81–90 of 277 posts
What I find hilarious is that Zuckerberg has probably been trolling the forums of bitcoin.org and reddit crypto groups for many months. And like any good crypto "expert", he spent his time sharing opinions and copying other peoples source code versus building anything real.
If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…
IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation. Disclaimer: I hold a lot of stock in FB and no positions in other crypto.
Earlier quoted context omitted.
Speculative vehicle? We're paying devs salaries in Bitcoin, what are you talking about?
and many people are compensated in highly volatile stocks that are subject to speculation, you paying someone in bitcoin doesn't change anything about its speculative nature, it just means your employees are willing to receive compensation in a volatile currency.
Earlier quoted context omitted.
Then I see no difference from USD. What exactly is the point? Yet another payment method?
Facebook is trying to create a common currency accessible to a global userbase whose transmission bypasses traditional banking rails. It'll be super convenient, even the USD can't do that. This combined with Whatsapp for Business is going to be game changing for SMEs in developing markets. Do I want to keep my savings in it? Probably not...
It might be a great project, it just has very little to do with actual cryptocurrencies. It's great to be excited about it, the issue many people in this thread have the project being called a cryptocurrency.
I've met a hell of a lot of authoritarians in the crypto scene over the past decade. Blockchain technology is a centralized datastore so of course it's a tool for global authoritarianism; think IBM in the 1930s selling slow databases to the Nazi's so they can keep a universal ledger of the Jews. P2P distributed architectures such as Holochain which actually decentralize data and control are far more positive paradigm…
You wrote: "Blockchain technology is a centralized datastore". care to explain?
Ugh. This will pass too. The value of Bitcoin is in the fact that nobody can control and censor it. It's black market money. If it didn't have this quality, it'd be useless. Nobody (meaning customers) cares about Facebook launching a coin. Facebook will not be the champion of freedom. How do I know? Ask yourself, if Facebook Coin is going to be available in Crimea (currently under sanctions) or Iran (currently under…
You're forgetting how much credit card transaction suck. As I see it this is the main problem facebook could solve through sheer volume of use: microtransactions. Granted this is about the worst way this future could come about....
IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation. Disclaimer: I hold a lot of stock in FB and no positions in other crypto.
Any suspicions on how this will differ from the last decade of crypto coins?