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Facebook reveals its cryptocurrency Libra

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Re: Facebook reveals its cryptocurrency Libra

#901

Post by VMG »

envy2 wrote: post #44
VMG wrote: post #3

can anyone tell me if people in Iran can use it? this doesn't really answer my question: https://libra.org/en-US/security-privacy/#overview > Working with Law Enforcement > As with any currency or financial infrastructure, bad actors will try to exploit the Libra network. While the network is open and accessible to everyone with internet access, the network's main endpoints will need to follow applicable laws and reg…

There's a difference between Libra (the Swiss-based association) and Calibra (the US-based FB subsidiary making the first wallet). > "Calibra will do its part to facilitate the efficacy of international sanctions regimes. We will administer and enforce applicable sanctions programs including, for example, U.S., EU, and U.N. sanctions programs." https://scontent.fbhx3-1.fna.fbcdn.net/v/t39.2365-6/65083631...

So the wallet software will enforce the sanctions?

If somebody writes an open-source wallet they can circumvent the rules?

I don't get it.

Re: Facebook reveals its cryptocurrency Libra

#902

Post by [deleted] »

akerro wrote: post #897
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…

>who is holding cryptocurrency for 10 years[ zuckcoin isn't cryptocurrency, it's digital currency, like gold in WoW

[deleted]

Re: Facebook reveals its cryptocurrency Libra

#903

Post by hnick »

taurath wrote: post #652
generalk wrote: post #592

Earlier quoted context omitted.

> 1. The world could use an online independent currency I'm not 100% steeped in cryptocurrency theory, and so I don't understand why this is presented as if it's agreed on by everyone. What problems does the world have that would be solved by an online, independent [of any nation, presumably?] currency? > 2. Adding stability to blockchain currencies and having > that work on a large scale is a good thing Having a blo…

> I'm not 100% steeped in cryptocurrency theory, and so I don't understand why this is presented as if it's agreed on by everyone. What problems does the world have that would be solved by an online, independent [of any nation, presumably?] currency? Visa and Mastercard are taking a 3-4% cut of every single consumer payment made in much of the world. That ends up being a very, very big number. There are many people a…

> Visa and Mastercard are taking a 3-4% cut of every single consumer payment made in much of the world. That ends up being a very, very big number.

I'm guessing some of that goes towards chargebacks and other protections in the form of reimbursing purchases from stolen credit cards. It would be tough for me to trust any online replacement without a very firm and reliable appeals system.

Re: Facebook reveals its cryptocurrency Libra

#904

Post by kristianc »

jpmattia wrote: post #546

Again: A ledger that is not decentralized is a bank database, not a cryptocurrency. As near as I can tell, Zuckbucks are nothing more than the JPMorganCryptocurrency but with a bigger consortium. The only difference seems to be who is given write privileges to the database.

That's a good thing for Facebook then - most normal consumers haven't the foggiest idea about crypto.

Most consumers will care about, in this order, 1. Is my money at risk if I use it? 2. What's the cost?

Whether it's federated, decentralized or 'real crypto' is 98, 99 and 100 on most people's list of concerns.

Re: Facebook reveals its cryptocurrency Libra

#905

Post by [deleted] »

0xDEFC0DE wrote: post #575
jpmattia wrote: post #546

Again: A ledger that is not decentralized is a bank database, not a cryptocurrency. As near as I can tell, Zuckbucks are nothing more than the JPMorganCryptocurrency but with a bigger consortium. The only difference seems to be who is given write privileges to the database.

Can you explain why the ledger being run by ~27 different entities is NOT decentralized? How many governing entities (or validators; or people running blockchain servers) do you need before it qualifies as decentralized? I'm wondering about your definitions, not defending Facebook here.

[deleted]

Re: Facebook reveals its cryptocurrency Libra

#907

Post by nroets »

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…

In South Africa, we still have capital controls. My mom earned dollars through PayPal. She couldn't spend it online and had to convert her earnings to Rand within 3 months. Bureaucrats will insist that the same rules apply to libra.

India is even less ready for relaxing capital controls. They will tell Facebook to block libra for their citizens or be firewalled. No one is going to jail, but libra will not succeed there.

Re: Facebook reveals its cryptocurrency Libra

#908

Post by on_and_off »

feanaro wrote: post #895
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…

What you're saying does make sense, but can we please not use this as an excuse not to know better? Maybe the citizens of some Spooky Third World country don't really have a choice due to their unique circumstances, but many of us do . Let's not use the Spooky Third World country as an argument for why the dominance of Libra is inevitable before it even starts existing. Let's not be so hasty to become a dystopian nov…

Generally the word dystopian is overused, but Facebook in charge of a currency ? dystopian sounds like an euphemism.

Re: Facebook reveals its cryptocurrency Libra

#909

Post by mmaunder »

This provides the potential for FB to pivot into banking.

The article points out that the structure of Libra doesn't require a connection between FB profile and wallet. But let's face it. If FB are the inventor and are the benevolent dictator in this open system, it positions them to offer all their users wallets and be the bank that facilitates most transactions.

The revenue potential for FB in that scenario, from transaction fees to deposits (borrowing short and lending long) to wealth management is limitless.

There is an endgame here that has 2 billion customers and is worth trillions.

Re: Facebook reveals its cryptocurrency Libra

#910

Post by dotancohen »

I already find it hard enough to use certain services without having a facebook account. E.g. Tinder requires one, and even having a throwaway is problematic because people want to check your Facebook profile before meeting.

However, having currency wrapped up in Facebook will mean that now I will not be able to participate is some economies. I work remotely and as much as Paypal is a villian, it is also a saviour for paying people halfway across the globe. If Facebook displaces that, then my own business is in trouble. And there is no real way to separate Facebook the spying entity from Facebook the social entity, therefore I expect there to be no way to separate the Facebook financial services entity either.

This is a big worry.

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