Could this whole project be a tax play? Many jurisdictions don't tax cryptocurrency until sale where capital gains applies, some don't tax at all. It is very convenient for tax purposes for a corporation to have a currency that exists on a global network where you don't need to transfer anything between countries and all that matters is where you cash out.
Facebook’s Libra cryptocurrency: Privacy and stability concerns
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Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#12Earlier quoted context omitted.
> Yeah now it's called Libra. I can totally see my daughter wanting to think about her girl products every time she uses this coin. The iPad didn't really suffer much from the same naming "problem". Libra is pretty much just the latin name for "Pound". It's a pretty damn good name for the currency.
> The iPad didn't really suffer much from the same naming "problem". It's not really the same thing. Pad can often refer to things like "pads of paper", or be a slang name for an apartment. > Libra is pretty much just the latin name for "Pound". It's a pretty damn good name for the currency. A lot of teenagers probably aren't going to know that. Whereas there is literally a brand called "Libra" that makes tampons, pa…
The Libra name is only used in Australia and New Zealand [0], it's unlikely that two things carrying the same name will influence the brand of Facebook's currency a whole lot.
https://en.wikipedia.org/wiki/Libresse#International_brandin...
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#13If it is pegged to USD, there is no investment potential. It is just as bad as cash.
The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more.
That article did not address this at all. This is the most compelling reason to buy bitcoin.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#14If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.
>> It is just as bad as cash.
You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know?
The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#15If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.
>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)
Quoting the animated Dilbert TV show when Dilbert buys his mom a gift card: “you’ve exchanged your money for something like money, but less useful.”
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#16If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.
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Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#17Bloomberg did a nice video about the real implications; Chinese app style payments would deprive banks of their cut of transaction processing.[1] Isn't it strange that the Chinese copied facebook, but now facebook copys WeChat "U.S. Banks Are Terrified of Chinese Payment Apps" https://www.youtube.com/watch?v=SJh_Uir5EMI https://www.nytimes.com/2019/03/07/technology/facebook-zucke...
> Isn't it strange that the Chinese copied facebook, but now facebook copys WeChat
You've clearly never used WeChat if you're under the impression they copied Facebook. This "___ of the West" is just a simplified trope to help readers make a comparison. Western companies/apps fail in the East and Eastern apps often fail in the West as the market is completely different that you can't just port something over and hope to replicate its success.
https://hbr.org/2018/08/why-western-digital-firms-have-faile...
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#18With the number of data leaks, PR disasters and the federal probes looming over Facebook, the last thing I want is the company handling any kind of financial transactions, especially if it's with cryptocurrency.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#19If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.
> There are 21,000,000 BTC ever ever, you can't print more.
This is not true. Forks exist, and anyone can make 21 million bitcoin at a time. It’s still a question of if people will accept the forks, but it is an option
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#20If it is pegged to USD, there is no investment potential. It is just as bad as cash. The idea behind bitcoin is that you don't need to rely on the US government for storing value. There are 21,000,000 BTC ever ever, you can't print more. That article did not address this at all. This is the most compelling reason to buy bitcoin.
> There are 21,000,000 BTC ever ever, you can't print more. This is not true. Forks exist, and anyone can make 21 million bitcoin at a time. It’s still a question of if people will accept the forks, but it is an option
If it's a fork then it's not BTC