Why they announced sooo early if they start in first half of 2020?
makiunoPlatinum | QC: NEO 391, CC 27, BTC 224 weeks ago
i mean it's a digital wallet, if you generate your own private keys that you have control over and it operates as easy as paypal, cashapp, venmo than it'll def be competition for all the apple pay, samsung pay, google pay out there. will be interesting to see how the libra chain works, and how funds are transferred between fiat to their libra tokens. One thing is for sure though, this will bring exposure and hopefully lead to adoption and get people researching other cryptos available.
Hopefully! I’m worried that it will do the reverse and cannibalise other crypto and make many redundant, as Libra will have such a widespread immediate customer base
makiunoPlatinum | QC: NEO 391, CC 27, BTC 224 weeks ago
It's suppose to be a stable coin, like usdc, dai, etc. Their endgame is probably just more data mining how people use their funds and habits etc. This will hopefully get more ppl researching btc, eth, monero and other reputable crypto.
Yeah better trust exchanges where exit scam or restrain services (like Binance with US), using a compromised tool to generate your offline wallet. Holding coins where a minor group of whales own the entire supply... Trusting apps made by 2 or 3 guys but who know if the security is okey 👌
Been there, in China, with Alipay. Absolutely no way for an EU person to pay with it: doesn't accept European phone number for sign up and since the end of 2018 one can not get a proper Chinese SIM with a passport.
Don't touch cash. That's the only fallback we have for outages, when someone is without data connection (ghasp!) or for scenarios where politics or decisions make it impossible for foreigners to use it, like above.
EDIT one additional thought. One of my technical issues with Alipay is that it requires data connection from both sides. With POS terminals it's only the seller who needs to have some kind of a phone line. In a foreign country, with the current state of roaming charges, this is a serious problem. I don't know if FB plans to address this issue.
EDIT2 responding to some comments - even if a foreigner could/can get a full Chinese SIM, for spending 2 weeks there the need for a second, dedicated SIM is an overkill and an additional, tricky round, especially if you're not going to a Tier 1 city. Even if you succeed adding foreign bank accounts and debit cards could get tricky if I understand correctly, but I never actually got to test it.
> Anwer: All accounts and transactions are verified, and fraud prevention is built in throughout the app. Accounts are verified with government-issued ID, so you know people are who they say they are. Facebook and WhatsApp account information are also used when available to verify identity and prevent fraud. Calibra also has in-app reporting and dedicated customer service. In the rare event of unauthorized fraud, you will receive a full refund.
How can they refund the money? Would that mean that they have full control on the currency? And if they do, doesn't that defeat the purpose of a blockchain?
> Accounts are verified with government-issued ID, so you know people are who they say they are. Facebook and WhatsApp account information are also used when available to verify identity and prevent fraud.
What could be a bigger achievement for an ad company than being able to track all transactions between its users and customers? That's why your payment account will be associated with your social account. What Facebook is doing here, it's providing a lower-margin (payment processing) service for free to grow its higher-margin (ad targeting) business.
This is Facebook's attempt to cash in on the cryptocurrency hype with a high tech type of bank before real cryptocurrencies can scale and become mainstream.
I consider it a moral imperative for developers to stop this. In fact I will probably make some comment like that at some point on their GitHub pages. Which I expect to be removed. But this is the good fight. It's what Star Wars is really about. Defeating the evil empire.
Can someone give something like eli5 how this works? Is the currency pegged to some currency? How is that peg supposed to hold? Is facebook a bank? Where are the assets supporting the currency ( if they exist) invested?
- They have GAS fees. (unlike say EOS which is free).
- Not sure how they will make accounts anonymous? Knowing an account lets anyone query the account balance?
- They will start with permissioned chain and transition to non permissioned
Let's see if they will allow non-custodial wallets for libra, that might make them the catalyst that enables real world bitcoin payments. There could be a service that pays libra invoices for you if you send them bitcoins. If this happens automated/transparently in wallets that would be a big step forward. Let the POS terminal tell you which currency it wants and your wallet will send it. If they want USD send libra, if they want BTC send BTC via lightning. Switching from accepting USD to BTC would become seamless (e.g. in case of increasing inflation).
I’m skeptical, but it’s too early in the morning to deep dive into the white papers. Will save it for later.
Based on what I have read though, this digital currency isn’t really a crypto coin. The users are verified through government issued identification and it appears the coin is issued by a centralized system.
Seems like the companies invested into this system are trying to act like the Federal Reserve in the United States.
What's the use case for it? It looks like the point is to send money from people to people easily. But how about businesses? Currently I can pay with Contactless in shops, and on online services, paying by debit/credit card is straightforward. So I'm not seeing exactly what it will be used for.