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davidmarcus's profile
David Marcus - dmarcus.eth
David Marcus - dmarcus.eth
David Marcus - dmarcus.eth
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@davidmarcus

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David Marcus - dmarcus.ethVerified account

@davidmarcus

Taking a brief hiatus before starting something new and exciting. Formerly ran @Novi (payments & crypto) and @Messenger at @Meta, @PayPal, and built startups.

California, USA
Joined March 2007

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    David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

    1/ About monetary sovereignty of Nations vs. Libra:

    4:57 AM - 16 Sep 2019
    • 94 Retweets
    • 290 Likes
    • Jay ≥💵💰📈🔮💉 Akhan Mukhanov José Luis Muñoz Josh Zimmer Mohamed ElSeidy Do Van Duong Boris Ajeganov CT21 ✨Shibatoshi Nakamoto✨
    49 replies 94 retweets 290 likes
      1. New conversation
      2. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        2/ Recently there's been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion.

        9 replies 20 retweets 45 likes
        Show this thread
      3. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        3/ Libra is designed to be a better payment network and system running on top of existing currencies, and delivering meaningful value to consumers all around the world.

        9 replies 10 retweets 50 likes
        Show this thread
      4. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        4/ Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve.

        21 replies 10 retweets 44 likes
        Show this thread
      5. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        5/ As such there's no new money creation, which will strictly remain the province of sovereign Nations.

        15 replies 8 retweets 48 likes
        Show this thread
      6. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        6/ We also believe strong regulatory oversight preventing the Libra Association from deviating from its full 1:1 backing commitment is desirable.

        5 replies 6 retweets 40 likes
        Show this thread
      7. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        7/ We will continue to engage with Central Banks, Regulators, and lawmakers to ensure we address their concerns through Libra's design and operations.

        4 replies 12 retweets 42 likes
        Show this thread
      8. David Marcus - dmarcus.eth‏Verified account @davidmarcus 16 Sep 2019

        8/ Separately, I'm looking forward to the Libra Association taking on full leadership of the project soon after its charter has been ratified so I can focus on building @calibra.

        24 replies 6 retweets 74 likes
        Show this thread
      9. End of conversation
      1. New conversation
      2. ameen.eth‏ @ameensol 16 Sep 2019
        Replying to @davidmarcus

        ameen.eth Retweeted Hasu

        I get where you're coming from, but this is what you aren't saying:https://twitter.com/hasufl/status/1173570920574803968?s=19 …

        ameen.eth added,

        Hasu @hasufl
        The Libra's fiat reserves are themselves a lever over nation-states. At any time, the Libra Association can threaten to dump one fiat on the market for another, and that is assuming they even want to sustain a reserve ratio. https://twitter.com/davidmarcus/status/1173566564576051200 …
        Show this thread
        2 replies 2 retweets 37 likes
      3. SallySolomon‏ @SallySolomonSO 16 Sep 2019
        Replying to @ameensol @davidmarcus

        And no trusts what Facebook says. All of their agendas begin and end with 'move fast and break things.' Facebook, as a publicly-traded company, will crush entire communities to obtain their goals.

        0 replies 2 retweets 8 likes
      4. End of conversation
      1. Patrick Heusser‏ @heussepa 16 Sep 2019
        Replying to @davidmarcus

        I absolutely get your point. But what are the implications on countries with a "weak" currency like Turkey or Venezuela or any other EM country where people rather hold a strong currency than their own national currency. Don't u believe that LIBRA might be a destabilising factor?

        1 reply 2 retweets 7 likes
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