Anyone who still has doubts about the extent of Facebook's undemocratic power is clearly about to be fully convinced.
Libra White Paper
51–60 of 138 posts
Re: Libra White Paper
#52Earlier quoted context omitted.
Tell that to visa and mastercard or SWIFT
I don't believe either of those have introduced their own currency.
How is their platform different in practical terms than libra? Libra itself is not a new currency. I believe it's pegged to the US dollar. In the real world you really pay with visa/mastercard, paypal or swift, not with "real" money.
Re: Libra White Paper
#53I think this coin is a really bad idea. Its just centralizing a crypto coin and then removing the laws around money because now a dollar has a libra coin wrapper on it so it's obviously totally different than a dollar. It feels like a federal reserve moment where a bunch of rich folk get together and again dictate the future of currency. Crypto was supposed to change that trend. Unfortunately the want of convenience…
It's not pegged to a dollar. It's pegged to a blend of currencies and assets. So it's not a dollar wrapped like Tether or USDC. I don't understand how they plan to make it work across jurisdictions. There are so many laws and rules when it comes to transmitting and storing money or derivatives. Like I can transfer a billion dollars worth of BTC, no problem. But if I try to wire even $100K between two of my accounts i…
They plan to ignore regulations and grow quick enough so that they are too big to fail and thus too big to regulate.
Re: Libra White Paper
#54I find it interesting that Facebook banned cryptocurrency ads last year, citing safety from “financial products and services frequently associated with misleading or deceptive promotional practices.” https://www.vox.com/2018/1/30/16950926/facebook-mark-zuckerb...
The ban was a good thing because the currencies were promoted as investments which is not the case with stable coins/fb coin. Let's separate payment platforms from gambling-like investments, shall we?
Re: Libra White Paper
#55> 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
Visa, Mastercard and Swift have spent a lot of time and effort lobbying their _de facto_ monopoly, carefully advocating that… for lack of a better phrasing: they are essential and facilities but not “essential facilities”.
The best example of something impressive in that area is the concept of Two-sided markets, that comes with natural, customer-benefiting monopoly and even a justification for aggressive dumping baked-in in the model. I’m personally familiar with several of the contributors to that area and I can’t suspect that was ‘sponsored’ research but, Lord, you have to be lucky to get a Nobel prize to defend you.
Re: Libra White Paper
#56Earlier quoted context omitted.
I don't believe either of those have introduced their own currency.
How is their platform different in practical terms than libra? Libra itself is not a new currency. I believe it's pegged to the US dollar. In the real world you really pay with visa/mastercard, paypal or swift, not with "real" money.
Libra is pegged to a basket of values. I suspect that this could lead companies to prefer to store liquidity and report on Libra as it could be more stable than any individual currency, including USD.
Re: Libra White Paper
#57I’m super curious how the initial governance framework evolves over time.
From the looks of it, it’s not anything completely new and relies on standard human voting and management structures.
>A Founding Member that does not comply with the Founding Member eligibility criteria can be removed by a supermajority vote of the council. The recording of this vote on the Libra Blockchain will remove the member's node from the consensus algorithm.
So given this, the things working in Libra’s favor are an immediate, global social network for distribution.
Against it would be lack of innovation on the governing front (i.e. prone to internal politics) but this is probably more of a long term problem.
[1] https://libra.org/en-US/association-council-principles/#asso...
Re: Libra White Paper
#58Earlier quoted context omitted.
Their "customer commitment" document claims otherwise https://scontent-frt3-2.xx.fbcdn.net/v/t39.2365-6/65083631_3...
I think the devil is in the details. The claim `Calibra will not share account information or financial data with Facebook, Inc. or any third party` is followed by `without customer consent.`. From reading through the document you linked, the infrastructure will definitely be there to support the sharing of any and all data. Considering Facebook's history with getting "consent", I am willing to bet that they will tak…
“When Facebook notified the acquisition of WhatsApp in 2014, it informed the Commission that it would be unable to establish reliable automated matching between Facebook users' accounts and WhatsApp users' accounts. It stated this both in the notification form and in a reply to a request of information from the Commission. However, in August 2016, WhatsApp announced updates to its terms of service and privacy policy, including the possibility of linking WhatsApp users' phone numbers with Facebook users' identities.”
European Commission, 2017
Re: Libra White Paper
#59Initial performance in the technical part: - Throughput: 1000 transactions payment per second - Latency: 10-second for validating a payment
10 seconds sounds longer than current credit card payments? I could imagine that to be a barrier in some situations.
Re: Libra White Paper
#60Initial performance in the technical part: - Throughput: 1000 transactions payment per second - Latency: 10-second for validating a payment
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