I don't like Libra but I wouldn't dismiss it just yet.
- Governments: We'll ban Libra.
- Facebook: Let us do Libra and we'll give you access to the financial transactions which otherwise would go dark with Bitcoin or Wechat.
Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
131–140 of 359 posts
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#132In other words every actual payment company didn't want to get a colonoscopy from every regulator on Earth for Zuck's Spruce Goose hobby.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#133Earlier quoted context omitted.
I do want a for-profit company to run a global currency. I would rather there be hundreds of global currencies, with me free to choose which one I would rather use, if any.
If a for-profit company is running the currency, the users of the currency are in a loosing position. Remember, the for-profit company wants profit, so good luck fighting with them about the currency. "hundreds of global currencies" sounds like a good idea to me too, as long as they are out of the hands of for-profit companies.
Funny. The USA seems to have the complete opposite view to yours! :D
The Federal Reserve is just about as close to a private company as any, running your entire economy. Certainly it's a for profit venture. But then that's profits funneled away from public coffers, and not to it.
Sure, the Fed has a pretty clear mandate from the Congress, deputizing them into a certain public role, but other than that, they receive little to no ‘advice’ on how to do things, and stand free to make private profit for a small cartel of privately owned banks.
The reason for this non-public setup is so that Congress won't simply print more money at will, which would be far worse.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#134I found it interesting that Visa and Mastercard were actually on board in the beginning. Might have been some fear of missing out on something novel and important (especially since competitors joined Libra also). Now that the initial dust and Libra is a bit better understood they are seemingly jointly pulling out.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#135Earlier quoted context omitted.
He is re-framing it to "when the times get tough the tough get going" mode. Its also a signal, that they are going to move forward what ever that is. Good or Bad, its hard to tell for the project but at least you are left with the feeling that Libra team is formidable and preparing to weather the storm. If I have to guess, something is going to come out it from this project, either a policy clarity from governments o…
> "Its also a signal, that they are going to move forward what ever that is" In much the same way that your keys are always in the last place you look, the last thing people say before "I give up" is often "I'm going to keep going." I expect Libra to be officially dead by the end of the year, although Facebook might slap the name onto some unrelated project in an attempt to save face.
We’ll see about this :)
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#136Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#137Earlier quoted context omitted.
What about using your money electronically without permission from a large organization?
I think that's generally unsolved since right now you can't convert currency into _any_ cryptocoin without KYC (know your customer).
That at least is permission for that transaction and then you're on the other side. Cash cryptocurrency ATMs could be considered one way if they don't require anything more than cash.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#138The centralisation of Libra made it easy to kill. Bitcoin can be hampered but not outright killed, at least not over night. A death by a thousand cuts is the most likely solution but by no means guarantees Victory.
Do you really believe that a consortium of world governments cannot mount a permanent 51% attack against all crypto-coins that they wish? But it doesn't even need to be permanent, just a few hours would send the requisite message.
Or just block port 8333, or implement DPI and null route anything that looks like a block header or transaction, or any manner of things that can be done when the "virtual" currency still has to traverse very real public infrastructure.
Will it stop it completely? No - but put enough chicanes in the way and the incentive to use it will drop below critical mass required for it to achieve its actual long term goal, which is to undermine the power of a state to control the issue of currency (and with that, taxation).
Short term goals of facilitating grift by corrupted authorities and their crypto con artist enablers will remain largely unaffected.
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#139I'm actually kind of bummed out about this. I may not like FB, but I like the idea of a digital currency backed by a floating basket of currencies.
> a digital currency backed by a floating basket of currencies This will be live by the end of 2019 in a similar form. The MakerDAO stablecoin system on the Ethereum blockchain produces the DAI stablecoin, with 1 DAI pegged at 1 USD. There's currently $85M of DAI in circulation. Each $1 of DAI is backed with $1.50 of Ether, the currency of the Ethereum blockchain. Later this year a major upgrade will go live named "M…
I’ve always found it very interesting. Do you have a good resource that explains how it really work?
Re: Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project
#140I guess that why one of the first investor in Libra - famous Xavier Niel - published this editorial [1] (small reminder for people who don't know him, he created the ISP french "Free" that kind of totally changed the telecom market in France (DSL and mobile), he also owns Scaleway (cloud), Kima Ventures (VC)) [1] https://www.theblockcrypto.com/linked/42886/libra-is-inevita... [2] Original : https://www.lesechos.fr/id…
He also completely disrupted/killed the monopole that existed in telecommunication. Giving French people absurdly cheaper phone plans.