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Facebook reveals its cryptocurrency Libra

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Re: Facebook reveals its cryptocurrency Libra

#891

Post by taurath »

goatinaboat wrote: post #877
taurath wrote: post #652

Earlier 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…

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 two assumptions you are making, both of which are false. The first is that handling cash isn't expensive, but it is. You have to store in various secure locations, transport it between those locations, count it multiple times... And that's true even if you're a ma…

My assumptions are based in that I’ve worked in the industry. There’s plenty of small restaurants that are cash only, because they operate on the thinnest of margins. Gas stations as well. To the merchant, a fee of 3% + .10c per transaction is very common. More for Amex.

The second point sounds like an economics 101 conclusion. Network effects are real. Regulatory capture is real. Starting a new card network is harder than beating google in ad revenue in search.

Re: Facebook reveals its cryptocurrency Libra

#892

Post by flatfilefan »

taurath wrote: post #652
generalk wrote: post #592

Earlier quoted context omitted.

> 1. The world could use an online independent currency 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? > 2. Adding stability to blockchain currencies and having > that work on a large scale is a good thing Having a blo…

> 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…

Being a Danish citizen and holding Krone at least in theory you may vote to control its inflation and claim social benefits from the issuer (Danish State). I mentioned the benefits because often they are financed through money printing by the government. With libra you won’t have those rights at all. One can argue that they basically get the same 4% as credit cards by depriving you benefits or voting power.

Re: Facebook reveals its cryptocurrency Libra

#894

Post by growtofill »

IloveHN84 wrote: post #871
mekoka wrote: post #853

Let'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…

You forgot about Apple coin on their credit card. Available at 999$ for the exchange rate.

Just enough to buy the monitor stand.

Re: Facebook reveals its cryptocurrency Libra

#895

Post by feanaro »

mekoka wrote: post #853

Let'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…

What you're saying does make sense, but can we please not use this as an excuse not to know better?

Maybe the citizens of some Spooky Third World country don't really have a choice due to their unique circumstances, but many of us do.

Let's not use the Spooky Third World country as an argument for why the dominance of Libra is inevitable before it even starts existing. Let's not be so hasty to become a dystopian novel.

Re: Facebook reveals its cryptocurrency Libra

#896

Post by [deleted] »

Abishek_Muthian wrote: post #864
mekoka wrote: post #853

Let'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…

[deleted]

Re: Facebook reveals its cryptocurrency Libra

#897

Post by akerro »

Abishek_Muthian wrote: post #864
mekoka wrote: post #853

Let'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…

>who is holding cryptocurrency for 10 years[

zuckcoin isn't cryptocurrency, it's digital currency, like gold in WoW

Re: Facebook reveals its cryptocurrency Libra

#899

Post by Abishek_Muthian »

akerro wrote: post #897
Abishek_Muthian wrote: post #864

Earlier quoted context omitted.

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…

>who is holding cryptocurrency for 10 years[ zuckcoin isn't cryptocurrency, it's digital currency, like gold in WoW

The draft policy is titled, "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019".

Anything which is not official digital currency will be liable for action.

Re: Facebook reveals its cryptocurrency Libra

#900

Post by alex_young »

Why is this considered a threat to banks or credit card companies? Don't you still have to convert to your local currency at some point?

I think that's why you see credit card companies on this thing. Best case seems that it increases their transaction from what I see.

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