231–240 of 345 posts
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Don’t forget that Facebook is extremely capable of reading the public. It could be a marketing tool designed to capture early adaptors.
They’re also capable of the self delusion that is depressingly common for large companies.
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>Can anyone explain what the point of a pegged cryptocurrency is? What was the point of arcades taking your quarters and issuing you tokens for the machines? Why not just allow the machines to take your quarters? The idea is for the issuer to take real money from you and issue you Monopoly money which the issuer can track and control. In a worst case scenario the issuer can make up new rules (change their terms and c…
But that doesn't really answer the question being asked. If the cryptocurrency is completely controlled by a centralized authority who has absolute rights over the system, why bother with the technical and cognitive hurdles of using a blockchain? A standard ledger in a centralized database is more than adequate for that task, and much easier to maintain.
The only potential advantage of such a system over an RDBMS is the inability to reverse transactions without people taking serious notice, simple git-style hash chains generally solve this too, often with reduced overhead.
At some point the "blockchain not Bitcoin" crowd will wake up to the fact that Bitcoin's value proposition is censorship resistance. Nobody can block you from making a payment. The idea is still revolutionary, as evidenced by the large number of people for whom Bitcoin still doesn't look like anything (other than maybe something scary or bad). Whatever Facebook comes up with will be the antithesis of censorship resis…
I disagree with that statement. It does solve the problem of getting paid through facebook (which a lot of people do and use). It surely promotes and carves Facebook deeper into their lives, but it solves a problem.
Im not for this offering, but its not hard for me to see why it has a chance of mass aadoption. Hopefully it fails.
Seems that FB is just riding the buzzword wave.
Can anyone explain what the point of a pegged cryptocurrency is? Since you are dependent on the issuing entity to honour the stated peg, why not just have your balance be an entry in a regular database maintained by that entity? What exactly does the blockchain gain you here? One thing it does _not_ get you is censorship resistance. If the central authority wants to take away coins from a wallet, all it needs to do i…
No one has figured out how to do it at scale using USD. Cryptocurrency theoretically offers a solution, but is still mostly unproven.
Whoever figures it out could potentially save the news business.
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The point of arcade tokens is to prevent people breaking in to machines, feeding them slugs instead of coins, and reduce the number of employees with access to unlimited free quarters.
I would disagree and that the real point is for them to make their money up front on the token exchange. When you change $5 for tokens they don't care whether you spend them on games or use them as pogs, they have already made their $5 just as if you had pumped it all into the machines. If they change your $5 for just quarters there is no guarantee you will pump those into the machines, you might instead use them to…
Can anyone explain what the point of a pegged cryptocurrency is? Since you are dependent on the issuing entity to honour the stated peg, why not just have your balance be an entry in a regular database maintained by that entity? What exactly does the blockchain gain you here? One thing it does _not_ get you is censorship resistance. If the central authority wants to take away coins from a wallet, all it needs to do i…
somehow there seem to be many roll outs of stable coins of late.. the infamous Tether, DAI by Maker, USDC by Circle, GUSD by Gemini, TUSD and countless more https://www.coingecko.com/en?category_id=36&view=market
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The main gain is in acting as a trusted clearing system. Clearing takes less time than FedWire or ACH. Settlement, on the other hand, still has to go through the Federal Reserve.
But using a database as a ledger would clear faster than even the fastest blockchain, wouldn’t it? Or am I misunderstanding what you mean by “clearing”. I’m assuming you mean how long it takes for person A to get money to person B.
Until Quantum Computing comes of age, this is theoretically much harder with DLT / blockchains.
Can anyone explain what the point of a pegged cryptocurrency is? Since you are dependent on the issuing entity to honour the stated peg, why not just have your balance be an entry in a regular database maintained by that entity? What exactly does the blockchain gain you here? One thing it does _not_ get you is censorship resistance. If the central authority wants to take away coins from a wallet, all it needs to do i…
They're doing it to skirt GDPR laws. When GDPR passed, all users were automatically opted out of personal data sharing, targeted marketing, etc. With ZuckCoin, they're going to pay users a small amount of coins to use the site, but in order for users to be eligible for that they'll be required to opt into all of the personal data sharing stuff. And since it will be considered a monetary transaction, Facebook will be…
"required to opt into" doesn't count as freely given consent, so it doesn't change anything; GDPR-wise doing this is exactly the same as simply using the data without asking for the opt-in.
If they're "required to keep the data from every transaction for 10 years for tax purposes" means that they're allowed to use that data for that particular purpose only; GDPR-wise taking data gathered for tax purposes and using it for ad targeting is just as forbidden as "simply" taking data without permission and using it for ad targeting.