Pegging Libra to just the Dollar could soothe regulators, a16z says
https://techcrunch.com/2019/10/11/libra-denominated-in-dolla...
Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
191–200 of 359 posts
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#192And the end of the world pushes a bit further away
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#193Pegging Libra to just the Dollar could soothe regulators, a16z says https://techcrunch.com/2019/10/11/libra-denominated-in-dolla...
> Pegging Libra to just the Dollar could soothe regulators, a16z says
Baskets of currencies are nothing novel. The problem goes down to whether this is a Facebook-controlled currency (which is troubling, given Facebook’s track record) or a nobody-controlled currency that Facebook profits from (which is troubling, given the money-laundering concerns).
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#194Earlier quoted context omitted.
I am a happy customer of both a bank and a grocery store. If one day the grocery store decides to also open a bank, I won't suddenly move my accounts there just because I go to the grocery store every week. That's why the grocery stores trying to offer credit cards usually have some loyalty programs (e.g. points/discounts for in-store purchases). And BTW, they typically just partner with existing banks and not try to…
In the U.S. it is quite common for grocery stores to have a small bank branch inside them for exactly the reason you cite.
> they typically just partner with existing banks
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#195> A Visa spokesperson told The Verge. “Visa has decided not to join the Libra Association at this time,” the spokesperson said. “We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.” I suspect the regulatory pushback was the least of the problem. These companies (and PayPal) have ev…
Open-source cryptocurrencies that (ideally) no single entity mainly profits from, are still the future, IMHO.
I don't get why people would get excited about Libra who weren't already excited by some other cryptocurrency.
Violate an arbitrary rule in financial institutions? Guilty until proven innocent. (I have real-world experience, here)
Violate an arbitrary rule in crypto and... oh wait, crypto doesn't have rules and doesn't judge your morality. (Neither does cash or gold, so be careful about using this as an argument against it.)
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#196Earlier quoted context omitted.
The fate of Libra isn't tied to Visa/Mastercard's withdrawal. It's ultimately about whether there is a market for a new mechanism for international money transfers. As someone who runs a business that has (small) offices both in EU and North America, let me share a quick overview of the current state of things. When you want to transfer a non-trivial amount of money between 2 countries, you have likely received it in…
What do you consider non-trivial? I transfer money to Africa on a regular basis, and I don’t have these same issues other than the difference between published exchange rate and realized, which is about 1-1.5%. Transfer fees are minimal. I transfer about $3,000 per month, but no I could go up to at least $10K without issue. Occasionally it can have a bit of a delay, but normally it closes in less than a minute, and I…
Wave?
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#197Earlier quoted context omitted.
What do you consider non-trivial? I transfer money to Africa on a regular basis, and I don’t have these same issues other than the difference between published exchange rate and realized, which is about 1-1.5%. Transfer fees are minimal. I transfer about $3,000 per month, but no I could go up to at least $10K without issue. Occasionally it can have a bit of a delay, but normally it closes in less than a minute, and I…
Which service, something like transferwise?
+1 transferwise
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#198Major punt by Facebook like many others like Oculus. But you nail one like IG and it’s all good!
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#199Earlier quoted context omitted.
What do you consider non-trivial? I transfer money to Africa on a regular basis, and I don’t have these same issues other than the difference between published exchange rate and realized, which is about 1-1.5%. Transfer fees are minimal. I transfer about $3,000 per month, but no I could go up to at least $10K without issue. Occasionally it can have a bit of a delay, but normally it closes in less than a minute, and I…
Which service, something like transferwise?
I recently tried helping someone transfer $10k from US to different country. Only after signing up, filling in all the details, and going through the entire process, was there an error message that showed a Max of $800 could be transferred.
I then just advised to use their local bank's wire transfer, which they had to visit in person at the local branch, as they had originally intended.
Nowhere in my Google searches and Transferwise articles did I see any limitations upfront. Nor did I figure out how to raise these limits after searching post-filling-out-everything.
Very disappointed to say the least. But if anyone knows if I can raise the limit, would be happy to try this again.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#200damn shame with the dollar approaching a $30 trillion dollar deficit within the next decade[0], it would be very prudent to invest into a competitor.
[0]:https://www.zerohedge.com/news/2018-02-12/trump-budget-sees-...