Facebook reveals its cryptocurrency Libra

Post by baby » Wed, Jun 19, 2019, 6:14 AM UTC

Abishek_Muthian wrote: post #864

mekoka wrote: post #853

Let's play a game of predictions. Regardless of HN's opinion of Facebook (and regardless of my own for that matter) I predict that this thing will work. This is only one thing my crystal ball showed me. Facebook's presence in developing economies is massive. To the point of being synonymous with "The Internet" in a number of places. But they've had a nagging problem. People in these economies consume contents, but do…

Facebook's hold in developing economies is true. But developing economy's hold on their Fiat currency is true as well. So much so that, India is planning to jail anyone who is holding cryptocurrency for 10 years[1]! If this legislation passes, any computer scientist, mathematician, programmer who is working with crypto tokens & block chain can technically be held liable for possessing a crypto currency when they run…

Post by Abishek_Muthian » Wed, Jun 19, 2019, 6:25 AM UTC

baby wrote: post #881

Abishek_Muthian wrote: post #864

Earlier quoted context omitted.

Facebook's hold in developing economies is true. But developing economy's hold on their Fiat currency is true as well. So much so that, India is planning to jail anyone who is holding cryptocurrency for 10 years[1]! If this legislation passes, any computer scientist, mathematician, programmer who is working with crypto tokens & block chain can technically be held liable for possessing a crypto currency when they run…

> I don't hold any cryptocurrency due to its impact on energy Just to note, the impact of Libra on energy is very very light compared to the current banking system. It does not use proof of work.

Post by nr152522 » Wed, Jun 19, 2019, 6:27 AM UTC

baby wrote: post #881

Abishek_Muthian wrote: post #864

Earlier quoted context omitted.

Facebook's hold in developing economies is true. But developing economy's hold on their Fiat currency is true as well. So much so that, India is planning to jail anyone who is holding cryptocurrency for 10 years[1]! If this legislation passes, any computer scientist, mathematician, programmer who is working with crypto tokens & block chain can technically be held liable for possessing a crypto currency when they run…

> I don't hold any cryptocurrency due to its impact on energy Just to note, the impact of Libra on energy is very very light compared to the current banking system. It does not use proof of work.

Post by Abishek_Muthian » Wed, Jun 19, 2019, 6:31 AM UTC

stOneskull wrote: post #882

Abishek_Muthian wrote: post #864

Earlier quoted context omitted.

Facebook's hold in developing economies is true. But developing economy's hold on their Fiat currency is true as well. So much so that, India is planning to jail anyone who is holding cryptocurrency for 10 years[1]! If this legislation passes, any computer scientist, mathematician, programmer who is working with crypto tokens & block chain can technically be held liable for possessing a crypto currency when they run…

I think India, or most other countries, will deem facebook coins an exception. It's probably being negotiated right now.

Post by [deleted] » Wed, Jun 19, 2019, 6:32 AM UTC

feydaykyn wrote: post #886

This is the start of a very good podcast, the Program http://www.programaudioseries.com/ Each episode is a character explaining how the Program changed his/her life, episodes are very moving. The first one describes how it all started by a social network controlling money and thus people actions. Oh and it's mainly optimistic, that's a nice change for the subject! "The Program is a historical podcast, but a one that’…