Facebook Untrustworthy, Libra 'Never Going to Happen': Gerber

The transcript discusses the hearings on Capitol Hill, focusing on Facebook's Libra project. It criticizes Facebook's trustworthiness and questions the feasibility of launching a new currency. The discussion highlights Facebook's need to innovate despite scrutiny and compares Libra to Bitcoin, emphasizing the challenges of gaining global approval for a new currency.

Why is Facebook's attempt to launch a cryptocurrency like Libra criticized?

• Because they have a history of trust issues.

• Because they are a new company.

• Because they have no experience in technology.

• Because they are too small to handle a currency.

What is one of the main challenges Facebook faces with Libra?

• It is both vague and grandiose, leading to fear projection.

• It is too simple and straightforward.

• It is already widely accepted by governments.

• It is too similar to existing cryptocurrencies.

What is a key reason why Libra is unlikely to succeed according to the discussion?

• It requires approval from too many countries.

• It is too similar to Bitcoin.

• It is already fully developed.

• It has the support of all governments.

How does Bitcoin differ from Libra in terms of government control?

• Bitcoin is controlled by a single government.

• Bitcoin is only used in one country.

• Bitcoin is decentralized and not controlled by governments.

• Bitcoin is a physical currency.

What is suggested as the main purpose of Libra?

• To replace all existing currencies.

• To collect data and monopolize information.

• To support small businesses.

• To provide a new form of entertainment.