The core feature of any cryptocurrency is "money w/o state regulation", but when you're talking about selling it for any major currency (Dollars, Euros, Sterling, Yen, RMB) guess what, you're regulated. There is no way around this, regulators are wise (more than wise, hypervigilant) to it. As a result, this stuff is just cumbersome currency that roasts the planet. No thank you.
Diem – A rebrand of Facebook’s Libra
121–130 of 425 posts
Re: Diem – A rebrand of Facebook’s Libra
#122Calibra was renamed to Novi, and now Libra has been renamed to Diem? How confusing.
Re: Diem – A rebrand of Facebook’s Libra
#123Earlier quoted context omitted.
Anything that’s settled in dollars or dollar-like synthetic instruments will have KYC/AML.
This is a global project, so it will be used in countries where this just isn't accurate.
Like, for example? Micronesia?
You may want to update your world view for the 21st century - there is no “wild west” left, every country where this matters will have financial regulations.
Re: Diem – A rebrand of Facebook’s Libra
#124Earlier 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.
I'm not sure I agree. First of all, it's not "Europe" but rather "Euro-accounts" (so no cross-currency transfers). Also not that fast - don't work overnight, on the weekends, payments might take a day to arrive. I just checked - paying 10EUR from my UK account to the EUR area takes 2-4 days (I'd need to pay 15GBP for an "urgent" next- business -day transfer) (same rate as TransferWise) whereas if I want to send 10kEU…
I think that is mainly UK banks bring bad. Here in Sweden which is also not a euro country the exchange fee is roughly 0.5% at my bank and they charge 3 euro for non-SEPA transactions and 0.15 EUR for SEPA transactions. So I would need to pay 50 EUR to transfer 10k EUR from my SEK account and just 0.15 EUR to transfer from my EUR account.
Re: Diem – A rebrand of Facebook’s Libra
#125Diem/Libra seems like a convoluted scheme for Facebook to be able to globally repatriate money at will. Sure they would have to manage to grow it to a certain scale first, but by controlling the whole wooden nickel factory it wouldn't be hard nor detectable for them to do.
Re: Diem – A rebrand of Facebook’s Libra
#126The core feature of any cryptocurrency is "money w/o state regulation", but when you're talking about selling it for any major currency (Dollars, Euros, Sterling, Yen, RMB) guess what, you're regulated. There is no way around this, regulators are wise (more than wise, hypervigilant) to it. As a result, this stuff is just cumbersome currency that roasts the planet. No thank you.
It functions like diamonds, real estate and some other commodities used to... medium of exchange for illegal transactions.
It’s pretty obvious — the price spikes with the rise of certain internet grifts and wanes as they settle down.
Re: Diem – A rebrand of Facebook’s Libra
#127Earlier quoted context omitted.
I'm not sure I agree. First of all, it's not "Europe" but rather "Euro-accounts" (so no cross-currency transfers). Also not that fast - don't work overnight, on the weekends, payments might take a day to arrive. I just checked - paying 10EUR from my UK account to the EUR area takes 2-4 days (I'd need to pay 15GBP for an "urgent" next- business -day transfer) (same rate as TransferWise) whereas if I want to send 10kEU…
The 250 GBP must be the exchange fee? If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical rate. That's unfortunate, but is unrelated to the cost of transfer. Euro transfers have become instant and 24/7 thanks to the SEPA Instant Credit architecture: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... You can transfer up to 100k EUR in le…
Maybe it is typical with 2.5% in the UK but here in Sweden the typical is 0.5% so I feel like you are being robbed.
Re: Diem – A rebrand of Facebook’s Libra
#128The core feature of any cryptocurrency is "money w/o state regulation", but when you're talking about selling it for any major currency (Dollars, Euros, Sterling, Yen, RMB) guess what, you're regulated. There is no way around this, regulators are wise (more than wise, hypervigilant) to it. As a result, this stuff is just cumbersome currency that roasts the planet. No thank you.
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 dealing with gold anymore.
I don't know about Diem in particular, but a state or corporate issued currency is not a general indictment of cryptocurrency.
Re: Diem – A rebrand of Facebook’s Libra
#129The core feature of any cryptocurrency is "money w/o state regulation", but when you're talking about selling it for any major currency (Dollars, Euros, Sterling, Yen, RMB) guess what, you're regulated. There is no way around this, regulators are wise (more than wise, hypervigilant) to it. As a result, this stuff is just cumbersome currency that roasts the planet. No thank you.
This is exactly like the argument that electric cars aren't actually any better because grid electricity is not currently very green in most parts of the world. The response of course being that as the grid gets greener (which it does every year), your car becomes greener also. If you have a gasoline car, it will be just as dirty in 20 years as it is today.
Same thing with crypto. Yes, currently a lot of people buy and sell crypto with government-backed currency. However, the whole point is to have currency that you can use in place of normal currency. Currency that you are paid in, that you shop in, that you pay your bills in, that you pay back your friends with. At the start, there is a lot of fiat crypto. But the goal is to make it so that people can use crypto for everything, and therefore never need to sell it for any major currency.
If you use crypto, every year you will need to "drop out" into fiat less and less. Just like every year your electric car gets greener.
Ironically the analogy extends even better to your parting shot:
> this stuff is just cumbersome currency that roasts the planet.
Again, short-term thinking. As a purely digital currency, cryptocurrency gets greener every year as the grid gets greener. If you want to save the planet, the first step is to electrify everything. Step 2 is to make your electricity production as green as possible (preferably with nuclear).
Re: Diem – A rebrand of Facebook’s Libra
#130Earlier quoted context omitted.
That's not how finance works. If you don't follow the rules, you get cut off from the rest of the ecosystem which is tightly controlled by the US. So if diem wants to operate at all, they must adhere to the rules regardless of which countries they are operating in.
This is meant to be a completely different ecosystem, no? An ecosystem not controlled with the US. This isn't a normal financal service, it's not banking, it's outside of banking hence why it's aimed and people without banks. And other companies are already in this space providing basically the same service. It seems to me, people applying how companies 1st world countries + the US operate to how companies in 3rd wor…
> This is meant to be a completely different ecosystem, no? An ecosystem not controlled with the US.
There is no such thing as an ecosystem not controlled by the US. You have any ties with the States (and Facebook, clearly, does), you gonna comply with whatever rules they come up with. If you don't believe me, ask Huawei's top manager. Or lots of other people like him.