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France and Germany Agree to Block Facebook's Libra

reuters.com

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

#151

Post by [deleted] »

freddie_mercury wrote: post #14
mrtksn wrote: post #10

Earlier quoted context omitted.

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?

I'm not sure why you think this is so hard? You pass a law. Most people don't break the law. You make it illegal for banks to transfer to known Libra things. You audit people. You apply big fines. Murder is illegal but that doesn't mean nobody can commit murder .

[deleted]

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

#152

Post by Jonanin »

50656E6973 wrote: post #143
logicchains wrote: post #89

Earlier quoted context omitted.

Citation needed? Most people I know happily use it to communicate and post funny (or at least trying to be funny) posts, or are older people who post lots of family pictures. The views of people on Hackernews don't seem very representative of those of the general population, maybe because hating on Facebook is an excellent excuse for people to feel superior to the general population. "I know better than those ignoran…

>hating on Facebook is an excellent excuse for people to feel superior to the general population. "I know better than those ignorant proles, I wish they'd do what I think is best for them instead of what they want to do." Ironic; that's the same ethos being espoused and implemented by those who run Facebook.

Do you have any examples of that ethos being "espoused" by Facebook?

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

#153

Post by trophycase »

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…

"What a bizarre statement"

"Inflation, and the ability of the state to force it upon its citizenry by forbidding the use private money - has come to be viewed as inherent to the sovereignty of nations"

So it isn't a bizarre statment then since you're pretty much agreeing with it. Maybe you only think it's bizarre because you don't like that nations accept that they have and want this power?

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

#154

Post by orbifold »

MaupitiBlue wrote: post #8

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.

Dealing with the consequences of messing with sovereign nation states might not be a great idea: Move fast and die of pollonium poisoning...

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

#155

Post by onetimemanytime »

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…

>>Providing for security is also inherent to sovereignty of nations, but private security firms flourish.

Try creating a private army and see. The state giveth and the state taketh

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

#156

Post by aduitsis »

justinzollars wrote: post #78
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…

We need more financial freedom in the west. Facebook is right to allow its users the ability to protect their assets with Libra - backed by a basket of currencies. I'm very excited about this idea; of course Governments are not going to be comfortable with something they can not control. Whey they go to the printing press to pay for their deficits I certainly want the ability to protect my assets with a stronger curr…

So, if "they" decide to do something with their currency, "you" would like to be able to opt out. So you position your interests outside theirs (correct me if I'm wrong). Fair enough, it's certainly your right.

But in that light, what France and Germany are doing makes sense too. At the end of the day, they too have the right to protect their collective interests, correct?

Or would you have them do something that goes against their interests so you would be able to protect your assets?

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

#157

Post by sorokod »

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…

What a bizarre statement. Providing for security is also inherent to sovereignty of nations, but private security firms flourish.

Not in France or Germany.

Just because US privataises it's military doesn't mean that this is universally accepted as a good idea.

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

#158

Post by gjulianm »

kerng wrote: post #138
ijonas wrote: post #6

Earlier quoted context omitted.

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.

Facebook can't prevent people from using it via fake profiles, etc. that have the intent to bypass things. Unless we want Facebook profiles to always be official profiles (validated via government ID) - which the government would like. France and Germany can entertain IP blocking these services and put laws in place for citizens to not use it. Interestingly though, this is exactly what a free country should not do I…

Unless a full economy develops under Libra, people will want to convert their Libra to Euros. So you ban the exchanges from operating in your country and force banks to reject any transfers from them. Make using Libra hard enough that most potential users are discouraged, and with low adoption the currency becomes useless.

> Interestingly though, this is exactly what a free country should not do I guess.

I think a free country should be able to put restrictions in place to avoid foreign profit-driven corporations to interfere and manipulate their economy.

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

#159

Post by wolco »

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…

But high currency allows huge discounts on purchases. If there is a race to the bottom those with high currency will own the world and can finance it through debt.
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