Re:Facebook reveals its cryptocurrency Libra
by tomp on Wednesday June 19, 2019 @06:22AM
(#20222135)
I don't have an anti-Facebook bias (ok I do, but it's not relevant in this case), but I do have a strong anti-blockchain-as-a-buzzword bias.
1. If the blockchain & all transactions are not public, how is this different to having a non-blockchain based online currency (e.g. "Facebook credits")?
2. If the currency is pegged to USD, how is this different from just having USD in your PayPal account?
My hunch is, this is just a marketing/regulation-evasion exercise. It's not "currency" (it's crypto-currency) so they're not forced to follow the same AML/KYC/capital control/credit check regulations... Governments will quickly catch up though.
1. If the blockchain & all transactions are not public, how is this different to having a non-blockchain based online currency (e.g. "Facebook credits")?
2. If the currency is pegged to USD, how is this different from just having USD in your PayPal account?
My hunch is, this is just a marketing/regulation-evasion exercise. It's not "currency" (it's crypto-currency) so they're not forced to follow the same AML/KYC/capital control/credit check regulations... Governments will quickly catch up though.