carlosdp

42 ms·

421.
by carlosdp 7y ago
Absolutely, I believe Libra can be the gateway into crypto for the general public that we need.
422.
by carlosdp 7y ago
> If not, there is no point for them to build this product. The second point you mentioned literally disproves this point. There's a massive opportunity for making money if Libra works exactly like they say it does. Google Pay and f
423.
by carlosdp 7y ago
It's designed the way it is expressly because of the issues BTC/ETH/etc. have with price stability and regulators. Libra is basically an in-between, it's not fully distributed, but it's not fully centralized. I&#x27
424.
by carlosdp 7y ago
It's early, but I wouldn't call it rudimentary... Cryptocurrency implementations are complicated distributed systems problems. If the code were more complete, I'd wager the author would be complaining that too much of it was
425.
by carlosdp 7y ago
Honestly, since we're on HN, I'll point out that this sounds like a potential startup opportunity created for someone to make implementation of compliance easier for these exchanges, at scale.
426.
by carlosdp 7y ago
By that logic, it's already a disaster, so this doesn't really change things? All it does is allow more people to engage in payments online. Even in that view, it seems like a potential net benefit to the world economy, maybe.
427.
by carlosdp 7y ago
Until it's fully live, it's all funny money and not any sort of threat to real users. It's not like they can change things now and no one would notice before they launched and it took off?
428.
by carlosdp 7y ago
Because it doesn't make much sense to me. Those truly decentralized currencies are choking out themselves with slow transaction speeds and high transaction fees all on their own. I think true decentralization is super interesting and I
429.
by carlosdp 7y ago
Neither 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 col
430.
by carlosdp 7y ago
Any of the members can build their own implementation of the Libra protocol and give it to other members, or they can take Facebook's and modify it (it's already open-source on Github). Several of the members are already software
431.
by carlosdp 7y ago
Sure, look, I'm not saying the Libra plan is perfect and unable to be corrupted, I'm just saying most of the "critical analysis" I've seen thus far doesn't go this deep into how Libra could actually go wrong. T
432.
by carlosdp 7y ago
Yep, you're right, I'll clarify!
433.
by carlosdp 7y ago
What banking infrastructure would Visa build on in these areas? There are none, that's the problem! On the second point, we'll see, but Facebook and the rest of the Libra group seem convinced enough that there is to try, right?
434.
by carlosdp 7y ago
If I had to trust Facebook's word to trust Libra, I wouldn't. I don't have to though. I can trust Swiss non-profit corporate governance law, math, and the fact that keeping a secret between 28 (or 100+ soon) organizations, wi
435.
by carlosdp 7y ago
Sure, 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 Master
436.
by carlosdp 7y ago
You can ask Visa, Mastercard, Stripe, Spotify, Paypal, Uber, or any of the other founding members if they feel like their lawyers seem convinced they each have a legal vote equal to Facebook's. Do you really believe that each of these
437.
by carlosdp 7y ago
Well they have just 1 vote in the governing association, so if a majority validator nodes disagreed with Facebook, Facebook can't override. If it took off, unilaterally shutting down the ecosystem (or otherwise hurting it), in a scenar
438.
by carlosdp 7y ago
Exactly! Why is that? Part of it is lower income per capita, sure. But Facebook and friends did the math and it turns out you can increase that ARPU quite a bit if you give them a way to actually pay for things online, which they largely la
439.
by carlosdp 7y ago
A local enterprising person starts an "exchange bank" that purchases Libra from an "authorized reseller" that is able to mint it by paying money to the Libra Reserve and sells Libra to locals for cash. There are as many
440.
by carlosdp 7y ago
It's far less trivial that you are implying, there's way less data about a Libra account on the ledger than there is on your web browser when you visit a page. But I'll grant that it's not impossible , just wayyyyy more
441.
by carlosdp 7y ago
I don't disagree with you, Facebook should be trusted with a grain of salt when it comes to privacy right now. This isn't relevant to the Libra discussion, because of the way Libra is designed. You don't have to trust Faceboo
442.
by carlosdp 7y ago
It absolutely would! The US, Europe, etc. aren't the big target for this thing, they would be the icing on the cake. I wouldn't count on it making it to China anytime soon though, WeChat and Alipay have that locked up and I doubt
443.
by carlosdp 7y ago
No? Look, you can say things like that, but there is no evidence thus far to back up this being a data play, and every piece of evidence says it is exactly what they say it is. - Facebook wants to make more money, they stand to make the mos
444.
by carlosdp 7y ago
Don't have to believe them, the governance and cryptoconsensus in the whitepapers is enshrined in law and math, and in addition there are competitors in the Libra Association that would easily decry other members if they tried somethin
445.
by carlosdp 7y ago
I agree that a real global currency controlled by a group of corporations instead of (in many cases anyways) elected governments is a concerning concept that we need to really analyze. My issue is that experts right now are instead just dis
446.
by carlosdp 7y ago
You don't need to read their marketing materials to understand why they don't have full control. Read the whitepapers on the Libra site. (or read my top comment on this thread)
447.
by carlosdp 7y ago
THAT is the real conversation we need to be having. My issue is everyone is talking about this being some secret data play or Facebook owning a currency instead. I agree that there are concerning attributes when talking about a world where
448.
by carlosdp 7y ago
I don't need to trust his word, that's the beauty of doing it this way. I just need to trust Swiss law, market dynamics of competitors, and math. FB isn't dumb, they know they're reputation is in the toilet right now.
449.
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 d
450.
by carlosdp 7y ago
@JMTQp8lwXL That's a great question. I'm pretty sure enterprising locals will start up "exchange banks" that interface with larger "authorized resellers" that interface with the Libra Association to turn cash i

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