Give me something to pay anonymously with and I would be very happy.
Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
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Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#42Give me something to pay anonymously with and I would be very happy.
Some people accept a chicken as payment, those are pretty untraceable...
Nothing on the internet is anonymous
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#43Libra is the best way for payment middlemen and governments to combat cryptocurrency -- by creating something that looks like it and provides some convenience, but removes all of the teeth and allows them to continue to control and profit from it. I am sort of hoping they won't figure that out. But it seems likely that eventually they will. Maybe I should stop saying it's not a real cryptocurrency and stuff, because…
India, Indonesia, and China are already using WeChat, GoPay, PayTM. I'm not sure what Bitcoins or Libra can offer that e-wallets don't already provide. And these e-wallets, unlike crypto, work well with existing gov't regulations.
Some of them, like GoPay works with the Indonesian gov't to provide loans for micro-small businesses. Since they have the data of business transactions they can forecast loan repayments.
> By the way, what are they all planning to do if the scaling efforts of real cryptocurrencies succeed and the dream of digital cash becomes a reality?
My fear is WeChat and GoPay will get there first well before cryptos.
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#44Give me something to pay anonymously with and I would be very happy.
Some people accept a chicken as payment, those are pretty untraceable... Nothing on the internet is anonymous
About that ... http://www.gs1greece.org/DNLfiles/srvNhelp/Meat_and_Poultry_...
Chickens are currently a bit small and shortlived for the full system that gets applied to cows, sheep, goats etc. In the UK, if for some reason you wanted to pay for something with a cow, you'd have to tell DEFRA. https://www.gov.uk/guidance/report-and-record-cattle-movemen...
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#45Why not we all just... let them launch and see what happens? Libra is nothing more than the latest iteration of a long line of stablecoins a-la Tether, USDC, GUSD etc. I find the industry and regulatory overreaction puzzling, surely these issues have been explored before? The "But it's Facebook!" argument disingenuous, any one of the popular chat app has, or can replicate this experiment (Wechat, Telegram, Slack, Kak…
Would you be happy to give a bunch of pre-school children some weapons of mass destruction and "let them launch and see what happens"? I admit that we can't be sure what would happen, but personally I can't see how the outcome could possibly be good. Assuming they have to exist at all, weapons of mass destruction are better off in the hands of responsible state actors, rather than a group of people who have absolutely no idea of what they're playing with let alone developed enough emotional maturity for dealing with the consequences of using them.
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#46Could someone please create a curupto coin that can be easily forged, and easy to make disappear, just like that time tested USD paper that flows so freely around the whole worldwide criminal world. Criminals they are absolutely everywhere, and they use USD. Think about, if facebook coin can disappear and be forged as easily as USD, well then, and only then is it threat.
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#47Call me dumb for saying this, but I can go to a casino or chuck e. cheese and trade in USD for chips I use at their location. I could take those chips somewhere else if I wanted to and use them with anyone willing to take them. Why is Libra so upsetting? Isn't it the same thing? It seems to me like criticizing Facebook is just the fashionable response to it right now.
This is actually a very valid question - what is the difference between a company token, a casino chip, a "reward point", company scrip, gift cards, Steam account balances, Steam hats, unlicensed money transmitters, hawala banks, bearer bonds, Jaffa cakes, e-gold, Liberty reserve, Scottish banknotes, shadow banks, Libera, Canadian Tyre money, the Black Sheep Bank, a piece of paper with "IOU £10" written on it, a cheq…
Stone money too https://en.wikipedia.org/wiki/Rai_stones
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#48Why not we all just... let them launch and see what happens? Libra is nothing more than the latest iteration of a long line of stablecoins a-la Tether, USDC, GUSD etc. I find the industry and regulatory overreaction puzzling, surely these issues have been explored before? The "But it's Facebook!" argument disingenuous, any one of the popular chat app has, or can replicate this experiment (Wechat, Telegram, Slack, Kak…
> Why not we all just... let them launch and see what happens?
because more often than not when we do that our data happens to end up in the hands of private companies that try to steer public elections. Facebook is a private company and we should not let it attempt to displace the financial system. The same scrunity should be applied to wechat or telegram should they ever attempt to do the same. As it stands wechat has no relevance on the western markets though. Control over financial transactions and the monetary system directly impacts national security.
>Libra is nothing more than the latest iteration of a long line of stablecoins a-la Tether, USDC, GUSD etc.
the difference is that facebook exercises control over 2.4 billion users, so everything it does, by definition, is in a very different ballpark than a community project.
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#49It’s the New York Times. You don’t even need to read their Facebook-related stories to know what they will say.
Re: Regulators Have Doubts About Facebook Cryptocurrency, and So Do Its Partners
#50Earlier quoted context omitted.
You actually can't. Nevada law is explicit that casino chips are not allowed to be used "for any monetary purpose" and federal law prohibits the creation of currencies. Casino chips are highly regulated and only permitted to be used as a stand in for gambling funds where it is permitted. In real life if a casino doesn't think you got a chip from them directly as part of gaming at that casino they won't pay out on it.…
Well I learned something new today. But I'm meaning there are many examples of business that will take your money and give some other form of "currency." Like if Libra where called a "facebook gift card" would it be a significant different thing. (Joking)
A lot of times when you exchange money for chips or coupons there are signs everywhere saying “no monetary value” or something like that.