Libra, 2 Weeks In

Post by gridlockd » Tue, Jul 09, 2019, 9:37 AM UTC

democracy wrote: post #170

spaced-out wrote: post #102

Earlier quoted context omitted.

There are millions of people around the world that are unbanked. Especially in 3rd world countries, they get on the internet by buying the cheapest possible smartphone and data with cash. I was just in the Philippines, and I saw places selling access to only Facebook and WhatsApp, in increments of 30MB of data, for cash. The problem for Facebook is that these people can't buy anything online, because they don't have…

The fact that they don't have a "bank account" in a traditional sense doesn't mean that they can't do what they want to do - transfer money to each other and make purchases using other means. The "bank the unbanked" idea that crypto-shills like so much only works for people who know nothing about these "3rd world countries".

Post by Heliosmaster » Tue, Jul 09, 2019, 9:43 AM UTC

kenny_r wrote: post #192

roel_v wrote: post #184

Earlier quoted context omitted.

"all non cash transactions. Which you kind of have to do to with any sizeable quantity of money (say over 100k)" Sort of related, in the Netherlands, we will soon (2 years or so) have a ban on cash transaction of more than 3000 euros. Not to one-up, just saying that it's happening. To be fair, I contribute to this by doing pretty much all payments electronically. Just like I contribute to local bookstores disappearin…

The same €3000 limit for cash transactions has already been implemented in Belgium, France has an even stricter limit of €1000. Starting in January, the ECB will stop the distribution of the €500 bill. We're nearing the death of cash.

Post by rbrtl » Tue, Jul 09, 2019, 9:53 AM UTC

H8crilA wrote: post #145

Lucadg wrote: post #127

This is the part where they reveal how they plan to negotiate with regulators: "At the core, we believe that a network that helps move more cash transactions — where a lot of illicit activities happen — to a digital network that features regulated on and off ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain acti…

Not to defend them, but this is exactly what happens to all non cash transactions. Which you kind of have to do to with any sizeable quantity of money (say over 100k) for practical reasons, like theft.

Post by wickoff » Tue, Jul 09, 2019, 9:59 AM UTC

pjc50 wrote: post #200

wickoff wrote: post #175

Earlier quoted context omitted.

Check out FX charts for Russian Ruble, Argentinian Peso, Turkish Lyra or even the British Pound. Then ask yourself which of these countries have financial institutions that allow their clients to seamlessly transact in more stable currencies like US dollar or Euro and you have your answer.

I don't follow this line of argument? I already keep my investments in a UK tax-sheltered savings account invested in US securities, and my credit and debit cards work for buying things in dollars, but most of my spending is in GBP. I could have a Euro-denominated bank account if I wanted. How much more "seamless" would I want?

Post by harperlee » Tue, Jul 09, 2019, 10:02 AM UTC

roel_v wrote: post #184

H8crilA wrote: post #145

Earlier quoted context omitted.

Not to defend them, but this is exactly what happens to all non cash transactions. Which you kind of have to do to with any sizeable quantity of money (say over 100k) for practical reasons, like theft.

"all non cash transactions. Which you kind of have to do to with any sizeable quantity of money (say over 100k)" Sort of related, in the Netherlands, we will soon (2 years or so) have a ban on cash transaction of more than 3000 euros. Not to one-up, just saying that it's happening. To be fair, I contribute to this by doing pretty much all payments electronically. Just like I contribute to local bookstores disappearin…