@rslade wrote:
Yeah, I think you've got something there. Besides, with most current cryptocurrency implementations, don't you get to "unmask" all the transactions if you own the whole blockchain? And who is going to own the whole Libra blockchain?
It looks like you might want to do a little more research on cryptocurrencies, if you are truly interested. The statement "if you own the whole blockchain" reveals that you don't really understand what has been invented. The blockchain in most implementations is a decentralized distributed public ledger, that is, anyone can see any transaction ever created. It is open on purpose, it's the main feature. There are exceptions with privacy chains such as Zcash. And there are second layer protocols being developed for non-privacy chains to implement privacy functions, but by default, the ledger is public.
As for Libra, however, the whitepaper reveals that Facebook and companies that pay $10 million dollars to run a chain node will be the "owners." Eventually the plan is to take Libra permissionless, but by default Libra is antithetical to what cryptocurrencies represent. Plus, as pointed out above, who really trusts Facebook to protect their privacy?
@rslade wrote:
Then there is the spin on this. Facebook is "doing good" with Libra, because almost two billion people don't have bank account, and with Libra, they can! (Only, if they don't have bank accounts now, how on earth are they going to put money into Libra, or get it out?)
Facebook is hoping that users will utilize their smartphone as their bank account. Libra is a stablecoin, therefore Facebook is hoping that they will not only be paid for the labor in Libra but that people will also transact solely in Libra. No need to transfer to a traditional bank account (this is old thinking).
@rslade wrote:
And, given that estimates for Bitcoin operation (let alone mining) approximates the power and carbon footprint of a medium-sized country, what is going to happen to global warming with Facebook pushing Libra to all of it's mindless zombie hordes?
Lol, worried about Bitcoin global warming, meanwhile China and India are polluting more than ever. I'm sorry that's just hilarious. "We probably only have 12 years left on Earth due to the global warming climate change!11!" There are studies out that have determined that an upwards of 70% of the electricity that powers Bitcoin is from renewable energy sources.
@rslade wrote:OK, Libra is going to be a "stablecoin," and therefore mining isn't an issue, but how extensively has it been tested before you release it for trial by every hacker in the world? OK, yes, the major credit cards are on board (is SET coming back?), but is it really ready for prime time?
It has been tested extensively, considering they are literally just ripping off all of the open source work from the past decade of Bitcoin and Ethereum development. It will be ready for prime time for sure, but that doesn't mean I'd trust Facebook enough to use it.
