Dude, are you fucking mad? No you cannot do that, and I doubt they will ever let you do that. You are building up a strawman and then taking it down. This thing is not finished yet and what you describe would not likely be allowed. Again, they will do like Paypal does, I'm sure the will be plenty of countries that will be blacklisted
Global Macro Trading Journal
- Thread starter Daal
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Dude, are you fucking mad? No you cannot do that, and I doubt they will ever let you do that. You are building up a strawman and then taking it down. This thing is not finished yet and what you describe would not likely be allowed. Again, they will do like Paypal does, I'm sure the will be plenty of countries that will be blacklisted
"“Calibra won’t be available in US-sanctioned countries or countries that ban cryptocurrencies,” a Facebook spokesperson told TechCrunch, eliminating China, North Korea, and Iran on the first point, and India on the second."
"And the value of libra — which Facebook is imagining as a new global currency standard, like the US dollar but supposedly more stable and easier to exchange — will be guaranteed by a reserve of real assets, initially provided by the partners that buy into Facebook’s Libra Association. (Making it, also, more stable than bitcoin.) "
https://www.vox.com/the-goods/2019/6/19/18691549/facebook-cryptocurrency-libra-how-does-it-work
Your source is vox? Did you ever run a ledger on a blockchain and remotely understand how this technology works? Do you understand that regulators want to know about all cash flows, even cash flows from the US to let's say Switzerland? Do you understand that it is currently impossible for Facebook to not have access to those future transaction data?
Your understanding of the backing of that currency is utterly incorrect. Do you know how much the financial backers of this venture invested in? 10mln. Neither the author of the article nor you seem to understand how the value of this new currency is supposed to be derived. It will certainly not backed by any financiers in the background, that is total nonsense. Goodness, gets me angry when someone talks out of his ass on virtually every single bullet point.
Do you even understand the purpose and features of the fractional reserve banking system and why it is systemically important? Or why it relates to this issue at all?
Your understanding of the backing of that currency is utterly incorrect. Do you know how much the financial backers of this venture invested in? 10mln. Neither the author of the article nor you seem to understand how the value of this new currency is supposed to be derived. It will certainly not backed by any financiers in the background, that is total nonsense. Goodness, gets me angry when someone talks out of his ass on virtually every single bullet point.
Do you even understand the purpose and features of the fractional reserve banking system and why it is systemically important? Or why it relates to this issue at all?
An article in The Economist about this explicitly stated that the crypto will be "backed by a reserve fund holding mostly government bonds", so not just a reference basket.
No doubt that regulators will impose major hurdles, but behind the scenes I imagine FB will pitch it as a way to bring existing crypto transfers and other dark money flows into a conveniently centralized location where everything is logged, and which is instantly searchable by regulators and police from all participating countries. Ultimately, it will provide political cover to ban bitcoin and other non-regulated cryptos entirely.
Most people don't care about privacy, least of all FB users.
And which details have they provided so far?virtually none, other than marketing gibberish. You got totally baited my friend 
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Into a convenient centralized location? Mate, blockchain is all about a decentralized ledger not a centralized one. And you honestly believe all non US countries will surrender their authority on financial issues to a company with horrible track record and their questionable backers? And all that in the US? You must be joking. And how is this fund comprised? How does it work? Who backs it and in what way? Is privacy protected. If yes how does that square with the claim that transaction records are accessible to certain parties? Can the crypto be removed from the market and stored in a private wallet and if yes how does that square with the claim that transfers can be blocked for certain sanctioned countries or individuals? Not one such question is answered but Facebook comes out and of course the easily baited crowd of "we believe anything you feed us" jumps on it.
Perhaps you want to read Nouriel Roubinis comments on this issue. He understands more about currency baskets and currency backing and the economics of financial reserve banking than anyone at Facebook and all the financial backers of this bullshit combined.
https://www.chepicap.com/en/news/10...asting-libra-calling-it-a-monopoly-scam-.html
Perhaps you want to read Nouriel Roubinis comments on this issue. He understands more about currency baskets and currency backing and the economics of financial reserve banking than anyone at Facebook and all the financial backers of this bullshit combined.
https://www.chepicap.com/en/news/10...asting-libra-calling-it-a-monopoly-scam-.html
Roubini's comments in that article you linked align pretty much with my own thinking, and certainly don't contradict anything I said. Obviously, FB's motivation here is to set up an ostensibly supra-national payments system which can be smoothly integrated into Whatsapp, as a way to move in on the money-transfer business and avoid grappling with the Balkanization of users into different countries/currencies. Equally obviously, the only way this would fly with governments is if the whole thing is heavily controlled and closely overseen.
I certainly see a ton of obstacles to actually getting the system operating - in particular, all the details that need to be hammered out across multiple jurisdictions and regulatory bodies. Frankly, they'd be better off just integrating a Venmo or Paypal level of functionality into Whatsapp and growing out from there.
Yes, it wont be easy but of course they can comply with money transfer rules.
There are literally thousands of banks and non-banks that do that.
FB has managed to track and target almost 30% of the planet. Creating a payment system with KYC and that bans certain places is nothing.
Of course, it wont be 'true' crypto, and they will hand over all their info to governments (and this might be why they would have no problem with this) but this will introduce billions to people to the world of 'crypto'. They will make transfers and get familiar with it. They will be able to deposit this libra (and this is a speculation on my part but I dont see why not) at crypto brokers and buy BTC. Yes they can do that now with cash but they have no idea what crypto is, once they learn and see how it works, to get involved in the BTC momentum trade will be a lot easier.
I say BTC makes a new ATH within 12 months. $30-$40K is a resonable target after the ATHs
There are literally thousands of banks and non-banks that do that.
FB has managed to track and target almost 30% of the planet. Creating a payment system with KYC and that bans certain places is nothing.
Of course, it wont be 'true' crypto, and they will hand over all their info to governments (and this might be why they would have no problem with this) but this will introduce billions to people to the world of 'crypto'. They will make transfers and get familiar with it. They will be able to deposit this libra (and this is a speculation on my part but I dont see why not) at crypto brokers and buy BTC. Yes they can do that now with cash but they have no idea what crypto is, once they learn and see how it works, to get involved in the BTC momentum trade will be a lot easier.
I say BTC makes a new ATH within 12 months. $30-$40K is a resonable target after the ATHs