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Facebook announces Libra cryptocurrency: All you need to know
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. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.
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. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.
Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users' privacy by never mingling your Libra payments with your Facebook data so it can't be used for ad targeting. Your real identity won't be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra stable.
Also at Business Insider and The Verge.
See also: Facebook announces new cryptocurrency called Libra - business live
Facebook's Answer to Bitcoin Poses a Double Threat
How Libra Would Work for You
Previously: Facebook Cryptocurrency
Facebook Plans to Launch 'GlobalCoin' Cryptocurrency in 2020
(Score: 0) by Anonymous Coward on Wednesday June 19 2019, @11:07AM (1 child)
Actually this is a currency that is intended to compete with the dollar in the united states, so it is wildly, incredibly, punishably, illegal.
It's like a city making their own currency, or a church, except they are rich idiots.
bitcoin is different because it has no location and no institutions, no businesses, no licenses, no nothing. It is just technology, the internet. You could try to make it illegal but it would break the internet. You could try to charge someone with counterfeit or something, but you'd have to arrest everyone in 100 different countries. And the police who confiscate it and use it themselves.
zuckerberg and the rest of the 'silicon valley' institutional players, and whoever else will fit in his asshole, are actual companies and have the same rights to print a currency as wal mart or genie energy or the mormon church(who tried look it up), which is none.
So you are right, the same thing is happening with money as happened with privacy. Just because you can create a fake personal computer that is a network listening device due to 'intel' secret management engine, and just listen to everything someone says because no journalist or lawyer or judge or congressperson understands how it works, means that you have no right to privacy and they have the right to spy on you, without any laws or meanings of words changing(visibly).
I predict that this will fail miserably, catastrophically, hilariously, primarily because faceblah is already uncool, and unused by anyone except fake propaganda and advertising accounts, and because even though their money is at maximum, their trust is at negative infinity.
And two things that don't go together are distrust and currency. That the sv elite are still jumping on board with something like this indicates how dramatically out of touch they are, which I already knew.
The echo dot is going to be the tamagoochi of 2025. facebrk will become the aol except worse.
And zuckerberg deserves prison so let's imprison this douche for what he is actually doing, which is subverting the political system and vast espionage on the population. The downside of youthful successes is aging in disgrace, so let's make this happen, take the poetic justice all the way to 11.
That what assange is doing counts as espionage but zuckerberg does not is batshit insane, brazen, obvious, naked emporer, doublethink.
Uninstall the brain update if you were affected buy the corrupted file and thought journalism was espionage and making spy software masked as social media was good business.
And btw, what what was all that stuff printed on the inside of zuckerberg's hoodie with the pentagram, anyway?
(Score: 2) by istartedi on Wednesday June 19 2019, @05:43PM
IANAL either, but It's not illegal. It's a private currency which is legal. [wikipedia.org]. Some other examples include Ithaca Hours (New York state) and the Petole used in the Pacific Northwest. It's even legal to mint coins. It's not legal to mint coins or print bills that might be confused with USD, or to use your currency as an instrument of fraud. That's where the confusion arises. You have to take some care to avoid those problems when issuing an alternative currency, but it's not straight-up illegal.
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