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Wednesday, June 19, 2019

No, no, HELL no!

What sort of drooling moron is going to give Mark freaking Zuckerberg control over his money, however virtual?
The much-hyped launch of Facebook's cryptocurrency Libra has met a brick wall of institutional skepticism as politicians and regulators take one look at CEO Mark Zuckerberg's privacy record and raise a collective eyebrow.

Calibra, the new Facebook subsidiary which will operate Libra, has made no secret of its ambitions to branch out from funds transfer into credit, bill payments and other more sophisticated products. Such consolidation of power in the hands of a company that already has a monopoly on online social interaction for its 2-billion-plus users - and a terrible record of protecting users' privacy - has understandably worried the skeptics.
I already deactivated my Facebook account - and I'll activate it only to delete it entirely. There is literally ZERO chance I will ever make any use of Libra. I'd rather trade in seashells.

Labels:

80 Comments:

Blogger Unknownsailor June 19, 2019 1:08 PM  

I can't think of a way as explicitly designed to bring about the coming collapse than this.

Facebook has already demonstrated piss poor data protection policies, and blatantly de-platforms people with politics it doesn't like. Give them the ability to turn off people's finances, and Facebook will instantly get that shooting civil war they seem to yearn for.
-Unknownsailor-

Blogger Wraithburn June 19, 2019 1:15 PM  

Only an idiot would use FaceBucks.

Blogger OGRE June 19, 2019 1:16 PM  

but its their private company, they can do what they want. and we need private crypto-currencies competing against each other in an open market instead of government fiat currency. if it becomes a problem someone will just come along and create a better one, so theres no downside at all!

/sarcasm

Blogger Balam June 19, 2019 1:17 PM  

The left already controls plenty of banking, credit and billing institutions. What possible gain could be had from this? Only thing I can think of is invisible war territory carving now that China and the EU both have left him twisting in the wind

Blogger Arcane Rhino June 19, 2019 1:19 PM  

I wonder if it comes with a cool emblem you can display on your hand or forehead to show you are one of the cool kids.

Blogger JD Curtis June 19, 2019 1:19 PM  

Awhile back a commenter here mentioned there is a program/command one could use to have every one of your FB posts scribbled over with gobbledygook. Anyone recall that?
When I close mine, I think that would be a good think to do if it were all possible.
Heck, why give these fascists anything?

Blogger Argus Bacchus June 19, 2019 1:23 PM  

Self-awareness has never been one of this sleazy little android Jew's strengths.

Blogger binks webelf June 19, 2019 1:25 PM  

This comment has been removed by the author.

Blogger binks webelf June 19, 2019 1:26 PM  

How to: permanently delete your Facebook account

1. In settings, click on Help and search for, How do I permanently delete my account?

2. Click the Delete my account button.

3. Fill in your password, and the “Captcha” text and click “OK”.

4. Click OK.

Lastly, you will be shown a confirmation screen with the date of your final, permanent deletion, (14 days in the future).

Blogger One Deplorable DT June 19, 2019 1:35 PM  

You can trust us! SURELY we would NEVER abuse or leak your valuable information, nor use it to deny you access to the economy upon which you depend for your very life.
t. The Beast

Blogger RandyB June 19, 2019 1:37 PM  

This will be of interest to normies who:

A. Are still on Facebook for normie reasons.

and

B. Have heard something about bitcoin/cryptocurrency but didn't understand it, for normie reasons.

Caveat: I've never looked deeply enough into cryptocurrency to understand it myself. And I don't trust Big Tech any farther than I can spit under water.

Blogger Salt June 19, 2019 1:41 PM  

Crypto-currencies is keeping one's gold stash in the pot at the end of the rainbow.

Blogger anorganicbear June 19, 2019 1:42 PM  

Anyone who uses this service is even dumber than a single, never-married, never-in-a-relationship man joining MGTOW.

Blogger NO GOOGLES June 19, 2019 1:50 PM  

"I would like to buy some groceries"
"Sorry Tim, you didn't post enough about how you support Pride Month - no food this week."

Nuke it from orbit.

Blogger Bultz June 19, 2019 1:51 PM  

Amazon will be the ones to make this happen, and it is equally as terrifying a prospect. Facebook seem to be there to take the initial backlash hit

Blogger #7139 June 19, 2019 1:56 PM  

Wampum will be making a comeback. Just you wait and see.

Blogger thechortling June 19, 2019 1:59 PM  

It's like they're taking the playbook from Eggers, The Circle (the movie was bad, the book even worse ) The idea and general plot of it seems to unfold in Silicon Valley.

Blogger peacefulposter June 19, 2019 2:02 PM  

For Zuckerberg, banking is the genes.

Blogger James Pyrich June 19, 2019 2:06 PM  

> I'd rather trade in seashells.

Demolition Man seashells before Libra.

Blogger Fargoth June 19, 2019 2:06 PM  

Wonder if it's called Libra because it's the sunset of privacy....

More likely to be the sunset of Facebook

Blogger sammibandit June 19, 2019 2:20 PM  

Libras are famously non-commital yet highly judgemental and obsessed with luxury, though lacking the generosity and loyalty of luxe Leos. If you believe in that.

Blogger nidus of inflection June 19, 2019 2:22 PM  

Welcome to the new banksters, same as the old banksters.

Blogger Johnny June 19, 2019 2:28 PM  

Crypto-currencies are fundamentally a gambling vehicle. The only return if you get a positive return comes from somebody else's loss. A zero sum game to put it that way. The good thing about it is you don't have to participate. So... go ahead and buy in. Maybe you will get lucky or have good timing. Than again maybe not.

Blogger Damelon Brinn June 19, 2019 2:31 PM  

I've never looked deeply enough into cryptocurrency to understand it myself.

I finally did. I soon found that the people who understand it can't explain it to the people who don't. I ended up digging through white papers because most tutorials intended for newbies just added to my confusion.

One problem with crypto-currencies is they can't scale up to the level of the credit card companies or a national fiat currency, at least not if each user actually controls his own wallet, because the chain would quickly get too large for everyone to download and verify. So the idea of small-scale currencies being used like the scrip in a company town back in the day is intriguing.

But backed by Facebook? Hell no. My guess is this is mainly for PR, similar to what Google is doing: "Look at this neat, futuristic stuff we're about to do for you. Don't let the mean government stifle our innovation!"

Blogger szook June 19, 2019 2:36 PM  

It's the new Fooz.....I suppose Whoopi approves...

Blogger Ska_Boss June 19, 2019 2:37 PM  

Wow, you could easily profit in the billions if you have:
- your own fresh cryptocurrency where you can buy in starting at near 0
- a mass of gullible users who don't understand terms of service
- a botnet that can push false trends

Forget pump n dump, insider crypto trading is where it's at! I've been in the crypto game for a while now, lost a lot and also made a lot. I wouldn't touch this coin with someone else's wallet.

Blogger Aeroschmidt June 19, 2019 2:43 PM  

It's crypto for boomers. There are no new concepts, the value is in who's backing it, Facebook, Visa, MasterCard, Coinbase. It should be an interesting ICO.

Blogger Noah B. June 19, 2019 2:44 PM  

Listen closely and you can hear the merchant hands rubbing together.

Blogger Balkan Yankee June 19, 2019 2:45 PM  

@: "FaceBucks."

Nice.

@16: Great minds think alike.

Bring Back Wampum!

Blogger Up from the pond June 19, 2019 2:50 PM  

This comment has been removed by the author.

Blogger Up from the pond June 19, 2019 2:52 PM  

Noah B. wrote:Listen closely and you can hear the merchant hands rubbing together.

There's a reason they call it "crypto." (cue spook music)

Blogger One Deplorable DT June 19, 2019 2:56 PM  

@23 - Crypto-currencies are fundamentally a gambling vehicle. The only return if you get a positive return comes from somebody else's loss.

That's false. Fundamentally a cryptocurrency is a publicly verified, cryptographically secured medium of exchange. Features of said medium depend entirely on the specific currency. As does the actual value of said medium, if it has any.

You can of course gamble on crypto like you can on any commodity or currency. But it is used for real economic exchange and is not a zero sum game.

@24 - I've never looked deeply enough into cryptocurrency to understand it myself. I finally did. I soon found that the people who understand it can't explain it to the people who don't.

Part of the problem is that each cryptocurrency has its own algorithms, so at anything deeper than a superficial level there is not a single explanation for how it works. The superficial level is this: your account is controlled via a private key. When you make a transaction you sign the transaction using your key. Miners are able to verify and 'seal' the transaction so that nobody can alter it later and create new units of currency for themselves. A publicly maintained ledger.

One problem with crypto-currencies is they can't scale up to the level of the credit card companies or a national fiat currency, at least not if each user actually controls his own wallet, because the chain would quickly get too large for everyone to download and verify.

That depends on the currency in question. Bitcoin cannot do this. Other coins attempt to solve scalability in different ways.

But backed by Facebook? Hell no. My guess is this is mainly for PR, similar to what Google is doing: "Look at this neat, futuristic stuff we're about to do for you. Don't let the mean government stifle our innovation!"

I doubt it's just for PR. One problem with crypto is that everyone wants to create their own either to solve a perceived technical flaw or to get rich quick. That's not a good thing for a medium of exchange. Facebook rightfully perceives that a group of big name players (banks and companies) could give a coin a great deal of legitimacy and stability attracting normies, especially boomers. And if you control such a coin you stand to make a lot of money. Not to mention you have the power to deplatform people who engage in BadThink or even just question how your company operates.

Hell no indeed.

Blogger Crew June 19, 2019 3:05 PM  

Mark Z might need to be informed that Libra is a feminine hygiene product in some parts of the world as well.

Blogger Azure Amaranthine June 19, 2019 3:09 PM  

Stop insulting the wampum, they make good enough currency!

Blogger Daniel Heneghan June 19, 2019 3:11 PM  

>>I already deactivated my Facebook account - and I'll activate it only to delete it entirely.

As have I. It struck me recently, for those of use who have beta tendencies (as I do), and are trying to de-beta our brain/life, Facebook is about the worst thing imaginable. Don't need to elaborate, just want to stay far away from that toxic hood.

Blogger Damelon Brinn June 19, 2019 3:13 PM  

Facebook rightfully perceives that a group of big name players (banks and companies) could give a coin a great deal of legitimacy and stability attracting normies, especially boomers.

Yeah, it appears the banks have decided crypto isn't going away, so it's time for them to try to dominate it, but banks have always been leery of new technology--probably a good thing. I can see where FB sees an opportunity to sit between the banks and the users and manipulate both.

Blogger Azure Amaranthine June 19, 2019 3:29 PM  

"A publicly maintained ledger."

That is the core problem of cryptocurrency. The ledger can only be maintained in one of two ways due to human limitations. Centralized ledger is exactly the same as the modern "federal reserve" in terms of abuse potential. Decentralized ledger is much less abusable, but also much more limited in scope due to everyone having to have a digital ledger that needs constant updates.

It's really the same as the bad actor problem. Small communities can eradicate bad actors easily, but their system cannot realistically scale up. Large communities can out-compete small communities, but they can't sufficiently eradicate bad actors within themselves, leading to proliferation of bad actors and eventual death of the community.

Cryptocurrency is just a tool to make larger financial organizations before you contract a mortal case of bad actors. Centralized ledger is like having an emperor. Decentralized is like having kings, barons, or free-men, depending on the decentralization model.

Blogger GK Chesterton June 19, 2019 3:34 PM  

I wish Switzerland hadn't folded like a cheap suit. We really do need more fiercly independent mini-states.

Blogger Wraithburn June 19, 2019 3:35 PM  

Azure Amaranthine wrote:That is the core problem of cryptocurrency. The ledger can only be maintained in one of two ways due to human limitations. Centralized ledger is exactly the same as the modern "federal reserve" in terms of abuse potential. Decentralized ledger is much less abusable, but also much more limited in scope due to everyone having to have a digital ledger that needs constant updates.



I think it also obscures what makes cryptocurrency a currency. It's the cost accounting of the institution maintaining the ledger, with the crypto acting as specie in the vault. Same as the Jacksonian era banks, you got together some capital and then started printing your money.

Crypto by itself is just a commodity.

Blogger Aeroschmidt June 19, 2019 3:49 PM  

Amazon already has its own store credits. It's not pretending to be crypto.

Blogger God Emperor Memes June 19, 2019 3:52 PM  

Poor Mark (((Zuckerberg))). - He just wants to be a simple merchant. A happy one, of course.

Blogger OneWingedShark June 19, 2019 3:53 PM  

Damelon Brinn wrote:I've never looked deeply enough into cryptocurrency to understand it myself.

I finally did. I soon found that the people who understand it can't explain it to the people who don't. I ended up digging through white papers because most tutorials intended for newbies just added to my confusion.


Crypto-currencies are based on the idea of a "blockchain" which, as the tweet quoted in this blog says, is a "High-latency low-throughput append-only database" — the 'crypto' comes from the idea of a cryptographic hash, which is embedded into the database transactions — and this is the basis upon which this "open ledger" is based.

The aforementioned/linked blog-post does a pretty good job of stripping things down and explaining what's going on with the whole thing — but the real thing to take away is this: it's a big database [probably, but not necessarily, distributed] with embedded proof of transactions.

Blogger RealTalk103 June 19, 2019 4:00 PM  

This comment has been removed by the author.

Blogger RealTalk103 June 19, 2019 4:02 PM  

This comment has been removed by the author.

Blogger RealTalk103 June 19, 2019 4:03 PM  

If I was writing a future dystopian sci fi back story, this would be where the tech corporation that is best capable of forming ChiCom like social credit scores creates a digital fiat currency which is later enforced by law the only currency legally sanctioned for exchange, and individuals with dissident thought against the government are banned from using money altogether.

Blogger Instinctive Bear June 19, 2019 4:09 PM  

A "decentralized" currency with "governance" is a blatant contradiction. Bitcoin is the only truly decentralized crypto currency, all the rest are junk. Hopefully it will be able to scale up with lightning network off-chain transactions, if not it will still be an investment and store of value that's a lot cheaper and easier to move than physical gold. It's also the only store of value that's truly "unconfiscatable". I get most of these ideas from Tone Vays, check his youtube channel for more.

Blogger Steb June 19, 2019 4:25 PM  

If it becomes an integrated payment system in Facebook, Whatsapp and Instagram it will be a huge success. Click on an influencers post to buy her outfit. Wire money to your friends instantly. A way for grandma to send birthday money to her grandkids in a currency they can use to buy skins in games. Do you think Fortnite won't start accepting Facebucks?

The fact that only an idiot would trust Mark Zuckerberg hasn't proved a barrier to success so far.

Blogger Instinctive Bear June 19, 2019 4:41 PM  

They don't need to invent a fake crypto currency to implement an integrated payments system. They're trying to get around regulation instead of just admitting they're starting their own international bank.

Blogger 2Bfree June 19, 2019 4:50 PM  

VD - Does this mean you'll take a 6" Florida conch shell for issue 7 of Alt*Hero?

Blogger Steve Samson June 19, 2019 4:57 PM  

You could call it 'Revelation.'
Oh, wait...

Blogger InformationMerchant June 19, 2019 5:06 PM  

Venezuela launched a cryptocurrency last year, at least Facebook's Libra has now given it competition for the least confidence inspiring cryptocurrency.

Blogger Dave Dave June 19, 2019 5:08 PM  

I deleted my account because they kept automatically reactivating it. I would also get spammed with annoying emails about that. When some deactivated an account, annoying them is a bad strategy to bring them back.

Blogger JAG June 19, 2019 5:24 PM  

Nuka Cola bottle caps would be a safer currency than Zuckerbucks.

Blogger Haxo Angmark June 19, 2019 5:55 PM  

(((Zuckerberg)))'s crypto-racket is no different than all the other crypto-rackets: all are the very tip of the current JewPonzi'conomy. When the grid goes, and go it will, all digital "wealth" will vanish in a nano-second. Invest in: gold, silver...and lead.

Blogger InformationMerchant June 19, 2019 6:03 PM  

Bonus: https://twitter.com/CryptoLain/status/1141090566668804096

The Libra logo reminds people of something.

Blogger One Deplorable DT June 19, 2019 6:07 PM  

@37 - That is the core problem of cryptocurrency. The ledger can only be maintained in one of two ways due to human limitations. Centralized ledger is exactly the same as the modern "federal reserve" in terms of abuse potential. Decentralized ledger is much less abusable, but also much more limited in scope due to everyone having to have a digital ledger that needs constant updates.

You don't have to have the ledger to transact, and you don't have to have the entire ledger to mine (authenticate and seal transactions). That's true even with the original v1.0 crypto, bitcoin.

It's really the same as the bad actor problem. Small communities can eradicate bad actors easily, but their system cannot realistically scale up. Large communities can out-compete small communities, but they can't sufficiently eradicate bad actors within themselves, leading to proliferation of bad actors and eventual death of the community.

From the viewpoint of a normal, decentralized cryptocurrency the only bad actor is someone who can corrupt the ledger. 'Proof of work' mining is artificially difficult so that the community can exclude bad actors entirely. Not even a state actor can amass sufficient computing power to corrupt the bitcoin ledger.

There are no bad actors outside of this definition which is why crypto is popular with criminals. The bitcoin community, for example, is not trying to police drug dealers, prostitutes, or people with BadThink. They only care about the integrity of the ledger.

Facebook made a point of saying that they don't want their coin used by criminals, which we know from experience will eventually include BadThinkers. This is a big clue, as if anyone needs it, that their currency will protect neither your privacy nor your stored value. If Facebook has the power to block and/or seize the wallets of bad actors then your transactions are, by nature, neither private nor secure. Nobody has the power to directly block or seize a bitcoin wallet. And with other currencies like Monero it's extremely difficult to tie a bad actor to wallets or transactions by analyzing the ledger, even with a confirmed starting point.

Blogger bobby June 19, 2019 6:23 PM  

Wow. Instead of just deleting us from FB for badthink, they could establish a huge circle of vendors who only take Facebucks and ban us from transactions.

Make the circle big enough, and we're right at China's social grading.

Blogger JAG June 19, 2019 6:26 PM  

InformationMerchant wrote:Bonus: https://twitter.com/CryptoLain/status/1141090566668804096

The Libra logo reminds people of something.


You must worship Satan to do business with Zuckerbucks. Just place your forehead or hand into this laser tattoo machine, if you will.

Blogger Rhys June 19, 2019 6:44 PM  

this news legitimately made me laugh out loud.

Blogger weka June 19, 2019 6:53 PM  

Market is now open. For Samoa, the Caymans, and Mongolia. Be the place the septic federales are arrested at the airport.

Blogger Azure Amaranthine June 19, 2019 6:55 PM  

"You don't have to have the ledger to transact, and you don't have to have the entire ledger to mine (authenticate and seal transactions). That's true even with the original v1.0 crypto, bitcoin."

True, but you need a complete and current slice of it for either activity. The larger the slice is mined, and the more people using, the higher the necessary throughput of information to conduct either activity.

"Not even a state actor can amass sufficient computing power to corrupt the bitcoin ledger."

True, it would result in a fracturing where all the non-compromised computing power would go off on its own tangent. The problem is that then you'd have two different systems with no one outside being able to tell for sure which is the real one, potentially driving down trust in the faithful version as well. At least, I expect this to be the vector taken if BitCoin or similar are eventually determined to be "problematic".

"Facebook made a point of saying that they don't want their coin used by criminals, which we know from experience will eventually include BadThinkers."

Which is why their ledger will be centralized by some means.

Blogger One Deplorable DT June 19, 2019 7:17 PM  

@61 - True, but you need a complete and current slice of it for either activity. The larger the slice is mined, and the more people using, the higher the necessary throughput of information to conduct either activity.

It honestly isn't a bottleneck which would prevent a properly designed coin/ledger from servicing transactions at the scale of a Visa or MasterCard. Bitcoin can't currently scale to that level, but that's because of some specific decisions in its design. Even its issues can likely be resolved without forking an entirely new coin/ledger.

True, it would result in a fracturing where all the non-compromised computing power would go off on its own tangent.

It's setup so that a bad actor cannot arbitrarily create a fork in the system. Your block is either cryptographically acceptable or it is not.

It is true that at any given moment there is a level of computing power which could theoretically corrupt the bitcoin ledger with a double entry, creating new bitcoin which should not exist. But the risk wouldn't be an arbitrary and random fork (unless it was discovered and humans decided to fork the ledger). Rather it would be the community accepting the existence of bitcoin that should not have existed in the first place. In short, the risk would be a bad actor granting itself the same power over bitcoin that the Federal Reserve has over the USD.

Since difficulty scales with mining power it's hard to imagine any actor, even a China or U.S, putting together enough computing power to pass this threshold. If you can't pass that threshold there are no tangents or forks. Your input is simply discarded.

Which is why their ledger will be centralized by some means.

Exactly. And why nobody should trust or use Faceborg's coin.

Blogger JG June 19, 2019 9:11 PM  

So Libra is the new Mark of the Beast. Good to know.

Blogger eclecticme June 19, 2019 9:15 PM  

I hope this is not too OT. It is about tech. The Duran guys were talkng about the end of Western driven globalism. Around 5:30 Peter makes a leap and says that China knows its civilization and it proud of it at the same time the West is destroying its identities and China will clobber us.
https://youtu.be/xxVTzfiiCOc?t=325

Blogger English Tom June 19, 2019 10:18 PM  

Invest in gold, silver and lead.
And also seeds. Lots of seeds.

Blogger Damelon Brinn June 19, 2019 11:41 PM  

In related news, Facebook moderators are dying from the poor work conditions and the stress of reviewing frog memes.

Blogger Snidely Whiplash June 19, 2019 11:45 PM  

The danger is not "corrupting the bitcoin ledger" The danger is controlling a sufficient number of the transactional nodes to simply give yourself all the coins. This exploit has been used to steal large quantities of some of the smaller coins, and it may well be happening in bitcoin.

Blogger One Deplorable DT June 20, 2019 12:49 AM  

@67 - The danger is not "corrupting the bitcoin ledger" The danger is controlling a sufficient number of the transactional nodes to simply give yourself all the coins. This exploit has been used to steal large quantities of some of the smaller coins, and it may well be happening in bitcoin.

I don't know what smaller coins you're referring to or what their weaknesses were, but that's not how bitcoin works. With sufficient computing power you could add a fake block to the blockchain, but it would quickly be noticed that the transactions in the block were not actually signed using the real private keys. (Verifying a committed block is computationally simple. It's the proof of work which is required for the network to accept a commit that's intentionally difficult.) The likely human response would be a fork of the blockchain just before the event and an algorithm or difficulty mod to prevent it from happening again.

This might trash some legit transactions which occurred at the same time and would certainly shake confidence, but it would otherwise leave everyone's wallets intact. This would also effectively render the corrupted ledger, and the coins the bad actor 'owns', worthless.

If tomorrow I had a magic computer which could out process the entire bitcoin network, and I intended to use that power for ill (rather than just legit mining), the LAST thing I would do is attempt to steal any coins. I would use double entry to generate new coins outside of legit mining. That might be noticed as well but at least there's a chance you could get away with it. Or get away with it long enough to make a fork too painful, in which case the hole gets plugged but what you created still has value.

Blogger Dirk Manly June 20, 2019 12:59 AM  

@9

"How to: permanently delete your Facebook account


[4 step procedure edited out]"

And if you think that PERMANENTLY deletes your data... let me introduce you to the concept of daily and weekly backups, along with monthly, quarterly, and annual archival backups... of which the last two tend to be required by law.

Blogger Dirk Manly June 20, 2019 1:06 AM  

@34

"Stop insulting the wampum, they make good enough currency!"

Who's insulting it?
All I'm seeing is votes of confidence in wampum over Facecoin.

Blogger wahr01 June 20, 2019 2:08 AM  

It is, of course, illegal for anyone but the federal reserve to print legal tender (and facebook's politically-motivated bannings underscore why), but when was the last time one of our rootless multi-national elite were held to such trivial standards as rule of law?

Blogger Azure Amaranthine June 20, 2019 2:34 AM  

"All I'm seeing is votes of confidence in wampum over Facecoin."

Wampum's arguably better than what we're currently using, not just Fashbork.

Blogger Snidely Whiplash June 20, 2019 3:48 AM  

One Deplorable DT wrote:but that's not how bitcoin works.When there's a dispute between transaction nodes over the location of a coin, how is it resolved?
The nodes all decrypt the blockchain and vote on where it belongs. Whichever wallet has the most votes wins.
What happens when one person or group of persons controls a majority of the transactional nodes?
They can force the delivery of the bitcoin to an arbitrary wallet.

All the bad guy has to do in this case is inject a fraudulent transaction and have his servers approve it. Bada bing, bada boom, done. And there's not a thing you can do about it. A new block is added to the chain and your bitcoin is stolen.
It has nothing to do with corrupting the bockchain, and everything to do with how the protocol handles corrupt and fraudulent data. It simply has no means to really error check whether a transaction is valid in the first place, beside the majority vote. Elections can be bought.

Blogger Harambe June 20, 2019 4:01 AM  

So this makes Zuckerberg a Crypto-Jew?

Blogger LeeWillyMinifees June 20, 2019 4:14 AM  

Facebook has already taken over and replaced the communication infrastructure of third-world countries.

Now they want to replace their national banks too. (Easy to do since third-world countries are probably already using USA dollars instead of native currency.)

So,

a) I don't think these 'Facebucks' are meant for internal USA consumption.

b) The whole boondoggle is probably managed and funded by the CIA, Facebook is just for the branding. (Third-world people need some familiar brand attached to the new currency.)

Blogger Wraithburn June 20, 2019 11:21 AM  

Snidely Whiplash wrote:All the bad guy has to do in this case is inject a fraudulent transaction and have his servers approve it. Bada bing, bada boom, done. And there's not a thing you can do about it. A new block is added to the chain and your bitcoin is stolen.

It has nothing to do with corrupting the bockchain, and everything to do with how the protocol handles corrupt and fraudulent data. It simply has no means to really error check whether a transaction is valid in the first place, beside the majority vote. Elections can be bought.


It's worse than that. For years now miners have been able to engage in "selfish mining" which would allow them to earn more money than "honest" miners, eventually leading to the ability to take over the pool. Once you've got command of the pool, there is no vote.

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/

And then beyond that, for people to trade bitcoins and use them as a medium of exchange you generally need an exchange website. Most of them are broken and untrustworthy, like Mt. Gox, Flexcoin, or Poloniex.

http://hackingdistributed.com/2014/04/06/another-one-bites-the-dust-flexcoin/

Blogger Dox Day Teddy Spagetthhi June 20, 2019 11:38 AM  

Calibra, Libra, Facebook are with all synonymous with evil. Just yesterday Mark Dice did a video regarding how computers to AI will change what now as "news."

Blogger Ominous Cowherd June 20, 2019 12:01 PM  

English Tom wrote:Invest in gold, silver and lead.

And also seeds. Lots of seeds.


Invest in things you can take delivery of. Stay away from precious metals until you have all your other needs thoroughly covered.

Blogger Azure Amaranthine June 20, 2019 2:13 PM  

"When there's a dispute between transaction nodes over the location of a coin, how is it resolved?
The nodes all decrypt the blockchain and vote on where it belongs. Whichever wallet has the most votes wins."


Unless it's designed to auto-fork the differences when the vote is insufficiently unanimous. That's what I was calling a "fracture".

Blogger tantonj June 21, 2019 8:02 AM  

Only a certain select group of people are even allowed to mine this coin. And from what I understand (could be wrong) it's entirely centralized. Completely defeating the primary purpose of crypto. Libra is retarded.

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