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Diem – A rebrand of Facebook’s Libra

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Re: Diem – A rebrand of Facebook’s Libra

#231

Post by amelius »

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'…

> low-cost, fast, reliable, accessible money transfers

Yes, this could help us to faster get rid of ads as a monetization model.

Re: Diem – A rebrand of Facebook’s Libra

#232

Post by chillacy »

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.

LTC is often the cheapest mainstream coin for moving stuff around on chain, and has faster confirm times. They seem to be focusing more on transactions as opposed to storing value like BTC.

Re: Diem – A rebrand of Facebook’s Libra

#233

Post by rytill »

camgunz wrote: post #221
rytill wrote: post #196

Earlier quoted context omitted.

I agree with the argument that it doesn’t make sense for the United States. Other countries using USD already don’t have control over monetary policy.

Oh yeah, totally fair and an interesting difference between Diem and other cryptocurrencies. I still think volatility and transaction latency/costs are an issue, but assuming we fix those (and stipulating they can be fixed) it doesn't seem unwise for smaller countries to use cryptocurrencies. It would more or less be gold standard monetary policy in a box, and while that system has drawbacks, a nice thing about it is…

Also agreed on Diem. My best guess is it’s a way to legally get around the legacy financial system to some end. Which end I don’t know yet.

Re: Diem – A rebrand of Facebook’s Libra

#234

Post by mthoms »

reaperducer wrote: post #181
derefr wrote: post #153

Earlier quoted context omitted.

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.

Where is that? In most of the west it's roughly $10k US (+/- 30%).

Re: Diem – A rebrand of Facebook’s Libra

#235

Post by cblconfederate »

Fnoord wrote: post #95
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.

dollars are used by all sorts of criminals and terrorists

Re: Diem – A rebrand of Facebook’s Libra

#236

Post by tzs »

treve wrote: post #211
tzs wrote: post #198

Earlier quoted context omitted.

> 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". For most of the "banked" in the US, doesn't Zelle cover all that for transfers within the US?

It's still absurd that you need additional services just to do transfers. I can't understand why an IBAN-like system can't seem to get off the ground in the US.

Zelle is owned by several major banks, and partnered with many other banks and credit unions. It is incorporated into most of their mobile apps and online banking websites.

From a user point of view, it doesn't look like an additional service.

Re: Diem – A rebrand of Facebook’s Libra

#237

Post by numpad0 »

cortesoft wrote: post #188
samatman wrote: post #179

Earlier quoted context omitted.

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.

Fucking true. Zero inflation for couple decades? Absolutely destroys a nation.

Re: Diem – A rebrand of Facebook’s Libra

#238

Post by judge2020 »

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…

> Imagine a king putting 2% less silver in the coin, year over year.

This happened fairly often, and it's called debasement:

https://en.wikipedia.org/wiki/Debasement

https://www.economics.utoronto.ca/munro5/MONEYLEC.htm

Re: Diem – A rebrand of Facebook’s Libra

#239

Post by dmantis »

camgunz wrote: post #214
fastball wrote: post #167

Earlier quoted context omitted.

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"…

I don't always agree w/ my government here in the US, but I do like that--while it's not a perfect process--as a democracy I can influence it. The reason it's illegal to buy certain things in the US (people, organs, drugs, assassinations) is that we all got together and thought people shouldn't do that. Many people disagree but, that's what voting is for. Subverting the will of a democratic people is... immoral? The…

You assume that government is good and prohibited uses are bad.

But your gov banned wikileaks bank accounts in the past and that is the perfect example of the case when the gov is definitely is a malicious actor (while their behaviour perfectly rational from their side of things).

Govs do war crimes, mass espionage and human rights violations. That should be addressed as well.

Re: Diem – A rebrand of Facebook’s Libra

#240

Post by rglullis »

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'…

You just described Stellar.
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