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Libra White Paper

libra.org

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Re: Libra White Paper

#91

Post by JumpCrisscross »

CaptainZapp wrote: post #73
bitxbit wrote: post #15

Earlier quoted context omitted.

Put it differently, banks have failed to implement something more efficient and the “bitcoin” innovators have also failed on practical aspects. As a result we have a void and it’s anyone’s game right now. Facebook is throwing money at it. A small chance it works but public trust is a big factor in currency isn’t it? Here’s what I think: any alternative currency tied to the USD (meaning a currency without intrinsic va…

Put it differently, banks have failed to implement something more efficient and the “bitcoin” innovators have also failed on practical aspects. That, once again, is a very America centric view. A place where banks must be even worse than taxis. Within the Euro area (and associated coutries, like Switzerland), at least, SEPA transfers are quick and cheap, if not free. Edit to add: Even the developing world has fast an…

> SEPA transfers are quick and cheap, if not free

FedWire transfers are instantaneous and cheap if not free at many institutions. The “bank transfers are slow and expensive” argument is financially illiterate.

Re: Libra White Paper

#92

Post by apexalpha »

m1el wrote: post #71
apexalpha wrote: post #69

Earlier quoted context omitted.

Not believing Facebook is a lot different from stating as a fact that the FBI will be able to tie every wallet generated to a FB account.

I didn't say anything about FBI. FB = Facebook

I swear to god I read FBI? Did you edit it? IF not apology from my side.

Re: Libra White Paper

#93

Post by megous »

So the only thing this has going for it over cash is that it may ease exchange online (to be seen). And this depends on how easy it will be to join this as a merchant or user, how nice APIs will be, and how well fraud will be handled, etc., etc.

And the value will fluctuate based on the trust in the ability to convert it reliably to cash/other currencies. So there's no real peg to anything, as described previously.

Re: Libra White Paper

#94

Post by Nerada »

This is seriously scary. The buy-in it's already received from some of the big financial players worries me that this might actually catch-on. Facebook is the last person I'd trust with any of my data, let alone a complete history of all my transactions.

I hope privacy is more important to the average Western Joe than it was to the Chinese. WeChat sounds like a dystopian nightmare.

Re: Libra White Paper

#95

Post by daanavitch »

jasode wrote: post #74
JumpCrisscross wrote: post #64

Earlier quoted context omitted.

> This is different from Bitcoin's idea of decentralizing Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” being better at suspending consumers’ scepticism. [1] https://en.m.wikipedia.org/wiki/Facebook_Credits

>Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” My posting history will show I'm skeptical of Facebook but setting my biases aside, I think there's still a real technical difference here. I believe the old Facebook Credits required the transactions to go through Facebook's centralized servers. (The programming api for processing Facebook Credits communicated w…

>Initially, the association (and validators) will consist of a geographically distributed and diverse set of Founding Members. These members are organizations chosen according to objective participation criteria, including that they have a stake in bootstrapping the Libra ecosystem and investing resources toward its success. Over time, membership eligibility will shift to become completely open and based only on the member’s holdings of Libra.

So it's not going to be Facebook's centralized servers, but Facebook + their friend's centralized servers. There are some vague promises, but this will start out just as centralized as Facebook Credits.

Re: Libra White Paper

#96

Post by bufferoverflow »

leppr wrote: post #67
bufferoverflow wrote: post #49

Earlier quoted context omitted.

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…

I think the point is to call their little consortium "decentralized" and let the various on-ramps (be it wallets, exchanges, merchants) deal with AML, just as if it were cash or Bitcoin. This is apparent in how their wallet Calibra is what requires KYC, not the crypto token itself.

It's so strange, I'm pretty sure they admit the whole thing is not decentralized.

Re: Libra White Paper

#98

Post by magnamerc »

daanavitch wrote: post #95
jasode wrote: post #74

Earlier quoted context omitted.

>Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” My posting history will show I'm skeptical of Facebook but setting my biases aside, I think there's still a real technical difference here. I believe the old Facebook Credits required the transactions to go through Facebook's centralized servers. (The programming api for processing Facebook Credits communicated w…

>Initially, the association (and validators) will consist of a geographically distributed and diverse set of Founding Members. These members are organizations chosen according to objective participation criteria, including that they have a stake in bootstrapping the Libra ecosystem and investing resources toward its success. Over time, membership eligibility will shift to become completely open and based only on the…

It's secured via BFT PoS, which means if more than 1/3 of the validators are malicious, then the network halts until there's a supermajority (2/3). With BFT PoS blocks have finality, which means you need a supermajority of the validator set to "fork" the chain and rewrite the history.

Re: Libra White Paper

#99

Post by magnamerc »

Since Libra is secured via BFT PoS it'll be feasible to integrate it into Cosmos Hub, and thus you'll be able to communicate directly with Ethereum which is interesting.

Re: Libra White Paper

#100

Post by berbec »

armanini_io wrote: post #97

I can't find on white paper, transaction are immutable or are reversible?

This question is subject, like all others, to capricious changes to Libra Terms, Conditions and Implementation. Facebook values its bottom line and is taking that, and only that, into consideration determening actions to protect your privacy, the security of your wallet, the fiat it is based on, the value of its coin and which Trusted Partners™ to allow to control Libra.
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