Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Facebook’s Libra cryptocurrency: Privacy and stability concerns

bloomberg.com

Post reply on HN
Print view View original

71–80 of 262 posts

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

#71

Post by nutjob2 »

hello_1234 wrote: post #45

I really wish they succeed. It takes 3 to 5 business days to transfer money using ACH in the US if you don't want to shell out 25$ for wire transfer. Transferring money is just about transferring a few bytes of data. Why does it take 3 business days? Why are customers still forced to shell out 25$ for instant transfers?

The US is the US, but in places like the EU and Australia, consumer level inter-bank transfers are now taking a few hours, minutes or seconds, at a price between free and less than $1.

It's sort of a constructive proof that you don't need crypto currency, if that's the justification for its existence.

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

#72

Post by buboard »

gemjam wrote: post #3

Bloomberg did a nice video about the real implications; Chinese app style payments would deprive banks of their cut of transaction processing.[1] Isn't it strange that the Chinese copied facebook, but now facebook copys WeChat "U.S. Banks Are Terrified of Chinese Payment Apps" https://www.youtube.com/watch?v=SJh_Uir5EMI https://www.nytimes.com/2019/03/07/technology/facebook-zucke...

facebook copied chinese / korean / japanese social media in many ways over the years. And their games ecosystem (zynga era) were mostly copies of chinese games.

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

#73

Post by bduerst »

root_axis wrote: post #26
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.

Oh well if it's that simple then why has it been so hard just to do something as simple as increase the block size?

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

#74

Post by plokiju »

pojzon wrote: post #39
jbusma wrote: post #36

Earlier quoted context omitted.

Let's take a vote! Who votes to increase the 21M cap, devaluing your own holdings? Sir, it appears the nays have it..

I dont think anyone with such possibility would put it to vote. They would just do it because they can.

Bitcoin works by consensus though. Nobody can be in that position. the best you can do is make a fork. Those who don't agree with the rule change will keep mining with the old rules in place

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

#75

Post by bduerst »

root_axis wrote: post #61
jbusma wrote: post #36

Earlier quoted context omitted.

Let's take a vote! Who votes to increase the 21M cap, devaluing your own holdings? Sir, it appears the nays have it..

Unforeseen future circumstances could make people more amenable to any kind of changes imaginable. Either way, saying that it's impossible to print more is just not true.

Unforeseen future circumstances could make people less amenable. Saying "we just don't know what the future may hold" in support of a claim is an argument from ignorance.

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

#76

Post by buboard »

nutjob2 wrote: post #71
hello_1234 wrote: post #45

I really wish they succeed. It takes 3 to 5 business days to transfer money using ACH in the US if you don't want to shell out 25$ for wire transfer. Transferring money is just about transferring a few bytes of data. Why does it take 3 business days? Why are customers still forced to shell out 25$ for instant transfers?

The US is the US, but in places like the EU and Australia, consumer level inter-bank transfers are now taking a few hours, minutes or seconds, at a price between free and less than $1. It's sort of a constructive proof that you don't need crypto currency, if that's the justification for its existence.

it's really mind boggling to me they take $1 at all. Why? Banks have a myriad ways to make money instead of taxing consumers (and overwhelmingly the small fish). It's 2019 and cash has 0 cost to transfer.

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

#77

Post by bduerst »

empath75 wrote: post #41
GenerocUsername wrote: post #33

Earlier quoted context omitted.

That would result in a fork, split adoption, and is not nearly as easy as you imply.

There have been multiple forks.

Many of which are considered failures, which is the point.

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

#78

Post by hello_1234 »

jiveturkey wrote: post #56
hello_1234 wrote: post #45

I really wish they succeed. It takes 3 to 5 business days to transfer money using ACH in the US if you don't want to shell out 25$ for wire transfer. Transferring money is just about transferring a few bytes of data. Why does it take 3 business days? Why are customers still forced to shell out 25$ for instant transfers?

You appear to have a fundamental misunderstanding of ACH vs wire. They aren't the same thing, with one of them having a fee just for the speed of it. 3-5 days is actually a feature of ACH. This delay includes the ability to reverse a transaction, a built-in risk management. For example, here is a quote from an article on the front page of HN right now (#5, SIM swap horror story): > After a couple of days, our bank re…

Here's a great podcast on NPR's planet money if you want to learn more - https://www.npr.org/sections/money/2018/01/10/576879734/epis... You cannot just give me two anecdotes to defend one of the most inefficient systems in the US.

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

#79

Post by buboard »

rdiddly wrote: post #70

I can grasp the idea that Facebook would want to capture more payments like WeChat does; what I can't figure is how having their own cryptocurrency would add anything. Whom does it appeal to? I doubt Facebook wants the drug dealer/money launderer market segment for example. (I also doubt it'll be secure or anonymous enough to satisfy those people.) And it's no good for speculators, if it's pegged. Seems like at best…

i doubt any drug dealer would use Libra directly. BUT, if it can be exchanged for Monero ...

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

#80

Post by jrvxo »

maxlybbert wrote: post #15
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)

Quoting the animated Dilbert TV show when Dilbert buys his mom a gift card: “you’ve exchanged your money for something like money, but less useful.”

That series was brilliant. I don't know what happened to it :(
Post reply on HN