It's very frustrating for me to listen to this hearing because the senators don't know enough about the technical details to pin Marcus down.
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I am sure the senators are not talking about deanonymizing the pseudonymity of the blockchain, they're just concerned with Facebook's data gathering. But where is this concern towards credit card companies who collect the same data? Seems like concern trolling to protect banks?
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Shout-out to
@MarkWarner for drilling the questions into the heart of the issue and not allowing any sidestepping.1 reply 0 retweets 14 likesShow this thread -
From his intensive questioning we learned that Instagram and WhatsApp will not have any other Libra wallet than Calibra embedded. Marcus tried to dodge the question by saying they can send to non-Calibra wallets, which is a different issue.
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Notice that the AML questionning only addresses *blacklisting*. No one has brought up KYC requirements imposed network-wide via the Libra Association as a MSB. Marcus simply responds that the Association will not touch end-users. This, imo, is a regulatory loophole.
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Eric Wall Retweeted Ma/ya Zehavi
Eric Wall added,
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Why don't they set up a table next to Marcus table with one of us to ask us if David Marcus just dodged the question and how he did it?
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Senator Capro, concerned about privacy, asks if a user's blockchain address can be connected to their submitted government IDs to Calibra. Marcus: Nah, we won't put those details on the blockchain.
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It's not so bad. Pronounced "CRAY-po".
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Replying to @Pinboard
Thanks, I was imagining a whole Johnny Cashesque scenario before
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