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Paypal Withdraws from Facebook's Libra Cryptocurrency

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Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#271

Post by TheSpiceIsLife »

oneplane wrote: post #265
TheSpiceIsLife wrote: post #92

Earlier quoted context omitted.

Doesn’t that link claim 1.3 billion Facebook Messenger users? How does that support your claim?

Ugh stop turning everything into an American lawyer singularity. I said FB Messenger isn't very popular outside of NA and it isn't. What more do you want from me. Here is a picture, convince yourself: https://www.messengerpeople.com/wp-content/uploads/2019/07/w... There is north america, a few african countries, france and a few eastern European countries and australia. The rest is practically WhatsApp except for chi…

I disagree with your interpretation of the evidence.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#272

Post by RaceWon »

ineedasername wrote: post #263
RaceWon wrote: post #217

Earlier quoted context omitted.

> This is one area where Facebook will need to finesse their way through Governments and banks are hand in glove. FB does not have an army, nor more Lawyers than the US GovernMint (to name just one). Oh yeah, and if you don't believe almost every US news source is GovernMint controlled--I just have no words to describe your "optimism."

I'd need some expansion on the statement that media is government controlled. Yes, they are beholden to what the government is willing to tell them, but investigative reporting often digs up more. I have a hard time believing they're government controlled when at any given time, the government in power is faced with a large media segment that is biased against their political agenda. If there is some level of control…

> I have a hard time believing they're government controlled

I'm sure they [1] No longer have any ties ;). Hey, why would Bush lie about this?!?

[1] https://en.wikipedia.org/wiki/Operation_Mockingbird

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#273

Post by skinnymuch »

zelphirkalt wrote: post #227
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.

To be honest, I think the same people, who ignore how corrupt and criminal Facebook is and has been for a long time, will be the people, who don't give a damn about whether someone cannot buy food. They just don't want to see it and want to keep going on in their comfort zone and not care about the consequences for others. So I think I have to disagree here, that this would be the nail in the coffin for Libra. I kid…

You made so many assumptions about other people. And seemingly are making yourself out to be vastly morally superior to the people you grouped together.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#274

Post by bpt3 »

oceanplexian wrote: post #69
toast0 wrote: post #65

Earlier quoted context omitted.

The feds can come and shut down all of FB over money transmittal, they don't have to limit the shutdown to only the money parts. That's a huge risk to take. If Uber was shut down for violating taxi rules, they only had an unlicensed taxi business.

Is this the same feds who all have Facebook accounts, including their families, children, relatives, bosses, and so on? Including everything they buy, everything they look at, their location, and complete profiles of their personality, photos, photos that were taken OF them by other people, likes and dislikes, dirty secrets, and so on? It sure would be a shame if FBI directors in charge of such an investigation were…

No one actually doing any of the things you imagined (if they exist) is dumb enough to talk about it on a third party site.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#275

Post by gl00pp »

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

What about cash though? Isn't that stuff used for black market?

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#276

Post by SOLAR_FIELDS »

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…

Transferring money across borders has already been mostly disrupted by Tansferwise. Fees for that are about 10% of what WU charges. Granted there is still some room for improvement there since 1. Transferwise uses ACH so it takes a couple days and 2. Not everyone in poorer counties has easy access to a bank account or even a bank (with WU you can literally set up a stall on the side of the road and people can send and receive money).

I think 1 and 2 could still be solved with traditional fiat since there’s not a hard requirement that ACH needs to be used. The fees are low enough with Transferwise that it’s probably not too much of a blocker for people to pay them.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#277

Post by oceanplexian »

nickpsecurity wrote: post #97
oceanplexian wrote: post #77

Earlier quoted context omitted.

Sure Crypto backed by a particular company might not happen, but I don’t see BTC and similar P2P blockchain currencies going anywhere. It’s about as easy to stop as digital piracy, which is to say in other words physically impossible to regulate.

Corroborating ineedausername, Wikileaks seemed like they were unstoppable defying governments and all. Then, they said they were about to humiliate one of the U.S.'s most powerful banks. Then, Mastercard, Visa, and Paypal cut off all donations to them. Then, Wikileaks started dying off. The government and card networks might do something similar. They could get SWIFT in on it, too, since they cooperate with governmen…

I just checked and wikileaks.org is still alive and well. In fact a few years ago I donated crypto to them as a middle finger to the payment processors. Wikileaks is a perfect example of why banking regulations are ineffective when people can simply bypass said payment processors with crypto.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#278

Post by oceanplexian »

HenryKissinger wrote: post #228
barnabee wrote: post #153

Earlier quoted context omitted.

This would not shut down bitcoin.

If you can't convert your bitcoin into fiat, then your only option is to use your btcs to purchase goods and services directly, which would further disincentivize businesses from accepting bitcoin as a form of payment. And if you can't send fiat to an exchange, you can't increase your holdings.

You could simply convert bitcoin into fiat in the 200+ other countries that are not the United States.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#279

Post by freetanga »

jakobegger wrote: post #143
ineedasername wrote: post #132

Earlier quoted context omitted.

Apple and Google are still dealing with merchant fees. So is PayPal for many transactions. A PayPal style system might work, but it is only low-cost low-friction (the main appeal for crypto) for the transactions that occur completely within it's own ecosystem. And they don't call it a currency, so they dodge some issues there. Paypal also dodges issues of "being a bank" because funds equivalent to customer balances a…

> Paypal also dodges issues of "being a bank" (...) AFAIK Paypal is a bank in the EU.

Yes. Fully licensed Bank in Luxembourg. No branches though.

Re: Paypal Withdraws from Facebook's Libra Cryptocurrency

#280

Post by freetanga »

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…

Let me add: + Big act of terrorism found to be financed through siphoning funds via Libra, sidestepping worldwide regulatory frameworks. Bot Zuck Mark V walks into Congress, says he will look into it, nothing happens as said Congressmen used Libra to shift funds offshore to Panamá accounts...
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