Earlier quoted context omitted.
The Libra whitepaper is supposed to debut this month, so I guess we'll see to what extent it's a true cryptocurrency. I wish Libra was building on an Ethereum scaling technology, like Plasma, but most likely it's a new standalone proof-of-authority blockchain where the validators are the hundred companies investing $10M each. In terms of the sliding scale between centralized and decentralized, Ethereum v1 and Bitcoin…
It's not only about changing history, it's about getting transactions mined in the first place : censorship-resistance. In Bitcoin, as long as you pay the fee, some miner will probably mine your transaction, based on purely economic incentive. Miners that refuse to serve certain customers based on "tainted" coins or illegal activity simply forego that revenue to miners who don't. I'm going to go out on a limb here an…
Facebook’s Libra cryptocurrency: Privacy and stability concerns
251–260 of 262 posts
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#252Earlier quoted context omitted.
> Anything is Possible with Bitcoin ᵗᵐ Just that the network known as Bitcoin can't do that. The block mined just 10 minutes ago was capped at 0.904 MB. Anyone can mine a gigabyte sized block on their own computer, but that doesn't make it Bitcoin (even when branded as Bitcoin SV ).
>Anyone can mine a gigabyte sized block on their own computer, but that doesn't make it Bitcoin So you just pulling facts out of your ass? Read the white paper then come back
>Anyone can mine a gigabyte sized block on their own computer, but that doesn't make it Bitcoin (even when branded as Bitcoin SV).
Is the full context.
Cherry picking the sentence to be patronizing doesn't work very well when the context is actually your own example...
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#253Earlier quoted context omitted.
I'm not accusing you of ignorance - An argument from ignorance (i.e. argumentum ad ignorantiam) is the name of a known fallacy, which you're making with your claims: https://en.wikipedia.org/wiki/Argument_from_ignorance
You're engaged in the fallacy known as "straw-man", where you argue against a point I'm not making. I'm going to state my argument clearly so you can't continue to weasel around it. The technical properties of bitcoin can be modified, saying that it is impossible to change them is wrong.
This is part of the argument from ignorance - the attempt to push a burden of proof when the claim you made was "Unforeseen future circumstances could make people more amenable to any kind of changes imaginable". I didn't say anything about impossibilities, maybe you're confusing me for someone else?
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#254Earlier quoted context omitted.
What these financial conglomerate accountants report on their SEC filings are not the same margins that they have on payment processing. For example, much of that margin could be on interest for credit debt or Adwords CPC. It's a massive stretch to compare the two. Again, I would be highly suspect of Facebook if they charged less than the industry standard, especially if they don't explain how they cut costs for risk…
I think risk management could be a lot cheaper. Phones are data rich compared to mag stripe cards. No card can provide GPS history.
I agree - I think some startups like SoFi have been challenging that space, but they address that in their value proposition. I don't see anything leading me to believe that anything Facebook is doing is innovating risk management overhead, which is why I would be suspect of their fees.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#2552 things about a virtual currency :
- people may finally be able to "sell" their personal data
- it may help to remunerate artists and content creators on Instagram
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#256Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#257Earlier quoted context omitted.
Who decides what's a legitimate fork? There have already been several forks, some of which maintain trading value.
The first part is consensus. The most supported one maintains the original name. The second part is support and use. Even though other forks have a cost, does not mean they are legitimate. I'm not sure if you've heard of Craig Wright, Calvin Ayre, and Roger Ver, but they are majority holders of these forks and control supply and therefore price. I will not go into a huge lengthy discussion about this here, if you Goo…
All those forks are legitimate. Who are you to decide which is legit?
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#258Earlier quoted context omitted.
> are those things denominated in fiat currency or in bitcoin By your logic if I exchange dollars for euros to spend on a vacation somewhere that means the dollar has failed ?
Bitcoin is volatile. That's the main issue. You can't say that about the dollar or euro. Now imagine you get paid in bitcoin, save every month for a holiday or a high value purchase. When the time comes to make the purchase you find out that your savings are worth less than 10%. How does it feel using bitcoin? I tried to use bitcoin(as a merchant) but due its volatility it makes no sense to use it(as merchant or buye…
Its volatile because it is relatively new and not backed by a government. Market forces are having their way.It will stabilize
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#259Earlier quoted context omitted.
>Anyone can mine a gigabyte sized block on their own computer, but that doesn't make it Bitcoin So you just pulling facts out of your ass? Read the white paper then come back
>Anyone can mine a gigabyte sized block on their own computer, but that doesn't make it Bitcoin (even when branded as Bitcoin SV). Is the full context. Cherry picking the sentence to be patronizing doesn't work very well when the context is actually your own example...
Mining is done in data centers. Get over with your 'everybody is a miner' mantra. It was never meant to be that. Check satoshi's early posts. Do you own research before spreading bullcrap
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#260The reason for Bitcoin’s design is precisely because a centralized/pegged alternative was tried and failed: https://en.m.wikipedia.org/wiki/Ecash Facebook’s currency is not a successor of Bitcoin, it’s an inferior reincarnation of a failed predecessor.
The surrounding context around an idea is always changing. Facebook itself was tried many times with various degrees of success (MySpace; Friendster; LiveJournal; Classmates.com; Xanga; EZBoards; AOL; Usenet; fingerd; BBSes; etc.), but it took a new and relatively trusting generation getting online and being packed onto dense college campuses to make it take off. I personally think that Facebook's cryptocurrency will…
I'm always surprised people don't mention Orkut more often in such arguments.