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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

#181

Post by reaperducer »

derefr wrote: post #153
logifail wrote: post #139

Earlier quoted context omitted.

> If you can get it anonymously, you can move it anywhere you want as long as you stay on the blockchain Q: Is this fundamentally different to having a suitcase full of cash?

It's very hard to take a suitcase full of cash across a border. It's very easy to take a private key for a wallet-account full of cryptocurrency across a border.

It's very hard to take a suitcase full of cash across a border.

Depends on the border.

As long as you declare the cash to the authorities, there are many borders you can cross with great flipping wads of cash. Some industries operate mostly on cash (restaurants, for example), and "suitcases full of cash" isn't just for mobsters and movie villains.

Re: Diem – A rebrand of Facebook’s Libra

#182

Post by ExtraServings »

deevolution wrote: post #142
logifail wrote: post #139

Earlier quoted context omitted.

> If you can get it anonymously, you can move it anywhere you want as long as you stay on the blockchain Q: Is this fundamentally different to having a suitcase full of cash?

A suitcase full of cash is much more difficult to transport risk-free compared to bitcoin.

yet infinitely easier to spend.

Re: Diem – A rebrand of Facebook’s Libra

#183

Post by rytill »

toomuchtodo wrote: post #173
rytill wrote: post #169

Earlier quoted context omitted.

It’s just a long number with no intrinsic worth. Like money.

Money is backed by a central bank that is accountable to a government body. Crypto is backed by speculation and tech bros (shorthand for the hyper technocratic libertarian).

Shared speculation is pretty powerful.

Re: Diem – A rebrand of Facebook’s Libra

#184

Post by cortesoft »

fastball wrote: post #167
noelsusman wrote: post #151

Earlier quoted context omitted.

Why would it be good to free currency from government regulation? This is something I often see crypto advocates blow right past as if it's self explanatory, but I don't think it is. I like that the currency I use is managed by my government. Why should I want to switch?

Obviously the biggest one is concern over things like hyperinflation, which has happened in the real-world many times. Or, not quite at hyperinflation, but your government is enacting policies based on MMT or similar and you are worried that this could hurt you (as a holder of the currency) in the long-run. Or, maybe you're worried about governments being able to dictate what you are allowed to purchase with "their"…

Yeah, but both hyperinflation and hyperdeflation have occurred with Bitcoin.

At least with fiat currency, you have a central bank that can TRY to take steps to fix those conditions.

Re: Diem – A rebrand of Facebook’s Libra

#185

Post by fastball »

camgunz wrote: post #174
fastball wrote: post #158

Earlier quoted context omitted.

Ah yes, the luddite approach, an age-old classic.

You can dismiss it as such, but can you really deny that: - Cryptocurrency uses tons of electricity - Climate change is real and super bad I would (obviously) rather have a livable Earth than cryptocurrency, and I don't think that's weird.

- Yes, but a significant portion of that is coming from renewables / excess generation. Additionally, work is constantly being done to improve the energy efficiency of crypto.

- Climate change is real, but I think it would need to be much worse than it is in order to justify halting human progress. In fact, continued human progress is our best bet for halting climate change.

- False dichotomy.

Re: Diem – A rebrand of Facebook’s Libra

#186

Post by logifail »

alvarosevilla95 wrote: post #146
logifail wrote: post #139

Earlier quoted context omitted.

> If you can get it anonymously, you can move it anywhere you want as long as you stay on the blockchain Q: Is this fundamentally different to having a suitcase full of cash?

No, but only if your suitcase will only open if unlocked by a cryptographically secure key and no one can open it through other methods. They can't steal the suitcase itself either. And you can instantly teleport the contents of your suitcase to an equivalent suitcase held by any other individual on the planet. And third parties can't arbitrarily devalue the contents of your suitcase by printing more of it.

> [..] no one can open it through other methods

... other than https://xkcd.com/538/ ?

Re: Diem – A rebrand of Facebook’s Libra

#187

Post by ExtraServings »

TigeriusKirk wrote: post #166
jiofih wrote: post #123

Earlier quoted context omitted.

Like, for example? Micronesia? You may want to update your world view for the 21st century - there is no “wild west” left, every country where this matters will have financial regulations.

It's simply wrong to state every country that "matters" has KYC/AML regulations similar to those required in the US.

so again, which countries?

Re: Diem – A rebrand of Facebook’s Libra

#188

Post by cortesoft »

samatman wrote: post #179
noelsusman wrote: post #151

Earlier quoted context omitted.

Why would it be good to free currency from government regulation? This is something I often see crypto advocates blow right past as if it's self explanatory, but I don't think it is. I like that the currency I use is managed by my government. Why should I want to switch?

The 2% annual debasement rate of modern state currencies would have been a massive crisis in the era of metals. Imagine a king putting 2% less silver in the coin, year over year. We're just used to it. But leave that aside, you said you like government-managed currency and I believe you. Venezuelans don't. The way I see it, what's stopping the EUR and USD from going down that spiral is momentum, rather than some law…

Having some inflation is important, though, to prime the economy for growth. Low level, consistent, inflation is a good thing.

Re: Diem – A rebrand of Facebook’s Libra

#189

Post by alvarosevilla95 »

logifail wrote: post #186
alvarosevilla95 wrote: post #146

Earlier quoted context omitted.

No, but only if your suitcase will only open if unlocked by a cryptographically secure key and no one can open it through other methods. They can't steal the suitcase itself either. And you can instantly teleport the contents of your suitcase to an equivalent suitcase held by any other individual on the planet. And third parties can't arbitrarily devalue the contents of your suitcase by printing more of it.

> [..] no one can open it through other methods ... other than https://xkcd.com/538/ ?

That still counts as using the key to open it :)

Re: Diem – A rebrand of Facebook’s Libra

#190

Post by joeseppy »

camgunz wrote: post #121

The core feature of any cryptocurrency is "money w/o state regulation", but when you're talking about selling it for any major currency (Dollars, Euros, Sterling, Yen, RMB) guess what, you're regulated. There is no way around this, regulators are wise (more than wise, hypervigilant) to it. As a result, this stuff is just cumbersome currency that roasts the planet. No thank you.

https://www.upstreamdata.ca/post/natural-gas-venting-how-bit...

An eco friendly Cryptocurrency mining use case is that gives electricity generation a baseline price regardless of where it is generated.

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