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Facebook plans cryptocurrency debut

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Re: Facebook plans cryptocurrency debut

#61

Post by dragonwriter »

callmeal wrote: post #60
wz1000 wrote: post #17

Earlier quoted context omitted.

My question was "what does blockchain bring to the table compared to a regular database?". How does using a blockchain/cryptocurrency make it easier to sidestep regulations compared to a regular old database?

>My question was "what does blockchain bring to the table compared to a regular database?". You cannot compare blockchain with a regular database. A blockchain is more like an append-only store, or a WORM drive where each "file" or "record" is digitally authenticated and signed/hashed in a way to make undetectable modifications extremely difficult and/or expensive.

> You cannot compare blockchain with a regular database.

Yes, you can. That it is different, and the resulting difference in utility, is the exact point of such a comparison.

Re: Facebook plans cryptocurrency debut

#62

Post by wz1000 »

mbrock wrote: post #54
wz1000 wrote: post #50

Earlier quoted context omitted.

> blockchains should be replaced with centralized SQL databases Blockchains whose tokens are subject to the authority of a central issuer anyway should be replaced with centralized SQL databases. Bitcoin/namecoin/etc. can't be replaced with centralized databases. FBCoin can, as can any blockchain that is supposed to track meatspace resources(since physical resources are subject to the authority of the local governmen…

The purpose of using a blockchain scheme to issue a centralized liability is probably to increase trust in the system due to the public verifiability of issuance and transfers.

Seems to me that "trust" is the last thing the average joe would associate cryptocurrency with. A database with a public audit trail might be a better idea if you want that, but that certainly doesn't sound as trendy and exciting as "blockchain".

Re: Facebook plans cryptocurrency debut

#63

Post by mbrock »

wz1000 wrote: post #62
mbrock wrote: post #54

Earlier quoted context omitted.

The purpose of using a blockchain scheme to issue a centralized liability is probably to increase trust in the system due to the public verifiability of issuance and transfers.

Seems to me that "trust" is the last thing the average joe would associate cryptocurrency with. A database with a public audit trail might be a better idea if you want that, but that certainly doesn't sound as trendy and exciting as "blockchain".

Indeed, the blockchain concept is more exciting and understandable for a lot of people, so in that sense branding their consortium-controlled cryptographically verifiable ledger as a blockchain seems like a good PR decision.

Re: Facebook plans cryptocurrency debut

#64

Post by wcoenen »

hocuspocus wrote: post #58
wcoenen wrote: post #47

Earlier quoted context omitted.

SEPA is okay, but it's typically not "same business day". Just this week I initiated a transfer on Tuesday and it only arrived Thursday morning. This was between two Belgian accounts.

Your banks are slow. Many process SEPA transfers a lot faster than that, try N26 to Revolut if you're curious. Also the SCT inst scheme has started being rolled out.

This was to move money between trading accounts. I don't think these new nimble "mobile" banks offer stock trading accounts just yet.

edit: also, those banks are UK ones. I'm not inclined to open accounts there with Brexit going on. Foreign accounts are also a pain for tax admin.

Re: Facebook plans cryptocurrency debut

#65

Post by floor_ »

I find it funny that bitcoin fails to do what it was created to do and that people are so invested in it they can't change it or let it die. You can't buy a cup of coffee without paying large confirmation fees or delaying the transaction for day to weeks. There was talk about decentralizing smaller transactions to ease up on that but that defeats the whole purpose of bitcoin.

Re: Facebook plans cryptocurrency debut

#66

Post by mihaifm »

vcavallo wrote: post #49
mihaifm wrote: post #9

If you're interested in conspiracy theories, this may be a way for Facebook to circumvent GDPR, since financial data needs to be kept for at least 10 years. Once you make any trade using this currency, you won't be able to request deletion of personal data, since it's required to be kept as financial information.

why couldn’t they delete everything but your trade data?

At the minimum they'd need to store your name and address, probably birthdate too. It would just complicate the whole process of leaving Facebook.

Re: Facebook plans cryptocurrency debut

#68

Post by tromp »

bigiain wrote: post #39
wz1000 wrote: post #29

Earlier quoted context omitted.

Every git repository counts as a blockchain by that definition.

Yes. Which is oe of the reasons my eyes roll so hard when "business types" and "idea guys" decide they need to explain "blockchain" to me, but have never heard of Merkel Trees...

Merkle Trees, named after Ralph Merkle

https://en.wikipedia.org/wiki/Merkle_tree

Re: Facebook plans cryptocurrency debut

#69

Post by literallycancer »

hocuspocus wrote: post #58
wcoenen wrote: post #47

Earlier quoted context omitted.

SEPA is okay, but it's typically not "same business day". Just this week I initiated a transfer on Tuesday and it only arrived Thursday morning. This was between two Belgian accounts.

Your banks are slow. Many process SEPA transfers a lot faster than that, try N26 to Revolut if you're curious. Also the SCT inst scheme has started being rolled out.

The N26 app is garbage. Revolut is OK, but it's a money changing service, not a bank. I did a transfer from the Revolut account and it took 3 days. Topping up is fast because it charges your card, rather than doing a transfer.

Re: Facebook plans cryptocurrency debut

#70

Post by aphextim »

alehul wrote: post #31
CaptainZapp wrote: post #27

Earlier quoted context omitted.

Have you transferred money across borders to an individual lately? Actually yes. From Switzerland to my brother in Belgium. It was transferred on the same business day at no expense to him or me. Look up SEPA[1] for details. Just because the American banking system is the complete shits this does not necessarily apply to the rest of the world. [1] https://en.wikipedia.org/wiki/Single_Euro_Payments_Area

Across very cooperative borders in wealthy Europe, sure. Do you think it's as easy for those in India, China, or Kenya, for instance?

IBM is working in conjunction with the Stellar protocol to try to solve this issue.

Check out IBM world wire.

https://www.ibm.com/blockchain/solutions/world-wire

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