The Facebook Libra cryptocurrency thread

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Might as well get it out of the way...

Facebook has assembled an impressive roster of launch partners for its Libra project. Visa, MasterCard, and PayPal are backing the effort. So are Uber and Lyft, as well as several venture capital firms and non-profit organizations.

But Libra's future remains murky. Facebook is months away—at least—from actually launching a network. The documents Facebook released in June left a lot of unanswered questions about how the network will actually work—and in particular, how the network will deal with the wide range of legal and regulatory requirements that apply to payment networks.
Meanwhile,
 
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Sid

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There are no other reasons than criminal activities or speculation to use Libra's, Bitcoins and the lot.
Virtually everywhere on the Internet or in RL shops I can pay with the Euro, USD or local currencies. Extra costs to do so, zero or peanuts.
Paypal has a bank status in Europe so I use that for international payments.
So why giving my financial wherabouts to Facebook?
They know way to much about me as it is already, while not even having a Facebook account.

It is a good thing that the US and Europe are watching this development very closely IMHO.
 

Argent Stonecutter

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Near as I can tell this is not actually a cryptocurrency, it's centrally managed by Facebook and not distributed at all. It's basically Linden Dollars with an extra layer of overly complex encryption tossed in. Oh, and you'll have to pay random extra taxes in many countries (including the US) because the value isn't going to be completely stable.

Plus if it actually involves a public blockchain in the final implementation everyone in the world will have a copy of your transactions to go through at their leisure. Which is why Bitcoin is kind of a stupid way to do illegal stuff.
 

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*facepalm*

An investigation by The Washington Post has uncovered a dozen accounts, pages, and groups across Facebook and Instagram which misleadingly claim to be official hubs for Libra, Facebook’s proposed digital currency. In some cases these pages, which were only removed after WaPo reported them to Facebook, offered to sell Libra at a discount through third-party websites.

Given the proliferation of cryptocurrency scams seen in recent years, it’s not surprising that scammers have descended on Libra given its widespread attention. However, it’s far more surprising that Facebook doesn’t seem to have been prepared for the influx of tricksters on its own service, especially as it struggles to assure regulators that it’s equipped to handle a global currency.
as Cornell University economics professor Eswar Prasad put it in a comment to The Washington Post, “There is a deep irony here in Facebook being used as the platform that could undermine trust in the currency Facebook is trying to build trust in.”
 
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Huh, not the first astrological crypto scam. There's already a Gemini.
 

Bartholomew Gallacher

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If you don't like Libra and think that playing around with Bitcoins will keep out the IRS, guess what - you're wrong!

The IRS recently sent over 10.000 warning letters to cryptocurrency holders - mostly bitcoin - warning them that they might be violating tax laws. They didn't mention which ones, but most likely on capital gains.

The IRS declines about the source of their data, but the bitcoin exchange Coinbase is rumored to be it. Coinbase of course delinces any comment, too.

 
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Every transaction is redundantly recorded in a non-deniable way on the blockchain. All you need to know is that an address is associated with a name and Bob's your uncle.

(Have to be careful with that expression. I once used it with someone who had never heard it, and their boss was named Robert.)
 
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