I've read that the Facebook coin reveal is going to be a white paper only, and any implementation or coin launch is a year out. In a sane word that means they will take their negative PR bath and rejection from the crypto community and quietly kill the project some time over the next year. In a sane world...
Wait wait wait wait. Wait.
The crypto community isn't a fan of Facebook coin?
That's hilarious.
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ApogeeLancks In Every Game EverRegistered Userregular
I've read that the Facebook coin reveal is going to be a white paper only, and any implementation or coin launch is a year out. In a sane word that means they will take their negative PR bath and rejection from the crypto community and quietly kill the project some time over the next year. In a sane world...
Wait wait wait wait. Wait.
The crypto community isn't a fan of Facebook coin?
That's hilarious.
The crypto community (which is already painting with a very large brush) is generally anti-establishment of any kind. They can't agree on a rotating group to lead a decentralized development team to develop a decentralized currency - they sure as hell won't accept a corporation being in charge.
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
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ApogeeLancks In Every Game EverRegistered Userregular
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
I'm still of the opinion that the best way for crypto to go is effectively just replace currency, but not the rest of the architecture. Sure, I could hide my life's savings under the mattress, but I'd prefer a bank to do that for me. Crypto reduces the friction of financial transactions (no third party verification required through Visa/Interac/cheque clearing), but that's about it.
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MayabirdPecking at the keyboardRegistered Userregular
I keep seeing ads on TV suggesting to the viewer that they get their investments out of gold and into bitcoin, as gold isn't doing much and bitcoin is the new hotness. It's very silly.
Who on earth is paying for these ads?
(Crypto exchanges?)
My guess? Somebody who needs the value to go up so they can cash out without losing a ton of money.
A lot of people are starting to catch on to the giant scam that is cryptocurrency, so they have to go after markets that have money but aren't as internet savvy, like old people. All the other big scams inevitably end up targeting the elderly, so why not them too, right?
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
I'm still of the opinion that the best way for crypto to go is effectively just replace currency, but not the rest of the architecture. Sure, I could hide my life's savings under the mattress, but I'd prefer a bank to do that for me. Crypto reduces the friction of financial transactions (no third party verification required through Visa/Interac/cheque clearing), but that's about it.
If anything transaction processing with Crypto is 100 times worse. Its slow, unreliable and you have to rely on unregulated entities to do it
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
I'm still of the opinion that the best way for crypto to go is effectively just replace currency, but not the rest of the architecture. Sure, I could hide my life's savings under the mattress, but I'd prefer a bank to do that for me. Crypto reduces the friction of financial transactions (no third party verification required through Visa/Interac/cheque clearing), but that's about it.
Those transactions exist so money can be tracked.
When some dude absconds with $20000 and there's no way to get it back from him, it's a bad system.
I understand the desire to free your money from the system like banks are the matrix, but, the reason the banking systems have built up the way they are is because cash transactions are dangerous and cumbersome.
Escrow exists because people can't be trusted once a lot of money is on the line. Third parties serve a very important role in our modern society for handling money and transitioning of property for large scale transactions. Shit the police are a third party for barter transactions with craigslist even now because even when $20 is on the line, you might end up getting stabbed or held at gunpoint.
bowen on
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
There are even centralized-by-design cryptos now. Ripple is an example. If some hacker steals a ton of someone's XRP currency, the victim can just ask Ripple The Company to undo the transaction on their centrally controlled blockchain, and they can do it.
Yes, they reinvented banks inside of crypto currency and pretended it was new.
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TL DRNot at all confident in his reflexive opinions of thingsRegistered Userregular
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
I'm still of the opinion that the best way for crypto to go is effectively just replace currency, but not the rest of the architecture. Sure, I could hide my life's savings under the mattress, but I'd prefer a bank to do that for me. Crypto reduces the friction of financial transactions (no third party verification required through Visa/Interac/cheque clearing), but that's about it.
If anything transaction processing with Crypto is 100 times worse. Its slow, unreliable and you have to rely on unregulated entities to do it
That's not really true. There are tons of laughable problems with various coins, but right now "send money; ok the money is there" is cheaper and faster than bank transfer or Paypal, and doesn't suffer from interference by payment processors. Whomst among us hasn't had a Paypal transaction locked for weeks on end, or at least a needless multi-day hold placed on a check?
Of course, this time in 2017(IIRC?) a BTC transaction cost several dollars and/or took hours, because of scaling issues with mining that took a long time to be resolved (partly by changes to BTC, partly by already-existing responsiveness in the protocol that adjusts mining difficulty based on participation in ways that I'm only vaguely familiar with).
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TL DRNot at all confident in his reflexive opinions of thingsRegistered Userregular
BTW, if you guessed that this week's most absolutely cursed phrase would be "catholic church cryptocurrency", please come claim your prize
The best part about crypto communities is they realized decentralized has a lot of shitty pitfalls and one of the biggest is "someone stole all my money and I have no way to recover it!"
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
There are even centralized-by-design cryptos now. Ripple is an example. If some hacker steals a ton of someone's XRP currency, the victim can just ask Ripple The Company to undo the transaction on their centrally controlled blockchain, and they can do it.
Yes, they reinvented banks inside of crypto currency and pretended it was new.
TBF, Ripple was largely funded by Google and venture capitalists from the jump. It never had much to do with the lolbertarian side of crypto enthusiasts.
Facebook and 27 other partner companies formally announced this morning they plan to launch a digital currency called Libra in the first half of 2020. And if they pull it off, Libra could become the standard digital currency around the world.
Facebook describes Libra as being “powered by blockchain,” though it’s not clear why the currency is going to use blockchain technology at all. Unlike cryptocurrencies like Bitcoin, Libra will be backed by a reserve of real assets, it can’t be mined, there’s no cap on the number of Libra that can be produced, and it won’t be decentralized at launch.
This may be the most meaningless cryptocurrency ever.
Facebook claims this will help with migrant remittances. How!?
Because migrants will be able to use their funds without having to worry about currency exchange or something is the likely excuse. "Safer than carrying cash!"
Facebook claims this will help with migrant remittances. How!?
Because migrants will be able to use their funds without having to worry about currency exchange or something is the likely excuse. "Safer than carrying cash!"
safer in some ways, but not in others
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
Facebook claims this will help with migrant remittances. How!?
Because migrants will be able to use their funds without having to worry about currency exchange or something is the likely excuse. "Safer than carrying cash!"
But cash is usually useable everywhere in a country while a cryptocurrency isn't. You still need to be able to cash it out at the end to compete with Western Union. The last mile stuff is the hardest part!
I predict it immediately becomes a way to sell drugs and contraband, and a year from now Facebook will have to do a very “who could’ve foreseen this!” apology.
it was the smallest on the list but
Pluto was a planet and I'll never forget
I can't think of an idea that makes my skin crawl more than "it's like paypal but now facebook has your bank information."
like, my entire epidermis jumped two feet to the left after reading about this.
Additional detail of the project is that you can participate and run nodes(subject of approval). If you run nodes, you get access to the information. Companies have already committed to participating. It's a pretty ingenious move to push for acceptance and say your currency is "supported by X,Y,Z".
I predict it immediately becomes a way to sell drugs and contraband, and a year from now Facebook will have to do a very “who could’ve foreseen this!” apology.
Naaah, It doesn't have any of the features that would make it suitable for that. There is no "crypto" in this. The word is there for marketing purposes, facebook-pay doesn't sound as sexy.
The funny part is Zuckerberg is like the poster child for the kind of nerd/"smart-guy" that would get sucked up in the crypto frenzy trying to make billions.
But the dude already has billions, what's the play here? Does he think this will actually make him more money than facebook does or something? If you want to make a paypal alternative just make a paypal alternative, dude.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
This continues the walled garden track. It's actually a very sharp play(from the company side) and technically savvy people should never skip an opportunity to explain to anyone considering using it how fucking terrible for the world it would be. No exceptions, it's a duty.
I predict it immediately becomes a way to sell drugs and contraband, and a year from now Facebook will have to do a very “who could’ve foreseen this!” apology.
Naaah, It doesn't have any of the features that would make it suitable for that. There is no "crypto" in this. The word is there for marketing purposes, facebook-pay doesn't sound as sexy.
Yeah, you don't want to buy drugs using a tool run by people who want to data mine all of your interpersonal relationships.
The funny part is Zuckerberg is like the poster child for the kind of nerd/"smart-guy" that would get sucked up in the crypto frenzy trying to make billions.
But the dude already has billions, what's the play here? Does he think this will actually make him more money than facebook does or something? If you want to make a paypal alternative just make a paypal alternative, dude.
Facebook's business model is monetizing information.
They already have the marketplace and targeted ads, now they want to really drill down on specific info on what we're actually interested in buying, when, where, etc.
So, all the data our credit card and banking institutions have, but without the pesky middle man/regulation of trying to get a firmer hold on the particulars.
That's just off the cuff. Maybe I'm wildly off base, but from their efforts to date, I would be shocked if part of the model wasn't trying to monetize us even further, and become an ever more pervasive part of our lives.
First they came for the Muslims, and we said NOT TODAY, MOTHERFUCKER!
I can't think of an idea that makes my skin crawl more than "it's like paypal but now facebook has your bank information."
like, my entire epidermis jumped two feet to the left after reading about this.
Additional detail of the project is that you can participate and run nodes(subject of approval). If you run nodes, you get access to the information. Companies have already committed to participating. It's a pretty ingenious move to push for acceptance and say your currency is "supported by X,Y,Z".
This is horrifying. I don't want people to miss this little detail, because it is very not good.
I can't think of an idea that makes my skin crawl more than "it's like paypal but now facebook has your bank information."
like, my entire epidermis jumped two feet to the left after reading about this.
Additional detail of the project is that you can participate and run nodes(subject of approval). If you run nodes, you get access to the information. Companies have already committed to participating. It's a pretty ingenious move to push for acceptance and say your currency is "supported by X,Y,Z".
This is horrifying. I don't want people to miss this little detail, because it is very not good.
There is no part of this that is good, except for the actual customers "partners".
I predict it immediately becomes a way to sell drugs and contraband, and a year from now Facebook will have to do a very “who could’ve foreseen this!” apology.
Nah.
It will immediately become a money laundering factory, where people will buy Zuckerbucks with other people's credit cards and then sell them to other people for a discount.
Is there a source on entities running a node are granted access to transaction data? Or is it the logical conclusion of “the node lives on their infrastructure, of course they can access the information in it.”
Not that this is something I’m finding myself in favor of at all, but if there’s a red flag that big sitting in plain sight, I’m against it forever and ever.
Is there a source on entities running a node are granted access to transaction data? Or is it the logical conclusion of “the node lives on their infrastructure, of course they can access the information in it.”
Not that this is something I’m finding myself in favor of at all, but if there’s a red flag that big sitting in plain sight, I’m against it forever and ever.
What do you mean by transactional? The nodes won't be storing any "private details" just the "public wallet addresses".
Posts
Wait wait wait wait. Wait.
The crypto community isn't a fan of Facebook coin?
That's hilarious.
The crypto community (which is already painting with a very large brush) is generally anti-establishment of any kind. They can't agree on a rotating group to lead a decentralized development team to develop a decentralized currency - they sure as hell won't accept a corporation being in charge.
Which really makes me wonder who keeps buying Ripple, since it's basically Bank Coin©.
Yeah buds, that's why we stopped with the barter system and then created things like cops, lawyers, judges, and federal regulations.
I'm still of the opinion that the best way for crypto to go is effectively just replace currency, but not the rest of the architecture. Sure, I could hide my life's savings under the mattress, but I'd prefer a bank to do that for me. Crypto reduces the friction of financial transactions (no third party verification required through Visa/Interac/cheque clearing), but that's about it.
A lot of people are starting to catch on to the giant scam that is cryptocurrency, so they have to go after markets that have money but aren't as internet savvy, like old people. All the other big scams inevitably end up targeting the elderly, so why not them too, right?
If anything transaction processing with Crypto is 100 times worse. Its slow, unreliable and you have to rely on unregulated entities to do it
Those transactions exist so money can be tracked.
When some dude absconds with $20000 and there's no way to get it back from him, it's a bad system.
I understand the desire to free your money from the system like banks are the matrix, but, the reason the banking systems have built up the way they are is because cash transactions are dangerous and cumbersome.
Escrow exists because people can't be trusted once a lot of money is on the line. Third parties serve a very important role in our modern society for handling money and transitioning of property for large scale transactions. Shit the police are a third party for barter transactions with craigslist even now because even when $20 is on the line, you might end up getting stabbed or held at gunpoint.
There are even centralized-by-design cryptos now. Ripple is an example. If some hacker steals a ton of someone's XRP currency, the victim can just ask Ripple The Company to undo the transaction on their centrally controlled blockchain, and they can do it.
Yes, they reinvented banks inside of crypto currency and pretended it was new.
That's not really true. There are tons of laughable problems with various coins, but right now "send money; ok the money is there" is cheaper and faster than bank transfer or Paypal, and doesn't suffer from interference by payment processors. Whomst among us hasn't had a Paypal transaction locked for weeks on end, or at least a needless multi-day hold placed on a check?
Of course, this time in 2017(IIRC?) a BTC transaction cost several dollars and/or took hours, because of scaling issues with mining that took a long time to be resolved (partly by changes to BTC, partly by already-existing responsiveness in the protocol that adjusts mining difficulty based on participation in ways that I'm only vaguely familiar with).
TBF, Ripple was largely funded by Google and venture capitalists from the jump. It never had much to do with the lolbertarian side of crypto enthusiasts.
I feel like there needs to be a "gobsmacked" reaction button for this.
I have a question - how frothy will the coin be?
This may be the most meaningless cryptocurrency ever.
Edit: There's a video:
Sounds more like trying to evade regulations and such with all the companies on borad with it.
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Because migrants will be able to use their funds without having to worry about currency exchange or something is the likely excuse. "Safer than carrying cash!"
Rock Band DLC | GW:OttW - arrcd | WLD - Thortar
safer in some ways, but not in others
But cash is usually useable everywhere in a country while a cryptocurrency isn't. You still need to be able to cash it out at the end to compete with Western Union. The last mile stuff is the hardest part!
Looking forward to this thing getting hacked in record time.
like, my entire epidermis jumped two feet to the left after reading about this.
So, what you're saying is that ZuckerBucks have left you beside yourself?
"It promotes growth, and is very powerful."
Pluto was a planet and I'll never forget
Additional detail of the project is that you can participate and run nodes(subject of approval). If you run nodes, you get access to the information. Companies have already committed to participating. It's a pretty ingenious move to push for acceptance and say your currency is "supported by X,Y,Z".
Naaah, It doesn't have any of the features that would make it suitable for that. There is no "crypto" in this. The word is there for marketing purposes, facebook-pay doesn't sound as sexy.
But the dude already has billions, what's the play here? Does he think this will actually make him more money than facebook does or something? If you want to make a paypal alternative just make a paypal alternative, dude.
Yeah, you don't want to buy drugs using a tool run by people who want to data mine all of your interpersonal relationships.
Facebook's business model is monetizing information.
They already have the marketplace and targeted ads, now they want to really drill down on specific info on what we're actually interested in buying, when, where, etc.
So, all the data our credit card and banking institutions have, but without the pesky middle man/regulation of trying to get a firmer hold on the particulars.
That's just off the cuff. Maybe I'm wildly off base, but from their efforts to date, I would be shocked if part of the model wasn't trying to monetize us even further, and become an ever more pervasive part of our lives.
This is horrifying. I don't want people to miss this little detail, because it is very not good.
There is no part of this that is good, except for the actual customers "partners".
Nah.
It will immediately become a money laundering factory, where people will buy Zuckerbucks with other people's credit cards and then sell them to other people for a discount.
Not that this is something I’m finding myself in favor of at all, but if there’s a red flag that big sitting in plain sight, I’m against it forever and ever.
What do you mean by transactional? The nodes won't be storing any "private details" just the "public wallet addresses".