Interesting to note that their smart-contract language Move  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.
I guarantee you that this will not have the perceived level of anonymity that Bitcoin and other cryptos share. The publicly visible ledger may not reveal who you are, but Facebook and its partners will know.
Related to that above, maybe then also cross-border payments. For example migrant workers sending money back home.
Quick Googling shows a report from 2017 which says in summary "About 1.7 billion adults remain unbanked—without an account at a financial institution or through a mobile money provider. "
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.
You don't need a cryptocurrency for that...
Why? Are there limits on accessing your own bank accounts IRL?
> Would bots spam everyone on earth requesting $50?
No. Facebook would not allow that to happen. They control their user base with a tight fist when it affects their own revenue (user privacy less so).
> Do you have to maintain a list of who can and cannot request money from you? It just seems like there would be a lot of headaches with that system.
Why bother? Yes it could be uncool behaviour to request money from people, especially if the request had some social pressure around it.
But people can (and do) already behave in uncool ways on Facebook and the world goes on.
The potential revenue from being a money pipe would motivate Facebook to effectively deal with all of these problems.
Quick Edit - I think Apple Pay can function this way via FB messenger?
The point for Visa et al. is to A) hedge their bets against possible long-term disruption from crypto in a safe, centralized manner, and B) to attack crypto head-on by satiating the curiosity of those who may want to dip their toes into the water, creating a walled garden that no one bothers to peek over.
The point for the user is to... umm...
So purely virtual payment methods will be hard to use.
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.
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.
So not really distributed, just slightly decentralized. Zuckerercoin.
Sorry to respond to you on an unrelated thread -- I don't know how else to get in touch since comments are disabled on the original thread.
- 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.
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.
I wonder what would be the analog for coin. Start as a medium of exchange, then start usurping national currencies. Nations would not be able to legislate them away, as business and citizens would be conducting cross and intra border commerce using libra.
The governance and distribution is hand picked.
And they don't even mention the assets or government/banks chosen for backing, just "highly liquid".
So much for transparency.
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