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Yes, but with pseudonimity. This makes it a lot more censorship resistant (which is PP's main weakness).
by conanbatt 7y ago
Yes, but with pseudonimity. This makes it a lot more censorship resistant (which is PP's main weakness).
- snarf21 7y agoIt 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 agoThats on purchase, not on exchange. The same way you can launder money with Tether.
- snarf21 7y agoBut 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 agoI'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 agoYou 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 agoThis 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 agoYou 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.