Facebook plans cryptocurrency debut • Hacker News Board

Re: Facebook plans cryptocurrency debut

#341

Post by onion-soup » Tue, Jun 11, 2019, 10:31 AM UTC

stale2002 wrote: post #303

onion-soup wrote: post #284

Earlier quoted context omitted.

>You can't buy a cup of coffee without paying large confirmation fees or delaying the transaction for day to weeks Yes you can. On BSV which is the legacy bitcoin

Hahahah! Let me know when Craig Wright actually signs the genesis block, and cryptographicly proves that he is Satoshi, and does so publicly in a way that I can personally verify. When that happens, I will give you 1000$ worth of BSV. It won't happen though.

Regardless if he is satoshi or not my statement is still correct: on BSV isntant transactions work and it scales to visa levels today. Oh, and he doesn't owe you any proof.

Re: Facebook plans cryptocurrency debut

#342

Post by ric2b » Tue, Jun 11, 2019, 3:39 PM UTC

panic wrote: post #256

InvisibleCities wrote: post #156

Earlier quoted context omitted.

But that doesn't really answer the question being asked. If the cryptocurrency is completely controlled by a centralized authority who has absolute rights over the system, why bother with the technical and cognitive hurdles of using a blockchain? A standard ledger in a centralized database is more than adequate for that task, and much easier to maintain.

It puts their currency in the same semantic basket as Bitcoin and Ethereum. The effort to give these other currencies legitimacy also gives Facebook’s currency legitimacy; many people who support these other currencies will also support Facebook’s. If Facebook’s currency is attacked, it becomes (in some sense) an attack on all cryptocurrencies.

No, because this goes against the principles of most of the community.

It's why you didn't see anyone actually supporting Venezuela's Petro.

Re: Facebook plans cryptocurrency debut

#343

Post by [deleted] » Tue, Jun 11, 2019, 7:37 PM UTC

will_brown wrote: post #328

barkingcat wrote: post #175

Earlier quoted context omitted.

Plenty of blockchains have allowed double spending as well due to errors in coding of either the clients, the blockchain implementation itself, or due to faulty contracts.

Well sure there has been shitty code that has allowed doublespend or unintended transfers...but the satoshi nakamoto Blockchain did solve the problem of double spend on a decentralized peer to peer network, do you disagree? Take the current status of publicly traded companies, they require a lot of middlemen to manage these centralized stock ledgers, including, the corporate general counsel, underwriters/investment b…

[deleted]

Re: Facebook plans cryptocurrency debut

#344

Post by literallycancer » Wed, Jun 12, 2019, 11:41 AM UTC

retiredcoder wrote: post #258

literallycancer wrote: post #71

Earlier quoted context omitted.

Where do you live that you have to report you own foreign accounts? Asking companies to report them might be justified, but individuals?

genuinely asking, why would not be justifiable? That is tax on personal income and capital gains just like any other.

It creates a burden for people in that they have to do more paperwork. That time could have been spent on productive economic activity instead.

On another level, why should the state have a list of my accounts at all? It already sees all the accounts at banks within their territory. They don't need to concern themselves with accounts outside their jurisdiction.

In the context of income taxes, it should be enough to report total earnings, regardless of which specific account holds them.

Re: Facebook plans cryptocurrency debut

#345

Post by literallycancer » Wed, Jun 12, 2019, 11:49 AM UTC

ehrtt wrote: post #98

literallycancer wrote: post #69

Earlier quoted context omitted.

The N26 app is garbage. Revolut is OK, but it's a money changing service, not a bank. I did a transfer from the Revolut account and it took 3 days. Topping up is fast because it charges your card, rather than doing a transfer.

The Transferwise borderless account is pretty good, at least I much prefer it to Revolut - since SEPA transfers happen same day, the app is better and the debit card is free.

Transferwise refused to open an account for my company because its address was a PO box.