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Facebook’s Libra cryptocurrency: Privacy and stability concerns

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Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#21

Post by duxup »

catacombs wrote: post #18

With the number of data leaks, PR disasters and the federal probes looming over Facebook, the last thing I want is the company handling any kind of financial transactions, especially if it's with cryptocurrency.

I suspect though this is just crypto currency ... in tech and name, but generally will just be controlled by facebook in a way that isn't as susceptible to the usual hacking / non reversible transactions as "real" crypto currency.

I think this is really just Facebook payments that will be controlled by Facebook.

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#23

Post by russian_bot »

thefounder wrote: post #14
toomuchequate wrote: post #13

If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.

>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)

No, it's worse than cash. Cash has the ability to be anonymous, be used for regulation arbitrage, and is untraceable.

This "facebook coin" likely has none of these properties.

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#24

Post by hanniabu »

thefounder wrote: post #14
toomuchequate wrote: post #13

If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.

>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)

Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#25

Post by runeks »

The reason for Bitcoin’s design is precisely because a centralized/pegged alternative was tried and failed: https://en.m.wikipedia.org/wiki/Ecash

Facebook’s currency is not a successor of Bitcoin, it’s an inferior reincarnation of a failed predecessor.

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#26

Post by root_axis »

toomuchequate wrote: post #13

If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.

> There are 21,000,000 BTC ever ever, you can't print more

Untrue. More could easily be printed if that is what the leadership/community wanted.

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#27

Post by stcredzero »

toomuchequate wrote: post #13

If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.

If it is pegged to USD, there is no investment potential. It is just as bad as cash.

Tether became (at least for a time) a favored method for cryptocurrency investors to shift their positions to USD. I think Facebook has a good chance of doing the job better with Libra than Tether has done. This might put Facebook into an advantaged position in future payments services and cryptocurrency.

(One thing that just occurred to me: would it be possible to alter the operation of a stablecoin, such that parties who are trying to corner the market will automatically expose themselves to other parties who would exploit them?)

What if Facebook also came out with a stablecoin to the Yuan, the Pound, and the Euro, as well as their own non-stablecoin cryptocurrency? I suspect that this would give Facebook the same kind of information advantage currently enjoyed by petroleum multinationals in the petroleum market.

(EDIT: Euro)

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#28

Post by cycrutchfield »

hanniabu wrote: post #24
thefounder wrote: post #14

Earlier quoted context omitted.

>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)

Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.

And when they buy things, are those things denominated in fiat currency or in bitcoin?

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#29

Post by hanniabu »

cycrutchfield wrote: post #28
hanniabu wrote: post #24

Earlier quoted context omitted.

Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.

And when they buy things, are those things denominated in fiat currency or in bitcoin?

Both

Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns

#30

Post by cycrutchfield »

stcredzero wrote: post #27
toomuchequate wrote: post #13

If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.

If it is pegged to USD, there is no investment potential. It is just as bad as cash. Tether became (at least for a time) a favored method for cryptocurrency investors to shift their positions to USD. I think Facebook has a good chance of doing the job better with Libra than Tether has done. This might put Facebook into an advantaged position in future payments services and cryptocurrency. (One thing that just occurre…

The German Mark? Do they have a time machine too?
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