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Facebook reveals its cryptocurrency Libra

decrypt.co

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Re: Facebook reveals its cryptocurrency Libra

#34

Post by imw »

"He added that users would be able to remain anonymous or pseudonymous, at their own discretion—including the ability to keep their digital wallets separate from their Facebook profiles."

Imperial march plays in background, dark patterns flood through every interface.

"Indeed, that’s why Calibra, the wallet software that will hold Libra Coins, was made a subsidiary of Facebook—“to ensure appropriate separation between social and financial data and to build and operate services on its behalf on top of the Libra network,” as the white paper explains."

Is this some cruel joke? 'See! We made it a subsidiary! Can't get more arms length than that!' Being a subsidiary generally means that Calibra will take and toe the dictates of Facebook. There is no separation here.

It honestly feels like this is a last chance to pull away from the enlightenment value killing death spiral that is surveillance capitalism.

Re: Facebook reveals its cryptocurrency Libra

#37

Post by imw »

baby wrote: post #21

I'm biased as I'm working on this project. But I'm super happy it's finally out there :) There's a lot of really cool cryptography and tech on this project and there's still a lot for people to discover!

There's a lot of interesting physics in building thermonuclear weapons. Doesn't mean you should do it.

Your talents could be used to help the world. Instead, they are being used to enclose common spaces and pull apart the fabric of society. Get a better job?

Re: Facebook reveals its cryptocurrency Libra

#38

Post by tomglynch »

I'm very concerned this will give Facebook even greater control. I think it is likely Facebook will push Libra towards people in countries where their currency is volatile, such that it becomes the standard. I do see the positives, that they can now rely on a currency to be stable. But what do you think, could this be an issue and if so, do you think this can be overall beneficial for people from these places?

Re: Facebook reveals its cryptocurrency Libra

#39

Post by buboard »

golergka wrote: post #32

Crucial question for competing with Bitcoin, of course, is simple: will it be anonymous enough to buy drugs with?

Considering that multiple companies have access to the data to find illegal transactions, no way. However it will probably be easily exchanged with other coins
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