51–60 of 100 posts
Why 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…
Libra 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…
Gee what could go wrong? I mean did not facebook just agree to the biggest 3 billion dollar fine in history? I do not think Mark Z's and facebook's past actions bode well for their cryptocoin venture
Call 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…
Are there reward points that you a) actually own, b) have a formal value, and/or c) are allowed to trade?
For instance:
https://www.britishairways.com/en-gb/executive-club/terms-an...
"21.1. Avios points, and all rights of title to and property in such Avios points issued at any time, remain with AGL at all times and never pass to the Member.
22.1. [...] Avios points are not transferable [...]
22.2. Any purported purchase, sale, transfer, unauthorised use (including bartering), procurement or redemption of Avios points issued or awarded to another person [..] will constitute a fundamental breach by the Member of these Terms and Conditions and the Conditions of Use."
Give 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
The chicken example is nice and all, but why not just offer the same advantages as good old cash? Would be a far more appropriate comparison, don't you think?
Most internet transactions are not anonymous of course, but there are options and I like to keep them. I regularly use non-anonymous transactions myself, but that is not the issue.
Earlier 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.…
> 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. That actually happens with some regularity. Really? In Bringing Down the House there was a plot point of the crew enlisting strippers to cash in their chips, because they could do so easily and without attracting suspicion because it was normal for them to get paid in casino chips.
Call 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.
Casinos and their chips are regulated as well, even more than the regular currencies.
Chuck e cheese tokens are one way, you can't exchange them back into dollars, as far as I know. While technically you can create a large-ish society that uses their tokens as currency, it hasn't happened yet.
Why 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…