Earlier quoted context omitted.
>the world has never seen Credit cards already have similar data, no?
No, they don't have itemized data. Only the POS's have that.
This would be different?
Facebook reveals its cryptocurrency Libra
501–510 of 1001 posts
Re: Facebook reveals its cryptocurrency Libra
#502Step 1 - say that your "coin" is not centralized Step 2 - proceed to contradict yourself in the next sentence How the hell is a an obviously centralized system with 3 dozens of privileged entities is not centralized... Also it is not only oligarchy, but completely unaccountable shady oligarchy. Why people continue to "want" it is beyond understanding.
People still tell me with a straight face that the Cloud is decentralized too.
I'm mature enough not to smack them, but not mature enough that I don't fantasize about it.
Re: Facebook reveals its cryptocurrency Libra
#503Earlier quoted context omitted.
>the world has never seen Credit cards already have similar data, no?
No. The credit card is limited to locations where it can be swiped. The phone is online everywhere, all the time.
Credit cards have NFC now. It wouldn't be hard to fathom that this data might be paired with other surveillance data.
Everywhere we look, someone is trying to create a new method of tracking. ISPs are high-jacking sessions, 3rd party apps on your phone are taking everything they can get their hands on, "smart-home" products that are always listening, shopper club cards, toll-transponders tracked silently by municipalities (off of toll roads!), license plate scanners, CCTV with facial recognition.
Everything is being collected. To what end? At some point, we have to hit peak-marketing where this data becomes mostly useless as our behavior will be perfectly predictable at some point in the future.
Re: Facebook reveals its cryptocurrency Libra
#504Earlier quoted context omitted.
This is a bunch of nonsense. Actual banks are corporations like Facebook and they're far scarier .
Banks are heavily regulated [1]. Facebook is not. EDIT: If Facebook wants to come to the finance party, I welcome them accepting the regulatory burden imposed by federal regulators and the finance industry itself. Disclaimer: I work in financial services, specifically interfacing with regulatory bodies. [1] https://www.fdic.gov/regulations/laws/rules/ (Example FDIC Laws, Regulations, and Acts, none of which currently…
Facebook also isn't becoming a bank. If anything, Facebook is becoming a payment processor (not really, but close enough).
Why trust your money with Paypal, but not Facebook?
When given the choice between a monolithic corporation and some kind of cryto-based federation, why choose the former?
How is any of this worse than what we already have?
Re: Facebook reveals its cryptocurrency Libra
#505If 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…
> I hope that Europe figures out a regulatory framework that works. Is this even possible with complex fast-changing software? They always seem to be busy figuring out last decades issues. Or when they do respond to new things it's usually a FUD-riddled overreaction that just straight up cripples the new things so we're only left with the options that the ordained organizations like Visa and Mastercard come up with.…
Possible? No, not really, assuming they have "right intentions", the EU laws rarely turn out to be good for the population(link tax & copyright law for ex.). Even GDPR has some flaws that can be used to target the same people it claims to protect.
The main reason for this is simple,most of the bureaucrats making these laws have little to no "internet-sphere" literacy(or even technology as a whole to be quite honest).While they tackle the problems from a legal perspective,this same legal perspective is de facto putting handcuffs in the freedoms of the people, no matter the "intentions" the law-makers initially have.
And i agree, the best-case solution is to spread the idea of an internet bill of rights, specially in Europe.US is still one step ahead, their own constitution would be the thing this bill would be based on.Their smaller problem is that (few)corporations enjoy the benefits of both state incentives (see twitter,google,etc. through taxes) while also being a "publisher"(not being responsable for the content the users post).
Re: Facebook reveals its cryptocurrency Libra
#506If 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…
> I hope that Europe figures out a regulatory framework that works. Is this even possible with complex fast-changing software? They always seem to be busy figuring out last decades issues. Or when they do respond to new things it's usually a FUD-riddled overreaction that just straight up cripples the new things so we're only left with the options that the ordained organizations like Visa and Mastercard come up with.…
Austrian here, very true the cameras!
Re: Facebook reveals its cryptocurrency Libra
#507From 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 [...…
And no federal insurance program.
Re: Facebook reveals its cryptocurrency Libra
#508I'm not surprised to see MasterCard diving this dumpster fire, but, Visa? Visa: what are you doing? Save yourself, Visa! Don't do this!
Either this currency will fizzle out or Visa will regret joining it big time.
Re: Facebook reveals its cryptocurrency Libra
#509[deleted]
Re: Facebook reveals its cryptocurrency Libra
#510Step 1 - say that your "coin" is not centralized Step 2 - proceed to contradict yourself in the next sentence How the hell is a an obviously centralized system with 3 dozens of privileged entities is not centralized... Also it is not only oligarchy, but completely unaccountable shady oligarchy. Why people continue to "want" it is beyond understanding.
It's an oligarchy just like the nearest hotdog stand is a dictatorship. Don't like it don't use it. Try saying the same to the governments come tax-time.
>Try saying the same to the governments come tax-time...
OK, that was a good one. Literally cut through my anger and indignation and made me laugh out loud.
Respect man.