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Calibra – Digital Wallet for Libra

calibra.com

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Re: Calibra – Digital Wallet for Libra

#71

Post by bufferoverflow »

sametmax wrote: post #30
pmlnr wrote: post #9

> Imagine if cash became digital. Been there, in China, with Alipay. Absolutely no way for an EU person to pay with it: doesn't accept European phone number for sign up and since the end of 2018 one can not get a proper Chinese SIM with a passport. Don't touch cash. That's the only fallback we have for outages, when someone is without data connection (ghasp!) or for scenarios where politics or decisions make it impos…

Also cash is the only thing that works if your system gets unfair in some way. It's the only thing that allows a hobo to stay in touch with society, paying in a gay bar without trace, setup a political group that the state would deem immoral, experiment with banned drugs, buy censored books and journals, etc If you like democracy, you need a small, but resiliant grey zone. You need to allow a few people to take the r…

No, it's not the only way anymore. Now we have decentralized crypto currencies, and some of them are even designed for privacy, like Monero or ZCash.

Re: Calibra – Digital Wallet for Libra

#72

Post by tdjsnelling »

beefield wrote: post #34

Can someone give something like eli5 how this works? Is the currency pegged to some currency? How is that peg supposed to hold? Is facebook a bank? Where are the assets supporting the currency ( if they exist) invested?

From the whitepaper:

> it will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks.

and

> The assets in the Libra Reserve will be held by a geographically distributed network of custodians with investment-grade credit rating to provide both security and decentralization of the assets.

https://libra.org/en-US/white-paper/#the-libra-currency-and-...

Re: Calibra – Digital Wallet for Libra

#73

Post by darkcha0s »

bufferoverflow wrote: post #71
sametmax wrote: post #30

Earlier quoted context omitted.

Also cash is the only thing that works if your system gets unfair in some way. It's the only thing that allows a hobo to stay in touch with society, paying in a gay bar without trace, setup a political group that the state would deem immoral, experiment with banned drugs, buy censored books and journals, etc If you like democracy, you need a small, but resiliant grey zone. You need to allow a few people to take the r…

No, it's not the only way anymore. Now we have decentralized crypto currencies, and some of them are even designed for privacy, like Monero or ZCash.

That doesn't solve any of the aforementioned problems.

Re: Calibra – Digital Wallet for Libra

#74

Post by bufferoverflow »

darkcha0s wrote: post #73
bufferoverflow wrote: post #71

Earlier quoted context omitted.

No, it's not the only way anymore. Now we have decentralized crypto currencies, and some of them are even designed for privacy, like Monero or ZCash.

That doesn't solve any of the aforementioned problems.

It solves all the problems that the comment I replied to listed.

Re: Calibra – Digital Wallet for Libra

#76

Post by dessant »

> Accounts are verified with government-issued ID, so you know people are who they say they are.

I would prefer a global payment solution that defaults to anonymity, or at least pseudonymity, especially when it comes to transferring small amounts of money, such as paying for groceries.

This requirement is nothing more on Facebook's part than defaulting to the lowest common denominator in order to harvest as much data as they possibly can.

Re: Calibra – Digital Wallet for Libra

#77

Post by consp »

dessant wrote: post #76

> Accounts are verified with government-issued ID, so you know people are who they say they are. I would prefer a global payment solution that defaults to anonymity, or at least pseudonymity, especially when it comes to transferring small amounts of money, such as paying for groceries. This requirement is nothing more on Facebook's part than defaulting to the lowest common denominator in order to harvest as much data…

That would be illegal almost everywhere in the world for natural persons.

Re: Calibra – Digital Wallet for Libra

#78

Post by ulfw »

wickoff wrote: post #22
dgellow wrote: post #11

From the FAQ: > Question: How will you prevent fraud? > Anwer: All accounts and transactions are verified, and fraud prevention is built in throughout the app. Accounts are verified with government-issued ID, so you know people are who they say they are. Facebook and WhatsApp account information are also used when available to verify identity and prevent fraud. Calibra also has in-app reporting and dedicated customer…

You don't need to ask Facebook permission to transfer the money, but they reserve the right to intervene if you commit fraud. That's why they are using a blockchain. The governments will love it because it allows for perfect surveillance, the people will love it because it makes international payments seamless, it can erase the predatory remittance business out of existence. If they can convince merchants to accept i…

How is a VISA/Mastercard not 'seamless' for international payments?

Re: Calibra – Digital Wallet for Libra

#79

Post by cyphar »

consp wrote: post #77
dessant wrote: post #76

> Accounts are verified with government-issued ID, so you know people are who they say they are. I would prefer a global payment solution that defaults to anonymity, or at least pseudonymity, especially when it comes to transferring small amounts of money, such as paying for groceries. This requirement is nothing more on Facebook's part than defaulting to the lowest common denominator in order to harvest as much data…

That would be illegal almost everywhere in the world for natural persons.

Cash payment is an obvious counter-example. Yes, the seller needs to keep records for tax purposes. But the buyer does not.

For an example of a crypto payment system (though not crytpocurrency) that attempts to provide anonymity in a way that doesn't make governments unhappy take a look at GNU Taler.

Re: Calibra – Digital Wallet for Libra

#80

Post by dessant »

consp wrote: post #77
dessant wrote: post #76

> Accounts are verified with government-issued ID, so you know people are who they say they are. I would prefer a global payment solution that defaults to anonymity, or at least pseudonymity, especially when it comes to transferring small amounts of money, such as paying for groceries. This requirement is nothing more on Facebook's part than defaulting to the lowest common denominator in order to harvest as much data…

That would be illegal almost everywhere in the world for natural persons.

One can legally pay with cryptocurrencies for various services around the world, without submitting a government ID.

https://www.lifewire.com/big-sites-that-accept-bitcoin-payme...

https://coinmap.org/#/world/31.80289259/-82.96875000/3

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