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Libra White Paper

libra.org

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Re: Libra White Paper

#31

Post by Angostura »

thefounder wrote: post #23
orbifold wrote: post #20

> 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

I don't believe either of those have introduced their own currency.

Re: Libra White Paper

#32

Post by DanFau »

Initial performance in the technical part: - Throughput: 1000 transactions payment per second - Latency: 10-second for validating a payment

Re: Libra White Paper

#33

Post by CodiePetersen »

jasode wrote: post #12

>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…

Sounds about as decentralised as my private collection of cloud servers I get to make all the decisions on. Decentralised is supposed to mean individuals are both the caretakers and the users.

Re: Libra White Paper

#34

Post by josh2600 »

rahulkapil wrote: post #3

A fair financial system is one which I am comfortable giving to my worst enemy to run. This is not it.

If you don’t feel comfortable letting the nsa run a node and not care, is it really secure?

I’m not sure we can push the envelope that far, but it’s worth trying to get there.

Re: Libra White Paper

#35

Post by zxcb1 »

ArmandGrillet wrote: post #8

Interesting bits: "target launch in the first half of 2020." "“Founding Members” upon its completion are, by industry: Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc. Telecommunications: Iliad, Vodafone Group Blockchain: Anchorage, Bison Trails, Coinbase, Inc.…

Is this the face of technological liberation or domination?

Re: Libra White Paper

#36

Post by daanavitch »

>The reserve allows users of the system to enjoy a relatively stable medium of exchange from the start. At the same time, it also represents a centralized function. For the network to be fully permissionless, the association will have to explore ways to further distribute and decentralize the reserve, including automating the verification of the assets in the basket and the process of minting and burning of coins. Increasing market competition in the custody and management of the reserve will also be explored to improve the efficiency of this service, and the costs it imposes on users and custodians over time.

So this coin will be backed by a centralized reserve, and you would have to trust Facebook that the coins you own are backed by real money, with no way of verifying this. Tether works the same way, and they are just creating money out of thin air without actual dollars backing them up. I'm curious how Facebook will decentralize this reserve, or if they will even do this in the first place.

Re: Libra White Paper

#37

Post by throwawaylolx »

jasode wrote: post #12

>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…

>We see the industry that's noticeably missing: no banks mentioned such as JP Morgan Chase, Citi, HSBC, etc

As far as I know, they're missing because they refused to be part of the association:

>Originally the company had ambitions to get Wall Street involved, but found a lack of interest among institutional giants like Goldman Sachs and JPMorgan. It is still looking to have 100 members in the governing association, the person said.

https://www.theblockcrypto.com/2019/06/14/facebooks-cryptocu...

Re: Libra White Paper

#38

Post by IlegCowcat »

I remember someone saying something along the lines of “Facebook will try and copy and crush us, but not this time- by the time they work out what’s happening, it’ll be too late”. Facebook seem to have noticed what’s happening and are moving like the wind to try and crush us. Are they too late or are we too late? Or neither?

Re: Libra White Paper

#39

Post by alfiedotwtf »

zxcb1 wrote: post #35
ArmandGrillet wrote: post #8

Interesting bits: "target launch in the first half of 2020." "“Founding Members” upon its completion are, by industry: Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc. Telecommunications: Iliad, Vodafone Group Blockchain: Anchorage, Bison Trails, Coinbase, Inc.…

Is this the face of technological liberation or domination?

Thanks. Your comment made me laugh, but now upset. You raise a good point.
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