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Facebook’s New Cryptocurrency Gets Big Backers

wsj.com

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Re: Facebook’s New Cryptocurrency Gets Big Backers

#251

Post by thefounder »

glitchc wrote: post #174
thefounder wrote: post #166

This is good for the ecosystem. Next phase would be a crypto backed by government(s).

If govts actually introduced crypto, it would be completely isolated from existing ecosystems. Unlike other players, govts. (western specifically) have a mandate to protect user privacy on their systems.

I believe some crypto currencies provide privacy(i.e monero) so a gov fork could work.

Currently most of the governments share the data with various corporations(usually US based such as Visa and Mastercard, SWIFT, plus various national or foreign banks) and US gov agencies so the level of privacy is not that great.

Crypto currencies could also provide transparency and open protocols so I believe a gov backed crypto would be successful in many areas(i.e public procurement)

Re: Facebook’s New Cryptocurrency Gets Big Backers

#252

Post by SI_Rob »

snitko wrote: post #231
Nursie wrote: post #142

Earlier quoted context omitted.

The price is heavily manipulated and volatile, most of the volume appears to be fake, and the only major 'use' anyone is making of it is speculation. Also it hasn't gone up consistently, it's still at around 50% of its peak almost two years ago.

Look at 10 years chart. It's been going up consistently.

Well, sure, but then the 4 year chart of returns on my high school summer lawn moving business went up 13,500%, from $5 net my first week, to $675 on my last. Behold my 15 year old financial genius. /s

Any asset that doesn't crash back to a penny likewise goes up astronomically from the day trackable value is first created. Bitcoin's chart appears to have outperformed the market so dramatically, percentage-wise, because its chart tracks price from effectively zero (depending on how you would price a 1/10000th slice of pizza) or a dozen or so pennies (if you're starting from the first BTC-E numbers). But this is really not any different from what happens to shares in a private company, which also start at effectively zero as well.

Publicly-traded share values aren't visible to the public until they have already risen a hundredfold or more from their inception (in terms of percentage gains). Sure, Bitcoin was visible to "the public" but only if you happened to be in the right place at the right time and knew the right people - which in practice are opportune circumstances no different than those available to people who happen to be close to the founders of a privately owned company.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#253

Post by dang »

1290cc wrote: post #248
dang wrote: post #81

Earlier quoted context omitted.

Please don't post unsubstantive comments here.

Which part of my statement is "unsubstantive" the joke or the fact?

The comment lacks information and repeats common preconceptions in a snarky way.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#255

Post by akdfd »

Nursie wrote: post #191
akdfd wrote: post #171

Earlier quoted context omitted.

Cash can't do those things either. It would be relatively easy to have a regulated bitcoin bank that offers such services. Coinbase is heading that way.

Presumably that wouldn't fit with any of the demands of cryptocurrency enthusiasts though, being able to freeze your funds etc. Also I'm not sure how they would tackle reversing any fraud given that bitcoin is amazingly irreversible. If cryptocurrency is, for you, a way to get away from the abusive dominance of banks, why would you use such a service?

I fail to see what point you're trying to make here.

If you want to use a bitcoin bank you can. If you don't then you don't have to and can self custody.

You have the choice to do either. Which is not the case with electronic claims on fiat money, as they require a bank counterparty.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#257

Post by Nursie »

akdfd wrote: post #255
Nursie wrote: post #191

Earlier quoted context omitted.

Presumably that wouldn't fit with any of the demands of cryptocurrency enthusiasts though, being able to freeze your funds etc. Also I'm not sure how they would tackle reversing any fraud given that bitcoin is amazingly irreversible. If cryptocurrency is, for you, a way to get away from the abusive dominance of banks, why would you use such a service?

I fail to see what point you're trying to make here. If you want to use a bitcoin bank you can. If you don't then you don't have to and can self custody. You have the choice to do either. Which is not the case with electronic claims on fiat money, as they require a bank counterparty.

> I fail to see what point you're trying to make here.

Then try looking at the post I responded to?

Your responses to me seem kinda pointless here.

"Crypto is great because banks suck" "I'm ok with banks, therefore this isn't a need I have"

Then you come along and tell me crypto can maybe act like a bank. So what?

Re: Facebook’s New Cryptocurrency Gets Big Backers

#258

Post by mirimir »

dang wrote: post #80
mirimir wrote: post #44

Earlier quoted context omitted.

Sure, but not one owned by Facebook. It's a sick joke.

Ok, but please don't post unsubstantive comments here.

Sorry. If I had explained, I don't think that it would have been unsubstantive. But I didn't. So anyway, to the point.

As the sign of balance, symbolized by scales, Libra is certainly relevant to money. But the name is also a riff on liberty/liberation aka freedom. And that's the sick joke, because Libre will be totally under Facebook control.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#259

Post by mirimir »

nyolfen wrote: post #72
mirimir wrote: post #44

Earlier quoted context omitted.

Sure, but not one owned by Facebook. It's a sick joke.

are you confusing it with libre?

I'm not confusing it. I'm arguing that it's an intentional allusion to liberty. Which, being totally under Facebook's control, it will clearly not be.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#260

Post by stefanmichael »

asaph wrote: post #66
SomeOldThrow wrote: post #60

Earlier quoted context omitted.

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....

If Libra is a threat to credit cards, then why are Visa and MasterCard investing at least $10M each in it?

if your company were under threat and you had the option to invest in your competitor at an early stage, wouldn't you? I don't think I agree that this is a threat to credit cards, but even if I did I think I would understand the investment.
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