France and Germany Agree to Block Facebook's Libra

Post by ssijak » Sat, Sep 14, 2019, 3:31 PM UTC

Avamander wrote: post #26

aniforprez wrote: post #9

Earlier quoted context omitted.

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

Europe has SEPA (Instant). The Chinese have WeChat Pay and similar? I'm curious, what other solutions other countries have?

Post by [deleted] » Sat, Sep 14, 2019, 3:31 PM UTC

kazen44 wrote: post #82

zbolian wrote: post #71

Earlier quoted context omitted.

The monetary policy of the currencies underlying libra are also fully determined at the behest of their respective nation states (or centralized monetary authority in the case of the EU). So, actually not that flawed. Governments and central banks are foolish to not get behind something like this because the alternative is something they can't influence at all like Bitcoin which maintains no peg to anything they do.

i don't think the goverments are foolish in this regards. What are the advantages of libra compared to a normal bank transfer inside the bank union? Almost all positive aspects of libra already exists in the eurozone thanks to SEPA. From an american perspective libra seems like an improvement, but the US is decades behind compared to the rest of the world when it comes to banking.

Post by tomatotomato37 » Sat, Sep 14, 2019, 3:33 PM UTC

pjc50 wrote: post #62

aphextron wrote: post #53

Earlier quoted context omitted.

>Providing for security is also inherent to sovereignty of nations, but private security firms flourish. They exist entirely at the behest of their respective nation states' laws and regulations, and are completely subordinate to all official law enforcement and military forces. It's a flawed analogy. This would be tantamount to a private military company asserting their right to conduct foreign wars in the name of a…

> a private military company asserting their right to conduct foreign wars in the name of a subset of citizens. https://en.wikipedia.org/wiki/Academi (formerly known as Blackwater)?

Post by stickfigure » Sat, Sep 14, 2019, 3:34 PM UTC

throwawaywindev wrote: post #44

aniforprez wrote: post #9

Earlier quoted context omitted.

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

US banks created Zelle, with free instant transfers via your banking app. It’s a shame more people don’t use it. Otherwise people just use credit cards for paying for stuff.

Post by auslander » Sat, Sep 14, 2019, 3:35 PM UTC

aazaa wrote: post #27

> “no private entity can claim monetary power, which is inherent to the sovereignty of nations” What a bizarre statement. Providing for security is also inherent to sovereignty of nations, but private security firms flourish. It's also odd in the context of Germany in particular where a private currency has been used for many years: https://en.wikipedia.org/wiki/Chiemgauer I suspect there's a lot more behind this sta…