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Published 1 month ago with 2 Comments
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  • kxh (edited 1 month ago)
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    Unlike previous stablecoins, Libra will not be issued by a central party. Instead, Facebook has drafted in 27 heavily vetted collaborators—drawn from big tech (Spotify, Uber, and eBay), the charity sector (Mercy Corps, Kiva), the VC world (Andreessen Horowitz), and the financial services industry (PayPal, Visa, and Mastercard)—to operate as preliminary “validator nodes” who will each share a transparent copy of a vast ledger of transactions reflecting all the activity on the network.

    So, still centralized then and run by a bunch of people I wouldn't want to trust.

    Likewise, he confirmed that the Libra Association would work with law enforcement to combat criminals attempting to siphon funds through, say, the dark web—and give up know-your-customer data (passport photos, proof of residence, etc.) if warranted—meaning permissions across Libra’s front-end and back-end can be sealed off upon request.

    So all the bad parts of fiat currency and all the bad parts of crypto-currency.

    Yet the prospect of hewing to government censorship still unnerves some in the crypto community. To Ameen Soleimani, the CEO of crypto-porn startup, Spankchain, Libra resembles an ungodly concoction of the cryptocurrencies DAI and Ethereum, but, he said, “instead of credible censorship-resistance, it is designed for maximum traceability and data reporting to the members and authorities.”

    We need this why?

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