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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

#51

Post by buboard »

elif wrote: post #15
buboard wrote: post #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 cent…

>FB's coin will be at the mercy of the Fed and ECB Only if the currency flows out of traditional Fiat and into Libra don't substantially affect currency prices or the effect is more or less universal. For instance, if the euro loses 10% value in a given period of time while 3 other equally weighted currencies are relatively stable, libra would lose ~2.5% value in that time. Given the low risk this seems like an obvio…

it could also work the other way, e.g. that the basket loses more than the USD . I dont think overall there is any benefit , but maybe there is overall reduced volatility or risk. I don't know if the central limit causes a reduction or increase of risk here. It seems like the index fund of currencies.

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

#52

Post by chicob »

confounded wrote: post #35
aakilfernandes wrote: post #13

Libra isn't a cypherpunk wet dream, but it moves us in that direction and thats a good thing. This article is written from the perspective that crypto mass-adoption is right around the corner (i.e. just a few UX tweaks) and that Libra will displace the crypto-utopia that could-have-been. I couldn't disagree more. The lack of adoption is a combo of a 1) network "dead-zone", 2) reversal risk, and 3) regulatory friction…

In cypherpunk terms, what’s dreamy about a crypto currency with no anonymity, that shifts power from international democratic governments to private US corporations?

Nothing, unless you're a anarcho-capitalist libertarian.

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

#53

Post by mxuribe »

arkades wrote: post #44
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?

In this case, I think the concern goes: FB exerts increasing control over, and insight into, financial transactions. Alongside excessive insight into most other aspects of personal lives. The result becomes the sort of MegaCorp that cyberpunk novels are built off of. Except, you know... I don't think William Gibson ever expected the future megacorp to have sprung up from an undergrad pivoting his Hot or Not rip-off.

...Or, maybe William Gibson DID, but he hasn't published the prequel novel yet!! ;-)

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

#54

Post by ilaksh »

jayd16 wrote: post #30

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?

Visa, MasterCard, PayPal, and governments are asking for a way to combat real cryptocurrencies from taking over. Because Bitcoin and Ethereum are making major pushes to increase scalability. The payment processors can't profit from real cryptocurrency and governments can't control it.

They are mainly trying to catch up with WeChat Pay etc. But they figured it would be good to pretend it is a cryptocurrency because that makes it seem like an alternative to real cryptocurrency which it is not.

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

#56

Post by cm2187 »

aakilfernandes wrote: post #13

Libra isn't a cypherpunk wet dream, but it moves us in that direction and thats a good thing. This article is written from the perspective that crypto mass-adoption is right around the corner (i.e. just a few UX tweaks) and that Libra will displace the crypto-utopia that could-have-been. I couldn't disagree more. The lack of adoption is a combo of a 1) network "dead-zone", 2) reversal risk, and 3) regulatory friction…

The “crypto system” is just an algorithm. It can be changed to anything. It is merely a convention that all participants follow the same algorithm. If this thing ever takes off you can safely assume that it will be regulated the way all other financial transactions are and the algorithm will include some nice reversal features & co.

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

#59

Post by electrotype »

I wonder: why does everybody say it's a "Facebook currency", a Facebook project, if there are +/- 30 corporations in the association?

Does Facebook have more decision power than Visa, MasterCard or any other participating corporation?

Or is Facebook simply the main vector Libra will be promoted with?

Would Libra still be a project if Facebook was (hypothetically) shut down?

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

#60

Post by Animats »

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.

This is a good time for disruption at scale. The current administration has no follow-through and Congress is deadlocked.
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