How is this going to fly with the constant flood of (justified) hate that Facebook is receiving the past year? Apart from the technology, I feel like they have more chance if they'd brand it without the Facebook name on it.
Facebook reveals its cryptocurrency Libra
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Re: Facebook reveals its cryptocurrency Libra
#162It’s going to be interesting. “Unlike previous stablecoins, Libra will not be issued by a central party. Instead, Facebook has enlisted 27 fellow Silicon Valley titans—among them PayPal, Visa, Spotify, Mastercard, Uber, and eBay—to operate as preliminary “validator nodes” who will each share a transparent copy of a vast ledger of transactions reflecting all the activity on the network.” That sounds amazingly dystopia…
How long until someone uses this against the “oligarch“ validators?
E.g.: an AdBlock browser extension is on unless they send some microfunds to your account / transfer Libra funds to you.
If you’re not familiar with display ads it’s a literal bidding war per space per user by the advertiser. Platforms don’t care they just get a cut.
Now, I could see this: turn it around and have this “central authority” by having them bidding for you to turn on your ads based on their data’s understanding of likeliness to click.
Re: Facebook reveals its cryptocurrency Libra
#163Earlier quoted context omitted.
It does not feel right, does it?
> 27 fellow Silicon Valley titans [...] to operate as preliminary “validator nodes” What could possibly go wrong?
It sounds less like a dystopia and more like the tech sector and payment processors have been collectively itching to escape the current banking system.
Re: Facebook reveals its cryptocurrency Libra
#164if "Satoshi Nakamoto" == "Mark Zuckerberg":
print("Whoa, mind blown!")
else print("Carry on. Nothing to see here.")
jkRe: Facebook reveals its cryptocurrency Libra
#165this is giving the power of governments to tech companies, and im not sure how i feel about that, at least bitcoin is truly decentralized
Re: Facebook reveals its cryptocurrency Libra
#166Earlier quoted context omitted.
Could you elaborate on what Bitcoin failed at?
I tried to buy a cup of coffee recently at a bitcoin only cafe. Though I didn’t end up paying with bitcoin because it took a day for the bitcoin atm deposit to clear. So I asked a friend who worked in the building to spot me a cup of coffee, and he paid... by making a line on a piece of paper they used to do bookkeeping denoted in fiat because no-one wanted to go through the hassle of bitcoin transfers and no one had…
EDIT: That's the bigger failure
Re: Facebook reveals its cryptocurrency Libra
#167Earlier quoted context omitted.
There's a lot of interesting physics in building thermonuclear weapons. Doesn't mean you should do it. Your talents could be used to help the world. Instead, they are being used to enclose common spaces and pull apart the fabric of society. Get a better job?
I appreciate your point of view, FWIW I believe that I'm doing net positive work for the world. If you don't believe such projects should exist, you can at least agree that such project will inevitably happen and that it is a good thing that they have people like me onboard to influence them in the right direction. I will write more about the things I work on and why I think these are good things on my blog www.crypt…
Sorry, what? What gives a random person a reason to think you're someone who will "influence them in the right direction"?
Re: Facebook reveals its cryptocurrency Libra
#168Earlier quoted context omitted.
Could you elaborate on what Bitcoin failed at?
I tried to buy a cup of coffee recently at a bitcoin only cafe. Though I didn’t end up paying with bitcoin because it took a day for the bitcoin atm deposit to clear. So I asked a friend who worked in the building to spot me a cup of coffee, and he paid... by making a line on a piece of paper they used to do bookkeeping denoted in fiat because no-one wanted to go through the hassle of bitcoin transfers and no one had…
Are they doing it from a pure ideological perspective?
Re: Facebook reveals its cryptocurrency Libra
#169It’s going to be interesting. “Unlike previous stablecoins, Libra will not be issued by a central party. Instead, Facebook has enlisted 27 fellow Silicon Valley titans—among them PayPal, Visa, Spotify, Mastercard, Uber, and eBay—to operate as preliminary “validator nodes” who will each share a transparent copy of a vast ledger of transactions reflecting all the activity on the network.” That sounds amazingly dystopia…
> That sounds amazingly dystopian. I mean, that’s literally a money built on an oligarchy. By design. IMO, it's a small step towards a better direction. The "validator" consensus (oligarchy) is a much more transparent/inclusive solution compared to the closed financial ecosystems of Wechat/Alipay/Paytm/Grab. If Libra is an oligarchy, closed financial systems are dictatorships
I agree about classical closed financial services like visa and mastercard being financial dictatorships. That is why their involvement doesn't really build trust.
Re: Facebook reveals its cryptocurrency Libra
#170It’s going to be interesting. “Unlike previous stablecoins, Libra will not be issued by a central party. Instead, Facebook has enlisted 27 fellow Silicon Valley titans—among them PayPal, Visa, Spotify, Mastercard, Uber, and eBay—to operate as preliminary “validator nodes” who will each share a transparent copy of a vast ledger of transactions reflecting all the activity on the network.” That sounds amazingly dystopia…
Then W3C and the USB-IF are also "oligarchies" and dystopian?
A bunch of institutions working together is presumably a lot more trustworthy and less prone to abuse by anyone individually than a single institution, which maybe you would call a "monarchy"?
Really not sure what's dystopian about this at all. Do you think MasterCard and Visa networks are dystopian too, or that national currencies themselves are dystopian?