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Facebook reveals its cryptocurrency Libra

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Re: Facebook reveals its cryptocurrency Libra

#411
post #121
post #37

Earlier quoted context omitted.

There's a lot of interesting physics in building thermonuclear weapons. Doesn't mean you should do it. Your talents could be used to help the world. Instead, they are being used to enclose common spaces and pull apart the fabric of society. Get a better job?

I appreciate your point of view, FWIW I believe that I'm doing net positive work for the world. If you don't believe such projects should exist, you can at least agree that such project will inevitably happen and that it is a good thing that they have people like me onboard to influence them in the right direction. I will write more about the things I work on and why I think these are good things on my blog www.crypt…

> I appreciate your point of view, FWIW I believe that I'm doing net positive work for the world.

Everybody does so. https://www.youtube.com/watch?v=XxUgei-WKfY

Re: Facebook reveals its cryptocurrency Libra

#412
post #200

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

No. Your ideas of what 'feudalism' implies are totally wack and ahistorical. Feudalism was a time of laissez-faire, political liberty and anarchism. "The vassal of my vassal is not my vassal" was the motto of feudalism. It was a reaction against the centralization and coercion of the old Roman Empire. How is this anything like Facebook et al?

Peasants were bound to their lord's land, owed feudal dues like corvée, and could be judged and punished by their lord. It could only be called an era of "political liberty" for perhaps a relatively small class of nobility. The vast majority of the population was trapped in cemented, unalterable relations of fealty and economic exploitation.

> It was a reaction against the centralization and coercion of the old Roman Empire.

It wasn't so much a reaction against anything in the Roman Empire as the thing that sprang up as the more politically and economically advanced Roman system collapsed. Roman citizens had political rights, such as protection from arbitrary punishment, which were lost in the feudal era. The Roman state collected taxes and used them to provide substantial public goods, such as roads, aqueducts, sewage systems, public baths and theaters, the grain dole, courts and of course, defense of the frontiers against barbarian incursion. With the collapse of that system, the Latin-speaking population of Western Europe came under the rule of rather uncooth German tribesmen. The only honorable professions open to the Roman aristocracy, which previously would have gone into the civil service, were in the Church and the meagre administrations of the new German kingdoms. Taxation systems broke down, the previous public goods were no longer provided, and the common population came under the personal rule of their lords.

I wouldn't call a system in which the common population is subjected to the personal rule of a lord more "free" than a system of laws.

Re: Facebook reveals its cryptocurrency Libra

#413
post #234

Earlier quoted context omitted.

> We've all seen in the past on how well "financial oversight" worked It worked remarkably well - no consumer lost their deposits to a bank failure. The fact that banks lent out too much money had no impact on consumer deposits, thanks to oversight.

That had nothing to do with oversight and everything to do with the fact that the government can just print the money to save a bank - and it did so. That expectation itself caused reckless behavior of the banks - and it still does. People just don't fully grasp the consequences. Also, you may say this "worked" in the US, but other countries didn't get quite so lucky playing that game.

The government doesn't print money to catch failing banks, at least not usually. For standard bank deposits, banks pay a fee to FDIC as a percentage of their assets just like any insurance policy.

Keep in mind, it's to the bank's advantage to remain solvent at all costs. An insolvent bank will be liquidated and shareholders are left empty handed. Between the FDIC insurance and the liquidated assets is how these things are paid out.

Re: Facebook reveals its cryptocurrency Libra

#415
post #350

Earlier quoted context omitted.

> 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.

Crypto isn't free either.

Re: Facebook reveals its cryptocurrency Libra

#416

It's amazing how short of a memory people have. The financial system has at least a few centuries of experience and todays regulatory climate is a reflection of the lessons learned. To some, these rules may seem arbitrary and they sometimes are but people forget how things before. I find it amusing that the big selling point behind the initial round of cryptocurrency was its lack of regulation.

  its lack of regulation.
This is false actually. Cryptocurrency's "selling point" is being regulated by mathematical rules and not by potentially-corrupted policymakers.

Re: Facebook reveals its cryptocurrency Libra

#418
post #195

From the white paper: > "Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people." They do this by issuing coins in exchange for fiat money, which is held by the reserve. > "Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem [...…

https://medium.com/@tejas_rd/why-facebooks-libra-could-be-a-...

Re: Facebook reveals its cryptocurrency Libra

#419
post #121
post #37

Earlier quoted context omitted.

There's a lot of interesting physics in building thermonuclear weapons. Doesn't mean you should do it. Your talents could be used to help the world. Instead, they are being used to enclose common spaces and pull apart the fabric of society. Get a better job?

I appreciate your point of view, FWIW I believe that I'm doing net positive work for the world. If you don't believe such projects should exist, you can at least agree that such project will inevitably happen and that it is a good thing that they have people like me onboard to influence them in the right direction. I will write more about the things I work on and why I think these are good things on my blog www.crypt…

[deleted]

Re: Facebook reveals its cryptocurrency Libra

#420
post #233

If this succeeds, it will be a data collection tool the likes of which the world has never seen, which is why so many companies are willing to put their name on it. The data, along with ML/AI, and our contemporary understanding of the human mind, means that this is a major step towards control that we can't understand. Dr. Harari explains it better than I do in "21 Lessons for the 21st Century", but this tool is part…

>the world has never seen

Credit cards already have similar data, no?

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