>> WHEN YOU DO ENCRYPTION, YOU
DO CRYPTOCURRENCY, YOU ARE
GIVING THE BAD GUYS THE POWER,
IT HARDER TO DO HARM, THAT IS
WHAT LAW CAN PROTECT YOU.
>> YOU SAY A COMPANY LIKE THIS
GIVEN PAST AND TRACK RECORD
MAYBE INTENTIONAL OR NOT, THEY
SHOULD NOT DO SOMETHING WITH
CRYPTO CURRENCY.
>> I DON'T THINK SO.
DAVID: RODGER McNAMEE, NOT
PROMOTING FACEBOOK NEW VENTURE
TO CRYPTOCURRENCY, UNVEILING A
NEW DIGITAL CURRENCY, LIBRA.
FACEBOOK WILL OVER SEE THE
CRYPTOCURRENCY BUT SAYS THAT
LIBRA WILL BE OPENLY GOVERNED BY
28 FOUNDING PARTNERS.
FACEBOOK
LICEBOOK
LIBRBOOK
LIBRAOOK
LIBRA WK
LIBRA WILL BE AVAILABLE OVER
FIRST HALF OF NEXT YEAR.
LET'S BRING IN DIGITAL FOUNDER,
CEO DAVE MAINY, SO, DO YOU SHARE
McNAMEE'S REINVESTIGATION
ABOUT GETTING INTO THIS.
>> WELL, I WOULDN'T USE IT, I
SHARE HIS REI
SHARE HIS -EI
SHARE HIS --I
SHARE HIS -- RESERVATION, THEY
ARE A COMPANY SO CHALLENGED ON
PRIVACY FRONT AND COMPROMISED ON
SOME MANY FRONTS IN A WAY IT
INTERACTING WITH USERS AND
CUSTOMERS, SO DEEPLY DRILLED
INTO ALL OUR LIVES AND
EXPERIENCES TO MONETIZE US.
THAT THE IDEA OF KIND OF
TRUSTING THE EVIL EMPIRE WITH MY
FINANCIAL ASSETS DOES NOT APPEAL
TO ME, THAT DOES NOT MEAN THEY
SHOULD NOT BE DOING IT.
IT JUST MEANS I WOULD NOT BE
USING IT.
>> DAVID, JOHN LAYFIELD HERE,
ASIDE FROM EVIL EMPIRE, NOT
ARGUING THE POINT WHETHER IT IS
OR NOT, THE POINT OF
CRYPTOCURRENCYS, STRALG
CRYPTOCURRENCYS, CTRALG
CRYPTOCURRENCYS, CENALG
CRYPTOCURRENCYS, CENTRG
CRYPTOCURRENCYS, CENTRAL BANKS
BECOME WORTH LESS IF
CRYPTOCURRENCY TAKEOVER, THEY
CAN'T CONTROL INFLATION, WHY
WOULD GOVERNMENTS ALLOW THIS TO
BE PERVASIVE, WOULDN'T
GOVERNMENTS STEP IN AND BLOCK
THE CRYPTOCURRENCY IF THEY SEE
IT USED IN A WIDESPREAD WAY?
>> YEAH, LOOK, I LOOK AT THIS AS
KIND OF A PART FROM THE -- APART
FROM THE -- BITCOIN NOTION.
IT IS A PAYMENT SYSTEM TO YOU
HAVE TO BUY IN NOT -- YOU CAN'T
MINE THIS LIBRA COIN, YOU HAVE
TO BUY IN.
IN SOME FASHION, IN A FUNNY WAY,
IN IS LIKE THIS WEIRD ANALOGY,
THEY ARE LIKE DIGITAL AMERICAN
EXPRESS TRAVELER CHECKS.
DAVID: NICE.
>> COMPANY TAKES MONEY, HOLDS
IT, GIVES YOU SOMETHING IN
RETURN THEY SAY YOU CAN USE, YOU
ARE RIGHT IF I THINK REASON THAT
SEVERAL OF EUROPEAN UNION
COUNTRY CAME OUT AND SAID, WOE,
WAIT FACEBOOK TODAY.
IS BECAUSE THEY ARE WORRIED
ABOUT WHAT YOU ARE THINKING
ABOUT, I THINK MORE OF A
CHALLENGE TO THE BANKS LIKE THE
BIG PRIVATE BANKS OR BIG
PUBLICLY TRADED BANKS IN U.S.
THAN TO TRAL BANKS PER --
CENTRAL BANKS, PER SE,.
>> I THINK IT IS INCREDIBLY
SMART, THIS IS A DECENTRALIZED
REMITTANCE SYSTEM AND PAYMENT
SYSTEM, IF YOU ARE FACEBOOK AND
YOU ARE HAMMERED FOR PRIVACY,
THE WAY TO TAKE OTHER SIDE TO
DECENTRALIZE, IT IS INCREDIBLY
SMART, AND WE'RE IN A
ENVIRONMENT OF MORE GEOPOLITICAL
RISK THIS IS A BETTER WAY THAN
CASH, I THINK THIS IS SMART, I
THINK IT WILL BE A REAL GROWTH
OPPORTUNITY, THE LAST THING I
WOULD SAY THIS, IS REALLY NOT
BITCOIN OR CRYPTO, THIS IS
BACKED BY A BASKETS OF
CURRENCIES, THIS WILL HAVE A
STABLE PRICING.
>> I WAS GOING TO ASK, ROBERT,
BACKED BY DOLLAR AND EURO, NOT
LIKE A BITCOIN, IT IS MORE OF A
LIKE AN AMERICAN EXPRESS CHECK
LEAK WESTERN UNION OR PAYPAL,
FOR PEOPLE IN THE COUNTRY
WITHOUT ACCESS TO BANKS, FOR
INTERNATIONAL TRANSACTIONS, THIS
IS GOING TO BE A MUCH EASIER WAY
TO DO IT I'M NOT SURE WHAT THE
ISSUE IS.
>> I WILL SAY, THERE IS ALWAYS
IDEA OF IT IS A STABLE PROCESS,
UNTIL SUPPLY DEMAND GOES OUT OF
WHACK IN AN OVER-THE-COUNTER
MARKET LEAK THIS QUESTION IS --
LIKE THIS, THE QUESTION IS, IF
THEY ARE NOT MINING PROVIDINGIC
-- WHEN THAT YOU WANT MORE AND
MORE.
>> IF YOU ARE BACKED BY A BASKET
ARE CURRENCIES IT DOES NOT
MATTER.
>> I THINK IT LOWER BAR IN
HURDLE FOR AVERAGE INDIVIDUAL
THAT WANTS TO ACTUALLY INCREASE
THEIR UNDERSTANDS OF DIGITAL
CURRENCY AT SAME TIME PLAY A
LITTLE AND DO DAY ON DAY
TRANSITIONS, IT MAKES SENSE.
>> MET ME TELL YOU THERE ARE SO
MANY UNKNOWNS AROUND THIS
TECHNOLOGY AND THIS CURRENCY OR
WHATEVER COMBINATION IT IS.
THERE -- YOU KNOW.
IF YOU LOOK AT THIS BY THE WAY,
AS -- THERE IS BEEN SORT OF A
MASTERFUL KIND OF MANIPULATION
OF THE SPIN, LIKE, WE'RE NOT
OVERSEEING IT WE'RE SETTING UP A
GENEVA-SWITZERLAND-BASED
FOUNDATION TO OVERSEE IT, THAT
IS CRAP THEY ARE BUILDING A
PAYMENT SYSTEM, THEY -- THEIR
NUMBER ONE COMPETITIVE TARGETS
ARE BIG BANKS, BY THE WAY AS
SOMEONE WITH MAYOR FAMILY
INTEREST ON BOTH SIDE OF U.S.
AND CANADIAN BORDER, I CAN TELL
I INTERNATIONAL PAYMENTS ARE A
RIP OFF, THEY ARE GOING AFTER
SOMETHING WELL, I THINK THEY ARE
CLOTHING IT IN KIND OF A YOU
KNOW, A COAT OF RIGHTEOUSNESS
WHICH, WITH FACEBOOK, I DO NOT
BUY FOR A SECOND.
DAVID: WE GOT TO LEAVE, BUT.
ONE GROUP THAT HATES THIS IDEA
ARE DISTRICT ATTORNEY IN WORLD,
THEY REALIZE THEY ARE NOT GOING
TO BE ABLE TO TRACK MONEY
LAUNDERING THROUGH A METHOD LIKE
THIS, YOU CAN'T FOLLOW THIS