Libra, 2 Weeks In
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Libra, 2 Weeks In
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Re: Libra, 2 Weeks In
#2I have been following Libra very closely, and have read their white paper twice.
There have been a few good discussions here on HN when it launched [0], but I think most of these have been very biased against anything Facebook-related.
I find the launch of Libra a really interesting "experiment", with potentially big negative or positive consequences for the entire world.
Right now, it's really hard to judge on the technical merits (e.g. the Move language, or the architecture, or how they're going to transition to a truly permissionless and decentralized consensus).
However, I think that it's wise to follow Libra's evolution with attention, as it might, and probably will, have consequences in our lives.
Re: Libra, 2 Weeks In
#3Short of transaction speed and cost, there is so little that is appealing in this compared to Bitcoin, and it has all of the centralisation and compliance pitfalls that a neutral, free (liberty), decentralised money already avoids.
Re: Libra, 2 Weeks In
#4Short of transaction speed and cost, there is so little that is appealing in this compared to Bitcoin, and it has all of the centralisation and compliance pitfalls that a neutral, free (liberty), decentralised money already avoids.
Transaction cost and speed are enormous problems for bitcoin, not sure why that would only be mildly appealing to solve. Not vouching for Libra, but my understanding of bitcoin was that it caps out at something ridiculously low like 11 transactions/second, which each cost multiple USD. Clearly that is the bottleneck that needs to be addressed by whatever would lead crypto moving forward (I remember reading visa processes more than 10k transactions/s).
Re: Libra, 2 Weeks In
#5Short of transaction speed and cost, there is so little that is appealing in this compared to Bitcoin, and it has all of the centralisation and compliance pitfalls that a neutral, free (liberty), decentralised money already avoids.
Transaction cost and speed are enormous problems for bitcoin, not sure why that would only be mildly appealing to solve. Not vouching for Libra, but my understanding of bitcoin was that it caps out at something ridiculously low like 11 transactions/second, which each cost multiple USD. Clearly that is the bottleneck that needs to be addressed by whatever would lead crypto moving forward (I remember reading visa proce…
Bitcoin is the oldest and thus technically least advanced cryptocurrency. There are plenty of coins that are much better than Bitcoin in terms of privacy and scalability; Libra should be compared against these.
Re: Libra, 2 Weeks In
#6Let's call this for what it really is, they want to replace democracy with Corporatism.
At least with a government backed currency we get a choice on who runs the government. Even though that power is constantly being eroded.
The companies that run Libra however have 0 obligation to users of Libra but only to maximise profits for their shareholders. This is their plan:
* Dedicate a lot of resources to spread the adoption of Libra
* Change the language of what Libra is.
* Extract as much value as they possibly can from Libra users.
The proof is simple, If FB and all of those companies dedicated resources to development and adoption of Bitcoin itself then it would be able to reach the goals of Libra and be more decentralised than Libra.
David Marcus and the entire Facebook Libra team make me sick to my stomach.
Re: Libra, 2 Weeks In
#7Earlier quoted context omitted.
Transaction cost and speed are enormous problems for bitcoin, not sure why that would only be mildly appealing to solve. Not vouching for Libra, but my understanding of bitcoin was that it caps out at something ridiculously low like 11 transactions/second, which each cost multiple USD. Clearly that is the bottleneck that needs to be addressed by whatever would lead crypto moving forward (I remember reading visa proce…
Bitcoin is the oldest and thus technically least advanced cryptocurrency. There are plenty of coins that are much better than Bitcoin in terms of privacy and scalability; Libra should be compared against these.
Wrong. Bitcoin will use Lightning Network for most everyday transactions and it's speed is only limited by network liquidity and bandwidth
Re: Libra, 2 Weeks In
#8Let's call this for what it really is, they want to replace democracy with Corporatism. At least with a government backed currency we get a choice on who runs the government. Even though that power is constantly being eroded. The companies that run Libra however have 0 obligation to users of Libra but only to maximise profits for their shareholders. This is their plan: * Dedicate a lot of resources to spread the adop…
As a non-Us national, I prefer FB corporatism to US democracy. Puts more people on even ground.
Re: Libra, 2 Weeks In
#9Call me pessimist, but cartelized private global corporations owning and “printing” money can only bring bad things. It is centralized and is controlled by an elite.
Re: Libra, 2 Weeks In
#10Let's call this for what it really is, they want to replace democracy with Corporatism. At least with a government backed currency we get a choice on who runs the government. Even though that power is constantly being eroded. The companies that run Libra however have 0 obligation to users of Libra but only to maximise profits for their shareholders. This is their plan: * Dedicate a lot of resources to spread the adop…
As a non-Us national, I prefer FB corporatism to US democracy. Puts more people on even ground.
Or choose Bitcoin and have neither :)