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Facebook reveals its cryptocurrency Libra

decrypt.co

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Re: Facebook reveals its cryptocurrency Libra

#531

Post by herenorthere »

fnoof wrote: 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 [...…

"No financial oversight" isn't quite true. it will absolutely be regulated by fincen, as is any MSB in the US. facebook will remain compliant with BSA/AML laws, since this currency/security will enter that domain

Re: Facebook reveals its cryptocurrency Libra

#532

Post by jancsika »

Since this is a thread presumably filled with cryptocurrency experts, here's my own personal captcha:

What is Chaumian cash?

And here's my own personal re-captcha:

Why hasn't some small country somewhere issued their own Chaumian cash to attract... anything? Seems like there would be quite a lot of ways to implement and configure such a system. And it wouldn't take that big of a reserve to help fuel, say, a burgeoning blog micropayment system to the tune of what a Patreon or whatever currently offers.

There's plenty of small countries which offer all kinds of dastardly financial instruments to rich people, so I don't see "it would fuel money laundering" as an explanation for the complete lack of Chaumian cash in our universe.

Edit: clarification

Re: Facebook reveals its cryptocurrency Libra

#533

Post by p1esk »

bilbo0s wrote: post #510
conanbatt wrote: post #437

Earlier quoted context omitted.

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.

But the same applies to the government: if you don't like it, just move somewhere else!

Re: Facebook reveals its cryptocurrency Libra

#534

Post by camgunz »

conanbatt wrote: post #437
Yizahi wrote: post #209

Step 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.

In the US, we have a democracy, so we have at least some say in how things go: the government is us. Facebook is not us, we obviously didn't elect Zuck or anyone else there.

This is a tired, old, fallacious comparison.

Re: Facebook reveals its cryptocurrency Libra

#536

Post by JaRail »

I'm surprised to see Coinbase as a founding member. I wonder if they'll allow direct conversions between Libra and other cryptocurrencies.

It's interesting to note that there aren't any device manufacturers as members. No Google, Apple, Samsung, HTC, etc. That's going to make this an uphill battle for them. It implies that those companies have their own ideas. Or, perhaps, they just aren't willing to partner with FB right now given their toxic reputation for privacy.

Re: Facebook reveals its cryptocurrency Libra

#537

Post by hinkley »

conanbatt wrote: post #437
Yizahi wrote: post #209

Step 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.

Deflection 101:

1) Tell people to vote with their feet/wallet

2) Ridicule them for spending more

The dark side of the network effect is that as the network grows it becomes harder and harder to be a conscientious objector. Also abstaining isn't really participating. And by not participating you get no say in the narrative.

When you have a coherent thought on the subject, let us know.

Re: Facebook reveals its cryptocurrency Libra

#538

Post by bearjaws »

staplers wrote: post #416
mountainofdeath wrote: post #390

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.

Except for those pesky bugs that pop up every now and again...
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