Crypto finance should be, in general, run as open source, non-profit if it really wants to bring any societal change and democratize establishments. For-profit corporations running these programs under the garb of friendly deceptive branding can at most influence a behavior which is the only real positive.
Facebook Novi and Surveillance Finance
21–30 of 52 posts
Re: Facebook Novi and Surveillance Finance
#22Cant wait for facebook to disrupt fintech with zero fee micro transactions. Been waiting for Mozilla/Firefox to do it as they are in a better middleman position.
wechat has been doing free transfers forever. Venmo too. Personal transfers on Paypal and Square cash are free too I think. Not too sure where the big disruption is.
Re: Facebook Novi and Surveillance Finance
#23It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.
Don't forget that due to increasingly heavy financial regulations adopted by FATF require financial institutions to have extreme surveillance data on all financial transactions and to report anything they themselves deem to be suspicious to the authorities. This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN.
Yup, and of course there's also FinCEN, the IRS, the BSA which includes reporting of currency transactions, suspicious transactions, FBAR where you have to disclose all foreign holdings, and many other reports. I think similar regulations will hit cryptocurrency eventually, requiring holders to report their addresses they have the private keys of, sadly.
Re: Facebook Novi and Surveillance Finance
#24Crypto finance should be, in general, run as open source, non-profit if it really wants to bring any societal change and democratize establishments. For-profit corporations running these programs under the garb of friendly deceptive branding can at most influence a behavior which is the only real positive.
You might as well go straight to a CBDC run by the Federal Reserve (but even then the Fed doesn't want to upset existing banks).
Re: Facebook Novi and Surveillance Finance
#25>"After the initial announcement and code drop last year, the Libra name has been dragged through the mud by the press due to the project’s complete disdain for compliance and their bizarre code drop." Could someone who is familiar with this event say what was actually "bizarre" about the way the code was delivered?
They were ostensibly just getting Libra started and open to feedback from the consortium but a lot of work had already been done on the code. This is often a sign of openwashing.
Re: Facebook Novi and Surveillance Finance
#26Cant wait for facebook to disrupt fintech with zero fee micro transactions. Been waiting for Mozilla/Firefox to do it as they are in a better middleman position.
wechat has been doing free transfers forever. Venmo too. Personal transfers on Paypal and Square cash are free too I think. Not too sure where the big disruption is.
Do this worldwide and you indeed have disruption.
Re: Facebook Novi and Surveillance Finance
#27Re: Facebook Novi and Surveillance Finance
#28Is there reason to believe that their foray into the financial sector will be treated differently under a democratic president/legislators vs republican ones? Basically do they have a dog in this fight?
Crypto currencies generally are more popular with people who have less trust in the state, while people who trust states and their currencies are more sceptical. The same line exists in the Democratic/Republican divide. The question is how Facebook will market and promote their wallet and efforts. My assumption is that for end users this will be promoted as a way to buy and sell things and services via Facebook platf…
Note that there are also people like me, who trust their government for the most part but want a more transparency system.
Re: Facebook Novi and Surveillance Finance
#29>"After the initial announcement and code drop last year, the Libra name has been dragged through the mud by the press due to the project’s complete disdain for compliance and their bizarre code drop." Could someone who is familiar with this event say what was actually "bizarre" about the way the code was delivered?
I honestly don't understand the "bizarre" code drop, as we followed a common pattern for a cryptocurrency (announcement with code and potentially a testnet)
Re: Facebook Novi and Surveillance Finance
#30>"After the initial announcement and code drop last year, the Libra name has been dragged through the mud by the press due to the project’s complete disdain for compliance and their bizarre code drop." Could someone who is familiar with this event say what was actually "bizarre" about the way the code was delivered?
They were ostensibly just getting Libra started and open to feedback from the consortium but a lot of work had already been done on the code. This is often a sign of openwashing.
For what is worth, what was released was a state of the art implementation of a consensus protocol with different technological opinionated choices (what signature algorithm, what hash function, how to store account state, etc.)
This did not have (and should not) have any impact on discussions around regulations. The development has also been ongoing in the open for a year since the announcement, so contributions and discussions are (and have been) welcome.