Gold collapsing. Bitcoin UP.

[cypherdoc]

it's not a blockchain at all. sounds almost like a SQL database. also, certainly not decentralized, but a federated system:

"Unlike previous blockchains, which view the blockchain as a collection of blocks of transactions, the Libra Blockchain is a single data structure that records the history of transactions and states over time."

https://libra.org/en-US/white-paper/#the-libra-blockchain

 

[Norway]

According to https://www.bitcoin.com/fundraise/

306.24 BCH donated so far to BU.

@solex, can you confirm that this is correct? The numbers presented on different websites have been pretty messy.

 

[BldSwtTrs]

The Libra Association also serves as the entity through which the Libra Reserve is managed, and hence the stability and growth of the Libra economy are achieved. The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins. Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets. Since authorized resellers will always be able to sell Libra coins to the reserve at a price equal to the value of the basket, the Libra Reserve acts as a “buyer of last resort.” These activities of the association are governed and constrained by a Reserve Management Policy that can only be changed by a supermajority of the association members

So the Libra Association will be the Central Bank of a new world currency. This Central Bank will have fiat currencies and other assets within its reserve like any other Central Bank.

That's an interesting development.

 

[solex]

The Libra whitepaper is out.
https://www.scribd.com/document/413733914/LibraWhitePaper-en-US#from_embed
This development adds complexity to the cryptocurrency space. We are going to see just how important network effects from adoption are viz-a-vis maintaining market cap purely from speculation and investment
I expect BTC to suffer more than most coins which don't have low capacity constraints,

 

[Norway]

The Libra Association also serves as the entity through which the Libra Reserve is managed, and hence the stability and growth of the Libra economy are achieved. The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins. Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets. Since authorized resellers will always be able to sell Libra coins to the reserve at a price equal to the value of the basket, the Libra Reserve acts as a “buyer of last resort.” These activities of the association are governed and constrained by a Reserve Management Policy that can only be changed by a supermajority of the association members

So the Libra Association will be the Central Bank of a new world currency. This Central Bank will have fiat currencies and other assets within its reserve like any other Central Bank.

That's an interesting development.

It's just a matter of time before The Libra Association start minting coins without fiat backing. It will be fractional reserving on top of fractional reserving. A recipe for accelerated hyper inflation.

 

[cypherdoc]

it's not a blockchain at all. sounds almost like a SQL database. also, certainly not decentralized, but a federated system:

"Unlike previous blockchains, which view the blockchain as a collection of blocks of transactions, the Libra Blockchain is a single data structure that records the history of transactions and states over time."

https://libra.org/en-US/white-paper/#the-libra-blockchain

it already is fractionally reserved from the get go. short term UST's are allowed as assets along with a basket of fiat currencies. it's merely a bid to keep fiat in power and has nothing to do with changing the monetary order. the white paper does do a great job of lacing itself with Bitcoin like terminology though.

 

[Norway]

@cypherdoc
What is UST?

 

[cypherdoc]

by next Feb, BSV will be the only true cryptocoin that can compete with Libracoin in that all technical limits will have been removed and the protocol locked down to inspire confidence and stability.
[doublepost=1560869616][/doublepost]@Norway

US Treasuries (short term debt instruments).

 

[cypherdoc]

worldwide confidence stems from stability of rules that don't cause inflation, not the market driven price. that's where Libracoin has it backwards.

altho a steadily rising price from a locked down protocol will secondarily stimulate confidence of course.

 

[79b79aa8]

libra is to bitcoin what facebook is to the internet. its emergence is a sign of maturity.

libra will still need to be built (and the association navigate the perils of central banking). bitcoin is almost ready for showtime.

 

[cypherdoc]

> libra is to bitcoin what facebook is to the internet. its emergence is a sign of maturity.

absolutely. this is what you get when the original Bitcoin gets delayed/crippled 10yrs; the latest T1000 USD backed Terminator designed to kill the rest of nascent crypto. alas, i think it's a little too late.
[doublepost=1560873496,1560872458][/doublepost]not bad. this plus the ~1.5M views from the original threads. we're making history:


[doublepost=1560874486][/doublepost]BCH and BTC arching downwards. BSV steady.

 

[Richy_T]

it's not a blockchain at all. sounds almost like a SQL database. also, certainly not decentralized, but a federated system:

Where does the "Libra" name come from? Is it some kind of astrology thing? Clearly it's supposed to invoke "libre" but it certainly isn't. This kind of shit is red flag, day zero.
[doublepost=1560876887][/doublepost]

This development adds complexity to the cryptocurrency space. We are going to see just how important network effects from adoption are viz-a-vis maintaining market cap purely from speculation and investment

There is a growing trend of skepticism and even antagonism towards facebook. Hopefully that will play into things.

 

[freetrader]

@Richy_T

"(in ancient Rome) a unit of weight, equivalent to 12 ounces (0.34 kg). It was the forerunner of the pound."

which I suppose is why the pound sign looks like a cursive L.

"‘When this was borrowed by the English, they used the name penny but retained the symbol d.: twelve denarii made one solidus, and 20 solidi one pound or libra, giving the term £. s.d., which survived until decimalization in 1971.’
‘L, symbol for the monetary unit pound, stands for libra, Latin for pound (weight).’"

The connection to the scales, measurement...

https://www.lexico.com/en/definition/libra

 

[Norway]

Roger Ver denies that the funds collected to the Bitcoin Cash Developer Fund is not presented correctly to donors. He still hasn't fixed his website.


Anyone can check this easy:
https://www.bitcoin.com/fundraise/

 

[satoshis_sockpuppet]

Isn't it interesting, that they apparently have the feeling that they have to jump on the cryptocurrency bus with libra?
This is really just paypal 2.0 and a try to make the dollar even more of a world currency.

But they try to appeal to the interest in cryptos. That is interesting.

 

[cypherdoc]

it's just another version of "blockchain" tech that incumbents tried to make look cool several years back. man, I can't even remember the name of the JPM chick heading it up. time's flying.

 

[lunar]

Fails at the first hurdle ?

 

[rocks]

It's just a matter of time before The Libra Association start minting coins without fiat backing. It will be fractional reserving on top of fractional reserving. A recipe for accelerated hyper inflation.

I don't know what you are worried about, Woodrow Wilson assured congress and the people that the creation of the FED would not dilute the value of the dollar and paper dollars are hard backed 1-to-1 at a $35 to one ounce ratio. Your worries that people in control would start to create more dollars than backed by gold are nonsense because no one in good conscious would do such a thing.

(BTW, in just 17 years FDR would be explaining to the nation how he was saving them all from starvation by breaking the ratio and diluting paper money, and oh btw outlawing physical ownership of gold for 2 generations)

 

[Richy_T]

I guess if anything good comes of it, it might be that it's a gateway to real crypto where people can learn the truth about how money really works.

 

[Zarathustra]

Do you know how money really works?

We always had 'paper' commodities aka debt/credit, since 5'000 years. "Money is debt".