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5 minutes ago, Julian_Williams said:

This Libra thing has the smell of being a hurried botch job.  DS makes me laugh, my guess he is being kind in his criticism.  It is such a confection of ideas that do not fit together that if you touch it bits will fall off.

 

 

Ha!  I like your assessment @Julian_Williams - I think you're correct in the diplomacy being shown .. by both him and @nikb on the topic. 

I think of it now as a multi-fiat ... and quite possibly, overly-complex ... stablecoin. 

My perspective is in the blog, but I want to analyze it a bit more before setting my opinion in a more concrete fashion.  :JC_thinking:

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Posted (edited)

I believe that developers are already working on a collateralized stable coin to be built on EOS that will essentially go after WeChat. So it isn't an idea that comes from the vacuum of space. 

It's not crypto, but it's a payment solution with a huge potential market. I don't like it and I damn sure don't like FB or its accidental billionaire founders...or Web 2.0 in general...but that probably does not matter much.

It will probably be accepted by TPTB because it does not threaten the banksters and their monopoly on the fiat money supply. It will be accepted by FB users because they're a herd with an average IQ of 90 and they already use centralized money in several forms.

Intentionally evil? Probably not. Accidentally evil......I think so. 

Edited by dr_ed

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Posted (edited)
17 minutes ago, Hodor said:

Ha!  I like your assessment @Julian_Williams - I think you're correct in the diplomacy being shown .. by both him and @nikb on the topic. 

I think of it now as a multi-fiat ... and quite possibly, overly-complex ... stablecoin. 

My perspective is in the blog, but I want to analyze it a bit more before setting my opinion in a more concrete fashion.  :JC_thinking:

As DS writes the details are still not published so we are left guessing.  But even I, with my rudimentary understanding of finance can see gaping holes emerging in this plan.  A stable coin that is grounded in moving exchange rates can perhaps be done with very clever and complex algorithms, but it is by nature going to be dynamic and unstable.  As soon as you have three currencies there can not be a consistent value, it must by nature be compromised.

The more you look at this plan the more I understand why Ripple designed their bridging asset the way they did.  But Ripple spent ten years getting their blockchain technology right and then put the right infrastructure around that technology.  It is a big creative process that undertakes a journey that determines the shape of the final design 

This is a short cut solution to an end product copied from the work of another company by a group of CEOs sitting down around a table.  Having made their design and decided in their heads how it will work they hire a team of computer programmers and tell them to build it to their specs by 2020.  It won't work.  Its fantasy

Edited by Julian_Williams

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Posted (edited)
29 minutes ago, dr_ed said:

I believe that developers are already working on a collateralized stable coin to be built on EOS that will essentially go after WeChat. So it isn't an idea that comes from the vacuum of space. 

It's not crypto, but it's a payment solution with a huge potential market. I don't like it and I damn sure don't like FB or its accidental billionaire founders...or Web 2.0 in general...but that probably does not matter much.

It will probably be accepted by TPTB because it does not threaten the banksters and their monopoly on the fiat money supply. It will be accepted by FB users because they're a herd with an average IQ of 90 and they already use centralized money in several forms.

Intentionally evil? Probably not. Accidentally evil......I think so. 

love the phrase accidental billionaire founders.  Truth is most billionaires are accidental, but they all believe they got have the golden touch.  Very few have humility to understand they happened to succeed because they had the right idea in the right place at the right time.  That's why they underestimate what goes into designing a system like Ripple have done.

Edited by Julian_Williams

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Posted (edited)
24 minutes ago, dr_ed said:

Intentionally evil? Probably not. Accidentally evil......I think so. 

As a private company Facebook wants to be labeled a platform for free speech yet have the control of a publisher so that they have the best of both worlds. That is, they can prohibit, limit who and what is said (the exact opposite of free speech) and yet not be legally liable for what is said as a publisher would be and instead place that liability onto the people using their platform. I don't think this will end well for them in the courts nor in governments.  

Now, with "McLibra" they want to claim all the benefits of crypto and especially that of decentralization and the idea of eliminating governments' abilities to inflate and abuse their currencies. Yet, in reading about it it seems to wish to operate just like a fiat based, Keynesian central bank that has led the world to the inflated, debt ridden state it is in. I believe this is intentional evil—just another historical grab for power against the freedoms of the people. But, I don't think it will succeed. 

Edited by VanGogh
clarity

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I guess what I want to add is that I don't think this fake crypto Libra particularly threatens Ripple and their cross-border settlement solution.....but I'm worried that it will keep XRP (or maybe even some other real crypto)  from becoming what I wanted it to be, which is "the cash of the internet".

This is the threat I see.

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25 minutes ago, AlvaroXRP said:

I wonder why such big players (Visa, Mastercard, Uber, Lift, PayPal, eBay,...) would join if it is so bad having the opportunity to partner Ripple and use XRP. Come on guys, be a bit more objetive... 

Keep your friends close, and your enemies closer.

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26 minutes ago, AlvaroXRP said:

I wonder why such big players (Visa, Mastercard, Uber, Lift, PayPal, eBay,...) would join if it is so bad having the opportunity to partner Ripple and use XRP. Come on guys, be a bit more objetive... 

correct me if i'm wrong, but aren't they joining because they'll have voting rights and stewardship of the project and access to the profits from this coin?

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