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Facebook reveals its cryptocurrency Libra

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Re: Facebook reveals its cryptocurrency Libra

#161

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.

Well, if an army of HODLers develops who buy into this Facebook coin think they can make profit off of holding it - then there will be a growing body who promote it and speak positively of it, and not care about Facebook's other wrongdoings because money. Those big name brands also already buying into it means quite the global powerhouse of marketing ability to onboard people into something that is relatively unknown of what could unfold. It should be democratic governments working together to develop this and not private entities who aren't elected and are known to lobby and influence politicians/policy for their own good. There's a reason financial regulations developed, and because they're poorly enforced currently doesn't mean the solution is abandonment.

Re: Facebook reveals its cryptocurrency Libra

#162

It’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…

Yes but could be a dystopian positive for the people...

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

#163
post #11

Earlier 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?

Is this really any different than your ability to buy things in-practice gated nigh exclusively by MasterCard and Visa?

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

#165
post #9

this is giving the power of governments to tech companies, and im not sure how i feel about that, at least bitcoin is truly decentralized

They're going to end up in the same situation as banks where they're vaguely intertwined with government interests.

Re: Facebook reveals its cryptocurrency Libra

#166
post #100
post #67

Earlier 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…

From what I can tell the only way to obtain bitcoin without providing personal information is to find someone on Craigslist willing to transfer you some coin... for a 15% markup.

EDIT: That's the bigger failure

Re: Facebook reveals its cryptocurrency Libra

#167
post #121
post #37

Earlier 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…

> 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.

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

#168
post #100
post #67

Earlier 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…

I wonder if the Bitcoin-only marketing is really helping them get more customers. It seems the opposite.

Are they doing it from a pure ideological perspective?

Re: Facebook reveals its cryptocurrency Libra

#169

It’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 would have loved to see any company besides the players mentioned here. For me, this coin almost disqualified already. Their association maybe shouldn't be judged but I nevertheless remain very skeptical.

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

#170

It’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.

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?

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