PayPal Withdraws Support For Facebook's Libra Cryptocurrency (theverge.com) 29
PayPal is withdrawing from the Libra Association, the 28-member nonprofit organization formed in June 2019 to oversee the cryptocurrency's creation and eventual consumer rollout. The Verge reports: The company doesn't cite a specific reason, saying only in a statement to The Verge that it decided "to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations." "We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future," the statement continues. "Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."
However, a report published by the Financial Times yesterday said PayPal had begun distancing itself from the project amid increasing regulatory scrutiny. The company reportedly signaled its intention to skip a meeting in Washington, DC scheduled for today, and the FT reports that at least one primary concern for PayPal has been the lack of attention Facebook executives have paid to Libra's considerable backlash. Another key concern is how the platform will combat money laundering activity.
However, a report published by the Financial Times yesterday said PayPal had begun distancing itself from the project amid increasing regulatory scrutiny. The company reportedly signaled its intention to skip a meeting in Washington, DC scheduled for today, and the FT reports that at least one primary concern for PayPal has been the lack of attention Facebook executives have paid to Libra's considerable backlash. Another key concern is how the platform will combat money laundering activity.
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Take your meds, dude.
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Re: Cryptocurrency=Bitcoin / Everything else=Noise (Score:4, Insightful)
There are several cryptocurrencies that fit that description (and more that don't). There are even contentious forks that happen when people decide to do something uniquely different and try to improve or even stay stagnant in light of devastating attacks (e.g. Eth Classic, p2pk Bitcoin, the 2013 Bitcoin hardfork, MoneroV7). Developer momentum and usage within an ecosystem will eventually determine the strong contenders. https://youtu.be/VoFb3mcxluY [youtu.be]
Libra is vulnerable because it's centralized but I'm pleased as punch that the regulators are scared as hell of Libra - they know nobody wants to use fiat if they are free to choose.
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There is one major angle of attack, the unpredictability of Trump. Most politicians might be too afraid to upset a trillion dollar applecart, but not Trump. If he gets 4 more years I'd say there are even odds he will go after bitcoin. If he bans currency exchange for bitcoin even just in the US it would crater bitcoin.
In theory he could use sanctions to force a ban of electronic banking being used to trade bitcoin worldwide even, but that probably wouldn't happen unless there is a major terrorist attack ass
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They're not long-term stable currencies. Quantum computing poses an enormous technological threat to almost all cryptocurrencies: I've not seen any that are immune to the shatttering of the blockchain through quantum computing. There are proposals to enhance the blockchain, itself, but this means replacing _all_ of the existing cryptocurrencies with new ones, which creates a new opportunity for arbitrage to suck money from previous investors.
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PayPal, the Great Democratizer (Score:2)
Who wants to "democratize access to financial services for underserved population" – yes, of course.
Just like 'nonprofit' is a totally understandable attribute for an 'association' formed by Mastercard, PayU, Stripe, Visa Inc., Booking Holdings, eBay, Facebook, Lyft, MercadoPago, Spotify, Uber, Iliad SA, Vodafone, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures (et al.; in arbitrary order).
So it's just The Better against The Good, or maybe the other
um no.... (Score:3)
good night paypal, it was nice knowing you.
Re:um no.... (Score:4, Interesting)
I was always surprised they were part of it, it was clearly Facebook trying to find a cheap way to compete with paypal through the hands-off regulatory regime for cryptocurrencies.
Maybe they just wanted to be on the inside to better formulate plans to sabotage it and they no longer see the need?
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Too janky for FB? Yikes. (Score:3)
i will be glad when (Score:2)
I can't stand how FB runs FB (Score:2)
I can't even imagine the insanity that would result from having them run everyone's money.
It would make the original Twilight Zone look subtle and understated it in its be careful what you wish for messages.
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I can't even imagine the insanity that would result from having them run everyone's money.
It would make the original Twilight Zone look subtle and understated it in its be careful what you wish for messages.
It would be more like the most pessimistic and depressing of the Black Mirror or Masters of Horror episodes.
Quetta Results (Score:1)
paypal (Score:1)
That's not fair (Score:1)
Reminds me of the Princess Bride (Score:2)
"Tyrone, you know how much I love watching you work, but I’ve got my country’s 500th anniversary to plan, my wedding to arrange, my wife to murder and Guilder to frame for it; I’m swamped."
“Facebook, we'd love to help you fleece people and extend ever more control over their lives, but we have a lot of businesses to screw and people to anger ourselves. Best of luck, though.”