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Diem – A rebrand of Facebook’s Libra

diem.com

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Re: Diem – A rebrand of Facebook’s Libra

#71

Post by josh2600 »

that_guy_iain wrote: post #57
TazeTSchnitzel wrote: post #43

The whole “unbanked” thing is really unconvincing, because there's no way Libra/Diem will be usable for people who don't have identity documents and the evidence needed for KYC/AML forms, and that excludes most unbanked people. As for international money transfers: TransferWise and the like are already providing better solutions in that space without forcing you to use Facebook Coins. Now you might say that mostly ca…

> The whole “unbanked” thing is really unconvincing, because there's no way Libra/Diem will be usable for people who don't have identity documents and the evidence needed for KYC/AML forms, and that excludes most unbanked people. Who says the countries this will be used in have KYC/AML? The unbanked people this would be for aren't in countries that have those laws. > As for international money transfers: TransferWise…

Anything that’s settled in dollars or dollar-like synthetic instruments will have KYC/AML.

Re: Diem – A rebrand of Facebook’s Libra

#72

Post by chaostheory »

ForHackernews wrote: post #63
chaostheory wrote: post #44

Earlier quoted context omitted.

Maybe Facebook sees that the US dollar will no longer be the reserve currency one day relatively soon?

Wouldn't bet on it. People said the Yen was going to displace USD, then they said that about the Euro...

I’m not saying that I feel that it’s a likely event. I’m saying that Facebook thinks it’s one. On a related note, when it seems like Ray Dalio is saying the same thing (the US dollar will be replaced as a reserve currency), there’s more credence to the idea

Re: Diem – A rebrand of Facebook’s Libra

#73

Post by josh2600 »

blackmanta wrote: post #66
cblconfederate wrote: post #34

I don't think an interesting cryptocurrency will ever come out of the US , they have the dollar.

Technically, avalanche is a US coin. It was also the first proof of stake crypto currency but I have not seen it picking up much traction in the US. https://www.avalabs.org *EDIT Avalanche was not the first proof of state crypto currency.

Avalanche is not the first PoS coin. You could make an argument that the first was Tezos but there are PoS like instruments that predate it significantly.

Re: Diem – A rebrand of Facebook’s Libra

#74

Post by Traster »

This project seems to be a fantastic advertisement of why large companies can't innovate. Rather than building a product that people can use - even in a very limited setting, Libra has been a series of big announcements followed by enormously expensive negotiations with regulators. How long has this been going on for and how many people are using this? That's not how you innovate.

Re: Diem – A rebrand of Facebook’s Libra

#75

Post by smt88 »

obilgic wrote: post #38
cblconfederate wrote: post #34

I don't think an interesting cryptocurrency will ever come out of the US , they have the dollar.

US has a culture that knows that resisting the change isn't way to stay as #1, and you better innovate and disrupt yourself. However, state's innovation might not end up being what crypto advocates are looking for.

I wish the US still had that culture. Our federal legislature has been intentionally deadlocked by a single man for years, without any hope of that changing.

Re: Diem – A rebrand of Facebook’s Libra

#76

Post by smt88 »

whb07 wrote: post #65
cblconfederate wrote: post #34

I don't think an interesting cryptocurrency will ever come out of the US , they have the dollar.

There are some within that realize the U.S is in an unsustainable path of devaluing, borrowing, and excess spending in pursuit of failed policies. There is still hope!

What does that have to do with crypto?

Re: Diem – A rebrand of Facebook’s Libra

#77

Post by ordinaryradical »

TazeTSchnitzel wrote: post #43

The whole “unbanked” thing is really unconvincing, because there's no way Libra/Diem will be usable for people who don't have identity documents and the evidence needed for KYC/AML forms, and that excludes most unbanked people. As for international money transfers: TransferWise and the like are already providing better solutions in that space without forcing you to use Facebook Coins. Now you might say that mostly ca…

For further reading on what exactly they were trying to do in the first place: Libra Shrugged by David Gerard

https://davidgerard.co.uk/blockchain/libra/

Re: Diem – A rebrand of Facebook’s Libra

#80

Post by user-the-name »

x87678r wrote: post #31

Are any crypto currencies widely used for transactions these days? ie the classic coffee shop purchase. BTC had a start but now seems only useful for people buying as an asset.

No. Cryptocurrencies are currently used mainly for:

1. Speculation on highly manipulated markets.

2. Illegal transactions.

3. Ransomware.

4. Innovative new kinds of fraud using smart contracts.

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