61–70 of 138 posts
> 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
Earlier quoted context omitted.
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...
>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…
Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” being better at suspending consumers’ scepticism.
>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.
I'm not a crypto backer - in fact I'm skeptical of the long term usefulness, but this isn't crypto, it's shitty PayPal. It's not decentralized, not removed from fiat, not anonymous and not trustworthy.
I 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…
This is apparent in how their wallet Calibra is what requires KYC, not the crypto token itself.
I 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…
Good luck with regulators. Especially regulators in the financial industry.
I don't really think that creating a Facebook account is satisfactory to cover KYC(1) and AML(2) rules, as a for example.
But they're many other examples in finance where the "better ask forgiveness than permission" will get you a go straight to jail, don't collect 200 libra on your way there card if violated.
(1) Know Your Customer
(2) Anti Money Laundring
Earlier quoted context omitted.
Their "customer commitment" document claims otherwise https://scontent-frt3-2.xx.fbcdn.net/v/t39.2365-6/65083631_3...
Based on historical precedents, I will not believe any "customer commitment" / "privacy commitment" statements from Facebook.
Facebook can't keep people's phone numbers, pictures and sex life private and we trust them to invent a currency? I'm not a crypto backer - in fact I'm skeptical of the long term usefulness, but this isn't crypto, it's shitty PayPal. It's not decentralized, not removed from fiat, not anonymous and not trustworthy.
Its introduction reads like a goading of antitrust activists. (Facebook’s advantage as a cryptocurrency purveyor being its acumen with getting away with lawlessness.)