This shit may fail because of too many cooks in the kitchen issue. They have 30 members with equal say
Libra White Paper
111–120 of 138 posts
Re: Libra White Paper
#112I remember someone saying something along the lines of “Facebook will try and copy and crush us, but not this time- by the time they work out what’s happening, it’ll be too late”. Facebook seem to have noticed what’s happening and are moving like the wind to try and crush us. Are they too late or are we too late? Or neither?
Depends on who that someone was, doesn’t it?
Re: Libra White Paper
#113> Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem (read “The Libra Association” here), and support further growth and adoption. The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association. Users of Libra do not receive a return from the reserve.
Forget about the cryptography and "blockchain" this system will use. The real innovation here is financial in nature. Only it's not really an innovation.
I doubt today's race to negative interest rates will be kind to Libra validators, who will be demanding a fat payout sooner or later for the loss of business on highly lucrative credit cards.
There's only one way to fund this beast: fractional reserve and ever more risky investments. The temptation will be enormous. The justifications true and well-intentioned. The outcome predictable to anyone who has paid attention.
Think Tether, but orders of magnitude larger.
Re: Libra White Paper
#114Earlier quoted context omitted.
>Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” My posting history will show I'm skeptical of Facebook but setting my biases aside, I think there's still a real technical difference here. I believe the old Facebook Credits required the transactions to go through Facebook's centralized servers. (The programming api for processing Facebook Credits communicated w…
>Initially, the association (and validators) will consist of a geographically distributed and diverse set of Founding Members. These members are organizations chosen according to objective participation criteria, including that they have a stake in bootstrapping the Libra ecosystem and investing resources toward its success. Over time, membership eligibility will shift to become completely open and based only on the…
It does seem life is imitating art here [1]
Re: Libra White Paper
#115Earlier quoted context omitted.
>Libra is Facebook Credits [1] rebooted. All that changed is the meme it’s attaching to, “cryptocurrency” My posting history will show I'm skeptical of Facebook but setting my biases aside, I think there's still a real technical difference here. I believe the old Facebook Credits required the transactions to go through Facebook's centralized servers. (The programming api for processing Facebook Credits communicated w…
>Initially, the association (and validators) will consist of a geographically distributed and diverse set of Founding Members. These members are organizations chosen according to objective participation criteria, including that they have a stake in bootstrapping the Libra ecosystem and investing resources toward its success. Over time, membership eligibility will shift to become completely open and based only on the…
"Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the decentralization of Visa, all tied together with the proven privacy of Facebook."
https://twitter.com/SarahJamieLewis/status/11394299139229573...
Re: Libra White Paper
#116I find it interesting that Facebook banned cryptocurrency ads last year, citing safety from “financial products and services frequently associated with misleading or deceptive promotional practices.” https://www.vox.com/2018/1/30/16950926/facebook-mark-zuckerb...
Facebook banned my previous company from asking users for their FB data to perform ML credit risk evaluation. Some weeks later they registered a patent for credit risk analysis using historical FB data.
They know very well what they do.
Re: Libra White Paper
#117Earlier quoted context omitted.
I think this coin is a really bad idea. Its just centralizing a crypto coin and then removing the laws around money because now a dollar has a libra coin wrapper on it so it's obviously totally different than a dollar. Good luck with regulators. Especially regulators in the financial industry. I don't really think that creating a Facebook account is satisfactory to cover KYC(1) and AML(2) rules, as a for example. But…
Can you provide an example of a person in the financial industry who went to jail for violating regulations of the kind you are talking about, as opposed to fraud/dishonesty?
Raj Rajaratnam[1] would be a fine example. He got 11 years for insider trading.
There's also Matthias Krull[2]. Sentenced to ten years for money laundring.
[1] https://en.wikipedia.org/wiki/Raj_Rajaratnam
[2] https://www.swissinfo.ch/eng/criminal-conviction_former-swis...
Re: Libra White Paper
#118Sounds to me like Facebook is trying to become the Wechat of the West ... (as per an article 2 days ago explaining how Wechat could be central to every payment in a daily life )
Exactly. I'm gonna get my hair done so once they start with social points I can look nice on camera.
Re: Libra White Paper
#119> Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem (read “The Libra Association” here), and support further growth and adoption. The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association. Users of Libra do not receive a return…
So when you purchase Libra for cash it’s like buying an index, only with no interest whatsoever. So all the risk and no reward. It’s not for no reason that index funds pay dividends - to compensate for a very real risk of losses. Interesting to see if libra will be able to pull this trick and push risk on its users without compensation.
Re: Libra White Paper
#120More tech-y resources: - https://developers.libra.org/docs/assets/papers/the-libra-bl... - https://github.com/libra/libra - https://developers.libra.org - https://developers.libra.org/docs/move-paper
From the Move programming language paper: "semantics inspired by linear logic". Any even more technical references? Anybody knows anybody who really work(ed) on Move? Academic? Otherwise? I'm interested because of my "poured only once" current project http://imar.ro/~mbuliga/hapax.html
> Anybody knows anybody who really work(ed) on Move?
The authors are listed in the PDF