Facebook reveals its cryptocurrency Libra • Hacker News Board

Re: Facebook reveals its cryptocurrency Libra

#41

Post by kaolti » Tue, Jun 18, 2019, 9:40 AM UTC

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!

Your comment is meaningless. Cryptos in general are a cool, top 25 Silicon Valley are the opposite of cool.

Re: Facebook reveals its cryptocurrency Libra

#42

Post by buboard » Tue, Jun 18, 2019, 9:43 AM UTC

onion-soup wrote: post #24

>1000 tx/s Nice try Zuc. But BSV can do 10k tx/s already AND it supports tokens as well

It’s really not about the technicals but that they will handle billions of wallets

Re: Facebook reveals its cryptocurrency Libra

#43

Post by golergka » Tue, Jun 18, 2019, 9:43 AM UTC

Not only they built it in Rust, but they also built Move - language clearly derived from Rust, which uses ownership as a way to manage monetary resources. Regardless of trust issues with different companies involved, that's just beautiful engineering.

Re: Facebook reveals its cryptocurrency Libra

#44

Post by envy2 » Tue, Jun 18, 2019, 9:44 AM UTC

VMG wrote: post #3

can anyone tell me if people in Iran can use it? this doesn't really answer my question: https://libra.org/en-US/security-privacy/#overview > Working with Law Enforcement > As with any currency or financial infrastructure, bad actors will try to exploit the Libra network. While the network is open and accessible to everyone with internet access, the network's main endpoints will need to follow applicable laws and reg…

There's a difference between Libra (the Swiss-based association) and Calibra (the US-based FB subsidiary making the first wallet).

> "Calibra will do its part to facilitate the efficacy of international sanctions regimes. We will administer and enforce applicable sanctions programs including, for example, U.S., EU, and U.N. sanctions programs."

https://scontent.fbhx3-1.fna.fbcdn.net/v/t39.2365-6/65083631...

Re: Facebook reveals its cryptocurrency Libra

#45

Post by sschueller » Tue, Jun 18, 2019, 9:44 AM UTC

Their next efforts will probably be lobby like crazy to ban any other coin that is not "Approved".

Re: Facebook reveals its cryptocurrency Libra

#46

Post by ajconway » Tue, Jun 18, 2019, 9:45 AM UTC

From the description, it’s a pseudonymous network with publicly observable transactions. I get that Facebook doesn’t have the best track record in regard to privacy, but it’s not immediately obvious which exact aspect of privacy should we be worried about when using this network.

Re: Facebook reveals its cryptocurrency Libra

#47

Post by holler » Tue, Jun 18, 2019, 9:46 AM UTC

What do the U.S. and other world governments think of this? The way they're pitching it seems like they want to directly undermine the global financial system.

Re: Facebook reveals its cryptocurrency Libra

#48

Post by JorgeGT » Tue, Jun 18, 2019, 9:46 AM UTC

sschueller wrote: post #33

Libra as in liberty? What a joke.

Libra is "pound" in Spanish, so it will be pretty confusing because that's how we already refer to the pound sterling.

Re: Facebook reveals its cryptocurrency Libra

#49

Post by freshfey » Tue, Jun 18, 2019, 9:46 AM UTC

dfischer wrote: post #18

manojlds wrote: post #10

Earlier quoted context omitted.

And Stellar, Nano and many others.

Interesting because Stripe CEO is behind XLM too, no?

Patrick Collison, CEO of Stripe is an advisor to Stellar

Re: Facebook reveals its cryptocurrency Libra

#50

Post by rollulus » Tue, Jun 18, 2019, 9:46 AM UTC

How is this going to fly with the constant flood of (justified) hate that Facebook is receiving the past year? Apart from the technology, I feel like they have more chance if they'd brand it without the Facebook name on it.