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Facebook Cryptocurrency Plan Faces Opposition in France

bloomberg.com

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Re: Facebook Cryptocurrency Plan Faces Opposition in France

#32

Post by grey-area »

stcredzero wrote: post #16
modeless wrote: post #14

Earlier quoted context omitted.

> they can't freeze your wallet if you're not using theirs This is false. The wallet just reflects what's in the ledger, and the ledger is controlled by Facebook('s consortium). They can absolutely freeze any addresses they want. Furthermore, they control the currency peg and thus the value of the coin; they can make any address ineligible for redemption and thus worthless. And they certainly will, in the name of pre…

This is false. The wallet just reflects what's in the ledger, and the ledger is controlled by Facebook('s consortium). They can absolutely freeze any addresses they want. Isn't this a transfer of power over the movement of money away from the government, and to a corporate consortium? And they certainly will, in the name of preventing fraud and crime and terrorism. Which will result in the US government using those a…

Isn't this a transfer of power over the movement of money away from the government, and to a corporate consortium?

That’s kind of the point.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#33

Post by tomp »

patrickaljord wrote: post #8
Despegar wrote: post #7

Earlier quoted context omitted.

So if a company or person is sanctioned, can Facebook or someone else freeze their Libra currency?

Anyone can build their own wallet, Facebook will offer its own wallet (calibra) but you will not have to use it. tl;dr, they can't freeze your wallet if you're not using theirs. Paypal, visa and coinbase will offer their own and you can build your own.

The value of a valet is equal to the amount of coins that can be transferred out of it. So if FB&co block transactions you can say bye bye to your “own” valet.

Re: Facebook Cryptocurrency Plan Faces Opposition in France

#35

Post by stcredzero »

grey-area wrote: post #32
stcredzero wrote: post #16

Earlier quoted context omitted.

This is false. The wallet just reflects what's in the ledger, and the ledger is controlled by Facebook('s consortium). They can absolutely freeze any addresses they want. Isn't this a transfer of power over the movement of money away from the government, and to a corporate consortium? And they certainly will, in the name of preventing fraud and crime and terrorism. Which will result in the US government using those a…

Isn't this a transfer of power over the movement of money away from the government, and to a corporate consortium? That’s kind of the point.

Massive power shifted towards corporate consortiums: Often this presages bad news on geopolitical scales.
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