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Not odd at all, it's easiest to get them involved cause these people all know each other, obviously. I don't think most of the new 70+ members they add by next
by carlosdp 7y ago
Not odd at all, it's easiest to get them involved cause these people all know each other, obviously.
I don't think most of the new 70+ members they add by next year should be in SV, or even in the US necessarily, and it would be dumb if they did that.
I don't think collusion is a huge risk:
1. Many of these companies are direct competitors (Visa, Mastercard, Paypal, Stripe, etc.), you would need the silence of ALL of them in order to get away with some manipulation (cause they can all independently validate) AND
2. They would have to somehow spoof the public Validator API they are planning (which allows us peons to validate the ledger), without anyone noticing.
That's quite a caper, I think there are easier ways to make money at that point that are way less risky.
- mbesto 7y ago> it's easiest to get them involved cause these people all know each other, obviously. Right and that's precisely the reason drug cartels are so attractive to the people who run them....what's your point? > Visa, Mastercard, Paypal, Stripe, etc. Are you serious? If you don't understand how in bed these companies are with each other then I have a bridge to sell you. You've brought up some seriously good points about how Libra is a reaction to WeChat, but IMHO this is a naive perspective into historically how companies work with each other in markets.
- pvg 7y agoVisa and Mastercard settled a price-fixing suit just last year. "They're not going to collude because they're competitors" seems like a very odd argument. Colluding while pretending to compete is the central thing that makes that sort of behaviour illegal.
- carlosdp 7y agoSure, Visa and Mastercard are similar enough their interests could align to collude. Why would a non-profit or NGO or university (several are already in the Libra Association) stay silent? Where do their interests align with Visa and Mastercard?
- mbesto 7y ago> Why would a non-profit or NGO or university (several are already in the Libra Association) stay silent? Because they don't have equal say perhaps? Or more realistically, because staying silent would politically benefit their institutions.
- pvg 7y agoWhy would a Wookie live on Endor? I'm just saying, you are presenting the definition of collusion as a reassuring check against collusion. This is not a strong argument.
- carlosdp 7y agoNeither is an argument that despite all of the ways to detect collusion against the ledger, they will somehow still collude, just cause. I'm offering several mechanisms built into the proposal, in law and in math, that work against collusion, in addition to market dynamics.
- pvg 7y agoRight but I didn't say that. You said they wouldn't collude because they compete. If that were true, we wouldn't need the law part.
- tptacek 7y agoWookiee.