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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

#241

Post by numpad0 »

AsyncAwait wrote: post #220
grey-area wrote: post #131

Earlier quoted context omitted.

In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank. That may not be reality in all countries, but it is in many. That's quite a high bar for rival payment methods to clear, but I think the main problem for corporate currencies like this will be rivalry from government issuers. Governments jealously gu…

> In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank. As an EU citizen living in the UK, it boggles my mind that "EU Faster Payments" was not implemented as part of the eurozone, if not the EU as a whole. As far as I know there's nothing technically preventing this, anyone has an insight into why it i…

Cybersecurity/trust issues? Can’t imagine a region wide inter bank network to be more technologically better protected than even Gmail.

Re: Diem – A rebrand of Facebook’s Libra

#242

Post by javajosh »

camgunz wrote: post #147
colordrops wrote: post #128

Earlier quoted context omitted.

How is there still so much of ignorance over cryptocurrency this far along after its inception? Just because you buy and sell gold with major currencies doesn't mean gold is regulated. Crypto isn't much different. If you can get it anonymously, you can move it anywhere you want as long as you stay on the blockchain. Once you leave the blockchain, you aren't dealing with crypto anymore. Once you sell gold you aren't d…

You're talking about a commodity, not a currency. No one walks around with gold nuggets (or jugs of milk, or bales of wheat) in their pocket because our economy doesn't use the barter system. The difference between cryptocurrencies and other commodities is that other commodities have intrinsic worth. You can drink milk, you can eat wheat. You can't do anything with cryptocurrency, it's just a long, meaningless number…

Well, its a long number that satisfies a simple predicate, set by fiat, that makes this class of numbers rare. It is the ultimate "artificial scarcity"! It's too bad there can't be a better way to add new values into the system that scales better with, say, how much the system is used, or how much utility it gives to people, instead of how much oil you can afford to burn to get one.

Re: Diem – A rebrand of Facebook’s Libra

#243

Post by djrogers »

gonehome wrote: post #216
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?

Zelle, Venmo, PayPal, Square, Apple Pay - there are a ton of companies that all do this same thing in the US because the bank software is terrible and expensive. I thought stellar was similar to what the parent comment describes, but it’s also not proof of work (which makes need for blockchain unclear). https://www.stellar.org/

> Zelle, Venmo, PayPal, Square, Apple Pay - there are a ton of companies that all do this same thing in the US because the bank software is terrible and expensive.

For all intents and purposes, Zelle is the bank software, and it’s free. Zelle is backed by a bunch of banks - the majority of US checking accounts have access to use it at no cost.

Re: Diem – A rebrand of Facebook’s Libra

#244

Post by smt88 »

kortilla wrote: post #207
smt88 wrote: post #75

Earlier quoted context omitted.

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.

This mistake in this line of thinking is that innovation comes from the government.

And yet here I am on the internet, an invention of government-funded researchers.

But seriously: I didn't innovation originates from the government, but our elected officials are certainly a reflection of the culture of our country.

In fact, one of our major political parties rages against the things that made the US innovative: creating a haven for immigrant scientists and entrepreneurs, excellent research universities, and social programs that acted as a safety net for anyone taking a risk on an innovative business.

Re: Diem – A rebrand of Facebook’s Libra

#246

Post by icebraining »

shuringai wrote: post #197
camgunz wrote: post #174

Earlier quoted context omitted.

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.

Las Vegas also has a shitton of electric waste, how about we start suddenly going green with that? How is it that people only care about green earth when the target is the smallest slice of the pie?

Bitcoin is not that small a slice nowadays, though. Estimates put it higher than Las Vegas.

Re: Diem – A rebrand of Facebook’s Libra

#247

Post by delaaxe »

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).

Crypto is backed by immense amounts of power (electricity), and more specifically, computing power (which is scarce)

Re: Diem – A rebrand of Facebook’s Libra

#248

Post by icebraining »

toomuchtodo wrote: post #206
rytill wrote: post #204

Earlier quoted context omitted.

Then the market decided that the new chain was more valuable than the original. Still decentralized. Forks are fair game.

Hence why crypto can't be taken seriously as a currency. Imagine explaining to a non tech family member or friend why their dollars have zero value now because they’re on the wrong chain.

That's not how forks work.

Re: Diem – A rebrand of Facebook’s Libra

#249

Post by ByteWelder »

AsyncAwait wrote: post #220
grey-area wrote: post #131

Earlier quoted context omitted.

In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank. That may not be reality in all countries, but it is in many. That's quite a high bar for rival payment methods to clear, but I think the main problem for corporate currencies like this will be rivalry from government issuers. Governments jealously gu…

> In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank. As an EU citizen living in the UK, it boggles my mind that "EU Faster Payments" was not implemented as part of the eurozone, if not the EU as a whole. As far as I know there's nothing technically preventing this, anyone has an insight into why it i…

It does exist, but it’s just taking a while for all banks to adopt it.

Most/all Dutch banks have adopted it already.

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

Re: Diem – A rebrand of Facebook’s Libra

#250

Post by bawolff »

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 don't understand why people don't revisit DigiCash (https://en.wikipedia.org/wiki/DigiCash) for this kind of usecase. It seems like a really good fit for this type of usecase where you are giving up on the proof-of-work aspect of bitcoin, but want all the other cool properties of cryptocurrency, and has better anonymity properties.
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