Cryptography experts are already laughing at 'Facebook Coin' compare to bitcoin

[Pingip]

https://mashable.com/article/cryptocurrency-experts-mock-facebook-coin/?europe=true

On March 5, in the San Francisco Moscone Center, the hotly anticipated Cryptographers’ Panel met to discuss the future of cryptography, the internet, and e-commerce. Of course cryptocurrency came up, with a mention of the so-called Facebook Coin drawing perhaps the biggest laugh of the talk.

[TheRealAwesome31312]

This is a horrible idea. Facebook is known for being fascistic in their censorship

[kryptqnick]

The article indeed mentions some strong criticism of Libra like risks of a lot of personal information being abused and a weird nature of uniting what Bitcoin has with regulations. However, the article isn't really pro-crypto, as it also has the following:

First, he observed what he saw as a general failure of cryptocurrency. "Payment systems need to protect users against fraud," wrote Kocher. "Bitcoin and other cryptocurrencies have fared badly in this regard, resulting in numerous major thefts."

I am not sure whether this point is real, though. I mean, cash gets stolen all the time, and banks get robbed as well as sometimes turn out to be the to robbers. Is it really happening way more with cryptos?

[dothebeats]

The article indeed mentions some strong criticism of Libra like risks of a lot of personal information being abused and a weird nature of uniting what Bitcoin has with regulations.

Hell, even without Libra deployed on the line, Facebook Inc. has already risked a lot of personal information in the open. With the said crypto being deployed and the frenzy of cryptocurrencies becoming so evident to the masses, Facebook's Libra is just a ticking time-bomb waiting to explode, and the fuse would be ignited by of course, the relentless pursuit of people wanting to get into the craze and letting greed take them over, thinking that Libra is x times better than bitcoin.

First, he observed what he saw as a general failure of cryptocurrency. "Payment systems need to protect users against fraud," wrote Kocher. "Bitcoin and other cryptocurrencies have fared badly in this regard, resulting in numerous major thefts."

I am not sure whether this point is real, though. I mean, cash gets stolen all the time, and banks get robbed as well as sometimes turn out to be the to robbers. Is it really happening way more with cryptos?

Point is, once funds are stolen in cryptocurrencies, the trail is hazy and there's little to no chance of getting it back due to its nature of being irreversible and harder to track unlike cold, hard cash.

[deadsilent]

Even the US congress is mocking at Facebook's Libra. And also Trump is against it. I don't know what Zuckerberg were thinking when he is creating this cryptocurrency. But he is missing the main essence of a cryptocurrency. The decentralization. I'm sure somehow this is centralized because we all know facebook already has the identity of their users. Also it is a stablecoin. Meaning, you can't get profit from it since it's price is backed by Fiat currency. I don't know why they are hyped about using this cryptocurrency.

[pixie85]

Centralized cryptocurrencies will never win. It will take time but people will realize that having sole access to your own money is important. You don't want someone else to have keys to to your house or your car then why do you want others to be able to tell you what you can buy?

Facebook coin will remain a token for FB users to buy coffee and stuff it will never be a store of value.

[Duzter]

From the very beginning, for some reason, everyone did not speak very well about this coin. Still, decentralization plays a very important role for crypto. Mark Zuckerberg ignored this and got the appropriate reaction.

Centralized system will always have their own terms and conditions, and this needs to read before making use of their currency. As experts stated when someone has got control of data will surely take control of our financial freedom and the same will lead the world to be ruled by the network. This is where people needs to be more aware.

[TheRealAwesome31312]

Even the US congress is mocking at Facebook's Libra. And also Trump is against it. I don't know what Zuckerberg were thinking when he is creating this cryptocurrency. But he is missing the main essence of a cryptocurrency. The decentralization. I'm sure somehow this is centralized because we all know facebook already has the identity of their users. Also it is a stablecoin. Meaning, you can't get profit from it since it's price is backed by Fiat currency. I don't know why they are hyped about using this cryptocurrency.

Yeah well Trump doesn't know jackshit

[hatshepsut93]

The article indeed mentions some strong criticism of Libra like risks of a lot of personal information being abused and a weird nature of uniting what Bitcoin has with regulations. However, the article isn't really pro-crypto, as it also has the following:

First, he observed what he saw as a general failure of cryptocurrency. "Payment systems need to protect users against fraud," wrote Kocher. "Bitcoin and other cryptocurrencies have fared badly in this regard, resulting in numerous major thefts."

I am not sure whether this point is real, though. I mean, cash gets stolen all the time, and banks get robbed as well as sometimes turn out to be the to robbers. Is it really happening way more with cryptos?

Srsly, everyone here is focused on how expert cryptographers bash Facebook coins, but if people actually read the article, they'd see that those cryptographers criticize Libra partially because it's similar to Bitcoin. They criticize Facebook for it's privacy violations, and they are right, but they kinda miss the point when they say that Bitcoin has horrible fraud protection and Libra will inherit it. You can't have fraud protection and privacy at the same time, because fraud protection relies on centralization, and central authorities always have all the data. It's only a matter of time before payment companies will start selling user data to advertising companies and other interested parties, if this isn't happening already.

[peter0425]

It's only a matter of time before payment companies will start selling user data to advertising companies and other interested parties, if this isn't happening already.

I wouldn't be surprised if they're already practicing it. This is a proven method is a centralised payment system, like credit cards (banks) already. Of course not only that group is laughing with this so called Libra coin, but anyone who has been in the crypto for so long knows that something is not right here and it boils down as to how are you willing to sacrifice your privacy and personal data for a company that has a history of not taking care of their customers privacy, and that is the trade-offs.

[Dixbless]

Lol but Libra will be used by the users of fb, whatsup, instagram and so on. The crypto community will become much wider.

[Anonylz]

We already have our personal information expose from the day you sign up on Facebook, signing up for kyc or having a gmail account that sync all your info in your device, i think Libra is just an icing on the cake,
One thing is clear though, if hodling a libra coin will compromise your info than it already is then don't hodl any, problem solved.

[pooya87]

that is what happens to all the centralized cryptocurrencies. that is why we always laugh at centralized altcoins. you take a technology that is designed and used properly by bitcoin in a decentralized manner and then create a centralized system on top of it, then you are bound to be laughed at.

First, he observed what he saw as a general failure of cryptocurrency. "Payment systems need to protect users against fraud," wrote Kocher. "Bitcoin and other cryptocurrencies have fared badly in this regard, resulting in numerous major thefts."

I am not sure whether this point is real, though. I mean, cash gets stolen all the time, and banks get robbed as well as sometimes turn out to be the to robbers. Is it really happening way more with cryptos?

Point is, once funds are stolen in cryptocurrencies, the trail is hazy and there's little to no chance of getting it back due to its nature of being irreversible and harder to track unlike cold, hard cash.

expert thieves always hide their tracks well whether they are stealing a cryptocurrency or robbing a bank physically or electronically. about $200 billion money is stolen online every year and it has nothing to do with cryptocurrencies!

[Kakmakr]

Facebook's Libra would be very similar to the use of Crypto currencies via services like Coinbase. In both these scenarios you would not be in control of your "token", because the centralized service would dictate how you would be able to use it. <ToS>

They will also have full control over the Private keys for those "tokens" and that gives them control over your wealth that is stored on their platform. They can "reverse" transactions on their internal ledger and they can blacklist specific tokens if they wanted to do that.

Bitcoin is not meant to work like that and that is the main difference between Libra and Bitcoin use via centralized services. Bitcoin = true financial freedom and protection.  

[HB Wallet]

I don't think everyone would have a clear picture about Libra instead of those who have been in crypto for an enough time. It's funny how Facebook masking Libra centralized system with the concept of cryptocurrency, and the government is then trying to regulate it. Centralization creates security holes, unfair system and privacy violations, which is what blockchain technology was born to solve. Trusting in centralized systems, especially someone like Facebook, is like setting a wolf to watch the sheep. 

[CryptoBry]

Libra should never be compared with Bitcoin and many are already saying that this is not actually cryptocurrency. However, I could not fathom why we have this big fear on this if this is not something that many people will really love because of its inherent defects? Or are we assuming that Facebook is gonna forced us to use it otherwise can't anymore use the free Facebook platform?

A defective product or service can never prosper in an open market...and since Libra is a very defective proposition or idea then soon afterwards this will just die a natural death. For instance, I will never be buying any Libra coin all because I am not interested with it and that it is a stablecoin so there is nothing to speculate here.

Or am I missing something with the whole picture?

[Slow death]

[...]

I wonder if Mark Zuckerberg can sleep these days after things like that:

Libra Is Like Sending a Friend Request to Terrorists, Politician Says

US Congress on Libra Overview: Trust, Privacy and Genocide Accusations

Libra Will Upset World Economy If It Isn’t Regulated Tightly, G7 Warns

Libra will not have an easy life. It is during these hours that I ask myself:

- is it because of situations like this that Satoshi prefers to remain anonymous?

[Mulann2]

Yeah from the look of it, Libra will not be welcome by most crypto lovers with open arms, it will really face alot of criticism and challenges but in time people will warm up to it (that is for those who are willing to do so), i guess Mr Mark will have his hands full trying to convince people to view Libra differently