I fully expect China to take over the Congo now.
We've asked you countless times to please stop posting unsubstantive or flamebait comments, so we've banned the account.
Libra White Paper
131–138 of 138 posts
Re: Libra White Paper
#132So... I’ve not had time to read the whole paper, but my initial impression is that this is not really worth consider as a “cryptocurrency” - instead, it’s a limited application of “blockchain” to what amounts to a multi-party private currency.
That in and of itself isn’t a terrible thing necessarily, but I guess I’m failing to see the utility it provides.
OTOH, Facebook is big enough to push this into much larger adoption than existing cryptocurrencies have managed. If they do that, and if Libra is eventually opened enough that it can be traded on the open market without a “trusted” intermediary, then we might at least see the infrastructure, public acceptance, and public understanding of what cryptocurrencies are significantly improve. That could lead to a stronger ecosystem in general.
Personally, I’m trying to figure out if I can have an “account” that is truly anonymous. If so, then I’ll pay attention and study it more. If not... well, then I’ll ignore this unless and until that is possible.
Re: Libra White Paper
#133As someone somewhat out of the crypto-loop, would someone be able to explain/posit/cite why Facebook are entering this market, and why traditional payment providers are also getting involved? On the face of it, this suggests it aims to essentially reduce transaction costs (which would be to the detriment of the status-quo)?
I imagine the only reason a traditional payment provider will get involved is to "keep your enemies closer" Once there's real money to be made, the greed will show and their will be all sorts of split & forks of the project.
Re: Libra White Paper
#134during the ICO era i used to read 2-3 whitepapers per day.
It usually was all about decentralization and "how we are going to change the world",
and then right after the sale it will be like "well the world is not ready and blockchain is not there yet so we are starting with centralization" ( in the few cases the product was not fraud).
now, since all the fiat is coming in without a need for an ICO it looks like facebook is not even trying to hide their true intents.
They are just saying it to my face, "We are trying to increase your dependency in our products and on the way creating a new financial device for the big guys to earn more money on your behalf".
I truly hope this initiative will get blocked by the people who FB think they can fool again.
Re: Libra White Paper
#135I can't find on white paper, transaction are immutable or are reversible?
Right now, it is not reversible or changeable. There is a system of rent, so it isn't permanent(although evicted data can be reconstituted via crypto-proof).
Re: Libra White Paper
#136Can anyone TLDR; the smart contract capabilities outlined in the first paragraph?
It is kind of confusing. They have their own language that will let you create various kinds of structured modules. Initially, they are going to limit it to their native modules. The modules have some properties that make the contracts safer and less prone to duplication bugs. They haven't finalized the syntactic sugar version of the language yet.
Re: Libra White Paper
#137Earlier 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…
> different from Libra since its transactions are validated by external partner nodes “Facebook is expected to maintain a leadership role [in the Association] through 2019.” The Association (“an independent, not-for-profit membership organization, headquartered in Geneva, Switzerland”) holds title to the reserves, has a monopoly on coin minting and destruction, and has sole determination over new Association members…
Speaking of that branding, it was pointed out in a different thread somewhere that FB/Zuckerberg have opted to name this currency "Libra," which is quite the coincidence given that the Winklevoss twins' Bitcoin exchange is named Gemini (and touts "regulated" as its value prop no less - what a circus the crypto world is).
Re: Libra White Paper
#138Earlier quoted context omitted.
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...
I think that it would be more accurate to describe "14 counts of conspiracy and securities fraud" and "a plot to launder $1.2 billion from Venezuela's state-owned oil company" as fraud and dishonesty, rather than regulatory violations.