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Facebook: Meet "Libra" and "Calibra"

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  1. #11
    er2
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    Quote Originally Posted by TheBrit
    I wasn't talking about bitcoin. There are plenty of other current and future cryptocurrencies. Might not hurt to educate yourself first before chipping in
    Well aware of that. And it is utterly irrelevant to the benefit you cited. The only thing that crypto can automate / make cheaper is the transaction. Which is right now already in the 100 HKD range - how much of an advantage would you get? Meanwhile, the need to transfer fiat into crypto and back will be massively more costly than just moving HKD to AUD or such. No expat asking about cheaper exchange rates on geoexpat will find those in crypto. Unless they're naive enough to try QuadrigaCX 2.0 or such....
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  2. #12

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    Do keep in mind that the US currency is stamped with 'In God We Trust' ... so ...
    European 10 year government bonds with negative yields - or the 100 year Austrian bond with 1.2% yield. Our financial system is out of wack - but Libra will not fix that as it is a 'stable coin' based on a basket of fiat currencies.

    There are few people I trust less than Zuck - but something like libra could still be a great benefit.
    No reason it would be expensive to fund your libra account.

    Biggest obstacle is the central banks - they don't want something that hinders them from setting interest rates, or issuing bonds to fund their operations.

  3. #13

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    Quote Originally Posted by er2
    Well aware of that. And it is utterly irrelevant to the benefit you cited. The only thing that crypto can automate / make cheaper is the transaction. Which is right now already in the 100 HKD range - how much of an advantage would you get? Meanwhile, the need to transfer fiat into crypto and back will be massively more costly than just moving HKD to AUD or such. No expat asking about cheaper exchange rates on geoexpat will find those in crypto. Unless they're naive enough to try QuadrigaCX 2.0 or such....
    Just saving on the time and hassle of international bank transfers is massive use case for many people. Being able to instantly securely and freely send money to anyone in the world is already a game changer.

    If exchange rate can be taken out of the equation too, that's even better, if one digital currency can be used in different countries. I think this is less likely to be permitted but I wouldn't rule it out forever - especially if that digital currency was backed 1:1 by physical money.

  4. #14

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    Quote Originally Posted by shri
    What is different (and good & bad) about Libra is that it is a Facebook product and can be integrated with Whatsapp and Instagram.

    And we all know how keen the economies of the world are to hand over control of their news, political systems, discourse, financial systems and just about everything else to Facebook.
    I suspect in a while Business Users will have to load up their account with Libra credits to pay for services in Libras. This will create a pool of Libra's with the treasury function treating it like a currency driving some sales denominated in Libras to reduce FX costs and act as a natural hedge.

  5. #15

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    This will create a pool of Libra's with the treasury function treating it like a currency driving some sales denominated in Libras to reduce FX costs and act as a natural hedge.
    If their tax departments and lawyers allow it.

    No one "has to" do anything.
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  6. #16

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    Quote Originally Posted by shri
    If their tax departments and lawyers allow it.

    No one "has to" do anything.
    Nope, but many already do accept cryptocurrencies

    https://99bitcoins.com/bitcoin/who-accepts/

  7. #17

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    Quote Originally Posted by East_coast
    Nope, but many already do accept cryptocurrencies
    Not if you ask Rubini - about 20 minutes in - he gets quite agitated.

    https://www.youtube.com/watch?v=NtLkVgzI_RY

    No goods or services are priced in bit coin or any other shit coin

    it's not a store of value

    it's not a means of payment

    you trade one shit coin for another shit coin
    East_coast, GeoTommy and mrgoodkat like this.

  8. #18

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    No goods or services are priced in bit coin or any other shit coin

    it's not a store of value
    Bezos needs to troll him and rename Amazon Gift certificates to "AmazCoins". Backed not by real money, but by inventory in their warehouses.

  9. #19

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    Quote Originally Posted by East_coast
    Nope, but many already do accept cryptocurrencies

    https://99bitcoins.com/bitcoin/who-accepts/
    If that's the full list of companies accepting bitcoin then the correct description is "insignificantly few" rather than "many." Further, I've never heard of most of them and there are only two with which I have transacted business in the last few years.
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  10. #20

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    Bitcoin is a dead end. Just a plaything for speculators and cranks. Best ignored...

    traineeinvestor likes this.

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