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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

#401

Post by user-the-name »

chrisco255 wrote: post #104
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.

Right now crypto is being mainly used for decentralized finance involving larger transactions for lending and savings with actual yield. See https://defipulse.com for some of the largest dapps in the space (has grown to have $14 billion in assets in less than one year).

"Fraud dressed up in confusing language" is what he means.

Re: Diem – A rebrand of Facebook’s Libra

#402

Post by zaarn »

gingerlime wrote: post #275
orf wrote: post #115

Earlier quoted context omitted.

That's from UK to SEPA, which has a delay. SEPA transfers themselves are mostly instant since about 2018. There's sometimes a nominal fee across countries (mandated to be "no more than a local transfer"), but in many cases they are free.

I’m hearing about mostly instant SEPA payments but I’ve never seen them personally. DBank to DKB takes a few days, DKB to ING, the same, to bunq or N26... First direct in the UK to a EUR account. My limited anecdotal experience is “mostly delayed by at least a day.” am I really an outlier?

I've used them a few times for personal transfers. Each took less than 30 seconds until the money was booked out of my account and booked into the receivers account.

SEPA in my experience has never taken longer than 1 day unless it's SOFORT-related, which in my experience takes a bit to confirm (but the merchant knows you issued a transfer so they can rely on that).

Re: Diem – A rebrand of Facebook’s Libra

#403

Post by user-the-name »

greggturkington wrote: post #376
user-the-name wrote: post #82

Earlier quoted context omitted.

> low-cost, fast, reliable, accessible money transfers - clearly something missing right now in this world Missing in the US . At least Europe has had those for a long time already, using normal banks.

and they are a LOT more expensive than their crypto counterparts

No, they are cheaper, by quite a bit.

Unless you count cryptocurrencies nobody actually uses.

Re: Diem – A rebrand of Facebook’s Libra

#404

Post by tsimionescu »

corvos wrote: post #379
tsimionescu wrote: post #260

Earlier quoted context omitted.

If they had sold some items for Eth just before the fork, they will never recover the Eth, and they may be unable to recover the items either. So yes, in a fork people lose money.

forks set their genesis state as a snapshot of a block on the original chain. if anything you now have twice as much money since your account has funds on the old chain and the new one

Let's say you just sent someone 1000 dollars in exchange for 1 Eth, sometime close to the fork. Before the transaction, you have 1000 USD and 0 Eth. In the old block chain, the transaction goes through, your wallet has 1 Eth, and theirs has 0. In the forked block chain, their wallet has 1 Eth, your has 0. However, regardless of which block chain you choose to believe in, they have the 1000 dollars.

So if the forked chain becomes accepted, then they have 1000 USD and 1 Eth, while you have 0 dollars and 0 Eth, and you're never going to make the mistake of trusting a cryptocurrency ever again.

Re: Diem – A rebrand of Facebook’s Libra

#405

Post by disgruntledphd2 »

fastball wrote: post #350
disgruntledphd2 wrote: post #306

Earlier quoted context omitted.

> Economists aren't scientists. How do you define scientist, and who else isn't included? Like, micro-economists do a lot of interesting experimental work that certainly seems like science. Macro-economics is pretty much entrail-reading because we fundamentally don't understand how the modern economy functions, and is massively political and hijacked by a variety of interests, but that's a subfield that even economis…

Scientists should have falsifiable theories, for starters. Actually to my mind that is all you need for science: observe, make a falsifiable hypothesis, try to falsify your own hypothesis. That is... not most economics.

Is geology a science?

They have most of the same issues as economics (modulo the political stuff), but everyone seems OK with it.

Also, Popper's falsification is a pretty unrealistic account of how science actually works, and it only really works as advertised where you can run effective experimental designs (which economics and geology, amongst other disciplines) have a problem with.

Re: Diem – A rebrand of Facebook’s Libra

#406

Post by swyx »

pimlottc wrote: post #175
swyx wrote: post #94

Earlier quoted context omitted.

why so little trust of the HN mods?

Because official policy is to use the original title as written by the authors, which in this case doesn’t mention Facebook at all.

I'm not sure where this policy is written, but hn modifies titles all the time to reduce clickbait. however in this case I understand where you are coming from. the submission has added context. I think it's harmless.

Re: Diem – A rebrand of Facebook’s Libra

#407

Post by waihtis »

cloudinshape wrote: post #327
waihtis wrote: post #133

Earlier quoted context omitted.

Gold and crypto are hardly comparable. Start by factoring in all the crime & scams being done via crypto and you've got a general public practically begging for government intervention for cryptocurrencies.

10 years of debatable so-called-crimes with crypto VS at least 5000 years of wars, crimes and corruption with gold and government money...which side are we supposed to be on?

You have to remember 99% of the general public do not think in this manner. Same dilemma as alcohol vs weed/psychedelics.

Re: Diem – A rebrand of Facebook’s Libra

#408

Post by fastball »

disgruntledphd2 wrote: post #405
fastball wrote: post #350

Earlier quoted context omitted.

Scientists should have falsifiable theories, for starters. Actually to my mind that is all you need for science: observe, make a falsifiable hypothesis, try to falsify your own hypothesis. That is... not most economics.

Is geology a science? They have most of the same issues as economics (modulo the political stuff), but everyone seems OK with it. Also, Popper's falsification is a pretty unrealistic account of how science actually works, and it only really works as advertised where you can run effective experimental designs (which economics and geology, amongst other disciplines) have a problem with.

Geology definitely has more experimental falsification attempts going on than economics.

If you have a theory that is impossible to falsify experimentally, we're no longer talking about science (at least if your idea of science is the pursuit of objective truth). Modern "science" running amok with people more concerned with attempting to prove themselves correct than find the truth doesn't change that.

> Popper's falsification is a pretty unrealistic account of how science actually works

That's the rub though. A pretty strong argument can be made that "science" is not working and that "scientists" have lost their way, if you look at things like the reproducibility crisis.

Re: Diem – A rebrand of Facebook’s Libra

#409

Post by taffer »

fastball wrote: post #408
disgruntledphd2 wrote: post #405

Earlier quoted context omitted.

Is geology a science? They have most of the same issues as economics (modulo the political stuff), but everyone seems OK with it. Also, Popper's falsification is a pretty unrealistic account of how science actually works, and it only really works as advertised where you can run effective experimental designs (which economics and geology, amongst other disciplines) have a problem with.

Geology definitely has more experimental falsification attempts going on than economics. If you have a theory that is impossible to falsify experimentally, we're no longer talking about science (at least if your idea of science is the pursuit of objective truth). Modern "science" running amok with people more concerned with attempting to prove themselves correct than find the truth doesn't change that. > Popper's fal…

There are many scientific fields that cannot conduct experiments, such as climate science. To say that this is not science is quite naive.
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