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How is it different from USDT and other stablecoins in that respect? Must USDT be stopped?

supermatt 7y ago
you mean the coin that was unable to pay out funds (and doesn't guarantee they will)? that has refused to show proof of its reserves? that lends its reserve funds to “partners” to cover up missing funds in their reserves? that has recently admitted that there is only 0.74 dollars in the reserve for every dollar invested? How is that "stable"? yeah, that kind of shit must be stopped. you disagree?
- buboard 7y ago
  > yeah, that kind of shit must be stopped. you disagree? Actually i don't disagree. And look, facebook coin has addressed all these issues from the get-go.
  - supermatt 7y ago
    If you read the white paper - heck, even if you just read the comments here - you would see that Libra doesn't solve these issues at all. It just gives that power to facebook and partners - as well as the ability to earn (in perpetuity) commissions, interest, etc on user invested funds. There is nothing for the consumer here, this is just another way to make money by becoming a bank in everything but name (and regulation). Sure we can "trust" (this is central to current proof of stake systems) that facebook et al won't do anything nefarious, but I'm not sure we should be trusting facebook at all, let alone with our money.
    - buboard 7y ago
      It solves the issues you mentioned, but it creates other issues with being overcentralized. David marcus of facebook says that in the future they may change or decentralize the platform, but we can't take their promise of course. > There is nothing for the consumer here, i disagree on that, i could use it to earn micropayments from facebook users tomorrow, this can be pretty impactful. > by becoming a bank in everything but name (and regulation). Cryptocurrencies are regulated, even though their status is still not well defined, and this will actually pressure the US SEC to set their standards more rigorously. KIK is already trying to push for that. I don't have a problem with facebook becoming a bank, it's not like banks have a stellar reputation either.

you mean the coin that was unable to pay out funds (and doesn't guarantee they will)? that has refused to show proof of its reserves? that lends its reserve funds to “partners” to cover up missing funds in their reserves? that has recently admitted that there is only 0.74 dollars in the reserve for every dollar invested? How is that "stable"? yeah, that kind of shit must be stopped. you disagree?

buboard 7y ago
> yeah, that kind of shit must be stopped. you disagree? Actually i don't disagree. And look, facebook coin has addressed all these issues from the get-go.
- supermatt 7y ago
  If you read the white paper - heck, even if you just read the comments here - you would see that Libra doesn't solve these issues at all. It just gives that power to facebook and partners - as well as the ability to earn (in perpetuity) commissions, interest, etc on user invested funds. There is nothing for the consumer here, this is just another way to make money by becoming a bank in everything but name (and regulation). Sure we can "trust" (this is central to current proof of stake systems) that facebook et al won't do anything nefarious, but I'm not sure we should be trusting facebook at all, let alone with our money.
  - buboard 7y ago
    It solves the issues you mentioned, but it creates other issues with being overcentralized. David marcus of facebook says that in the future they may change or decentralize the platform, but we can't take their promise of course. > There is nothing for the consumer here, i disagree on that, i could use it to earn micropayments from facebook users tomorrow, this can be pretty impactful. > by becoming a bank in everything but name (and regulation). Cryptocurrencies are regulated, even though their status is still not well defined, and this will actually pressure the US SEC to set their standards more rigorously. KIK is already trying to push for that. I don't have a problem with facebook becoming a bank, it's not like banks have a stellar reputation either.