Ebay, Stripe, Visa, Mastercard Drop Out of Facebook Libra Cryptocurrency, After PayPal (cnbc.com) 24
Ebay, Stripe, Visa, Mastercard, and Mercado Pago are all dropping out of Facebook's libra cryptocurrency project, the companies announced Friday. The news comes one week after PayPal announced its withdrawal as government regulators continue to scrutinize the plans. From a report: The original coalition of 28 corporate backers of the libra cryptocurrency seems to be dwindling as lawmakers continue to question how it will impact sovereign currencies and how the project's leaders can ensure consumers' protection. Mastercard and Visa had both been reconsidering their roles in the project as well, The Wall Street Journal reported last week. The Libra Association, the nonprofit in charge of managing the cryptocurrency, said it is still looking to move forward.
of course they are (Score:1)
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"I work for Facebook. So I am really getting a kick out of all these replies ."
We too. When the rats leave a sinking ship, it's always awesome.
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1: You're a liar.
2: The reason they're dropping out is because Zuck Bucks aren't happening. There is ZERO way Facebook would be allowed to operate its own currency. There were only ever two scenarios
A - Facebook and all companies involved simply grant full access and control to all governments whose currency they want to take in exchange for Zuck Bucks. This makes it no different from the existing financial system. Compromised, untrustworthy, not private, not free (beer or otherwise), etc.
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Bad information gets passed around whenever information gets passed around.
It doesn't matter if you start with good or bad information. If you listen and repeat, instead of understanding and having your own ideas, then you will repeat bullshit all the time.
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Libra is just like Uber and Lyft's startup designed to kill taxis... currency is heavily regulated, and this looks like a project that will lose its advantages as Visa and Mastercard have paid to fix their systems, and Libra will need to be equally secure or serious problems would result otherwise.
Basically, they were all in Libra to make sure it was safe, FaceBook as leader wouldn't allow this... so Libra is now slated to never launch.
Re: of course they are (Score:2)
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Here's one that one of my local gas stations came up with...
They assign you a card with a number. You must control your number, because it's in a standard barcode and printed on the card. If your kids or anybody else comes up with your number and says it to a cashier, you're liable for the payment. Just look at all the kid friendly food in their stores... uhm, where could this go wrong?
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Libra is dead. Long live openlibra.io. (Score:1)
Well duh, it hurts them (Score:1)
These companies make their business with regular fiat. Once they realized what cryptocurrency is and can do, they got scared and ran for the hills.
Um, yeah... (Score:1)
Eliminating the ability of the US government to control valuation of primary currency is not going to be welcomed with opened arms...
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Yes, but a business that was built on theft (see also: The Accidental Billionaire) can't get control of anything away from the US Government safely.
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Eliminating the ability of the US government to control valuation of primary currency is not going to be welcomed with opened arms...
It will be welcomed with arms, all right. With laser sights.
The sooner this shit dies the better (Score:2)
If I dare say 'Fuck the Cuck Zuck' I'd get my money turned off because of 'TOS violation'.
Look man, I already live under the thumb of a communist regime, I don't need western virtue signaling bullshit to go with it.
Libra != Bitcoin Censorship resistant sound money (Score:3, Interesting)
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There is no problem with solving that, the problem is that there is no way to combat money laundering, which they're required to do. If you can't do that, it isn't going to be a legal security product. That's the technical problem; you can only succeed with a permissioned blockchain and the ability to identify your customer.
Re: Libra != Bitcoin Censorship resistant sound mo (Score:2)
"You will chose a harder monetary policy than Gold" -- funny. Gold was replaced by fiat exactly because it was not permissive enough. One cannot mint gold at will.
It's a well known fact that softer currency always replaces the harder one in circulation.
Die, Libra, Die! (Score:2)