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Assuming they wanted to prevent large transactions, how will they? Is Facebook planing to be solely responsible for clearing every transaction? Because the art
by TomMckenny 7y ago
Assuming they wanted to prevent large transactions, how will they? Is Facebook planing to be solely responsible for clearing every transaction?
Because the article literally says they plan "gradually transitioning to a permissionless state" and "Facebook will not control the network".
And, not that this is their plan anyway, but how could they prevent Libra's from crossing borders if it is permissionless?
And even if there were a limit on transfers somehow. A limit, by the way, on an automated system that presumably will involve large sellers with large volume. A limit which the word "permissionless" makes impossible. How will they prevent multiple wallets?
For laundering generally: you buy a thing with cash or the like from an incurious seller and sell it again. To grease the wheels, you could buy at over market value and sell under. Realestate is very popular, even driving up urban prices. But Persian rugs work just as well[1]. It's not currency change that is interesting but the erasing the origin of the purchasers money and replacing it with a legitimate origin: the sale of a condo.
[1] https://www.newyorker.com/news/news-desk/paul-manafort-and-the-case-of-the-250000-antique-rug-store-bill https://www.newyorker.com/news/news-desk/paul-manafort-and-t...
- lightgreen 7y ago> Assuming they wanted to prevent large transactions, how will they? Is Facebook planing to be solely responsible for clearing every transaction? Same ways banks connected to Visa deny certain transactions. > Because the article literally says they plan "gradually transitioning to a permissionless state" I must admit I don’t understand what permissionless means. It’s not possible to be truly permissionless if you a member of the network prints money. > Facebook will not control the network Other members of the network can do the same transaction moderation.
- TomMckenny 7y ago> It’s not possible to be truly permissionless Exactly, it certainly appears the claims can't all be true. This is a bit disturbing from a company with a questionable track record.