61–70 of 100 posts
Can anyone imagine laundering dirty money through purchasing apps and stickers that are just fronts? Suddenly Facebook becoming complicit in the drug trade, terrorism, human trafficking, like HSBC.
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…
Why do people think that this will shove our existing financial system aside? The second something comes close to having too much of an impact (stepping on the toes of banks, displacing the dollar, etc), the regulators will crack down on it. What I can see happening is that it becomes an alternative payment method at best.
So does it's general public.
If they want to comply with the law they will probably need KYC like other crypto platforms require, and i dont see most facebook users (the ones still using it...) uploading their id to FB.
If they want to comply with the law they will probably need KYC like other crypto platforms require, and i dont see most facebook users (the ones still using it...) uploading their id to FB.
Given that Libra is not a real cryptocurrency (it requires trust), is this a way for them to plant FUD around bitcoin?
>is not a real cryptocurrency (it requires trust) Trustless is not a requirement for a cryptocurrency. PoS requires trust, but still would be a viable consensus mechanism for a cryptocurrency.
Earlier quoted context omitted.
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…
> a "reward point" 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…
I can sell them as well on a few marketplaces online, so they have an agreed value as well.
Most importantly, because I can sell and trade them... Does that not make them mine?
Earlier quoted context omitted.
I won’t call you dumb, but you can only stretch an analogy so far. And some weirdos trading pizza arcade tokens like they are real money is not at all the same as one of the richest companies in the world trying to disrupt the global currency market for gain. Since you asked—that’s the difference, that’s what has got people “upset.”
Fair enough. I definitely see the potential downside of them doing this. It seems like people are saying this is bad because of who is doing it though. Not what is being done. I find it a tough spot because I think something like Libra (A nation-less currency) is a really good idea. But it will take some sort of large fiat backing to happen. IMO the decentralized model isn't really working.
If they were supporting crypto they'd work with one of the x000 existing crypto currencies. Not sure they are adding any value by creating Libra aside for gaining control. And that ultimately is what bothers me.
Can anyone imagine laundering dirty money through purchasing apps and stickers that are just fronts? Suddenly Facebook becoming complicit in the drug trade, terrorism, human trafficking, like HSBC.
This has been happening for years with Valve videogames, so far as I know it hasn't been limited or cracked down on.