News for hackers. Stuff that matters.

A comment on Open Libra: An open platform for financial inclusion. Parent comment

Re:Open Libra: An open platform for financial inclusion by nordsieck on Wednesday October 09, 2019 @03:15AM (#21200831)
> It's a nice marketing twist, Libra but not managed by Facebook.

It's not possible to do Libra (or any other pegged currency) without really, really deep pockets. This will be DOA if it gets any traction at all.

[ Parent | on HN ]
Re:Open Libra: An open platform for financial inclusion by 1ba9115454 on Wednesday October 09, 2019 @04:52AM (#21201307)
I didn't realise it was pegged. So agreed without deep pockets it will be difficult.
[ Parent | on HN ]
Re:Open Libra: An open platform for financial inclusion by nordsieck on Wednesday October 09, 2019 @12:58PM (#21205140)
> I didn't realise it was pegged. So agreed without deep pockets it will be difficult.

I did a bit of research just to make sure I wasn't mis-remembering

> Libra would operate as a stablecoin. That means its value would be pegged to a basket of specific currencies and backed by assets denominated in those currencies. [1]

I'm sure FB has good employees, but so did the Bank of England. [2] I just don't understand decisions like this. ___

1. https://www.barrons.com/articles/facebook-libra-currency-wil...

2. https://www.thebalance.com/black-wednesday-george-soros-bet-...

[ Parent | on HN ]
Re:Open Libra: An open platform for financial inclusion by eru on Monday October 14, 2019 @04:40AM (#21246216)
Libra is pretty vague about how they would peg.

What's the connection to the GBP supposed to show? You can uphold a peg given the right setup, the pound just didn't have that. (And in this case, the British economy was better off with a cheaper pound.)

Eg balances in my bank account are very successfully pegged to cash. Similar the HKD has been pegged to the USD without much issue for a few decades now.

[ Parent | on HN ]