Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
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Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#2"Most talked about in history"? Needs citation... And the hyperbole is constant through the midpoint of the article, where I stopped reading.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#3Pretty good concessions from a crypto enthusiast, one of the better or fun libra articles I've read
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#4"Most talked about in history"? Needs citation... And the hyperbole is constant through the midpoint of the article, where I stopped reading.
It's a hackernoon opinion blog post, not the New York Times. And you don't need a citation for something that is clearly meant to be hyperbole.
[Citation needed] has gone from a notation about checking facts to a trendy response whenever someone doesn't like something they read in a blog post or comment.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#5Something I haven't seen mentioned anywhere yet is the amount of power controlling the reserve will grant the libra association. They are free to move the reserve around between "low risk" investments. If the reserve grows to a large size that will mean they can prop up a (small) countries currency (and thus economy) by using the reserve to buy some of it, or it can crash a (small) countries currency that it is currently invested in by divesting.
Small countries might have to start thinking much more carefully about regulating the companies controlling this if it succeeds.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#6"Most talked about in history"? Needs citation... And the hyperbole is constant through the midpoint of the article, where I stopped reading.
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Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#7> By pegging it to a flurry of other currencies they’ve started the planet down the path of ditching the dollar as the default world currency.
That's probably false. FB's coin will be at the mercy of the Fed and ECB, and most likely will be an equal or worse choice than any of the fiat currencies in the basket , considering central banks move in concert these days. It doesn't seem FB will pose any real threat to central banking unless they unpeg their currency.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#8Something I haven't seen mentioned anywhere yet is the amount of power controlling the reserve will grant the libra association. They are free to move the reserve around between "low risk" investments. If the reserve grows to a large size that will mean they can prop up a (small) countries currency (and thus economy) by using the reserve to buy some of it, or it can crash a (small) countries currency that it is curre…
Capital flight is already a thing. But large scale speculation on the economies of random small foreign countries isn't a "low risk" investment and the Libra Association has literally no incentive to move the backing of assets away from bonds denominated in currencies its user base wish to convert to.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#9You know, strategically, when you’re about to get super regulated and the government is touting antitrust probes: maybe don’t start something that competes with the Dollar.
Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring
#10You know, strategically, when you’re about to get super regulated and the government is touting antitrust probes: maybe don’t start something that competes with the Dollar.
I thought the same, but then it makes sense if you look at it from the sort of fuck-you attitude that FB leadership tends to have: "So you want to undermine us, fine. But what if we undermine you first?"