France and Germany Agree to Block Facebook's Libra

Can someone familiar with Libra speculate how a ban can be implemented? What comes to my mind is forbidding Facebook selling and processing it for EU users but beyond that, I am not sure how a "black market" could be prevented.

Re: France and Germany Agree to Block Facebook's Libra

#5

Post by noisem4ker » Sat, Sep 14, 2019, 2:22 PM UTC

grezql wrote: post #3

I wish they just blocked facebook altogether. It has caused people more pain than good

Blocking a communication platform doesn't sound right in a free society. There's nothing inherently wrong with connecting people. On the other hand, there should be heavy regulation and enforcement in place so that users don't get their data unknowingly exploited for commercial interest.

Re: France and Germany Agree to Block Facebook's Libra

#6

Post by ijonas » Sat, Sep 14, 2019, 2:22 PM UTC

mrtksn wrote: post #4

Can someone familiar with Libra speculate how a ban can be implemented? What comes to my mind is forbidding Facebook selling and processing it for EU users but beyond that, I am not sure how a "black market" could be prevented.

Very simple. Facebook is a company. You can legislate laws that determine what companies are allowed to do and what they are not allowed to do. Particularly if it concerns financial instruments.

A "ban" doesn't need to be technological.

Re: France and Germany Agree to Block Facebook's Libra

#7

Post by narrator » Sat, Sep 14, 2019, 2:24 PM UTC

mrtksn wrote: post #4

Can someone familiar with Libra speculate how a ban can be implemented? What comes to my mind is forbidding Facebook selling and processing it for EU users but beyond that, I am not sure how a "black market" could be prevented.

Libra is run by a small group of nodes that have to pay $10 million dollars to get into the consortium. You just fine those companies and seize their assets until they shut down the network or obey the regulations.

Re: France and Germany Agree to Block Facebook's Libra

#8

Post by MaupitiBlue » Sat, Sep 14, 2019, 2:27 PM UTC

Dumbest move ever by Facebook to preanounce and give governments time to complain. They should have moved fast and dealt with the consequences later. They had a reasonable chance of being the dominant cryptocurrency, and instead they get to spend a year apologizing and backtracking before they ever deploy.

Re: France and Germany Agree to Block Facebook's Libra

#9

Post by aniforprez » Sat, Sep 14, 2019, 2:28 PM UTC

TazeTSchnitzel wrote: post #2

Best thing I've read on Libra: https://foreignpolicy.com/2019/06/24/971554-facebook-bitcoin...

AH the bit about the goal being to make payments fast makes a ton of sense. The rest of the world has left the US in the dust with extremely fast payments systems. In India, the UPI system has taken the country by storm with direct,instant bank-to-bank money transfers which take seconds to complete and have no fees attached for the consumer

Re: France and Germany Agree to Block Facebook's Libra

#10

Post by mrtksn » Sat, Sep 14, 2019, 2:28 PM UTC

ijonas wrote: post #6

mrtksn wrote: post #4

Can someone familiar with Libra speculate how a ban can be implemented? What comes to my mind is forbidding Facebook selling and processing it for EU users but beyond that, I am not sure how a "black market" could be prevented.

Very simple. Facebook is a company. You can legislate laws that determine what companies are allowed to do and what they are not allowed to do. Particularly if it concerns financial instruments. A "ban" doesn't need to be technological.

How do you stop people obtaining it and using it through their buddies on the internet? Is libra tied to an account like game money? AFAIK it's a cryptocurrency? Haven't looked at the details but cryptocurrency implies it stays on some distributed ladger and no 3rd parties have control over the transactions. Isn't that the case?