Jump to content
Search In
  • More options...
Find results that contain...
Find results in...
CiBi

Facebook reveals blockchain based payment method

Recommended Posts

Posted · Original PosterOP

Source: Tweakers (dutch)

Source: Techcrunch

 

Facebook-Calibra.thumb.png.181342a6084cd450e4feebfd11800b45.png

 

Quote

Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app.

 

Quote

Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations.

 

On the one hand this will stimulate the growth and adoption of blockchain which is something I think is good, on the other hand its partly in the hands of Facebook, so I'm not touching it with a 20 foot pole.

 

Public launch will be first half of 2020.

 


GAMING RIG CPU: Intel i7-6700K (4.7GHz @ 1.39v) Motherboard: Asus Z170 Pro GPU: Asus GTX 1070 8GB RAM: 32GB Kingston HyperX Fury Hard Drive: WD Black NVMe SSD 512GB Power Supply: XFX PRO 550W  Cooling: Corsair H115i Case: NZXT Switch 810 (white) Operating System: Windows 10 Pro 64bit Monitor: AOC 27" QHD 144Hz Keyboard: Corsair K70 Mouse: Razer DeathAdder Elite Audio: Bose QC25
Link to post
Share on other sites

Ugh, I don't trust a single one of the founders.


sudo chmod -R 000 /*

What is scaling and how does it work? Asus PB287Q unboxing! Console alternatives :D Watch Netflix with Kodi on Arch Linux Sharing folders over the internet using SSH Beginner's Guide To LTT (by iamdarkyoshi)

Sauron'stm Product Scores:

Spoiler

Just a list of my personal scores for some products, in no particular order, with brief comments. I just got the idea to do them so they aren't many for now :)

Don't take these as complete reviews or final truths - they are just my personal impressions on products I may or may not have used, summed up in a couple of sentences and a rough score. All scores take into account the unit's price and time of release, heavily so, therefore don't expect absolute performance to be reflected here.

 

-Lenovo Thinkpad X220 - [8/10]

Spoiler

A durable and reliable machine that is relatively lightweight, has all the hardware it needs to never feel sluggish and has a great IPS matte screen. Downsides are mostly due to its age, most notably the screen resolution of 1366x768 and usb 2.0 ports.

 

-Apple Macbook (2015) - [Garbage -/10]

Spoiler

From my perspective, this product has no redeeming factors given its price and the competition. It is underpowered, overpriced, impractical due to its single port and is made redundant even by Apple's own iPad pro line.

 

-OnePlus X - [7/10]

Spoiler

A good phone for the price. It does everything I (and most people) need without being sluggish and has no particularly bad flaws. The lack of recent software updates and relatively barebones feature kit (most notably the lack of 5GHz wifi, biometric sensors and backlight for the capacitive buttons) prevent it from being exceptional.

 

-Microsoft Surface Book 2 - [Garbage - -/10]

Spoiler

Overpriced and rushed, offers nothing notable compared to the competition, doesn't come with an adequate charger despite the premium price. Worse than the Macbook for not even offering the small plus sides of having macOS. Buy a Razer Blade if you want high performance in a (relatively) light package.

 

-Intel Core i7 2600/k - [9/10]

Spoiler

Quite possibly Intel's best product launch ever. It had all the bleeding edge features of the time, it came with a very significant performance improvement over its predecessor and it had a soldered heatspreader, allowing for efficient cooling and great overclocking. Even the "locked" version could be overclocked through the multiplier within (quite reasonable) limits.

 

-Apple iPad Pro - [5/10]

Spoiler

A pretty good product, sunk by its price (plus the extra cost of the physical keyboard and the pencil). Buy it if you don't mind the Apple tax and are looking for a very light office machine with an excellent digitizer. Particularly good for rich students. Bad for cheap tinkerers like myself.

 

 

Link to post
Share on other sites

An interesting list of founders.

Looking at the founders I guess this has a good chance of really going mainstream, some big names involved. I might give it a go when it is available to see what it is like.

Libra-Association-Founding-Partners.thumb.png.a54e3ba61871c794ce5920b63781cd96.png


I'm still waiting on LTT's coin. 😋


MFB RIG (Mining/Folding/Boinc): AMD 1600 - 980Ti & 1060/3GB - 16GB Ram - 240GB SSD
CORSAIR RIG: CPU:3970X - GPU:1080Ti & 1070Ti  - Ram:16GB - SSD's:3.2TB - HEADPHONES:Sennheiser HD600 - AMP/DAC:Xonar Essence One - Monitor: 35" G-Sync 120hz 3440x1440P
PC & CONSOLE GAMER
Link to post
Share on other sites

Nopenopenopenopenopenope


I spent $2500 on building my PC and all i do with it is play MTGA & watch anime at 720p...

Builds:

The Toaster Project! Northern Bee! The Cassette Deck!

 

The original LAN PC build log! (Old, dead and replaced by The Toaster Project & 5.0)

Spoiler

"Here is some advice that might have gotten lost somewhere along the way in your life. 

 

#1. Treat others as you would like to be treated.

#2. It's best to keep your mouth shut; and appear to be stupid, rather than open it and remove all doubt.

#3. There is nothing "wrong" with being wrong. Learning from a mistake can be more valuable than not making one in the first place.

 

Follow these simple rules in life, and I promise you, things magically get easier. " - MageTank 31-10-2016

 

 

Link to post
Share on other sites
1 hour ago, CiBi said:

Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations.

Still means Facebook has an involvement in this so I'm quite skeptical.


Aesthetics Goddess & Light Theme User

How to pronounce "seoz" - Think 'hose' but replace the 'h' with an 's'

 

 

My Custom PC Build Log  |  My Brother's Custom PC Build Log  |  PC Rig Photography

 

i5-8600K | Deepcool Neptwin White | Asus Z370-P | Corsair LPX 16GB | Asus GTX 1060 3GB | 500GB Crucial P1 + 240GB Crucial BX500 | NZXT S340 | Corsair CX450M

Link to post
Share on other sites

Okay, so what concerns me the most that it's not a crypto currency as we understand. It's not really based on decentralized system, it's the opposite - it's centralized! And there's no mining done which would generate coins. Coins will basically be given out by an organisation, aka facebook. This to me sounds like a currency which can be printed by privately owned organisation. 

I don't like this one bit.

 

source:  https://gizmodo.com/facebook-announces-libra-digital-currency-on-the-block-1835606044

EDIT: on more reading it reminds me of delegated proof of stake work principle. Have to do more reading it seems. 

On further reading it looks promising. 


 

Quote

 

The leader proposes a new block consisting of transactions and sends it to the rest of the validators, who approve the new block if it consists of valid transactions. Once the leader collects a majority of votes, she sends it to the rest of the validators. If a leader fails to propose a valid block or does not aggregate enough votes, a timeout mechanism will force a new round, and a new leader will be chosen from the validators

 

The specification allows deriving safe and complete criteria to detect validators that attempt to break safety, enabling punishment to be incorporated into the protocol in the future

 

 

So from what I gather, there's no real punishment for voting on invalid blocks. Which is concerning. There should be a financial risk for validators, to vote for bad blocks imo.

 

srouce: https://developers.libra.org/docs/assets/papers/libra-consensus-state-machine-replication-in-the-libra-blockchain.pdf


Laptop: Acer V3-772G  CPU: i5 4200M GPU: GT 750M SSD: Crucial MX100 256GB
DesktopCPU: R7 1700x GPU: RTX 2080 SSDSamsung 860 Evo 1TB 

Link to post
Share on other sites
3 hours ago, Antistatic12 said:

An interesting list of founders.

Aye.

 

More important: we have any word on how they're doing the processing for this? Because the fact that Facebook, the company that has the most active devices worldwide, wants to back this up makes me think they're interested in just very silently put most phones and computers to "mine" for it, except not mining cause you won't get shit but they still need processing power available.

 

Up until now I've been pretty tame in not getting rid of Facebook (Culturally it is very different here in *.mx since people is almost unheard of and socially it is kinda the base requirement: I had friends give a "WTF is wrong with you" to another teen dude that stated he didn't have a public Facebook and didn't want to share his account with non-family members) but if they want to use my processing power they better think again: that shit's mine and mine alone to waste on nonsense, not for sale.


-------

Current Rig

-------

Link to post
Share on other sites
41 minutes ago, williamcll said:

As long as it's cheaper than PayPal I'll give it a try.

That. Paypal is wonderful to use, but I detest the fees. 


 

Spoiler

PSU: Corsair rm1000 / MB: ASUS z170-a / CPU: i7 6700k / RAM: 16gb RAM / GPU: Gigabyte 1080 Ti Gaming OC 11G / OS: Windows 10 / Screen: Samsung CRG9 (5120 x 1440) / Case: Silverstone FT02 (modded for WC) / Rad: Magicool 180 Triple / Pump: Alphacool VPP755  / Res: Aquabox Professional / CPU Block: EK Supremacy Clear Acetal / GPU Blocks: Bykski N-GV1080TIG1-X VGA for Gigabyte GTX 1080 Ti Gaming OC 11G 

Link to post
Share on other sites

The great thing about this: been buying 100$ worth of BTC every month ever since the dip last year. And thanks to this news BTC is back up! Hodl f the world


One day I will be able to play Monster Hunter Frontier in French/Italian/English on my PC, it's just a matter of time... 4 5 6 7 8 9 years later: It's finally coming!!!

Phones: iPhone 4S/SE | LG V10 | Lumia 920

Laptops: Macbook Pro 15" (mid-2012) | Compaq Presario V6000

Link to post
Share on other sites

Something like this was always where Blockchain was going to be useful. It's an internal "flex" currency that really acts like an internal ledger system. The real value is that it lets you skip between currencies far cheaper, along with taking the transaction cost of moving money down by a factor over of 100. It's not completely a "free" transaction, but the cost per transaction needs a lot of decimal places to express. 

 

This is actually a big deal, and it'll probably fail because it's Facebook spearheading it. 

Link to post
Share on other sites

I'm less worried about Facebook's involvement and more worried about PayPal and all the credit card companies. They all have a vested interest in making sure that a truly open crypto with no fees doesn't take off. Why on earth would they be backing one of the few things that could long term put them out of business.?

Link to post
Share on other sites
On 6/18/2019 at 11:29 PM, Antistatic12 said:

An interesting list of founders.

Looking at the founders I guess this has a good chance of really going mainstream, some big names involved. I might give it a go when it is available to see what it is like.

Libra-Association-Founding-Partners.thumb.png.a54e3ba61871c794ce5920b63781cd96.png


I'm still waiting on LTT's coin. 😋

If I had to back something right now, it would be this. The founding group are certainly interesting... Lets see how this plays out. At least this coin likely won't suffer the same fate that other coins did due to AML/CFT laws and not being able to identify the source of funds or receiver. On top of that, you've got some of the most respected payment networks available so exchange between fiat currency and Libra should be a breeze!


PC Part Picker Link || CPU: Intel i7 4790K @ 5Ghz; MB: ASUS Z97 Maximus VII Ranger; RAM: 16GB Corsair Vengeance 2400; GFX: Asus Strix 1080ti; CASE: Phanteks Enthoo Evolv ATX Glass; STORAGE: 500GB Samsung 960 Pro, 250GB 850 Evo, 500GB 850 Evo, 3TB WD Red; PSU: Corsair AX1200i; MONITOR: Acer Predator X34; PERIPHERALS: Razer Blackwidow Ultimate Chroma; Razer Deathadder Chroma, Audeze Mobius;

 

Devices || Macbook Pro 15" (2016); iPad Pro 12.9"; iPhone X; Lenovo X1 Carbon

 

Audio Gear || Headphones: Audeze iSine20; Audeze LCD-X; Audeze LCD-3; B&O H5; Sony MDR-1000x; AMP/DAC: Chord Qutest; Pathos Aurium; Bryston BHA-1; Matrix Audio Element X; Benchmark AHB2; Speakers: AudioEngine A5+; Focal Aria 936

 

 

Link to post
Share on other sites
11 hours ago, mikegray said:

That. Paypal is wonderful to use, but I detest the fees. 

Guess just once why Facebook won't have fees. Coz you'll be the product they'll be selling, not the blockchain....

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×