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re: Discussing the launch of Libra, "A new global currency" VIEW POST


I'm actually quite optimistic about the project. Worst case scenario, they will make huge steps in researching blockchain and help develop truly independent currencies and we can avoid Libra by using fiat currencies as we do today.


I think worst case scenario Facebook and governments have access to even more private data :D


If I understood the whitepaper correctly everyone will have access to the full ledger, so Facebook won't have any special treatment regarding this. However, wallets are based on pseudonyms and you can have multiple wallets (similar to Bitcoin) so it won't be easy to link a wallet to a human.

Hoyos asserted that the project whitepapers contain various promises he described as "contradictory." For instance, one section indicated that Libra user accounts are "dissociated from their real-world identity." But in a separate document on Calibra, the digital wallet associated with Libra, Facebook stated that "Calibra will use Facebook data to comply with the law, secure customers' accounts, mitigate risk and prevent criminal activity" -- but not for ad targeting purposes.


The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity.


Which means that, at least for Calibra users (which would become the defacto standard wallet, since they have the majority of users), there seems to be a way for FB to associate transactions to identity and governments can request those.

I think it's too early to be optimistic or pessimistic, I just don't trust FB :-)

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