Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring • Hacker News Board

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#21

Post by notahacker » Sat, Jun 22, 2019, 7:16 PM UTC

gpm wrote: post #16

notahacker wrote: post #8

Earlier quoted context omitted.

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.

> Capital flight is already a thing. Sure, but if this succeeds they will have order of magnitudes more capital to do it with than is already a thing. > large scale speculation on the economies of random small foreign countries isn't a "low risk" investment They are the ones who get to define the term "low risk", as part of a basket of many such economies it deserves the term as well. > the Libra Association has lite…

I don't think Libra is going to end up with orders of magnitude more capital than the rest of the world's investors, most of whom are much more risk tolerant, and they're obviously going to define the term "low risk" as "let's make an easy profit by backing our US Libra-holders' accounts with US Treasuries instead of cash" and not "let's corner the market for Rwandan government securities to try exert political pressure on them"

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#22

Post by cyberpunk » Sat, Jun 22, 2019, 7:17 PM UTC

bcp2384 wrote: post #20

When people say Cyberpunk w.r.t crypto, do they actually mean Cypherpunk ? Or can someone explain what the difference is?

One is a very attractive bearded software developer, the other is something to do with crypto?

Unless they’re referring to the dystopian feel of this whole thing, which is more likely.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#23

Post by _emacsomancer_ » Sat, Jun 22, 2019, 7:30 PM UTC

bcp2384 wrote: post #20

When people say Cyberpunk w.r.t crypto, do they actually mean Cypherpunk ? Or can someone explain what the difference is?

Not in this case, no. Cyberpunk literature themes generally involve massive economic discrepancies and mega-corporations functioning as governments.

See, for instance, the fiction of https://en.wikipedia.org/wiki/William_gibson

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#24

Post by ilaksh » Sat, Jun 22, 2019, 7:30 PM UTC

tetrisgm wrote: post #9

You 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.

It absolutely does not compete with the dollar. And that is very deliberate. Because it's not a cryptocurrency. Its a scam that Visa and PayPal designed so that they could block Bitcoin etc. and continue to get a cut of digital transactions.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#25

Post by ambicapter » Sat, Jun 22, 2019, 7:33 PM UTC

bcp2384 wrote: post #20

When people say Cyberpunk w.r.t crypto, do they actually mean Cypherpunk ? Or can someone explain what the difference is?

Cyberpunk doesn't necessarily have to do with crypto, it can just be internet and VR and being a rebel while being jacked in to your nine-CRT set up in your neon-lit basement techno club.

Cypherpunk refers to the same basement techno club but the freedom and rebellion comes from the privacy and inviolable secrets enabled by cryptography.

edit: Better comment below me, cyberpunk is very much set in economic dystopias, and the rebels are tech hackers.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#26

Post by ilaksh » Sat, Jun 22, 2019, 7:35 PM UTC

foobarbecue wrote: post #2

"Most talked about in history"? Needs citation... And the hyperbole is constant through the midpoint of the article, where I stopped reading.

It's not hyperbole. People are completely under-reacting. If Libra succeeds, it could completely change things for the worse. It has a good chance of succeeding once governments understand that it impedes real cryptocurrencies.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#27

Post by hkt » Sat, Jun 22, 2019, 7:45 PM UTC

Libra shows what crypto and in particular blockchain is really for: allowing global megacorporations to start their assault on the nation state. It's pretty critical we undo this, while the nation state still has its monopoly on the legitimate use of force.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#28

Post by bananocurrency » Sat, Jun 22, 2019, 7:48 PM UTC

cyberpunk wrote: post #22

bcp2384 wrote: post #20

When people say Cyberpunk w.r.t crypto, do they actually mean Cypherpunk ? Or can someone explain what the difference is?

One is a very attractive bearded software developer, the other is something to do with crypto? Unless they’re referring to the dystopian feel of this whole thing, which is more likely.

no that doesn't sound quite right.

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#29

Post by antidesitter » Sat, Jun 22, 2019, 7:57 PM UTC

hkt wrote: post #27

Libra shows what crypto and in particular blockchain is really for: allowing global megacorporations to start their assault on the nation state. It's pretty critical we undo this, while the nation state still has its monopoly on the legitimate use of force.

Not everyone shares your adoration for "the nation state".

Re: Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring

#30

Post by jayd16 » Sat, Jun 22, 2019, 8:01 PM UTC

Can someone explain what this provides to users over, say, a credit or debit card?

You don't have the rebellious notions of sticking it to traditional banks, not do you have (completely imagined) anonymity crypto fans have gravitated to. You don't have any of the intangibles crypto fans like.

It just seems like Facebook wants a central bank. Who's asking for that?