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I'm crossing my fingers that this pseudo crypto money never takes off. Having Facebook control this would be so terrible and the proof that we didn't learn anyt

I'm crossing my fingers that this pseudo crypto money never takes off. Having Facebook control this would be so terrible and the proof that we didn't learn anything over the last couple months. Don't fool yourself even though they released a white paper and some pseudo decentralized schemes this is no different than a casino chip. Unfortunately I feel like it might pick up and become a thing.

scarface74 7y ago
The article specifically says that FB does not have a controlling interest or the ability to decide who joins the consortium.
- warp_factor 7y ago
  That's the way they marketed it. They know they had to do this little concession in order to get Libra to pick up so that people would repeat tirelessly that it's not controller by Facebook and therefore it's good. But it's controlled by Facebook and friends and the influence they would get over any decision is absolutely huge
  - scarface74 7y ago
    Do you have any citations that contradict the article? The Validators Who, then, are the validators? Well, Facebook is one, but only one: currently there are 28 “Founding Members”, including merchants, venture capitalists, and payment networks, that meet two of the following three criteria: More than $1 billion USD in market value or more than $500 million USD in customer cash flow Reach more than 20 million people a year Recognition as a top-100 industry leader by a third-party association such as Fortune or S&P These “Founding Members” are required to make a minimum investment of $10 million and provide computing power to the network. In addition, there are separate requirements for non-profit organizations and academic institutions that rely on a mixture of budget, track record, and rankings; a minimum investment may not be necessary. Libra intends to have 100 Founding Members by the time it launches next year.
    - warp_factor 7y ago
      They are the ones selecting the "members" and they will have a huge influence on any updates or any controversial topic or potential fork. Don't fool yourself, this whole thing has been carefully orchestrated to look like if it was an open community but it is very tightly controlled by Facebook and friends. I will not touch this with a 100 foot pole.
      - scarface74 7y ago
        Again, that’s not what the article says. They have clear list for what the membership requirements are and all of those requirements are administered by a third party.
- treelovinhippie 7y ago
  Will Facebook make Libra the default payment method across its ecosystem of ~3 billion users? Yes. Is Libra a digital currency created and controlled by an oligarchy ("consortium") of mega-corporations? Yes. Everything else is propaganda.
52-6F-62 7y ago
I've dabbled out of morbid curiosity in the space previously—but I'm in the same boat. Out of all of the good-will projects they could spearhead if they want to turn the tides of FB's reputation, they decide to try and supplant money. To me it just screams that it's one more domain they want to assert some control in. I find it depressing.
- munificent 7y ago
  Reading between the lines in the article, I assume this is 100% Facebook just trying to enable WhatsApp to compete with WeChat.
magnamerc 7y ago
If you don't want it to become a thing, then support decentralized cryptos that are trying to achieve the same goal, like Ethereum.

scarface74 7y ago

The article specifically says that FB does not have a controlling interest or the ability to decide who joins the consortium.

warp_factor 7y ago
That's the way they marketed it. They know they had to do this little concession in order to get Libra to pick up so that people would repeat tirelessly that it's not controller by Facebook and therefore it's good. But it's controlled by Facebook and friends and the influence they would get over any decision is absolutely huge
- scarface74 7y ago
  Do you have any citations that contradict the article? The Validators Who, then, are the validators? Well, Facebook is one, but only one: currently there are 28 “Founding Members”, including merchants, venture capitalists, and payment networks, that meet two of the following three criteria: More than $1 billion USD in market value or more than $500 million USD in customer cash flow Reach more than 20 million people a year Recognition as a top-100 industry leader by a third-party association such as Fortune or S&P These “Founding Members” are required to make a minimum investment of $10 million and provide computing power to the network. In addition, there are separate requirements for non-profit organizations and academic institutions that rely on a mixture of budget, track record, and rankings; a minimum investment may not be necessary. Libra intends to have 100 Founding Members by the time it launches next year.
  - warp_factor 7y ago
    They are the ones selecting the "members" and they will have a huge influence on any updates or any controversial topic or potential fork. Don't fool yourself, this whole thing has been carefully orchestrated to look like if it was an open community but it is very tightly controlled by Facebook and friends. I will not touch this with a 100 foot pole.
    - scarface74 7y ago
      Again, that’s not what the article says. They have clear list for what the membership requirements are and all of those requirements are administered by a third party.
treelovinhippie 7y ago
Will Facebook make Libra the default payment method across its ecosystem of ~3 billion users? Yes. Is Libra a digital currency created and controlled by an oligarchy ("consortium") of mega-corporations? Yes. Everything else is propaganda.

52-6F-62 7y ago

I've dabbled out of morbid curiosity in the space previously—but I'm in the same boat. Out of all of the good-will projects they could spearhead if they want to turn the tides of FB's reputation, they decide to try and supplant money. To me it just screams that it's one more domain they want to assert some control in. I find it depressing.

munificent 7y ago
Reading between the lines in the article, I assume this is 100% Facebook just trying to enable WhatsApp to compete with WeChat.

magnamerc 7y ago

If you don't want it to become a thing, then support decentralized cryptos that are trying to achieve the same goal, like Ethereum.