Facebook reveals blockchain based payment method

[CiBi]

Source: Tweakers (dutch)

Source: Techcrunch

 

 

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.

 

[Sauron]

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

[lewdicrous]

Now they gotta mess it up and somehow release user information for the nth time. /s

[Antistatic12]

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.

I'm still waiting on LTT's coin.

[Bananasplit_00]

Nopenopenopenopenopenope

[Arika]

57 minutes ago, CiBi said:

with nearly zero fees

bull. shit.

 

aka every single one of the companies listed above will know exactly what you are buying so they can target more ads at you

[RejZoR]

Lol, but I'm not gonna touch anything Facebook with a 100m pole...

[jiyeon]

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.

[JuztBe]

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

[Misanthrope]

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.

[williamcll]

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

[mikegray]

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. 

[suicidalfranco]

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

[Taf the Ghost]

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. 

[Unixsystem]

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.?

[Guest]

You’d have to be pretty stupid to invest in cryptocurrency now tbh.

[Belgarathian]

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.

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!

[RejZoR]

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....