Paypal Withdraws from Facebook's Libra Cryptocurrency

#1

Post by coloneltcb » Fri, Oct 04, 2019, 7:47 PM UTC

Paypal Withdraws from Facebook's Libra Cryptocurrency
cnbc.com

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#2

Post by Retroity » Fri, Oct 04, 2019, 8:46 PM UTC

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#3

Post by tpmx » Fri, Oct 04, 2019, 10:05 PM UTC

Retroity wrote: post #2

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

I'm sure they will launch it in a number of struggling countries.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#4

Post by dessant » Fri, Oct 04, 2019, 10:16 PM UTC

Retroity wrote: post #2

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

I think governments actually want Libra, what we're seeing is the role of Facebook in all of this being forcefully reshaped to better serve the needs of governments. Facebook will be compelled to give up some of the control and access over this new identity system in exchange for being allowed to operate it.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#5

Post by r00fus » Fri, Oct 04, 2019, 10:43 PM UTC

dessant wrote: post #4

Retroity wrote: post #2

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

I think governments actually want Libra, what we're seeing is the role of Facebook in all of this being forcefully reshaped to better serve the needs of governments. Facebook will be compelled to give up some of the control and access over this new identity system in exchange for being allowed to operate it.

I personally hope key governments deep-six it. Facebook has shown itself to be untrustworthy for personal data - in what interesting ways will they abuse a custodial role on a currency?

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#6

Post by sriram_sun » Fri, Oct 04, 2019, 10:47 PM UTC

tpmx wrote: post #3

Retroity wrote: post #2

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

I'm sure they will launch it in a number of struggling countries.

Don't you think they would get muscled out of these failed states if they don't pay up (lobby)?

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#7

Post by josephagoss » Fri, Oct 04, 2019, 10:52 PM UTC

r00fus wrote: post #5

dessant wrote: post #4

Earlier quoted context omitted.

I think governments actually want Libra, what we're seeing is the role of Facebook in all of this being forcefully reshaped to better serve the needs of governments. Facebook will be compelled to give up some of the control and access over this new identity system in exchange for being allowed to operate it.

I personally hope key governments deep-six it. Facebook has shown itself to be untrustworthy for personal data - in what interesting ways will they abuse a custodial role on a currency?

Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life.

The best outcome here is that Libra doesn't launch at all in any capacity.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#8

Post by tpmx » Fri, Oct 04, 2019, 10:55 PM UTC

sriram_sun wrote: post #6

tpmx wrote: post #3

Earlier quoted context omitted.

I'm sure they will launch it in a number of struggling countries.

Don't you think they would get muscled out of these failed states if they don't pay up (lobby)?

They'd need to pay more than the other robbers, sure. Shouldn't really be a problem for them, though.

Something funny happens when the monetary contribution from a company to a country/government moves from millions to billions. It changes from a potential bribe that people want to keep quiet about to an investment that people want to boast about. And yet it's trivial to siphon between 10-70% of that "investment" into private pockets depending on the country.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#9

Post by consumer451 » Fri, Oct 04, 2019, 10:55 PM UTC

josephagoss wrote: post #7

r00fus wrote: post #5

Earlier quoted context omitted.

I personally hope key governments deep-six it. Facebook has shown itself to be untrustworthy for personal data - in what interesting ways will they abuse a custodial role on a currency?

Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life. The best outcome here is that Libra doesn't launch at all in any capacity.

The difference is democracy.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#10

Post by zupreme » Fri, Oct 04, 2019, 10:58 PM UTC

sriram_sun wrote: post #6

tpmx wrote: post #3

Earlier quoted context omitted.

I'm sure they will launch it in a number of struggling countries.

Don't you think they would get muscled out of these failed states if they don't pay up (lobby)?

Muscled out how? VPN’s are global...