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> Indeed, that’s why Calibra, the wallet software that will hold Libra Coins, was made a subsidiary of Facebook The big question for me is whether or not walle

> Indeed, that’s why Calibra, the wallet software that will hold Libra Coins, was made a subsidiary of Facebook The big question for me is whether or not wallets and therefore transactions can be created without needing an 'account' somewhere, just like all other cryptocurrencies. Can I participate in the economy anonymously or do all wallets need to be registered like a traditional bank account.

jsiegz 7y ago
They can't use the transaction data to target ads and measure conversions without this. Wallet data is invaluable. https://www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy https://www.theverge.com/2018/8/30/17801880/google-mastercar...
thefounder 7y ago
You need to sign up and verify your account before you can do anything. Think of this like paypal with blockchain behind the scenes instead of Oracle/Sql or whatever they use as db
- conanbatt 7y ago
  Yes, but with pseudonimity. This makes it a lot more censorship resistant (which is PP's main weakness).
  - snarf21 7y ago
    It is not pseudonymous. You must supply AML and KYC documents to FB to participate. FB says they intend to fully comply with all government requests. FB will know exactly who owns all the money at all times.
    - conanbatt 7y ago
      Thats on purchase, not on exchange. The same way you can launder money with Tether.
      - snarf21 7y ago
        But if they control the only/main wallet, generating new keys doesn't help. Maybe there will be wallets they don't control but most people won't use them. They will want the simplicity of user search that being integrated with FB provides. /shrug
        conanbatt 7y ago
        I'm not savvy enough to understand the legal nuances. They say the allow pseudonimity, which for me means they will not control user-to-user transactions, which means anything goes at exchange time. It will be different if you try to get the cash out of the system, but if you find a large enough Libra market you can live off-grid forever (theoretically).
        thefounder 7y ago
        You can't create a new user without to verify it. All the transactions are monitored(i.e for fraud prevention so expect to receive "suspicious activity" emails and your account frozen). What do you mean off the grid? You don't have access to the blockchain.
        conanbatt 7y ago
        This depends on the implementation of pseudonymity. Cash is controlled on the atm, but not when it changes hands. If Libra will allow to move the money internationally, it cant be really monitoring each transaction.
        omarchowdhury 7y ago
        You are referencing the access controls specific to the Calibra wallet, the story for the Libra blockchain with respect to account generation and usage is different. It's open.

jsiegz 7y ago

They can't use the transaction data to target ads and measure conversions without this. Wallet data is invaluable. https://www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy https://www.theverge.com/2018/8/30/17801880/google-mastercar...

thefounder 7y ago

You need to sign up and verify your account before you can do anything. Think of this like paypal with blockchain behind the scenes instead of Oracle/Sql or whatever they use as db

conanbatt 7y ago
Yes, but with pseudonimity. This makes it a lot more censorship resistant (which is PP's main weakness).
- snarf21 7y ago
  It is not pseudonymous. You must supply AML and KYC documents to FB to participate. FB says they intend to fully comply with all government requests. FB will know exactly who owns all the money at all times.
  - conanbatt 7y ago
    Thats on purchase, not on exchange. The same way you can launder money with Tether.
    - snarf21 7y ago
      But if they control the only/main wallet, generating new keys doesn't help. Maybe there will be wallets they don't control but most people won't use them. They will want the simplicity of user search that being integrated with FB provides. /shrug
      - conanbatt 7y ago
        I'm not savvy enough to understand the legal nuances. They say the allow pseudonimity, which for me means they will not control user-to-user transactions, which means anything goes at exchange time. It will be different if you try to get the cash out of the system, but if you find a large enough Libra market you can live off-grid forever (theoretically).
        thefounder 7y ago
        You can't create a new user without to verify it. All the transactions are monitored(i.e for fraud prevention so expect to receive "suspicious activity" emails and your account frozen). What do you mean off the grid? You don't have access to the blockchain.
        conanbatt 7y ago
        This depends on the implementation of pseudonymity. Cash is controlled on the atm, but not when it changes hands. If Libra will allow to move the money internationally, it cant be really monitoring each transaction.
        omarchowdhury 7y ago
        You are referencing the access controls specific to the Calibra wallet, the story for the Libra blockchain with respect to account generation and usage is different. It's open.