Facebook Details Libra: A New Flavor of Cryptocurrency

Discussion in 'GBAtemp & Scene News' started by Ericzander, Jun 19, 2019.

  1. regnad

    regnad Button Masher

    May 19, 2008
    “...with the promise of protecting customer information.”

    With the promise of utter lack of self awareness.
    DarthDub and Xzi like this.
  2. Snugglevixen
    This message by Snugglevixen has been removed from public view by Quantumcat, Jun 20, 2019, Reason: Not image board.
    Jun 20, 2019
  3. Foxi4

    Foxi4 On the hunt...

    Global Moderator
    Sep 13, 2009
    Gaming Grotto
    You say it jokingly, but it's not uncommon to hear of cases where certain individuals get banned by money processors or banks for that reason, PayPal and Chase instantly come to mind. Agree or disagree with someone's politics, but the ability to conduct commerce should be considered a fundamental human right. If I have something to sell and there are people who want to buy it then I should be empowered to do it, and it's none of Mastercard's business. People often equate money to the pieces of paper and metal they carry around, but that's not at all how it works - those are just physical abstracts of money. Currency has gone digital decades ago - nobody cares about dropping a dollar, everybody panics after losing their credit or debit card. Money is just a number on a system somewhere, and restricting the ability to exchange that money is effectively restricting a person's freedom to operate in the world, it's similar to imprisonment. How do you pay for things when you don't have a bank card? How do you get paid? In many countries you can't even find accommodation without a bank account. Crypto was supposed to break the monopoly of the banks by providing an internationally recognised global currency that nobody can control or restrict, this feels like a gigantic step back.
  4. LiveLatios

    LiveLatios Profesionnal Scalie

    Nov 16, 2015
    i thought this "hype-train" died in early 2019, is facebook trying to bring it back and make PC hardware cost disgustingly high prices again?

    EDIT: or was it early 2018? still, having any sort of hype for cryptocurrency is retarded because it only fucks with consumers
    Last edited by LiveLatios, Jun 20, 2019
  5. notimp

    notimp GBAtemp Addict

    Sep 18, 2007
    Break Facebook up already. I mean what else do you need?

    They are following the wechat model for the parts of the world that are stupid enough not to know better - and as stupid goes its the majority.

    So now you have the behavioristic modeling, bubble creating, we want no responsibility for anything we show you, except - for when you use facebooks dating side business - we sell your data, to whoever is interested, so fast - you wouldnt be able to keep track, we make you stay at home on voting day - hyper targeted, if someone pays us a cent company of the world - wanting to play payment solution for the developing world - and again - whoever is stupid enough to....

    When is enough enough. Fucking network effect.Those kinds of companies only can fail upwards, it seems.

    Would you like to have some pictures of your grandchildren with your moneyless purchase of service good with crypto?

    When is enough, enough?

    Oh yeah, cant wait until everyone around me pays with their phones and facebook accounts - and then still ask - whats and email address, and what could my password have been. Stupid shit. Mixed with hype from moronic finance graduates, mixed with "we want the chinese lifestyle" mixed with the worst company that ever graced earth. Mixed with the network effect.


    — Posts automatically merged - Please don't double post! —

    Oh, btw - its going to be huge.


    - put all the facepalm in the world here -
    Last edited by notimp, Jun 20, 2019
    TangentingTangerines likes this.
  6. Gon Freecss

    Gon Freecss Telegram Advocate

    Nov 14, 2013
    My first thought
    Oleboy555 likes this.
  7. CORE

    CORE 3:16

    Jul 15, 2018
    United Kingdom
    The arrogance is insane yet most are probably as insane as Zuckerberg for using his Digital Diary Encyclopedia of Everyones Life in the first place never could stand him either.
  8. TangentingTangerines

    TangentingTangerines Advanced Member

    Aug 11, 2015
    United States
  9. MiiJack

    MiiJack GBAtemp Regular

    Sep 13, 2016
    Libra...,Le-"bra". We will have bras as cryptocurrency now?
  10. the_randomizer

    the_randomizer The Temp's official fox whisperer

    GBAtemp Patron
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    Apr 29, 2011
    United States
    Dr. Wahwee's castle
    Wow, money, who better to trust our money than the inept eggheads at Facebook!
  11. Pipistrele

    Pipistrele GBAtemp Regular

    Jan 21, 2019
    As much as I dislike the perversion of cryptocurrency's main selling point, I must admit Facebook will most likely do a better job of making something actually usable, and not just overinflated imaginary money (which is what a lot of cryptocurrencies eventually turned into - even Bitcoin is a pain in the ass to pay with when it comes to basic things)
  12. Taleweaver

    Taleweaver Storywriter

    Dec 23, 2009
    Soon on some e-celebrity's facebook wall:

    Anastacia Posh has spent some libra money on silk road. Click here to order a batch of Acapulco Gold.

  13. gamesquest1

    gamesquest1 Nabnut

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    Sep 23, 2013
    yep, i had a friend get over £600 that was going to be held by PayPal for over a year because he sold a modded mega drive for £40, it wasn't modded in terms of pirated games but a 50/60 hz region free mod, all the rest of the money was random eBay sales for clothes and normal stuff, he ended up being allowed to withdraw his money after a couple of months after lots of back and fourth with them and them demanding photocopies of his photo ID and stuff, he was lucky his landlord was somewhat tech savvy and was understanding when he said his PayPal account had been put on hold, its absurd to think these companies can arbitrarily "hold" peoples cash with pretty much zero accountability or room for negotiation with them, if they decide your bad they can simply keep the money on hold indefinitely

    personally if a service wants to ban you or put your account on hold they should be obliged to allow you to withdraw whatever you have in there, although personally i think financial services really should be protected with the exception for when the recipient is being sued/prosecuted for something in which case i could accept that if your being charged with piracy for example the government NOT PayPal could hold the money until after the trial for them to determine if the money if the proceeds of crime and use it towards any settlement/fine you receive

    same should go for services like steam etc, if they revoke your access to your games i feel like they should be obliged to refund your full original purchase price of any games you bought with them to make sure that they have something to loose for doing so if they decide to completely strip people of their purchases
    Last edited by gamesquest1, Jun 20, 2019
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  14. Bladexdsl

    Bladexdsl ZOMG my posts...it's over 9000!!!

    Nov 17, 2008
    just when you thought facebook couldn't possible get any worse... :glare:
  15. xdarkx

    xdarkx GBAtemp Fan

    May 9, 2007
    There is only one thing to do... Time to buy Facebook new cryptocurrency!!
  16. gameboy

    gameboy GBAtemp Advanced Maniac

    Dec 9, 2015
    United States
    all the most powerful RTX cards at the MicroCenter in my state sold after it got announced... I was looking to buy one too.

    — Posts automatically merged - Please don't double post! —

    all the radeon 7 cards got sold out the first week awhile back because of crypto too
  17. DinohScene

    DinohScene Feed Dino to the Sharks

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    Oct 11, 2011
    Yuck, facebook money.
    Gon Freecss and Bladexdsl like this.
  18. FAST6191

    FAST6191 Techromancer

    pip Reporter
    Nov 21, 2005
    United Kingdom
    Re: "Main selling point is anonymity*"
    *or something that can resemble it if you should do it correctly -- people already routinely go through the full ledger tracing paths of transfer to find people, or their more anonymous accounts. There are altcoins that do better here than plain old bitcoin.

    I like such things functioning as somewhat akin to cash as far as anonymity goes but I would say the a draw, possibly the bigger one, other than speculation is the lack of transaction fees (though they do now have a fee) and turnaround for transfer (though it is struggling a bit now so times are creeping up).

    Re: "main point is limited therefore a better case for it holding value"
    The variable nature of things is such that it is good for long term speculation, and can still be used for fairly immediate transactions if you want to cash out immediately. That does however leave long term storage and medium term transfers being tricky if all parties involved are not on the ball. Barring people doing a run on the currency if it is pegged then a pegged currency like this would have its uses.
  19. chaoskagami

    chaoskagami G̷̘̫̍̈́̊̓̈l̴̙͔̞͠i̵̳͊ţ̸̙͇͒̓c̵̬̪̯̥̳͒͌̚h̵̹̭͛̒̊̽̚

    Mar 26, 2016
    United States

    How about no.
    Multimegamander likes this.
  20. The Real Jdbye

    The Real Jdbye Always Remember 30/07/08

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    Mar 17, 2010
    Libra = libre = free/freedom.
  21. DarthDub

    DarthDub Amateur Hacker

    Jan 26, 2016
    United States
    Your mom's basement.
    I hate cryptocurrencies.
    Bladexdsl likes this.