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Paypal Withdraws from Facebook's Libra Cryptocurrency

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Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#231

Post by operatorequals »

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.

This is basically what happens in real life too. There are people that cannot buy food because "they violated community standards". This Libra thing is totally aligned with the world!

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#232

Post by chank »

Kubuxu wrote: post #176
chank wrote: post #47

Earlier quoted context omitted.

It's way more complex than that. Pretty much everyone in government and the crypto space doesn't want Libra to succeed under it's current stewardship. The implications are very far reaching. Also, there isn't a single cryptocurrency today that can't be tracked, even ones like Monero.

ZCash?

Yes.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#233

Post by chank »

Lordarminius wrote: post #196
chank wrote: post #47

Earlier quoted context omitted.

It's way more complex than that. Pretty much everyone in government and the crypto space doesn't want Libra to succeed under it's current stewardship. The implications are very far reaching. Also, there isn't a single cryptocurrency today that can't be tracked, even ones like Monero.

> Also, there isn't a single cryptocurrency today that can't be tracked, even ones like Monero. Look up PirateChain.

Can still be tracked in the same way other zero knowledge proof cryptos can be.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#234

Post by [deleted] »

operatorequals wrote: post #231
goatinaboat wrote: post #154

Earlier quoted context omitted.

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. This is basically what happens in real life too. There are people that cannot buy food because "they violated community standards". This Libra thing is totally aligned with the world!

[deleted]

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#235

Post by jMyles »

skywhopper wrote: post #226
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…

> Sending money across "borders" is hard only because governments made it so On the contrary, it's much easier than it has ever been in human history to send money across borders, mostly due to government regulation of international finance. For the absurdly wealthy, such regulation is a major pain of course. But the thing about the absurdly wealthy is... they can afford to deal with major pains. For the rest of the…

> would you rather have your money be regulated by your local government and the governments of those you wish to trade with, or would you rather have your money be regulated by Facebook?

This is a false dichotomy: blockchain tech makes it clear that a third possibility is emerging - one which relies on no central authority at all, be it state or corporate.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#236

Post by johndubchak »

AngryData wrote: post #179
goatinaboat wrote: post #154

Earlier quoted context omitted.

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.

Ive had similar thoughts about paypal for a long time after they randomly shut down one of my accounts for unspecified suspicious activity and was doing everything possible to not deal with it and fix their mistake. And I know I wasn't the only one either. And yet it still survives to this day.

Likely because these types of anecdotal accounts get no press coverage.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#237

Post by scaryclam »

tsukurimashou wrote: post #182
goatinaboat wrote: post #154

Earlier quoted context omitted.

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 Not to defend Facebook in any way but, isn't that already the case with a bank system automatically blocking your card for no valid reason and no way to call them over the weekend for example? (happened to me a few times)

Your card isn't your account, just an avenue to getting at the money in your account, so it's not quite the same. I can go into a bank branch, or log into online banking and still access my money. I can also go into a branch or phone my bank and get my card unblocked.

In all cases where my bank has blocked my card, they've been contactable (24/7), though to be honest, they've always contacted me in less than a minute after my card has been blocked, so I've never had to do this. I'm in the UK for reference, as I know experience will vary from bank to bank and place to place, as you've already identified.

In the case of Libra, you have no recourse if Facebook decide to block your account. You just have to hope that someday your case will be reviewed. Paypal seem to be just as bad, so it's not only Facebook who would have this problem, but I also avoid Paypal for that same reason.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#239

Post by koboll »

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…

I wonder why they chose to trumpet Libra with a big announcement and all this rhetoric implying it would be a major competitor to fiat currency.

Surely that wasn't necessary to popularize it. It could have been launched quietly and promoted in-app to the target audiences, and the furor from the press and various governments could have been largely avoided.

Was there a benefit gained that outweighed that cost? Or does Facebook drink its own kool aid so thoroughly that they simply didn't realize people would push back?

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#240

Post by nieve »

Mirioron wrote: post #212
nikanj wrote: post #22

Earlier quoted context omitted.

FB is banking (pun unnintended) on the regulators and goverments being absolutely useless lately. Both AirBnB and Uber built empires on ”What if we just ignore the rules”

FB is going to find useless regulators and governments though. FB is a global company. What's the chance that every country in the world is on top of their game?

The US cares about money laundering by US entities abroad as well and there's no get out of jail free card for "well, the other guys said it was okay". On top of that one of their selling points is how universal and frictionless it's supposed to be. If they can only operate in countries with useless regulation they're kind of doomed on that.
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