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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

#151

Post by polyomino »

root_axis wrote: post #143
russdpale wrote: post #134

Earlier quoted context omitted.

Yeh and they all fuckin suck. I wonder why? Its because they compromise on the quixotic properties that make bitcoin valuable.

What is the substantive meaning behind "fuckn suck"? As an example, most exchanges and processors have both BTC and BCH so if you're not a speculator there isn't much functional difference. (I know there are technical differences, but those differences don't change the fact that they are fungible blockchain tokens)

the functional difference is that BCH doesn't have a meaningful portion of the SHA256 hashrate, so it's vulnerable to 51% attack all the time. But, it's basically worthless so nobody cares.

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

#152

Post by maxlybbert »

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.”

I finally found a real source, and as usual, my memory leaves much to be desired (ultimately Dilbert gets a gift certificate):

Alice: A gift certificate is completely different from cash.

Dilbert: No, it's not. They're both pieces of paper you can exchange for goods and services.

Alice: You're missing the point.

Dilbert: Actually, a gift certificate is worse than cash, because you can only use it in one place.

Wally: And it expires.

Alice: At least it shows some thought.

Dilbert: It shows defective thought. You're trading perfectly good money for something that does the same thing, only not as well.

Facebook’s currency may not expire or be limited to one place, but it does seem to me that “it does the same thing [as money], only not as well.”

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

#153

Post by easymodex »

ForHackernews wrote: post #148
easymodex wrote: post #125

Earlier quoted context omitted.

Yeah but they are not functionally identical as Bitcoin's value comes from it being immutable, decentralized and failure-proof. Also a better analogy would be that you can make 1000 copies of the Mona Lisa in whatever way you want, they will still be just copies and they will be worthless.

Bitcoin is just a shitcoin that happens to be popular right now. All the other altcoins make the same "immutable, decentralized and failure-proof" claims.

Bitcoin is the only one with a track record to prove it.

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

#154

Post by ForHackernews »

buboard wrote: post #144
ForHackernews wrote: post #81

Earlier quoted context omitted.

In the UK, the Faster Payments Service enables near-instant transfers (usually a few minutes) that are typically free to the consumer. This network has been operating for more than a decade. [0] https://en.wikipedia.org/wiki/Faster_Payments_Service

yet it costs me $10 to send $500 to the UK and $39 to send to the US. And even more to receive.

Try http://transferwise.com/, that's what I usually use.

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

#155

Post by pault »

joeyrideout wrote: post #52
runeks wrote: post #25

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.

Not to mention that pegs always fail in the land of financial markets anyhow [1]. Interest rate pegs, currency pegs, pegs to commodities e.g. gold tend to collapse in the long run because they create a "perfect trade". When the value of two separate things eventually diverge due to external market forces, you can take advantage of the peg by trading the less valuable item for the more valuable item at the historical…

I spent a few years in Belize, and their currency is pegged 2:1 to the USD. Given the size, capability, and general competency of the Belizean government I always felt it was a major catastrophe just waiting to happen. Worse, nobody there seems to be remotely aware that this is a very risky way to manage your currency. If it were to collapse it would be a terrible blow to an already struggling country. Like diaspora terrible.

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

#156

Post by Anon84 »

polyomino wrote: post #146
throwawaylolx wrote: post #47

Earlier quoted context omitted.

How is it inferior to Ecash? FB's coin is not meant to provide anonymity features like Ecash did, but that's just a design choice. Other than that, Ecash is often suspected to have died due to the lack of reach and partnerships, which is not something FB lacks. So far, FB's coin looks very interesting. >Facebook’s currency is not a successor of Bitcoin Yeah the title is just low-quality clickbait; it's got nothing to…

What makes this a cryptocurrency? It should be called facebook giftcard.

cryptocurrency is more SEO/Marketing friendly than giftcard. /s

Seriously, though... the whitepaper isn't out yet so we don't really know how this is supposed to work. It'm sure it will use some type of permissioned blockchain for convenience/ensure trust between all the partners and dissolve responsibility for all decisions the consortium takes.

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

#157

Post by buboard »

root_axis wrote: post #83

I think Facebook's reputation will be enough to relegate this thing to the ash heap. The only people who are going to be interested in Facebook coins are some subset of cryptocurrency enthusiast who can find value in moving their cryptocurrency into a coin that will have more onramps to spendable money. For everyone else, it's going to be viewed as yet another digital money app you have to hook up to your bank accoun…

Facebook is trusted by billions of people every day. I would trust them with a crypto wallet more than any of the crypto exchanges that have been hacked in the past.

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

#158

Post by Barrin92 »

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 has been called 'the most Chinese' of the American software giants for a reason, the 'move fast and break things' attitude and the attitude towards privacy and capturing people's personal lives has been well documented for a long time.

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

#159

Post by root_axis »

buboard wrote: post #157
root_axis wrote: post #83

I think Facebook's reputation will be enough to relegate this thing to the ash heap. The only people who are going to be interested in Facebook coins are some subset of cryptocurrency enthusiast who can find value in moving their cryptocurrency into a coin that will have more onramps to spendable money. For everyone else, it's going to be viewed as yet another digital money app you have to hook up to your bank accoun…

Facebook is trusted by billions of people every day. I would trust them with a crypto wallet more than any of the crypto exchanges that have been hacked in the past.

Well, Facebook has a pretty poor history with regard to security, so I'm not so sure either way.

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

#160

Post by BinaryResult »

root_axis wrote: post #143
russdpale wrote: post #134

Earlier quoted context omitted.

Yeh and they all fuckin suck. I wonder why? Its because they compromise on the quixotic properties that make bitcoin valuable.

What is the substantive meaning behind "fuckn suck"? As an example, most exchanges and processors have both BTC and BCH so if you're not a speculator there isn't much functional difference. (I know there are technical differences, but those differences don't change the fact that they are fungible blockchain tokens)

BCH usage is laughable. See for yourself.

https://txhighway.com/

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