I can't find on white paper, transaction are immutable or are reversible?
[deleted]
Libra White Paper
101–110 of 138 posts
Re: Libra White Paper
#102Initial 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.
This will be the base layer. They expect custodial wallets and payment channels on top (in Bitcoin terms exchange wallets and lightning network).
See the Libra blockchain paper, section 8:
> We anticipate that many payment transactions will occur off-chain, for example, within a custodial wallet or by using payment channels [45]
Re: Libra White Paper
#103I 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…
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. 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…
Can you provide an example of a person in the financial industry who went to jail for violating regulations of the kind you are talking about, as opposed to fraud/dishonesty?
Re: Libra White Paper
#104As someone somewhat out of the crypto-loop, would someone be able to explain/posit/cite why Facebook are entering this market, and why traditional payment providers are also getting involved? On the face of it, this suggests it aims to essentially reduce transaction costs (which would be to the detriment of the status-quo)?
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…
I agree. I think we should have used Keynes' Bancor proposal [1], rather than gold and therefore USD as a reserve currency.
> Keynes was able to make his proposal the official British proposal at the Bretton Woods Conference but it was not accepted. Rather than a supranational currency, the conference adopted a system of pegged exchange rates ultimately tied to physical gold in a system managed by the World Bank and IMF. In practice, the system implicitly established the United States dollar as a reserve currency convertible to gold at a fixed price on demand by other governments. The dollar was implicitly established as the reserve by the large trade surplus and gold reserves held by the US at the time of the conference.
Re: Libra White Paper
#105Earlier quoted context omitted.
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,…
FecK, I missed that. Source ?
I guess it's time to drop Whatsapp definitively.
Re: Libra White Paper
#106The suggestion that this is a way to help the "global unbanned" is also disingenuous. If people don't have enough money to put any in a bank, making up a new centralized currency isn't going to change that.
Re: Libra White Paper
#107I 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…
Many countries treat BTC as foreign currency, with all the regulations that come with that. It's not a major issue for the bitcoin community, since apart from taxes and money laundring protections you can mostly circumvent it by avoiding those jurisdictions as required. But Facebook/Libra would likely feel the full force of those regulations.
Re: Libra White Paper
#108I just watched the official launch video for Libra and it's just disgusting how silicon valley is abusing the image of "poor" people or people from developing countries to sell a philanthropist idea while their true intentions are just more money and more power.
Re: Libra White Paper
#109I just watched the official launch video for Libra and it's just disgusting how silicon valley is abusing the image of "poor" people or people from developing countries to sell a philanthropist idea while their true intentions are just more money and more power.
I do hope all those developing countries with a democratic government will ban this one.
Re: Libra White Paper
#110I just need to know all the “what’s in it for FB” first, then I can tell if they are really opening it up, or just makes them a much bigger monopoly