Libra White Paper • Hacker News Board

Re: Libra White Paper

#81

Post by alangibson » Tue, Jun 18, 2019, 12:10 PM UTC

dchest wrote: post #28

m1el wrote: post #16

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...

That isn't worth the bits it's written on. They are free to change their TOS any time they want.

Re: Libra White Paper

#82

Post by golergka » Tue, Jun 18, 2019, 12:10 PM UTC

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?

Yes.

Re: Libra White Paper

#83

Post by samdung » Tue, Jun 18, 2019, 12:11 PM UTC

A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value.

A global federal reserve in the making

Re: Libra White Paper

#84

Post by samdung » Tue, Jun 18, 2019, 12:12 PM UTC

A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value.

Soon 'The Libra Reserve' will hold only a 10th of the total Libra Coins in circulation (fractional reserve). A global federal reserve in the making.

Re: Libra White Paper

#85

Post by TeMPOraL » Tue, Jun 18, 2019, 12:13 PM UTC

JumpCrisscross wrote: post #70

berbec wrote: post #66

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.

> it's shitty PayPal Its introduction reads like a goading of antitrust activists. (Facebook’s advantage as a cryptocurrency purveyor being its acumen with getting away with lawlessness.)

Could have been worse. Could have been Uber.

EDIT: Oh crap. It is Uber.

https://news.ycombinator.com/item?id=20211358

Re: Libra White Paper

#86

Post by JumpCrisscross » Tue, Jun 18, 2019, 12:14 PM UTC

TeMPOraL wrote: post #85

JumpCrisscross wrote: post #70

Earlier quoted context omitted.

> it's shitty PayPal Its introduction reads like a goading of antitrust activists. (Facebook’s advantage as a cryptocurrency purveyor being its acumen with getting away with lawlessness.)

Could have been worse. Could have been Uber. EDIT: Oh crap. It is Uber. https://news.ycombinator.com/item?id=20211358

> Could have been Uber

Uber is a Libra Association voting member.

Re: Libra White Paper

#87

Post by alangibson » Tue, Jun 18, 2019, 12:15 PM UTC

I propose that a blockchain with mutually trusted gatekeepers is indistinguishable from a replicated RDBMS.

Re: Libra White Paper

#88

Post by bencollier49 » Tue, Jun 18, 2019, 12:16 PM UTC

"Libra". Clearly still has a beef with the Winklevoss twins (and their company "Gemini").

Re: Libra White Paper

#89

Post by FridgeSeal » Tue, Jun 18, 2019, 12:19 PM UTC

You couldn’t pay me to touch a crypto currency built by Facebook. They’re the king of shifty behaviour, dark patterns and unscrupulously harvesting all the data they can get their hands on.

There’ll be no privacy from overlord FB and everything will be more or less at their behest.

Re: Libra White Paper

#90

Post by FridgeSeal » Tue, Jun 18, 2019, 12:20 PM UTC

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?

Facebook is involved, so I don’t think anything positive (for users) is being liberated here.