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Businesses The Almighty Buck

Ebay, Stripe, Visa, Mastercard Drop Out of Facebook Libra Cryptocurrency, After PayPal (cnbc.com) 24

Posted by msmash from the running-out-of-friends dept.
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.
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Ebay, Stripe, Visa, Mastercard Drop Out of Facebook Libra Cryptocurrency, After PayPal More

Ebay, Stripe, Visa, Mastercard Drop Out of Facebook Libra Cryptocurrency, After PayPal

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  • Libra will be visa's and paypal's coffin. stripes. too. they were in just to get the details for the intentions and implementation. Now they are out. Libra, if allowed to launch will stomp them to death and with a good cause, it will undercut them by such a margin that those thieves will go out of business.

    • 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.

    • It'll also be the coffin in democracy and free market capitalism, since Facebook will be your new government. Enjoy.

      • Re: (Score:2)

        by etash ( 1907284 )
        you mean the same free market cartel..sorry meant to say capitalism of banks and visa/mastercard that reap anywhere from 2-5% from any transaction?

        • 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?

    • There's already so many cryptocurrencies out there, and they don't need banking or corporate permission to exist. That's why Libra is dangerous. It's going to gather a bunch of money, then Facebook will decide to turn off your money, or the government will. Why would you choose these features in a cryptocurrency? I guess only if you're a stupid user who doesn't understand the difference.
  • I wonder if openlibra.io has plans to build a reserve in order to keep their coins stable, like Libra had. But is this possible in a permissionless network at all?

  • Well duh, it hurts them (Score:1)

    by Anonymous Coward

    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.

  • Eliminating the ability of the US government to control valuation of primary currency is not going to be welcomed with opened arms...

    • 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.

    • 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.

  • 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)

    by btcwarrior ( 6074246 ) on Friday October 11, 2019 @06:23PM (#59297982)
    Gold was money, and the Gold standard is over. Money is a winner take all situation. If you want something that can succeed where Gold failed. You want something without any angle of attack, and no single point of failure. So, you want something fully, and genuinely decentralized, without any company or leader to sue. You want something that can run for decades, and that will resist any kind of attack, internal or external. You will chose a harder monetary policy than Gold. This will give a massive incentive to HODL, and to play the long game. People will not come here because they have listen to any random people, they will check carefully, and once they are in, they will stay. At the end, you get a genuinely decentralized protocol, fully scalable, and fully extendable. This was the work done on Bitcoin. When you choose a different path, for instance publicity, and price pumps by marketing, you get something different. This is the same model as modern Art. The object itself is irrelevant, and worthless, what matters is the public perception. But you know that fashion passes, and people will find something shiner soon.

    • "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.

  • The world will be a better place when you are dead and buried.

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