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Facebook reveals its cryptocurrency Libra

decrypt.co

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Re: Facebook reveals its cryptocurrency Libra

#341

Post by logfromblammo »

elliekelly wrote: post #235
gridlockd wrote: post #227

Earlier quoted context omitted.

This is a bunch of nonsense. Actual banks are corporations like Facebook and they're far scarier .

Our banking system certainly leaves a lot to be desired but I’d take Bank of America over Facebook pretending to be a bank 100% of the time. And I have never said a nice thing about BoA in my life. What’s scarier to me is that Facebook is deliberately and admittedly targeting the unbanked - the people most in need of a bank but also the people most at risk of being taken advantage of. I’m afraid this will be the sili…

I would stake Bank of America through the heart, bind it with chains until sunrise, vitrify the dust, and then dump the evil slag into an ocean trench, and I'd still bank there long before trusting Zuckerberg's Facebook with my money.

Re: Facebook reveals its cryptocurrency Libra

#342

Post by pault »

newscracker wrote: post #310

> Facebook says its “stablecoin,” will empower billions and underpin a stunningly ambitious global economy, without selling your data. I wonder how many millions of people were drinking their favorite beverage while reading this and spat it out on whatever/whoever was in front of them! It’s astonishing that after all these years and all the scandals, they’re deluded enough to write such lines with a straight face. Th…

The future is privacy™

Re: Facebook reveals its cryptocurrency Libra

#344

Post by newscracker »

afandian wrote: post #27
baby wrote: post #21

I'm biased as I'm working on this project. But I'm super happy it's finally out there :) There's a lot of really cool cryptography and tech on this project and there's still a lot for people to discover!

Can it be used without a Facebook account?

Seems like it can, because the article says that one’s Facebook account won’t be linked to the wallet account and that the wallet account can remain anonymous or pseudo-anonymous to others. But I’m sure Facebook will be able to link these somehow, and so will all the partners. This will be a bigger Cambridge Analytica in the future.

Re: Facebook reveals its cryptocurrency Libra

#346

Post by toyg »

api wrote: post #305
_bxg1 wrote: post #200

Terrifying, really. The world is hurdling back towards a feudalist society, with corporations instead of kings.

The prophecies of William Gibson continue to unfold. I'm waiting for the Rastafarian colony in high orbit.

Gibson, Sterling, and their friends, had the right hunch.

Re: Facebook reveals its cryptocurrency Libra

#348

Post by pyronite »

logfromblammo wrote: post #338
yumraj wrote: post #278

Earlier quoted context omitted.

What is even more terrifying is that this is being done by Facebook which has a person like Mark Zuckerberg, who has again and again shown that he has no moral compass and has complete disregard for people privacy rights and by extension other rights, as its dictator, with no real board oversight due to how stocks are structured.

Every mortal may be ousted from their offices; the wisest will provide a peaceful means for doing so. As Zuckerberg has obviated any lawful means of removing him, by structuring the stock classes such that he holds the majority of votes, he should probably hire more personal security. If he's going to be someone that's completely unaccountable for his actions as head of the company from within the accepted structures…

With comments like this, I can understand why he would need personal security. I feel like this rhetoric is dangerous. It sounds to me as if you might be suggesting this sort of "solution" has some legitimacy. I apologize if that's not how you meant it.

Re: Facebook reveals its cryptocurrency Libra

#349

Post by bitpow »

tryptophan wrote: post #271
osullivj wrote: post #186

Earlier quoted context omitted.

Indeed. Libra, solarii, denarii == pounds, shillings, pennies in the old pre 1970 British system. Sometimes referred to as LSD.

Fun fact, this is also why the british pound has the symbol £.

And why pound is abbreviated “lb”

Re: Facebook reveals its cryptocurrency Libra

#350

Post by brd529 »

navigatesol wrote: post #315
the_duke wrote: post #290

I'd argue that credit cards are conceptually not very different. Users pay the fees both directly (annual costs, interest) and indirectly (increased prices due to vendor fees), and the shareholders reap the benefits. Just like credit cards, and the various digital currencies like Bitcoin (where exchanges have plenty of regulation and reporting requirements to deal with!), this will be subject to regulation and govern…

> Users pay the fees both directly (annual costs, interest) Both avoidable. Many zero fee cards, interest only on monthly balances. Some zero fee cards even offer rewards (read: net positive over cash). > indirectly (increased prices due to vendor fees) I'd need to see some data that the convenience of credit cards to both consumer and retailer has increased prices. I do know that explicitly raising prices to cover f…

It’s a total tax on the entire ecosystem. Every merchant that chooses to accept credit cards has to build 2-3% into their margins to cover the interchange fees. It’s often against their agreement with visa/mc to charge the fees for credit transactions only and so they build them into the base cost.
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