Discover and read the best of Twitter Threads about #libra

Most recents (19)

Been thinking about #tendermint / #BFT / #Libra and what it means to be a settlement layer vs a MoE layer, and the gradient of crypto finality and how that relates to the centralization of the system and what we might see emerge with #ETH2 as a result.

$ETH isn’t money.
I’ve heard that said many times over by smart people working on the project.

So why does everyone say it is? ETH is simultaneously derided for being bad for tokens but not acknowledged as being great for SC.

Why not money? It gets complicated.
A deep dive into the Libra white paper reveals an interesting tech stack. The two things that stick out to me:

Ability to influence transactions.

Shortcuts the hard stuff by making it centralized. Their model doesn’t have to deal any of the real world hard stuff, like forks.
Read 15 tweets
1. #Libra has a long way to go before being successful, but in theory, it's brilliant and frightening. At the start of the week, I thought the problem would be that it would reinforce Facebook's corporate power.
2. Now, a few days out, I think the problem is different and bigger: a new layer of monetary control between central banks and individuals, mediated by corporations. My piece today in the FT: ft.com/content/aa97ad…
3. What Libra backers are calling “decentralisation” is in truth a shift of power away from developing world central banks and toward multinational corporations and the central banks of the largest economies.
Read 4 tweets
1/ My views in EconomicTimes on #Libra: “If @facebook were to design the Libra to be a closed system, only to be transacted on its network and not beyond, #RBI should ideally be less concerned, since the #coin does not engage with the external economy” bit.ly/2Ro8jpC
2/ “If it is not meant to operate in a closed system, then it is exactly the kind of #DigitalAssets that concerns RBI. #regulations as currently drafted seem to indiscriminately apply to both the above examples.”
3/ "The argument that this is a #stablecoin — a #cryptocurrency whose value is pegged to be as stable as the dollar — is unlikely to pass muster with the banking regulator, due to concerns around tax evasion, money laundering and fraud" @ikigailaw
Read 3 tweets
#libra has a few major advantages

1. Separation of money and technology
2. An army of CS PhDs willing to work at Facebook
3. Benefit of #blockchain but freedom from the "hash pointer linked list" paradigm to explore new ideas
4. No particular need to argue with the regulators
And a few more...

1. The hacker culture of Facebook
2. A history of useful applications turned around in days rather than weeks
3. Useful apps from day 1
4. A history of good design
None of these guarantee success of the idea but the ecosystem needs all of the above.

The entry of big tech in a big way is the best thing that has happened for those who are really in it for the technology
Read 5 tweets
#Libra thread:

#KYC requirement could as well be what kills Libra, considering that #Facebook and Libra are very likely to implement US and EU style of KYC/AML regulations that assume everyone has a national/state ID, SSN (or equivalent), and utility bills in their own names. >
> This requirement excludes over 80% of the world’s population from banking and global economy, as people in developing countries often do not have means to obtain such documents - or, the documents are so primitive that would not meet a U.S./E.U./G7/OECD standard of KYC. >
> This also holds true with migrants, undocumented immigrants, and refugees in “first-world” countries, as well. >
Read 8 tweets
#Libra : Wie #bitcoin nur stabiler? – Die Berichte über die neue digitale Währung von #Facebook und anderen Tech-Unternehmen sowie Zahlungsdienstleistern sprudeln nur so über. Die #BayernLB hat sich ebenfalls durch das Whitepaper gewühlt und kam zu folgenden Ergebnissen: 👇
#Libra ist keine neue Währung, sondern an einen Währungskorb (und damit vor allem an den US-Dollar) gekoppelt. Damit importiert das Libra-System, wie bei herkömmlichen „Currency Boards“, die Geldpolitik von Fed und Co.
Das #Libra-System ist im Kern ein Zahlungssystem wie Paypal, mit dem Unterschied, dass Facebook bereits rund 2 Mrd. User und Messaging-Apps wie Whatsapp hat, in welche #Zahlungsmöglichkeiten implementiert werden können.
Read 10 tweets
1/ #Facebook released their #Libra #cryptocurrency whitepaper today. This is a stable coin governed by a Foundation that is comprised of a handful of the world’s largest corporations
2/ The currency will run on the Libra #blockchain and coins will be backed by assets consisting of bank deposits and government securities that will be issued by the Libra Reserve whose members each invested a minimum of $10M to run a validator node
3/ This pseudo #decentralization is not being brought into the world to ‘empower billions of people’ or ‘help people everywhere live better lives’ as Facebook suggest
Read 6 tweets
1/ La présentation du "libra" de @facebook a pris tout le monde de court. Je vous ai préparé un petit thread pour vous récapituler toutes les infos à retenir sur cette crypto inédite qui devrait être disponible en 2020 👇 #Libra #facebook #zuckerberg #bitcoin
2/ Le projet "libra" est crucial pour @Facebook. Le groupe, dont les revenus viennent à 98% de la pub, doit se diversifier après les scandales à répétition sur l'exploitation des données personnelles (Cambridge Analytica) #libra lesechos.fr/finance-marche…
3/ Facebook a commencé (au moins) dès 2017 à travailler sur le "libra". Début 2018, Zuckerberg a officialisé la création d'une équipe blockchain. Il a mis à sa tête @davidmarcus, le patron de Messenger, qui a piloté le projet depuis le début #libra lesechos.fr/finance-marche…
Read 15 tweets
A first technical impression of Libra, aka "facebook coin", compared against Eth 1 and Eth 2.
tweetstorm:
🧐⬇️

#ethereum #libra #eth2
0. data keying:
- 32 byte keys seem to be the future. Not only Ethereum 2 is using them in SSZ, Libra will use them for account keys
- static generalized indices, can't find much for "light" clients, you're either a powerful validator, or a user (to be expected)
1. Hashing/merkleization:
- SHA3-256. Not like eth1 (older SHA3), or ETH2 (SHA2-256, like bitcoin)
- No derived merkle structures ("hash tree root" in Eth 2) just bare binary trees.
- Sparse binary trees, with leafs moved upwards. Efficient, but not static enough (important too)
Read 16 tweets
1/ FIRST ANALYSIS of @facebook's #Libra: Facebook completely misunderstands money. 🤣😩 Facebook understands payment systems--but that's not the same as money. Two telling quotes: "Libra is backed by a reserve of real assets." "Many cryptocurrencies today (eg #Bitcoin & #Ether...
2/ ...have no underlying assets to back them." Money is a good that serves as an HONEST LEDGER--it doesn't need to have intrinsic value because it attains value by people trusting it to be an HONEST LEDGER. Money is just a bookkeeping system--not all bookkeeping systems are money
3/ ...yet @facebook throws gobbledygook at us by asserting #Libra has value because it's backed by "bank deposits & short-term govt securities." 🤣 Well, at least it appears Facebook doesn't have plans (yet) to engage in fractional-reserve banking with Libra Reserve's assets...
Read 16 tweets
[Thread lungo]
Un po' di info interessanti su #Libra, la nuova criptovaluta di #Facebook

Prima cosa da sapere: è una cosa ENORME, e tra un anno la userà chiunque in occidente. C'è dentro Mastercard e VISA, ma pure Uber, PayPal, Spotify, eBay. C'è di mezzo pure Coinbase, società finanziaria che finora era stata famosa soprattuto perché vendeva #Bitcoin facilmente.
Il video con cui viene presentata #Libra è particolarmente interessante per la narrazione: viene presentata come la *valuta globale*, che permetterà di superare i limiti delle attuali monete e permettere a tutti (a prescindere dal luogo) di partecipare al mercato globale.
Read 11 tweets
0/ Some interesting information on the FAQ page of Calibra 👇

#Facebook #Libra #Calibra #Blockchain
1/ What do I need to get started?

When Calibra is available, you will need a government-issued ID to sign up for an account. Identity verification is important to comply with laws and prevent fraud, so you know people are who they say they are.
2/ Where will I be able to use Calibra?

Available as a standalone app in the App Store and Google Play. You'll also be able to use Calibra directly in your WhatsApp and Messenger apps, so you can send and receive money as easily as you message friends, family, and businesses.
Read 15 tweets
If you are holding some kind of federated DAG, or a proprietary chain / utility token for blockchain-as-a-service in any kind of “medium of exchange” use case are you really going to bet against the #Libra wormtongue?

If that same project also had an ICO / premine...
and is at risk of delisting have you not derisked your position yet?

I predict that centralized “cash” chains will be obliterated by #zuckbucks. Shitcoins have been licking their boots for years, and now they are replaced outright by their own proprietary solution.
Which begs the question: why would a consortium of control freaks want to outsource any censorable point of contact in their chain of command when they could simply operate that from in-house systems?

If you are still hoping for the reptile to throw you a bone don’t bank on it!
Read 15 tweets
The Chainlink / Facebook Connection
Thread including all things Facebook blockchain, GlobalCoin / Project Libra / stablecoin, and key employees (incl. dates & references) + Chainlink breadcrumbs.
#GlobalCoin #ProjectLibra #Libra #Blockchain #Crypto #Chainlink #4IR #Facebook $LINK
January 4, 2018
Mark Zuckerberg on "fixing" @Facebook and working towards decentralization facebook.com/zuck/posts/101…

#GlobalCoin #ProjectLibra #Libra #Blockchain #Crypto #Chainlink #4IR $FB $LINK #Facebook #Decentralization
May 8, 2018
After four years at the helm of @messenger , @davidmarcus will be leaving the team to lead a small group of @Facebook employees to explore what blockchain technologies can do for the social media giant. facebook.com/davidm/posts/1…

#Facebook #Blockchain #GlobalCoin
Read 25 tweets
1/ 6 PREDICTIONS about what @Facebook's #cryptocurrency means. Grab the popcorn bc I analyzed publicly disclosed info to make 6 predictions, of which 2 will be controversial (#2 and #6). @ForbesCrypto #Libra #bitcoin forbes.com/sites/caitlinl…
2/ First prediction: @Facebook's #stablecoin will be a positive force in developing countries. Second: @Facebook will pay #interest to users of its #cryptocurrency, which will eventually lead to populist calls to repeal subsidies at the heart of the US banking system.
3/ It's true that #stablecoin issuers generally pocket the float on the assets backing the coins, but I go out on a limb & predict there's no way @Facebook will be able to pocket these big profits w/o sharing them with users. To be clear I haven't seen @Facebook disclose this.
Read 11 tweets
For the record, I know nothing about astrology.
I love Astronomy!!!
I was even on the core team during the repair the Hubble Telescope while the Cosmic Origins Spectrograph (COS) which was installed during Servicing Mission 4 (STS-125) in May 2009.
Astronomy (from Greek: ἀστρονομία) is a natural science that studies celestial objects & phenomena. It applies mathematics, physics, & chemistry, in an effort to explain the origin of those objects & phenomena & their evolution. I love looking at the stars.
Objects of interest include planets, moons, stars, galaxies, & comets; the phenomena include supernova explosions, gamma ray bursts, & cosmic microwave background radiation. More generally, all phenomena that originate outside Earth's atmosphere are w/in the purview of astronomy.
Read 49 tweets
Sabar, #Aries. Jangan ngomel dan komplen terus. Makin ditekan, dia nanti makin menjauh.

Nah, kalo #Taurus diminta buat senang-senang. Mumpung besok libur kan? Cobalah sesuatu yang baru dan yang kamu suka.

#Gemini, jangan terus ngasih ikannya. Kasih kailnya biar dia mandiri.
Kadang memang harus ada yang diributin biar urusannya beres ya, #Cancer? Ya masa harus disimpen sendiri terus...

Sedih itu manusiawi, #Leo. Nggak usah ditutupi. Hibur diri sendiri aja, senang-senang sendiri. Give yourself some love.
Jangan mikirin masalah percintaan terus, #Virgo. Juga berhenti ngurusin hal yang nggak bisa kamu ubah, manusia yang nggak bisa berubah. Fokus kamu #mingguini seharusnya di kerjaan dan mimpi kamu.

Nggak bisa dipungkiri, cinta juga butuh uang, #Libra. Jadi, fokus di keuangan dulu.
Read 6 tweets
#Venus has strong associations with bubbles, because they bring joy, pleasure, and excitement, and are frequently used to mark happy occasions.
They are a literal representation of #effervescence, which is a #Venusian feature, and are often paired with #sugar (ruled by Venus), as in #soda, or used in #alcoholic beverages, which reduce social inhibitions and can stir the libidinal instincts.
For those reasons, #Venus is associated with #champagne, mineral water, and #bubbly drinks of all variety. They, along with #greentea, make great Venus #offerings.
Read 26 tweets
It's time.
The inchoate, frothy sea of #Pisces is without differentiation
It needs the clarity & singularity of 1 instead of the duality of the fish.
Read 105 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!