I bet you, to get some, you have to buy them with dollars.
Facebook’s Libra cryptocurrency: Privacy and stability concerns
51–60 of 262 posts
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#52The reason for Bitcoin’s design is precisely because a centralized/pegged alternative was tried and failed: https://en.m.wikipedia.org/wiki/Ecash Facebook’s currency is not a successor of Bitcoin, it’s an inferior reincarnation of a failed predecessor.
Not to mention that pegs always fail in the land of financial markets anyhow [1]. Interest rate pegs, currency pegs, pegs to commodities e.g. gold tend to collapse in the long run because they create a "perfect trade". When the value of two separate things eventually diverge due to external market forces, you can take advantage of the peg by trading the less valuable item for the more valuable item at the historical peg.
In the context of Facebook being pegged to a basket of international currencies, the peg to each will need to be reevaluated frequently as the currencies fluctuate and arbitrage opportunities increasingly cost the peg-guarantor money to uphold the peg. These fluctuation can be cancelled by derivative contracts e.g. currency swaps, but those cost premiums to maintain and periods of volatility can get very expensive.
[1] https://www.google.com/search?q=site%3Aarmstrongeconomics.co...
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#53I don't really understand the upside to an FB stablecoin, but maybe I'm missing something. Why would I want FB to be the store of my money instead of FDIC-backed banks if the value and purchasing power is going to be identical?
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#54Earlier quoted context omitted.
> There are 21,000,000 BTC ever ever, you can't print more Untrue. More could easily be printed if that is what the leadership/community wanted.
That would result in a fork, split adoption, and is not nearly as easy as you imply.
It is as easy as I imply since I specifically said if the leadership/community desire such a change. Saying "you can't print more" is 100% wrong.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#55Earlier quoted context omitted.
>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)
Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.
Would love to know why I was downvoted
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#56I really wish they succeed. It takes 3 to 5 business days to transfer money using ACH in the US if you don't want to shell out 25$ for wire transfer. Transferring money is just about transferring a few bytes of data. Why does it take 3 business days? Why are customers still forced to shell out 25$ for instant transfers?
You appear to have a fundamental misunderstanding of ACH vs wire. They aren't the same thing, with one of them having a fee just for the speed of it.
3-5 days is actually a feature of ACH. This delay includes the ability to reverse a transaction, a built-in risk management. For example, here is a quote from an article on the front page of HN right now (#5, SIM swap horror story):
> After a couple of days, our bank reversed the $25,000 charge and told us that the fraud department caught the ACH withdrawal before it was fully processed so that neither my family nor the bank lost this money forever.
Google will give you lots of good information on the difference between wire and ACH.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#57The reason for Bitcoin’s design is precisely because a centralized/pegged alternative was tried and failed: https://en.m.wikipedia.org/wiki/Ecash Facebook’s currency is not a successor of Bitcoin, it’s an inferior reincarnation of a failed predecessor.
Not to mention that pegs always fail in the land of financial markets anyhow [1]. Interest rate pegs, currency pegs, pegs to commodities e.g. gold tend to collapse in the long run because they create a "perfect trade". When the value of two separate things eventually diverge due to external market forces, you can take advantage of the peg by trading the less valuable item for the more valuable item at the historical…
All they have to do is make it expensive and/or inconvenient to arbitrage against them. Some minimal transaction fees would probably kill the ability to make money exploiting small tracking errors.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#58I don't really understand the upside to an FB stablecoin, but maybe I'm missing something. Why would I want FB to be the store of my money instead of FDIC-backed banks if the value and purchasing power is going to be identical?
If they can move your money cheaper than credit and debit card networks. That is the only part I'm interested in. Given they are partnered with PayPal though, I'm not hopeful on it being low fee.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#59Earlier quoted context omitted.
That's correct, so anything that isn't generally accepted doesn't have the same support or value. To date there have not been any legitimate forks that I'm aware of.
Whether you consider it legitimate or not, Bitcoin Cash has about 4% of the value of BTC. Here’s my point. Is it theoretically possible for some group of people in the physical world to take actions so that what we generally call Bitcoin has 1 more coin? I strongly believe yes. So the world isn’t as black and white as some people like to say it is.
Just as the stock market can only have 1 AAPL ticker, there can only be 1 BTC. Is it possible that in the future that BTC can have a change in emission and cap? Yes. I don't agree with that part of the parents statement. But there is in no way for there to be more than 1 BTC chain.
Re: Facebook’s Libra cryptocurrency: Privacy and stability concerns
#60Earlier quoted context omitted.
> There are 21,000,000 BTC ever ever, you can't print more. This is not true. Forks exist, and anyone can make 21 million bitcoin at a time. It’s still a question of if people will accept the forks, but it is an option
If it's a fork then it's not BTC
BTC forks all the time. Almost every new version of the code is technically a fork. It's just the forks usually have a single branch.