This era is called as Blockchain era.
Facebook reveals its cryptocurrency Libra
861–870 of 1001 posts
Re: Facebook reveals its cryptocurrency Libra
#862Libra is a well known brand for sanitary products. I wonder if that's going to be problematic for either entity.
Re: Facebook reveals its cryptocurrency Libra
#863Recently made a song called "Good for the world != good for Facebook". Might be of interest to peeps in this thread...
Re: Facebook reveals its cryptocurrency Libra
#864Let's play a game of predictions. Regardless of HN's opinion of Facebook (and regardless of my own for that matter) I predict that this thing will work. This is only one thing my crystal ball showed me. Facebook's presence in developing economies is massive. To the point of being synonymous with "The Internet" in a number of places. But they've had a nagging problem. People in these economies consume contents, but do…
Facebook's hold in developing economies is true. But developing economy's hold on their Fiat currency is true as well. So much so that, India is planning to jail anyone who is holding cryptocurrency for 10 years[1]!
If this legislation passes, any computer scientist, mathematician, programmer who is working with crypto tokens & block chain can technically be held liable for possessing a crypto currency when they run their program?
Yes, the plan to jail those who hold cryptocurrency in a democratic country is preposterous; but this shows how sensitive a developing economy could be when it comes to its money. It's not like the data of their citizens which these countries give a free run to the hoarders, money is totally different ball game.
I wonder if Facebook decides to give a free crypto to everyone who holds a FB account, anyone in India with a FB account will go to jail including those who proposing such legislations?
P.S I don't hold any cryptocurrency due to its impact on energy and thereby planet (Also, I'm including this just in case the legislation passes in my country!).
[1]:https://economictimes.indiatimes.com/news/economy/finance/dr...
Re: Facebook reveals its cryptocurrency Libra
#865Earlier quoted context omitted.
> I'm not 100% steeped in cryptocurrency theory, and so I don't understand why this is presented as if it's agreed on by everyone. What problems does the world have that would be solved by an online, independent [of any nation, presumably?] currency? Visa and Mastercard are taking a 3-4% cut of every single consumer payment made in much of the world. That ends up being a very, very big number. There are many people a…
The true value of any currency is what you can do with it. If someone owns some coin and wants to buy some food to feed their family, the seller of the food first has to accept the coin, but regardless what value the rest of the world places on the coin, the seller of the product is still in control of what they will accept. I am not sure how using a cryptocurrency solves the problem of hyperinflation. It is still no…
"Using a cryptocurrency" doesn't solve the problem of hyperinflation in itself. However, Libra is backed by its reserve ("Libra Reserve") which is a basket of low-volatility assets structured to keep its value relatively stable. If my interpretation is correct, this basket can change over time so that it is always made up of stable currencies.
Re: Facebook reveals its cryptocurrency Libra
#866Earlier quoted context omitted.
I'm fairly anti-crypto, but there are a couple items in favor of #1: - A currency outside of traditional governments would theoretically be free of currency manipulation by those governments (ex. China and the Yuan) - An international currency can sidestep the artificial middleman fees and friction caused by traditional monetary exchanges. Ex. my friend who is currently studying in Japan wanted to get some money from…
> - A currency outside of traditional governments would theoretically be free of currency manipulation by those governments (ex. China and the Yuan) You can't live your life outside your country's currency though. It has a built-in demand because you have to pay taxes in it. So you're going to have to buy some of it somewhere. > - An international currency can sidestep the artificial middleman fees and friction cause…
> Try TransferWise.
TransferWise doesn't work any faster than SWIFT -- if anything it's usually slower. They don't have any magic way to put money into your account on a "bank holiday" either.
I imagine Libra won't take Sundays off, at least.
Re: Facebook reveals its cryptocurrency Libra
#867Basic Question - What is the problem that they are trying to solve?
Re: Facebook reveals its cryptocurrency Libra
#868Private money is not a new thing. In fact, the predecessor to paper money was retail bank issued notes. I think it's still the case in Scotland: https://en.m.wikipedia.org/wiki/Banknotes_of_Scotland The concept of nationalized central banks is new.
A couple years ago in London, I seriously confused a young retail clerk by presenting her with Scottish banknotes presumably left over from an earlier trip to Edinburgh. She had to go get her supervisor to assure her that this was indeed real money.
I have had to tell shopkeepers on a few occaisions that if I was going to be forging money, it probably wouldn't be notes that almost nobody in England actually recognises.
Re: Facebook reveals its cryptocurrency Libra
#869From the white paper: > "Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people." They do this by issuing coins in exchange for fiat money, which is held by the reserve. > "Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem [...…
All these years of being a staunch techno libertarian and this what we end up with. I’m embarrassed, I thought it would be different.
Facebook Token won't last. There is too much governmental interest in regulating/destroying it. Only a currency that works regardless of governments and regulations will survive. Something like Bitcoin, Ethereum, ect.
Re: Facebook reveals its cryptocurrency Libra
#870Certain activist groups put constant pressure on Facebook to “deplatform” and remove pages for both legitimate in it legitimate reasons. Now we’re talking about giving Facebook control over the very means to do financial transactions. How long Before this also becomes weapononized, by Facebook, or by activists? there is a reason why popular currency systems has been the purview of governments. We’re creating an awful…
I predict if it happens, demand to cut off $BAD_PEOPLE from the service will start the next day the service is launched. And if it is technically possible, the demands will be complied with the next day after that, for some values of $BAD_PEOPLE. Nobody wants to be a platform for moving terrorist money, right? Or drug money? Or alt-right money? Or gun manufacturers money? Or pro-life money? Or wrong-presidential-cand…
Hear hear!