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Libra, 2 Weeks In

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Re: Libra, 2 Weeks In

#151

Post by seventhtiger »

School-Cotton wrote: post #114
spaced-out wrote: post #102

Earlier quoted context omitted.

There are millions of people around the world that are unbanked. Especially in 3rd world countries, they get on the internet by buying the cheapest possible smartphone and data with cash. I was just in the Philippines, and I saw places selling access to only Facebook and WhatsApp, in increments of 30MB of data, for cash. The problem for Facebook is that these people can't buy anything online, because they don't have…

> If Libra launches successfully and remains stable, those same places selling X MB of data for cash, could easily start selling Libra too. Why couldn’t they sell prepaid Visa cards, or Venmo/PayPal (or whatever is the local equivalent) top-ups? I get that having access to brokers that will sell a globally recognized hard currency for local cash is super useful, especially if it’s in electronic form. I don’t get why…

Selling prepaid visas misses the point. The issue is not that those in poverty in developing nations can't spend their money. The issue is that they can't receive my money. It's more important that I can buy a lot of Libra and hire them, and they can cash out or use it directly.

Re: Libra, 2 Weeks In

#152

Post by kuu »

chicob wrote: post #150

In Portuguese, "libra" is the word for the British Pound Sterling (GBP). I wonder how it is being branded here and whether there will be some kind of confusion, or mandatory differentiation.

Same in Spain...

Re: Libra, 2 Weeks In

#153

Post by nobrains »

From the blog: "I wanted to remind everyone that Facebook, through its subsidiary Calibra, is just one of the initial 28 Founding Members that are coming together to form the Libra Association. It’s easy to assume from the headlines that Libra is only associated with Facebook, but that is not the case."

Then why is Facebook the only entity making blog posts about Libra? Except, when you assume the reader is dumb.

Re: Libra, 2 Weeks In

#154

Post by _7fvc »

Facebook is asking corporate interests of different sizes, big and small, to join Libra effort. They will all have equal stake, including the founding company, Facebook. It'll be the biggest, possibly only, corporate altruism experiment in history. I think they have a small chance of succeeding if they are willing to pump in billions of dollars without expecting any return.

Re: Libra, 2 Weeks In

#155

Post by Camro »

dahfizz wrote: post #49
whateveracct wrote: post #16

Earlier quoted context omitted.

Assuming adoption - It exists in the world and has all the influence an adopted currency has. Influence controlled by Facebook.

This seems like nothing but fearmongering. We don't any reason to expect that libra is going to displace "real" currencies. Why the hell would the governments of the world give up their power over currency? It is a huge power they hold that they do not want to lose. Have you ever heard the term "legal tender"? You are legally required to accept USD as payment in America, and every country has a similar law. The gover…

> You are legally required to accept USD as payment in America

Accepting a currency doesn't force a customer to use it.

Re: Libra, 2 Weeks In

#156

Post by Lucadg »

H8crilA wrote: post #145
Lucadg wrote: post #127

This is the part where they reveal how they plan to negotiate with regulators: "At the core, we believe that a network that helps move more cash transactions — where a lot of illicit activities happen — to a digital network that features regulated on and off ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain acti…

Not to defend them, but this is exactly what happens to all non cash transactions. Which you kind of have to do to with any sizeable quantity of money (say over 100k) for practical reasons, like theft.

True. This is exactly the problem with non cash transactions. Every single transaction, no matter how small, is recorded forever and shared with several governments and secret services. I never signed up for this. This is why we need cash and why they are fighting it.

Re: Libra, 2 Weeks In

#158

Post by kennywinker »

provolone wrote: post #63
kennywinker wrote: post #43

Earlier quoted context omitted.

That’s a ridiculous statement if you consider the fed a part of the government. I.e. the fire department and police both have “government enforced monopolies”. The government itself is a “government enforced monopoly”

Hardly. The alternative would be a repeal of legal tender laws. This would allow consumers & businesses to transact in the currency of their choice.

“The alternative would be a repeal of laws establishing police, allowing consumers & businesses to choose between law enforcement providers.”

Look I’m not saying you can’t criticize the existence of the fed, but calling them a “government enforced monopoly” is inane. They are a _part_ of the government.

Re: Libra, 2 Weeks In

#159

Post by icebraining »

adventured wrote: post #115
jankotek wrote: post #110

Earlier quoted context omitted.

I am not sure about Philippines, but most African countries have better mobile banking than US.

That's not true. These days even the smallest US banks tend to have mobile apps or normal mobile banking options. All the major banks without exception do. That has been true for years at this point. Deposits, moving money in various ways, checking balances or statements, bill pay, customer service, etc etc. What exactly is missing that is important that American banking desperately lacks? The larger banks are border…

> The only thing I can think of, is easy & instant account funds transfer from one person's bank account to another person's bank account

I think that's exactly what they're talking about.

Re: Libra, 2 Weeks In

#160

Post by iamzozo »

sophiebits wrote: post #137
qwertox wrote: post #121

Very telling that his article is hosted on facebook.com instead of libra.org. It kind of proves that the separation between Facebook and Libra is nothing but a lie. He just doesn't get it and he never will.

It isn’t an Official Facebook Announcement though. Think of it more like a Medium post.

You know, when the message is "this is not a facebook product", because some people confused about it and you post an "unoffical" announcement on facebook, then maybe it's not a good PR.
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