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Other Cryptocurrency

Discussion in 'General' started by MLyons, 6 Dec 2017.

  1. Arboreal

    Arboreal Well-Known Member

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    Thanks Gareth for your unsurprisingly critical assessment, very interesting to see and as I suppose I expected.
    Quick, get that disposable email address fired up - and the key for the spam tin!
    Dreamland...

    Wakka, loads of scrabbling for market but too little business to go round.
     
  2. VipersGratitude

    VipersGratitude Well-Known Member

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  3. Ferino

    Ferino Active Member

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    Just reading something on facebook new cryto. Anyone have any thoughts on this. If it's going to take off big would love to be on the ground floor of this for a change. Any of the more savy crypto guys on here already bought in?
    Cheers
     
  4. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    You can't buy in, because it doesn't exist yet - and might not ever exist, given the EU doesn't like it, backers may be pulling out, and Facebook has more pressing matters to worry about.
     
  5. Ferino

    Ferino Active Member

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    thanks for the info. I had just read something that came up in my feed saying they had started trading and had already increased in price. Went back to look for it and no sign of the article. Think I am suffering hallucinations. Time to cut back on the caffeine intake. Thanks for the articles though. Interesting reading.
     
  6. edzieba

    edzieba Virtual Realist

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    Libra isn't launched yet, so there's nothing to buy.
    There's quite a bit of confusion around as there are kind of two separate-but-related things intended to be released:
    - Libra the currency & processing network. This is intended to be a semi-pegged currency (rather than tracking USD like USDT, it will track a collection of international currencies, stocks & assets. Like the well-regarded Vanguard funds), and is controlled by a consortium (Calibra) of members who 'buy in' at a very high price in order to create the initial asset pool, of which Facebook will be one member. The blockchain network will initially be centralised-ish and operated by this consortium (akin the the EMV system, BACS, SWIFT, etc), with the intent to transition to a decentralised processing model at a later date.
    - The 'Libra wallet' that is to be created by Facebook. This is like the Bitcoin client, and would be one of many different clients (just as Bitcoin has several different clients). As this would not be a processing node of the network itself, it has no power over the direction of the network unlike a Bitcoin full node (the consensus protocol at launch only operates among the validators who have bought into the backing portfolio).

    As a network the most interesting points are that it has buy-in from Mastercard & Visa (and Paypal & Stripe) - which covers almost every online and offline consumer transaction - and is pegged to an international fund tracker rather than a single national currency. centralised vs. decentralised may be a philosophical bone of contention, but in terms of practicality its a wash: if the network works, it works, nobody gives a monkeys if EMV is centralised or not when they use it every day (or whether your bank is connecting using a network of virtual servers of a VAX in a basement). The Facebook-branded client is also a red herring: not only is there an open-source Libra implementation as the baseline, but multiple client implementations to the draft spec already.
    With its nature as a backed currency, it's not really something to 'invest' in like you might with Bitcoin et al and expect a 'Libra coin' to be worth more in the future. Instead, it would be something like low-barrier-of-entry Forex trading: other currencies may fluctuate against it so (for example) if you expect GBP to tank relative to the rest of the world economy you could buy Libra with GBP now, then sell your same amount of Libra for GBP once the GBP price drops. This works out well for using Libra as an interchange currency, but not as a passive investment medium.

    You can play with the testnet or set up your own testnet, but nothing is live yet.
     

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