Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra project

Re:Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra ... by rocqua on Friday October 11, 2019 @06:52PM (#21229183)

Thing is, people have 'good reason' to want drugs: They feel good, and mostly, people get addicted. Moreover, there is much less of a scale requirement for drugs. It is pretty easy to make money on drugs when 0.1% of all people are using your drugs.

Whereas, a currency used by 0.1% of your friends / neighbors is totally useless.

These reasons make it 1) easier to suppress a currency 2) harder to suppress drugs.

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Re:Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra ... by pasxizeis on Saturday October 12, 2019 @03:09AM (#21231183)

This. Demand for drugs was, and I imagine will always be huge.

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Re:Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra ... by rmilejczz on Friday October 11, 2019 @07:07PM (#21229248)

I feel like you’re reasoning is biased, I’ve seen cocaine usage for adults 18-25 reported around 0.8% to 2.0%, and it sustains an illegal industry. I unfortunately have no figures on bitcoin participation and couldn’t find anything decent when searching on mobile, but I imagine it would be a similar niche.

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Re:Visa, Mastercard, Stripe, and eBay exit Facebook’s Libra ... by rocqua on Saturday October 12, 2019 @07:41AM (#21232272)

Bitcoin, at the moment, isn't used as a currency. Nor is it very viable as one. Instead, it is a store of value, much like gold.

Using something as a store of value has much less of a scale requirement. You only need a few people that will be willing to exchange your Bitcoin into something else in order for it to work as savings / an investment. Whereas a currency requires multiple places where you buy goods to accept it. Moreover, those places only really have a reason to accept a currency if multiple customers would use that currency.

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