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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

#91

Post by eloff »

that_guy_iain wrote: post #84
josh2600 wrote: post #71

Earlier quoted context omitted.

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

Says who? Who is going to enforce some random African country that is in the middle of a civil war to have those? Also, lots of drug deals are settled in US dollars, they don't have that. So your point that anything settled in dollars will have those laws is way off the mark and easily disproven.

That's not how finance works. If you don't follow the rules, you get cut off from the rest of the ecosystem which is tightly controlled by the US. So if diem wants to operate at all, they must adhere to the rules regardless of which countries they are operating in.

Re: Diem – A rebrand of Facebook’s Libra

#92

Post by Fnoord »

gjsman-1000 wrote: post #88

Interesting. They went from "Libra" (implying Freedom) to "Diem" (which sounds a lot like Die or Dying).

Diem is known from "Carpe Diem", in English "Seize the Day". Hence Diem possibly means Day. I don't know why the name. Though, if you call it Noctum it has a negative/blackhat connotation, IMO.

Re: Diem – A rebrand of Facebook’s Libra

#93

Post by mikro2nd »

flixic wrote: post #19

Libra was interesting. With their basket of currencies and easily programmable contracts, it was a semi-unique project in crypto space. Over the months, their ambition has been cut a lot by regulators. No more basket of currencies, now just US Dollar. At this point I'm not sure there's any benefit to it being on the blockchain either.

Libra was never interesting. A centralised fiat currency run by arguably one of the most unethical, unscrupulous, invasive surveillance capitalists in the world was never going to be interesting, at least not in any technical or socially useful sense. Adding the ever-popular "but blockchain" into the mix still didn't make it a real cryptocurrency, never will. Rebranding it changes nothing.

Re: Diem – A rebrand of Facebook’s Libra

#95

Post by Fnoord »

cblconfederate wrote: post #34

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

Cryptocurrencies are being used by so-called cybercriminals (cybercrooks) as we speak. Because it is decentralized, its more difficult to close down illegal transactions, and they consider themselves anonymous after mixing.

I don't find cryptocurrency interesting at all for a free society. I don't see any purpose of it, if you live in a free society. And I do live in one.

Re: Diem – A rebrand of Facebook’s Libra

#96

Post by xorcist »

netsharc wrote: post #68
tomp wrote: post #56

Ok, so let's focus on the underlying idea, without the "Facebook is trying to rebrand their evil brand" cruft. Basically, I think the underlying idea is valuable - low-cost, fast, reliable, accessible money transfers - clearly something missing right now in this world, even for the "global rich" (citizens of first-world countries), let alone for the "unbanked". It could even scale even more to a money store but that'…

I think Zuck's mission wasn't really about empowering the unbanked, but it's: fight WeChat. WeChat already has an effective digital payment system, with the tasty tasty analytics and surveillance capabilities (which yeah, Zuck also probably wants). As to blockchains, that's because this is the hype of the last few years, is it not? As to currencies, IMO the vision of the people hyping bitcoin was that your pizza plac…

Blockchain or not blockchain is perhaps the least interesting part of all the so called "blockchain" projects.

It's a term without an accepted definition. A lot of useless branding is expected. Just you wait until IBM gets their hands on .. oh, they already did.

Both the Bitcoin-like zero trust ledger and the m-of-n trusted notaries model have useful use cases. While more descriptive terms would have been great, arguing definitions only goes so far.

Re: Diem – A rebrand of Facebook’s Libra

#99

Post by traceddd »

npongratz wrote: post #83
josh2600 wrote: post #73

Earlier quoted context omitted.

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.

Looks like Peercoin predates Tezos by about six years (2012 vs 2018): https://en.wikipedia.org/wiki/Peercoin https://en.wikipedia.org/wiki/Tezos

AFAIK peercoin is recognized as the first PoS cryptocurrency.

Re: Diem – A rebrand of Facebook’s Libra

#100

Post by that_guy_iain »

eloff wrote: post #91
that_guy_iain wrote: post #84

Earlier quoted context omitted.

Says who? Who is going to enforce some random African country that is in the middle of a civil war to have those? Also, lots of drug deals are settled in US dollars, they don't have that. So your point that anything settled in dollars will have those laws is way off the mark and easily disproven.

That's not how finance works. If you don't follow the rules, you get cut off from the rest of the ecosystem which is tightly controlled by the US. So if diem wants to operate at all, they must adhere to the rules regardless of which countries they are operating in.

This is meant to be a completely different ecosystem, no? An ecosystem not controlled with the US. This isn't a normal financal service, it's not banking, it's outside of banking hence why it's aimed and people without banks.

And other companies are already in this space providing basically the same service.

It seems to me, people applying how companies 1st world countries + the US operate to how companies in 3rd world countries (except the US) have to operate.

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