suggests that Zuckerberg’s coin, if it were backed by gold, could replace all of the world’s currencies, becoming World Money.

Mark Zuckerberg wants to call his new coin the Libra. Steve doesn’t particularly like that name, and suggests instead that Zuckerberg call it the Mark (as in Mark Zuckerberg – get it?).

Well, I suppose that would be better than calling it the Zuckerberg. Or the Zucker.

Forbes has written an open letter to Zuckerberg in which he lays out his ideas for a gold-backed Mark
(in more respectful terms than my somewhat snarky summary above).

You can read Steve Forbes’ open letter to Mark Zuckerberg HERE.

For the record, I like Steve Forbes. And I really dislike Mark Zuckerberg.

But, I kinda like the idea of a gold-backed stable coin – even if Mark Zuckerberg is behind it.

Will it happen? We shall see.


Thanks for sharing.

I think we should call it the Zuck (pronounced sssuck)

These motherzuckers represent the 1%. They have more wealth than most people will ever see throughout multiple lifetimes and they want to create more money. Sounds about right.

The crypto sub-forum is a ghost town.

No comment re: crypto. i.e. simply couldn’t be bothered. But if you ask me: all of the nonsense started when currencies began to be based on nothing tangible e.g. moving off of the Gold standard.

Whatever Mark Zuckerberg is for, I’m against.

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^^^ THIS I agree with.

Who needs crypto:

Soon we will all be billionaires


If u live long enough inflation will make you millionaire anyways. If u get really old u can make it to billionaire.

A house costing 150.000 20 years ago now usually sells for 800.000-1.500.000 (unless you bought it in detroit or cleveland)


Gold backed currencies are not only outdated but dangerous as well. To put it simple: who controls the most gold controls the money, this in return (to put it very simplified here) creates reason for wars.

House Financial Services Committee to Facebook –

Suspend your Libra project immediately, so that we can figure out whether we like it, or not.
We must remind you that we run this country, and you are not permitted to do anything,
unless we know about it, approve it, regulate it, and tax it.

That’s my sarcastic version of the letter sent by the House Financial Services Committee
to Facebook’s Mark Zuckerberg, Sheryl Sandberg, and David Marcus.

Here’s an actual quote –

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans [for Libra]
until regulators and Congress have an opportunity to examine these issues and take action.”

LeapRate article –

Facebook’s Libra Project soon to face first major obstacle – U.S. Congress

I’m trying to decide whom I dislike more – Mark Zuckerberg or Maxine Waters.

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China feels threatened by Libra

Thanks to @Clint for re-raising this subject and thanks to @BillyBobPimpton for the original post and valuable link.

The basic concept is that there will be only the same amount of “Libra” as there is deposited money (real money) and that conversion back to real money will be accompanied by destruction of the appropriate value of “Libra” - so similar then to a “fractional reserve ratio” with a reserve ratio of 100% then. [That “Reserve ratio” can of course change over time and even be abolished altogether as it has in the “modern currencies” ]

Yet they also speak of “introductory offers of free Libras” and also “combatting of payday lenders” - so where are these “free Libras” accounted for in this ?

28 “members” all contributing a minimum of $10,000,000 so if we take a stab at a “reserve fund” of say half a billion, presumably these “Offers and the (implied) loans” will be resourced from that reserve fund.

Problems highlighted so far seem to include “Bent software developers” and they say that if problems are found, they will shut the system down whilst they "investigate software ‘fixes’ " (Handy if you’re trying to catch a train at the time !)

There doesn’t seem to be any facility for drawing any physical form of “money” from cashpoints etc so “they” will know exactly how much I smoke and drink and gamble etc etc. In fact “they” seem to regard this as a positive under the KYC (Know your customer) principle.

We already know that the headline “lead” participant regards it as his god given duty to interfere negatively with the algorythms to defeat democracy on his Facebook site and the big “G” do the same to defeat, de-monetize and deplatform anyone expressing views to the right of Stalin on “U-Tube”, without apparently explanation or appeal. It would appear that this refusal to honour the contract they entered into sometimes many years before to “pay for contributors with a decent size following” after the contributor has worked for years to builld up a following should be illegal. It is certainly immoral.

What is to stop these same tactics being used to “punish” people for Political “Sins” of believing in things like “freedom and democracy” by simply finding that there is a “problem” with the account in the same way some bent “brokerages” seem to do in our own hobby ?

Our very own Postmodernist has stated that “Gold equals war” above - so we assume this belief will extend to any other form of physical assets as well in their Anti-captalist stance and that only a “Globalised world” with themselves as dictators of what constitutes “truth and fair play” will satisfy their idea of a “Utopian world”. - Now where have we seen that idea result in hundreds of millions of people starved and worked to death and incarcerated in “Gulags” and their chinese equivalent during the 20th century ? - We already know the inevitable outcome of that particular “equality of outcome” doctrine !

The fact that China “Likes the look of it” says it all really !

I think I’ll give this one a miss - than you for your kind offer.

[I think I might buy (and hoard) some Gold sovereigns ]

Interesting too that China want to know the composition of the “Basket of currencies” ! :wink:

Can we say IMF SDR? haha

Thanks for that @forexforexforex - that link of yours does throw up an interesting question, which I think can only have one answer - "WHY do some feel that a Global Currency would be advantagei=ous "?

WE have seen the catastrophic effect that the pressure to adopt the Euro has had on the economies and the lives of the populus of a great many good countries. - Why would you want to introduce those same problems worldwide ?

in fact even the stabilisation of a basket of currencies against each other as far back as 1992 - and particularly on the UK (at the absolute insistence of John Major) and Italy was doomed to abject failure - see here

Note also the pivotal roles of John Major and Ken Clarke (Both arch Remainers) in overcoming Maggie Thatcher’s FAR better Judgement ! - longish but WELL worth watching.

Cryptocurrencies now deemed a national security threat, including Facebooks’s Libra.

But FB wants Libra regulated by the Swiss. What an interesting twist. Of course, Libra would still register with the FinCEN and be monitored by the CTFC in the US.

The Trump administration hasn’t talked extensively about cryptos in the last 2 years, other than commenting on and banning Venezuela’s Petro, and signing an executive order to investigate how rampant fraud is within the industry. I’m not sure what changed recently to bring the crypto industry to the forefront, perhaps it’s Facebook. But I’m sure we’ll be hearing more on the topic from the administration and the President.

Everything you need to know about Libra - by the Verge

I find that it is an smart idea from Steve Forbs. As fiat currencies are having too much volatility, price pegged to Gold would be better option as it is expected that Gold will only increase its value during time. Fiat currencies can only go in opposite direction