> Libra has no capacity for consumer protection mechanisms.
You can replace Libra quote above with your favorite cryptocurrency and that pretty much sums up what I feel on the crypto space.
Facebook Libra Is Architecturally Unsound
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Re: Facebook Libra Is Architecturally Unsound
#22I wouldn't worry as much about Libra’s byzantine tolerance architecture. Sure it is O(n^2) now, but it can be replaced. That can be optimized away, if the economics cause companies to push it into the market and make it have mass adoption.
Bitcoin, Ethereum and EOS have optimized away the exponential problem of O(n^2) byzantine tolerance. I'd be careful that that is just a short-term artifact of getting an early version running.
Re: Facebook Libra Is Architecturally Unsound
#23> Libra has no capacity for consumer protection mechanisms. You can replace Libra quote above with your favorite cryptocurrency and that pretty much sums up what I feel on the crypto space.
In general the answer for consumer protection is to use any escrow service. Multi-signature schemes can even prevent you from a bad escrow, as long as no two parties are colluding.
In general the need for consumer protection mechanisms is of course already a failing of the justice system. Virtually every case where consumer protection is useful is covered by existing laws and shouldn't require anything from the payment facilitator.
Re: Facebook Libra Is Architecturally Unsound
#24> Libra has no capacity for consumer protection mechanisms. You can replace Libra quote above with your favorite cryptocurrency and that pretty much sums up what I feel on the crypto space.
In general the answer for consumer protection is to use any escrow service. Multi-signature schemes can even prevent you from a bad escrow, as long as no two parties are colluding. In general the need for consumer protection mechanisms is of course already a failing of the justice system. Virtually every case where consumer protection is useful is covered by existing laws and shouldn't require anything from the payme…
> Virtually every case where consumer protection is useful is covered by existing laws and shouldn't require anything...
...except a lawyer, more money and a non-trivial part of your life.
Re: Facebook Libra Is Architecturally Unsound
#25Earlier quoted context omitted.
Do you believe that bitcoin is useful as an actual currency? As far as I can tell, its only use is to buy drugs and other illegal things online.
"Digital cash" is really the best way to explain the uses of it. Cash is still useful as well. And, equally, don't fall into the cashless utopia "why would anyone want to use cash except criminals?!" trap either.
all transactions are public, so to me it looks more like the opposite of cash..
Re: Facebook Libra Is Architecturally Unsound
#26Bitcoin launched with crypto that was replaced later. Yes, the algorithm, key length and similar things need to be right at the start (or back compat is harder). But the cypher and cryptography library implementation can be wholesale replaced, without a problem. Just as you pointed out, Microsoft did with a new TLS library.
Re: Facebook Libra Is Architecturally Unsound
#27> Libra has no capacity for consumer protection mechanisms. You can replace Libra quote above with your favorite cryptocurrency and that pretty much sums up what I feel on the crypto space.
In general the answer for consumer protection is to use any escrow service. Multi-signature schemes can even prevent you from a bad escrow, as long as no two parties are colluding. In general the need for consumer protection mechanisms is of course already a failing of the justice system. Virtually every case where consumer protection is useful is covered by existing laws and shouldn't require anything from the payme…
But if you are going to introduce a third-party anyway, why use crypto?
Re: Facebook Libra Is Architecturally Unsound
#28Not being able to reserve payments is a FEATURE and not a BUG. That inherintly breaks a currency that is fast and removed of human transaction approvals. My thesis is that refunds will need to operate at a business level at a higher level. Their KYC and AML can be effective at backing that up.
Re: Facebook Libra Is Architecturally Unsound
#29> Libra has no capacity for consumer protection mechanisms. You can replace Libra quote above with your favorite cryptocurrency and that pretty much sums up what I feel on the crypto space.
Ironically enough, the inability to regulate decentralized currencies is often touted as a strength, especially from the point of view of a consumer.
Re: Facebook Libra Is Architecturally Unsound
#30The point of Libra is to create a consumer small purchase transaction medium with low friction. Businesses using it only care if it has enough Swiss backing so they can get a week’s business or two turned into real currency.
It only has to be sound enough for those goals. As it is used more it will get hardened.
The killer use is being able to pay overseas contractors without friction. Since there is no privacy, government on the other end will levy instant income tax withholding with glee.