Submitted via IRC for AnonymousLuser
There's a big problem with Facebook's Libra cryptocurrency
Since Libra's unveiling, the project has gotten a chilly reception from some policymakers. On Wednesday, Federal Reserve Chairman Jerome Powell signaled skepticism about Facebook's plans for Libra.
"I don't think that the project can go forward ... without there being broad satisfaction with the way the company has addressed money laundering, all of those things," Powell said in testimony before the House Financial Services Committee. He added that the project raised "serious concerns" for regulators.
According to The New York Times, even some of Facebook's official partners are lukewarm on the project. Partners are slated to contribute $10 million each to help fund the launch of the network. But the Times' Nathanial Popper reported in late June that "no money has changed hands so far," and he noted that some of the companies who agreed to lend their names to the project avoided making strong public statements in support of it.
That reflects significant uncertainty about how Libra will actually work—and if it's even possible to launch a network like this within the bounds of the law. Facebook is trying to build a payment system that combines the best characteristics of blockchain and conventional networks. But the result may wind up just being a contradictory mess that leaves almost everyone dissatisfied.
See Also Facebook is backpedaling from its ambitious vision for Libra
(Score: 5, Interesting) by jelizondo on Saturday July 20 2019, @05:37PM (13 children)
As Frances Coppola wrote in Forbes [forbes.com]:
Enough said...
(Score: 1) by fustakrakich on Saturday July 20 2019, @05:47PM (5 children)
Exactly. And it's not that money laundering is the issue, it's that it has to go through the proper channels, like a political campaign, or a phony *Somebody* Foundation.
La politica e i criminali sono la stessa cosa..
(Score: -1, Flamebait) by Ethanol-fueled on Saturday July 20 2019, @06:13PM (4 children)
And do you want to know what I have to say about this? NIGGERS.
(Score: 0, Insightful) by Anonymous Coward on Saturday July 20 2019, @06:15PM
yawn
(Score: 1) by fustakrakich on Saturday July 20 2019, @07:52PM
That gag is old, man [youtube.com]...
La politica e i criminali sono la stessa cosa..
(Score: 0, Troll) by NPC-131072 on Sunday July 21 2019, @12:41AM (1 child)
Hello fren.
That is highly offensive. I would suggest "POCoin", "BlackCash" etc for the name of your crypto-currency. If you stick with this naming idea, you should definitely avoid anything to do with the chain in blockchain - we progressives are super sensitive about that. Good luck.
(Score: 2) by PartTimeZombie on Sunday July 21 2019, @09:56PM
Idiot, you even forgot to post anonymously.
(Score: 2, Funny) by Anonymous Coward on Saturday July 20 2019, @06:18PM (5 children)
That was one from the heart. The conversation needs to happen, Zuckerberg is like Dracula feasting on our personal data. We've awakened like Rip Van Winkle to find Zuckerberg the godfather and our clickstream Patton matched and shared with the outsiders - an apocalypse now.
(Score: 0) by Anonymous Coward on Saturday July 20 2019, @06:52PM (4 children)
If you weren't such a pessimist you would realize that this leads to a pot of gold at the end of Finian's Rainbow.
(Score: 2) by takyon on Saturday July 20 2019, @07:24PM (2 children)
Talk like a pyrite.
Blcocccccckchain.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @01:40AM (1 child)
Is that Irony?
(Score: 3, Funny) by takyon on Sunday July 21 2019, @03:54AM
Only 46.67%.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 1, Funny) by Anonymous Coward on Saturday July 20 2019, @08:22PM
The people with all this data are basically santa clause who just want to give everyone exactly what they wanted for christmas.
(Score: 2) by wisnoskij on Sunday July 21 2019, @03:44AM
I really doubt that FB cares more about data than finance. The financial industry makes a thousand times more money than the advertisers. And I am sure that is why they are having such a hard time with this.
(Score: 2) by The Shire on Saturday July 20 2019, @07:25PM (4 children)
There are already talks going on about breaking up Facebook. If they want to pursue this currency then let them spin off an independent company registered as a banking entity and they can do it there with the proper financial oversite and regulation and with no cross talk with FB itself. To add another branch to an already ponderous monopoly will never be allowed.
(Score: 2) by takyon on Saturday July 20 2019, @07:31PM (2 children)
It's all good, fam. The Libra Association [libra.org] will protect the little guy.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 2) by The Shire on Saturday July 20 2019, @08:44PM
Switzerland... lulz. If they want to operate in the US they best register as a US Banking Organization and subject themselves to the same laws and regs any other bank does. I imagine the same should be true in the EU which Switzerland is conspicuously not a member state of. There's a reason they're operating out of Switzerland considering the lack of oversight there.
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @01:21PM
They don't even know it.
https://www.cnbc.com/2019/07/16/fdpic-says-facebook-has-not-contacted-about-libra-data-protections.html [cnbc.com]
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @05:54PM
a shill for the banksters? so gross!
(Score: 0, Flamebait) by Coward, Anonymous on Saturday July 20 2019, @11:19PM
Facebook started with PHP, the most disgusting language I ever had the misfortune of using. Aesthetically at least, it matches their user content. Later they built internet airplanes that never worked. 10 years after Bitcoin came out, they are trying (and failing) to jump on the crypto-currency bandwagon. I guess Zuckerberg sees his company's future as a never-ending stream of wacko postings that people take issue with.
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @12:30AM (1 child)
If not an outright ban. The feds are scared. They have been worried, but if something so public as FaceBook does it too, then the unwashed will feel 'safe'...
And we cant have people buying stuff that cant be tracked now can we? ( even tho the ledger is there for everyone to see.. forever.. )
(Score: 2) by deimtee on Sunday July 21 2019, @04:42AM
Tracking your embarrassing buying habits is only a small part of it, and there is no chance that Faecebook won't build tracking into their system.
The real reason it will be shutdown is that they actually have the resources to grow a cryptocurrency into a serious threat to the current finance oligopoly. Satoshi grew bitcoin into a $200,000,000,000 behemoth as an anonymous hacker with nothing more than published code and ideals. How big could a cryptocurrency be be with a few billion in resources behind its launch?
If you cough while drinking cheap red wine it really cleans out your sinuses.
(Score: 3, Insightful) by Gaaark on Sunday July 21 2019, @02:10AM
"no money has changed hands so far," and he noted that some of the companies who agreed to lend their names to the project avoided making strong public statements in support of it."
They support it, but will not come out loudly in support of it in case of backlash from the public.
But it could mean profit so yup... they'll quietly support it.
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 1) by jmichaelhudsondotnet on Sunday July 21 2019, @11:11AM (1 child)
Mark 'we have been selling your private messages to anyone who blows a cool breeze across my sphincter' Zuckerberg should not be let anywhere near banking or currency or the United States, this is racketeering and espionage behavior.
Arrest Zuckerberg is the correct answer, not Let Zuckerberg Run Global Finance.
I think even the discussion of this topic represents a mania, it should be dismissed out of hand and the police should be issuing search warrants at FB headquarters.
Trust is built upon trust, is built upon trust. If someone loses your trust, you stop building things with them. Further study and practice of this concept will be rewarded.
Anyone who trusts zuckerberg and his cult hoodie at this point is an idiot and deserves what they get, which will be screwed.
I am just screwed because anyone who points out these obvious things is targeted by advanced persistent threats.
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @12:58PM
You know why they don't get it? It's because they don't know the reason for privacy. You can hear this when they reply to someone who point out the danger of giving up your privacy.
- Stop uploading your personal data, they don't respect your privacy.
- I have nothing to hide.
- Oh, I'm sorry. I wasn't aware that you're the only one in the audience who don't get tricked by mentalist performers. Do continue providing commercial and political entities with the data they need to perfect the art. *mumbles* sucker *mumbles*
- What was that?
- Oh nothing. So uhm.. what are you voting, your lastest purchase and what makes you mad, happy, etc.?
(Score: 0) by Anonymous Coward on Sunday July 21 2019, @02:12PM
and if you cross facebook your paymentz will "somehow" not go thru ("so sorry. please submit a ticket via our own application with your facbook username") ... or donations to pro-privacy groups?