
Libra Core - dfischer
https://github.com/libra/libra
======
leppr
Good to see another big one embracing Rust.

Interesting to note that their smart-contract language _Move_ [1] also
_borrows_ from Rust:

 _> Move’s bytecode verifier uses a “borrow checking” scheme similar to Rust
to ensure that at most one mutable reference to a value exists at any point in
time._

[1]: [https://developers.libra.org/docs/assets/papers/libra-
move-a...](https://developers.libra.org/docs/assets/papers/libra-move-a-
language-with-programmable-resources.pdf)

~~~
pjmlp
Another surprise from IO was that the new ChromeOS sandbox infrastructure is
written in Rust.

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jshaqaw
What I still don’t see here is a compelling use case which would make a
critical mass of users say “this is demonstrably better for me than the
existing payments system.” All I see from my perspective as a potential user
is I can do what I can already do with dollars except I lose the interest on
the deposits I make to buy Libra.

~~~
abraae
I can see a use case.

I'm Whatsapp-ing my son who is a student, and he tells me he needs money. A
button pops up onto the screen saying "Give Michael $50".

I click the button and the transaction is done.

With our marketing hats on we like to talk about what we can do with "one
click".

I've personally never seen a one click system in my life - this could actually
be one, and for one of the most fundamental and valuable human activities -
paying someone.

~~~
srfilipek
> A button pops up onto the screen saying "Give Michael $50".

You don't need a cryptocurrency for that...

~~~
abraae
Nope you don't, it's just a tool allowing the world's biggest Bank ever to
open its doors.

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alangibson
When you consider that

1\. validators are hand picked 2\. "To execute transactions, each validator
must know the global state of the latest version of the blockchain's
distributed database."

it looks like blockchain doesn't offer much additional value over a few
replicated Postgres databases.

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6d6b73
I can't wait for the new wave of spam that tells me that they have access to
my Linux computer using Outlook, or RDP, and that all I need to do for them to
not release my d* pics is to send them some Libra Coins. Since FB will make it
easy for everyone to get the coins, "hackers" will no longer have to explain
how to get bitcoins.

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robmiller
Will FB dogfood it by paying their employees in Libra?

~~~
ForHackernews
According to this news report, [https://www.cnbc.com/2019/06/05/facebook-
cryptocurrency-comi...](https://www.cnbc.com/2019/06/05/facebook-
cryptocurrency-coming-in-june-report.html) yes some employees will be paid in
company scrip.

------
jshaqaw
We are heading to a world where the US Federal Reserve is preparing people for
the idea of negative interest rates in the next recession (see
[https://www.frbsf.org/economic-
research/publications/economi...](https://www.frbsf.org/economic-
research/publications/economic-letter/2019/february/how-much-could-negative-
rates-have-helped-recovery/))

The "vig" for supporters of Libra seems to be that they capture the interest
on money used to purchase Libra. In a negative interest rate world that breaks
down. Moreover if the Fed wants to have meaningful negative interest rates you
need to impose a haircut on non-bank deposits (i.e., cash or crypto) to avoid
hoarding.

I am curious how this platform incorporates the possibility of a negative
interest rate environment.

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nobrains
So, how is this: Store money in Bitcoin, and when it needs to be sent, change
to Libra and send?

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kingvash
It seems like it has the table-stakes features without anything new. And
certainly not anything ethereum or a handful of other crypto's don't already
offer.

~~~
mihaifm
They're capitalizing on existing concenpts, there's hardly any innovation
here. The only novelty factor is that now you can run smart contracts on a
stable coin, which is not possible with the existing stable coins in the
market.

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chvid
As far as I can see, the inclusion of a turing complete gas limited language
makes it possible to do some of the things you can do with ethereum: Creating
your own tokens, possibly creating a distributed exchange / order book. But
only much faster and presumedly cheaper since blockchain is kept only on a few
nodes and there is no expensive proof of work. Will be fun to see what comes
of this.

~~~
antocv
Looks like its not a blockchain at all, there is no Proof-of-Work or Proof-of-
Stake, instead validators. Skimmed over documentation, consensus protocol
seems to be BFT, like Stellar (XLM). So, they did not even innovate anything
in cryptocurrency space. Just re-write, re-implement, re-hash old ideas with
their name on it.

So not really distributed, just slightly decentralized. Zuckerercoin.

~~~
chvid
What matters is the implementation; if they can put the following together:

\- Fully programmable smart contracts

\- Fast cheap transactions

\- Easy onboarding

\- Default support for fiat currencies

\- Nice end-user interfaces

Plus a strong push to their existing user base and a number of established
businesses.

~~~
chvid
But it will be fun to see what comes out of this and what is allowed. I for
sure look forward to create a ponzicoin and a casino that my mum easily can
use ...

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jddj
If there's any truth behind the stories of Bitcoin seeing widespread use
(purchased, not mined using subsidized electricity) as a store of value in
countries in the grips of hyper-inflation, surely a coin which is pegged to a
basket of currencies and easily purchased through the Facebook messenger app
would see even greater adoption.

That said, I absolutely hate the idea of Facebook as a fintech platform and
really don't look forward to being forced to maintain an account just to
easily send/receive money once the network effects take hold.

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fbn79
If I'm not wrong giving a quick read to the website is like a FIAT currency,
but instead of a Country Government is backed and controlled by a network of
private independent (and sometime competitors) corporations. May not be a bad
idea but can degenerate to a centralized currency if the controlling
corporations shrink in number.

~~~
throwayEngineer
This is already centralized.

The governance and distribution is hand picked.

~~~
bassman9000
This

And they don't even mention the assets or government/banks chosen for backing,
just "highly liquid".

So much for transparency.

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chvid
Honestly. This looks like a major contribution to the cryptocurrency space. I
am impressed.

~~~
jki275
There's literally not a single innovation or contribution here. I just skimmed
through the paper and there's not a thing there. It's a cut and paste from
existing concepts.

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um_ya
Not sure how they're going to overcome KYC/AML.

~~~
empath75
You’re asking how Facebook, the largest surveillance machine in the history of
mankind, is going to avoid Know Your Customer?

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rlopezcc
oof, Libra translates to Pound(£). Imagine the confusion.

~~~
jddj
Yeah, a bit annoying given that Facebook must have been aware and they could
have changed a single letter somewhere to avoid it.

But I guess they assumed that languages are pretty good at dealing with this
sort of thing, and we'll end up with something like Libras Británicas and
Libras Electrónicas/Libras de Facebook. Or better yet, Libras Falsas

------
bufferoverflow
I don't trust FB with anything. They've been banning various groups, including
conservatives. Why would I risk my money with them? I don't want to one day
discover I can't pay because I made some comment online that disagrees with
their politics.

