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Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

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Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#351

Post by buboard »

vinniejames wrote: post #328
buboard wrote: post #270

Earlier quoted context omitted.

It s possible that the benefit would outweigh the risk - after all they are already in the payments busines and know how AML works etc. They 've done it for bitcoin. So, i would assume they were threatened a little less politely than i imagined.

Threat letters from the Senate: https://www.schatz.senate.gov/imo/media/doc/Signed%20Letters...

What a joke of a letter. "But think of child abuse". I can't believe they linked libra to child sexual abuse ... how would that even work?

Didn't they admit last week that facebook's own detection algorithms are far better at detecting child abuse than anything else? How does that work.

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#352

Post by FerretFred »

antihero wrote: post #282
thefounder wrote: post #254

Earlier quoted context omitted.

Yeah except they are not digital currencies(i.e you cant store them on a cold wallet, you can't send or accept them without several 3rd parties involved(i.e paypal, visa, banks)

At least governments are sort of remotely accountable. If we've learned anything from the entire fucking history of the internet it's that nerds with power are not particularly accountable.

> At least governments are sort of remotely accountable

That's very "sort of", and very remote! I wouldn't trust my (the UK) Government as far as I could throw them!

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#353

Post by thefounder »

ummwhat wrote: post #293
thefounder wrote: post #254

Earlier quoted context omitted.

Yeah except they are not digital currencies(i.e you cant store them on a cold wallet, you can't send or accept them without several 3rd parties involved(i.e paypal, visa, banks)

>you cant store them on a cold wallet Literally the only wallet is a cold wallet. Cold hard cash.

Yeah but you can't send hard cash over the internet so let's stick to the "digital" requirement.

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#354

Post by jamesmmm »

lucasverra wrote: post #55

David Marcus update [1] : Special thanks to @Visa and @Mastercard for sticking it out until the 11th hour. The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for @Libra_ to proceed, vs. the invoked threats (by many) on their biz. I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but i…

Indeed: Peter Thiel says that when you're doing something right, expect tons of opposition! Best Of Luck ;o)

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#355

Post by Lucadg »

tsimionescu wrote: post #233
Lucadg wrote: post #131

I don't like Libra but I wouldn't dismiss it just yet. - Governments: We'll ban Libra. - Facebook: Let us do Libra and we'll give you access to the financial transactions which otherwise would go dark with Bitcoin or Wechat.

- Governments: oh yes, we'll trade our ability to set monetary policies for the off-chance that someone who wanted to hide from regulators will choose to trust Facebook with their shady transactions, and will continue to do so after the first time we catch them in the act based on data Facebook provided to us.

- Facebook: you are going to lose the ability to set monetary policy anyway. That ship has sailed.

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#357

Post by kebman »

qaq wrote: post #172
kebman wrote: post #133

Earlier quoted context omitted.

Funny. The USA seems to have the complete opposite view to yours! :D The Federal Reserve is just about as close to a private company as any, running your entire economy. Certainly it's a for profit venture. But then that's profits funneled away from public coffers, and not to it. Sure, the Fed has a pretty clear mandate from the Congress, deputizing them into a certain public role, but other than that, they receive l…

You do realize that FED transfers it's profits to US Treasury to the tune of 100 billion dollars per year?

But unlike just about all public agencies, stock holders get to keep a fair amount too. Not to mention that a great deal of tax money goes towards servicing interest on loans. On top of that; well, let's not mince words: "Quantitative easing" is essentially theft.

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#358

Post by kebman »

capableweb wrote: post #279
kebman wrote: post #133

Earlier quoted context omitted.

Funny. The USA seems to have the complete opposite view to yours! :D The Federal Reserve is just about as close to a private company as any, running your entire economy. Certainly it's a for profit venture. But then that's profits funneled away from public coffers, and not to it. Sure, the Fed has a pretty clear mandate from the Congress, deputizing them into a certain public role, but other than that, they receive l…

I agree with you, just wanted to let you know that "running your entire economy" is not accurate as I don't live there. We would all be a little better by not assuming things about people :)

The context is that the Fed serves the USA, and I don't live "there" either. So "your (...) economy" is of course referring to the American economy.

Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

#359

Post by kebman »

lonelappde wrote: post #159
kebman wrote: post #120

Earlier quoted context omitted.

That's an interesting claim, all the time regular banknotes and coins offer way better alternatives for doing just that (e.g. money laundering and black market transactions), due to their much better relative untraceability as compared to just about all cryptocurrencies, and even so-called privacy coins. The only thing cryptocurrency has clearly got going for it, is in relative better ease of use, and better security…

Interesting that you wrote paragraphs rebutting your first paragraph.

I didn't. You just assumed I did, which is different.
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