181–190 of 1001 posts
The big question for me is whether or not wallets and therefore transactions can be created without needing an 'account' somewhere, just like all other cryptocurrencies. Can I participate in the economy anonymously or do all wallets need to be registered like a traditional bank account.
"Libra" is the latin name of what is now known as the "pound" and used in many Latin-rooted languages (Spanish, Portuguese, French and Italian come to mind) to refer to pound related currencies, including the British pound sterling ("libra esterlina") and similar currencies from Egypt to Lebanon to Gibraltar pound. It was also behind many discontinued currencies from the past, ie. the Italian Lira or the French Livre.
IMHO a bad choice in naming for something you want to call "new".
Not only they built it in Rust, but they also built Move - language clearly derived from Rust, which uses ownership as a way to manage monetary resources. Regardless of trust issues with different companies involved, that's just beautiful engineering.
I'm curious how it will work exactly. I guess people will need to buy this currency with real money, and then they can spend it on these services. But why would anyone bother to do this when they can directly use their debit/credit card? Or is the plan to someone push people to use this currency by either giving them discount initially, or by not giving any other alternative means of payments?
Earlier quoted context omitted.
Build something better that will get more adoption then?
I'm trying to understand how your statement isn't just a flippant nonsense remark. How can I, me, one person, make something that is 'better' (how do you even define that) and will get more adoption than something that is being rolled out by one of the largest and already most popular platforms? What a ridiculous statement you've made. Just a useless statement to make yourself feel superior, is what it looks like.
Libra, a new global currency... with an old name! "Libra" is the latin name of what is now known as the "pound" and used in many Latin-rooted languages (Spanish, Portuguese, French and Italian come to mind) to refer to pound related currencies, including the British pound sterling ("libra esterlina") and similar currencies from Egypt to Lebanon to Gibraltar pound. It was also behind many discontinued currencies from…
> Indeed, that’s why Calibra, the wallet software that will hold Libra Coins, was made a subsidiary of Facebook The big question for me is whether or not wallets and therefore transactions can be created without needing an 'account' somewhere, just like all other cryptocurrencies. Can I participate in the economy anonymously or do all wallets need to be registered like a traditional bank account.
https://www.theverge.com/2018/8/30/17801880/google-mastercar...
Assuming this catches on, the idea that Facebook and it's other partners would let this get out of their control seems very unlikely -- and if it did get out of their control, I think they'd simply abandon, disavow, and/or fork it.
The appeal of this to users is going to be integration with the social networks these companies run, so they are holding effective veto power since they can change its relevance to low at any time.
Meanwhile, the partners will be tracking every transaction and monetizing that information. Apparently, you can use a pseudonym when using this currency, but I'm sure they will connect any pseudonyms you use to your profile the second you first use them. Wonderful.
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