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Paypal Withdraws from Facebook's Libra Cryptocurrency

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Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#201

Post by lucasverra »

vinniejames wrote: post #138
oneplane wrote: post #46

Earlier quoted context omitted.

Messenger isn't all that popular outside of north america. Doesn't matter how much money transfer options you add to a program if nobody is using it. I do wonder what happens if any non WeChat thing starts going for banking type functionality (legal or not).

Messenger, WhatsApp and Instagram are all owened bu Facebook. Facebook is already working on merging them into a single app, to be rebranded in the near future. WhatsApp and Instagram have huge popularity outside of North America

This is correct for EU & Latam

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#202

Post by tnolet »

csomar wrote: post #12

Here are some wild predictions I'm making + Many (or potentially all of the backers except Facebook) will withdraw from the alliance. + Facebook/Zuckerberg will defy the gov.s and launch Libra. + Libra might not dominate the world, but it'll be a success (at least a niche success) and it'll eat up some of the marketshare of these financial institutions. I think Zuckerberg has come (or already know) to the realization…

Negative press hurt Facebook only slightly and mostly in the west. In Asia and Africa Facebook is still the internet.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#203

Post by pxtail »

adjkant wrote: post #124
pxtail wrote: post #14

Well, well, well suddenly it looks like everyone who is making money thanks to current status quo is withdrawing from initiative/opposing it. Probably it means that FB is doing something right... Question is if FB is strong/clever enough to keep moving forward.

Or that no one trusts Facebook and companies realize that, and no one really thinks they need Libra?

Who is this "no one"? HN commenters living within bubble? Of course "companies realize" - this idea is a game changer, it could make them partially obsolete or quite heavily decrease profits. On the other side of equation there are over 2 billions [0] of users, users who WILL GLADLY USE this cryptocurrency if/when it becomes available.

[0]https://www.statista.com/statistics/264810/number-of-monthly...

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#204

Post by Mirioron »

goatinaboat wrote: post #154
csomar wrote: post #12

Here are some wild predictions I'm making + Many (or potentially all of the backers except Facebook) will withdraw from the alliance. + Facebook/Zuckerberg will defy the gov.s and launch Libra. + Libra might not dominate the world, but it'll be a success (at least a niche success) and it'll eat up some of the marketshare of these financial institutions. I think Zuckerberg has come (or already know) to the realization…

it'll be a success Imagine being unable to buy food because an algorithm determined that “you violated our community standards” and there’s no way to contact them. One or two stories like that will kill Libra stone dead. If Libra ignored these rules, they'll put these guys (or at least a part of their offerings) out of business This is called money laundering, people go to jail for it.

>Imagine being unable to buy food because an algorithm determined that “you violated our community standards” and there’s no way to contact them. One or two stories like that will kill Libra stone dead.

Imagine being unable to buy food because (an algorithm at) Visa or MasterCard decided that you violated their (community) standards. Oh wait, we don't have to imagine anything, because that's the world we already live in.

Not only do these corporations ban some individuals, some of them (Paypal, Square) seem to be taking aim at outright banning the sale of certain goods that are otherwise considered to be legal.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#205

Post by JohnStrangeII »

goatinaboat wrote: post #154
csomar wrote: post #12

Here are some wild predictions I'm making + Many (or potentially all of the backers except Facebook) will withdraw from the alliance. + Facebook/Zuckerberg will defy the gov.s and launch Libra. + Libra might not dominate the world, but it'll be a success (at least a niche success) and it'll eat up some of the marketshare of these financial institutions. I think Zuckerberg has come (or already know) to the realization…

it'll be a success Imagine being unable to buy food because an algorithm determined that “you violated our community standards” and there’s no way to contact them. One or two stories like that will kill Libra stone dead. If Libra ignored these rules, they'll put these guys (or at least a part of their offerings) out of business This is called money laundering, people go to jail for it.

> One or two stories like that will kill Libra stone dead.

Unfortunately not. The problem is that only few people are affected by such problems. Privacy issues and unacceptable EULAs are similar, not enough people get actual problems with them, hence companies can get away with them.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#206

Post by Nokinside »

tim333 wrote: post #194
Nokinside wrote: post #173

Big megacorps suck at innovation. Their internally developed product innovations are typically crap. This comes as a surprise for companies like Facebook because they were once internet startups. They still see themselves as youthful and innovative. Wearing T-shirt or being casual may correlate with innovation, but there is no causality. The founder/CEO had success with one big idea that turned into success. What evi…

Counter example: >Xerox PARC has been in large part responsible for such developments as laser printing, Ethernet, the modern personal computer, graphical user interface (GUI) and desktop paradigm, object-oriented programming, ubiquitous computing, electronic paper, amorphous silicon (a-Si) applications, the mouse and advancing very-large-scale integration (VLSI) for semiconductors. See also iPhones, Waymo cars etc.…

Xerox was not able to monetize any of their innovations from the lab.

Waymo LLC is not profitable. R&D that loses money is very easy to accomplish.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#207

Post by AsyncAwait »

karlp wrote: post #149
vinniejames wrote: post #133

Earlier quoted context omitted.

This would have the singular affect of forcing the entire cryptocurrency ecosystem into the black market, where it would thrive alive and well. Likely doing more harm than good in the process by fueling violent cartels to wreak havoc, as is still happening with the war on some drugs

That makes no sense, cryptocurrencies are already being used for illegal purposes.

It does make sense. There's a difference between say 50% of all crypto transactions being black market ones and 100% of them being so, and I don't think the 100 would be the same size as the 50 is now, in other words some of the legal trade would for sure move into the black market.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#208

Post by Nokinside »

tim333 wrote: post #200
Nokinside wrote: post #193

Earlier quoted context omitted.

Can you mention biggest Apple or Amazon innovations in the last 10 years that: 1. Are not incremental, or just leveraging existing business to obvious directions. 2. originated internally 3. turned into big profitable business.

How many innovations from any source turn into profitable business within 10 years? It's a very small percentage.

Exactly my point.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#209

Post by AsyncAwait »

asjw wrote: post #186
vinniejames wrote: post #133

Earlier quoted context omitted.

This would have the singular affect of forcing the entire cryptocurrency ecosystem into the black market, where it would thrive alive and well. Likely doing more harm than good in the process by fueling violent cartels to wreak havoc, as is still happening with the war on some drugs

I don't get the point Cryptocurrency ecosystem is already out of the regulations and mostly a black market

Not really, Coinbase is pretty big and perfectly legal.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#210

Post by aflag »

barnabee wrote: post #153
HenryKissinger wrote: post #99

Earlier quoted context omitted.

It would be very easy for the government to shut down Bitcoin: - Shut down all bitcoin exchanges hosted in the United States - Make it illegal for banks, credit unions, and other commercial financial institutions to allow their clients to make transactions with a crypto exchange (regardless of the countries where the exchange is hosted), or a blockchain

This would not shut down bitcoin.

If that doesn't kill it, they could further make any bitcoin transactions illegal.
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