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Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering h

Interesting, but not surprising considering all the pressure from governments regarding Libra. I wonder if Facebook will ever back down from Libra considering how popular it is, or if they're going to adopt a "rain or shine" attitude and go forward with it regardless of what happens?

tpmx 7y ago
I'm sure they will launch it in a number of struggling countries.
- sriram_sun 7y ago
  Don't you think they would get muscled out of these failed states if they don't pay up (lobby)?
  - tpmx 7y ago
    They'd need to pay more than the other robbers, sure. Shouldn't really be a problem for them, though. Something funny happens when the monetary contribution from a company to a country/government moves from millions to billions. It changes from a potential bribe that people want to keep quiet about to an investment that people want to boast about. And yet it's trivial to siphon between 10-70% of that "investment" into private pockets depending on the country.
  - zupreme 7y ago
    Muscled out how? VPN’s are global...
    - SXX 7y ago
      Political problems can't be solved with tech. VPN won't help when someone decide to put you in prison for using illegal crypto.
      - zupreme 7y ago
        Yet it occurs...globally... Proxies too. Teenagers install proxy modules on their own phones and APs all the time across the globe. This “illegal crypto” is simple a series of mathematical algorithms. You cannot truly “ban” math.
dessant 7y ago
I think governments actually want Libra, what we're seeing is the role of Facebook in all of this being forcefully reshaped to better serve the needs of governments. Facebook will be compelled to give up some of the control and access over this new identity system in exchange for being allowed to operate it.
- r00fus 7y ago
  I personally hope key governments deep-six it. Facebook has shown itself to be untrustworthy for personal data - in what interesting ways will they abuse a custodial role on a currency?
  - josephagoss 7y ago
    Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life. The best outcome here is that Libra doesn't launch at all in any capacity.
    - consumer451 7y ago
      The difference is democracy.
    - DaiPlusPlus 7y ago
      > Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life. That’s an extreme and reductionist position - and I feel it’s an incorrect position. The state does not have a monopoly on violence - certainly not in practice, and in most democracies today the state is expressly forbidden from using any kind of physical force (domestically, at least) excepting emergencies (e.g. police shootouts). Corporations /can/ be just as bad: look at brutal Fortune 500-sponsored union-suppression in South America happening today, for example.
      - manquer 7y ago
        State has absolute monopoly on legal violence. Expect for very few exceptions like defending your home , self defence etc, you are even not allowed even show force let alone act violently. State does not need to use violence in stable democracies they just have make sure ppl know they can to get everyone in line. Also violence is not always physical. Threatening incarceration/ social humiliation / jail time for parole violations/ job loss and other economic harm etc is common tactic law enforcement employ to get cooperation. Finally the state also offers the candy of lower jail time reduced charges and assorted other incentives for cooperation all of it beneficial because of the harm associated with the alternatives.
eugeniub 7y ago
> considering how popular it is Excuse me, popular with whom?
- kache_ 7y ago
  Maybe it's not in use, but it's been getting a lot of press. It's on people's radar and that's valuable in and of itself.
  - whoisjuan 7y ago
    The only press coverage I see about Libra is how governments are not gonna let this run and a bunch of other negative remarks (possibly drawn from the fact that this is a Facebok project which is seen as am evil company by many). I don’t understand how is that valuable? If that’s valuable then all companies with bad press would increase their valuations. Unlike the popular saying there’s actually such thing as “bad press”.
- MereInterest 7y ago
  Popular with people who are looking for another pyramid scheme to invest in, perhaps.
  - justapassenger 7y ago
    Libra is nothing like bitcoin - it doesn't have investment potential - it's 100% backed by basket of fiat money.
    - jameslevy 7y ago
      It does have some potential to act as a hedge against USD. It will probably produce some small amount of capital gains (or losses) for its users.
      - whoanow 7y ago
        I don't think so, there is no way it would achieve mainstream adoption if there was a potential tax liability for users spending their after tax dollars.
drcode 7y ago
Facebook will never back down from Libra, they'll just release a "watered down" version of Libra that's essentially just store credit like "Amazon Bucks" and then sunset it after it's forgotten.

tpmx 7y ago

I'm sure they will launch it in a number of struggling countries.

sriram_sun 7y ago
Don't you think they would get muscled out of these failed states if they don't pay up (lobby)?
- tpmx 7y ago
  They'd need to pay more than the other robbers, sure. Shouldn't really be a problem for them, though. Something funny happens when the monetary contribution from a company to a country/government moves from millions to billions. It changes from a potential bribe that people want to keep quiet about to an investment that people want to boast about. And yet it's trivial to siphon between 10-70% of that "investment" into private pockets depending on the country.
- zupreme 7y ago
  Muscled out how? VPN’s are global...
  - SXX 7y ago
    Political problems can't be solved with tech. VPN won't help when someone decide to put you in prison for using illegal crypto.
    - zupreme 7y ago
      Yet it occurs...globally... Proxies too. Teenagers install proxy modules on their own phones and APs all the time across the globe. This “illegal crypto” is simple a series of mathematical algorithms. You cannot truly “ban” math.

dessant 7y ago

I think governments actually want Libra, what we're seeing is the role of Facebook in all of this being forcefully reshaped to better serve the needs of governments. Facebook will be compelled to give up some of the control and access over this new identity system in exchange for being allowed to operate it.

r00fus 7y ago
I personally hope key governments deep-six it. Facebook has shown itself to be untrustworthy for personal data - in what interesting ways will they abuse a custodial role on a currency?
- josephagoss 7y ago
  Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life. The best outcome here is that Libra doesn't launch at all in any capacity.
  - consumer451 7y ago
    The difference is democracy.
  - DaiPlusPlus 7y ago
    > Governments are as untrustworthy as Facebook but more scary as they have a monopoly on violence and can take away your life. That’s an extreme and reductionist position - and I feel it’s an incorrect position. The state does not have a monopoly on violence - certainly not in practice, and in most democracies today the state is expressly forbidden from using any kind of physical force (domestically, at least) excepting emergencies (e.g. police shootouts). Corporations /can/ be just as bad: look at brutal Fortune 500-sponsored union-suppression in South America happening today, for example.
    - manquer 7y ago
      State has absolute monopoly on legal violence. Expect for very few exceptions like defending your home , self defence etc, you are even not allowed even show force let alone act violently. State does not need to use violence in stable democracies they just have make sure ppl know they can to get everyone in line. Also violence is not always physical. Threatening incarceration/ social humiliation / jail time for parole violations/ job loss and other economic harm etc is common tactic law enforcement employ to get cooperation. Finally the state also offers the candy of lower jail time reduced charges and assorted other incentives for cooperation all of it beneficial because of the harm associated with the alternatives.

eugeniub 7y ago

> considering how popular it is Excuse me, popular with whom?

kache_ 7y ago
Maybe it's not in use, but it's been getting a lot of press. It's on people's radar and that's valuable in and of itself.
- whoisjuan 7y ago
  The only press coverage I see about Libra is how governments are not gonna let this run and a bunch of other negative remarks (possibly drawn from the fact that this is a Facebok project which is seen as am evil company by many). I don’t understand how is that valuable? If that’s valuable then all companies with bad press would increase their valuations. Unlike the popular saying there’s actually such thing as “bad press”.
MereInterest 7y ago
Popular with people who are looking for another pyramid scheme to invest in, perhaps.
- justapassenger 7y ago
  Libra is nothing like bitcoin - it doesn't have investment potential - it's 100% backed by basket of fiat money.
  - jameslevy 7y ago
    It does have some potential to act as a hedge against USD. It will probably produce some small amount of capital gains (or losses) for its users.
    - whoanow 7y ago
      I don't think so, there is no way it would achieve mainstream adoption if there was a potential tax liability for users spending their after tax dollars.

drcode 7y ago

Facebook will never back down from Libra, they'll just release a "watered down" version of Libra that's essentially just store credit like "Amazon Bucks" and then sunset it after it's forgotten.