I fully expect China to take over the Congo now.
Hello friend
Libra White Paper
21–30 of 138 posts
Re: Libra White Paper
#22As someone somewhat out of the crypto-loop, would someone be able to explain/posit/cite why Facebook are entering this market, and why traditional payment providers are also getting involved? On the face of it, this suggests it aims to essentially reduce transaction costs (which would be to the detriment of the status-quo)?
It's not really a crypto coin. It's a stable coin. The value is backed by hard cash in a vault somewhere. And not anyone can mine it, only the 10 million buy in organizations can process transactions on their nodes. But essentially it's pay pal labeled as a crypto coin. So they can get away with skirting some laws because "it's not actually money man".
Just a sleezeball move in my opinion to capitalise on the hard work the crypto community has been putting in to make safe trustworthy decentralised systems. That's in no way saying there isn't sleeze balls in the community, but there are real believers about the whole idea that have been working hard.
Re: Libra White Paper
#23> simple global currency and financial infrastructure that empowers billions of people. This is the material anti-trust lawsuits are made of, there is no way that nation states will allow private enterprises to gain that much power.
Tell that to visa and mastercard or SWIFT
Re: Libra White Paper
#24I still think,that this coin could replace a lot of African ( unstable ) currencies ...
Re: Libra White Paper
#25I fully expect China to take over the Congo now.
If you see White Rose, tell her goodbye.
Re: Libra White Paper
#26A fair financial system is one which I am comfortable giving to my worst enemy to run. This is not it.
Very well put.
Re: Libra White Paper
#27>Libra’s mission is to enable a simple global currency and financial infrastructure [...] This document outlines our plans for a new decentralized blockchain, The "decentralized" can be parsed different ways. Facebook Libra is decentralizing the transactions but it does not decentralize the currency creation . (This partial decentralization happens because Facebook wants to peg Libra to stable asset reserves.) This i…
dude, that sounds pretty intimidating. Does MZ want to take the absolute control over the world.
Re: Libra White Paper
#28>Libra’s mission is to enable a simple global currency and financial infrastructure [...] This document outlines our plans for a new decentralized blockchain, The "decentralized" can be parsed different ways. Facebook Libra is decentralizing the transactions but it does not decentralize the currency creation . (This partial decentralization happens because Facebook wants to peg Libra to stable asset reserves.) This i…
I would also like to add that FB is going to tie wallets to accounts so FB will know information about every transation. "Pseudonymous" wallets aren't going to be anonymous to Facebook.
Their "customer commitment" document claims otherwise https://scontent-frt3-2.xx.fbcdn.net/v/t39.2365-6/65083631_3...
Re: Libra White Paper
#29Can anyone TLDR; the smart contract capabilities outlined in the first paragraph?
Re: Libra White Paper
#30I just skimmed through their documents and I saw they use BFT. BFT algorithms are slow (and slower when more nodes are added) so are they using another layer for gaining performance? Currently the fastest BFT implementation is BFT-SMaRt: https://github.com/bft-smart/library
BTF is slow depending on how many nodes you're running. generally it can't support more than 100 validators