So other than maybe being a better PayPal what's the point? Lower transaction fees?
At this point the combination of Apple/Android Pay, PayPal, Venmo/CashApp, and a Credit Card satisfy all of my needs for casual spending and money transfer. If Libra wants to unify all this then power to them but it'll be an uphill since there's a reason people aren't using the bank's worse version of Venmo even though they're integrated.
What's the killer app that will draw people to it outside of paying people to use it?
why do you care about p2p? I sent money on PayPal US -> EU last week. it was as easy as sending it to someone in the US, and the fees were no worse than what I often see crypto exchanges charging.
It seems to me that the fundamental problem Facebook is dealing with is that it's one thing for a start up to create a product that basically flouts regulations but makes a great product. It's quite another thing to be a company the size of facebook and release a whitepaper saying "Hey guys! Let's flout regulations!".
It's a flaw in our current regulatory regime that companies that perform egregious exploitative practices in their infancy essentially grow out of accountability. But thinking you can use the same trick as an established company is nuts.
After they announced they were informed by governments that that won't be happening. So what we have left is they're committed to the idea because they announced it, but all the "frictionless" part is gone and they're going to have the KYC and money laundering checks as everyone else. Their only advantage is their existing customer base in an unrelated market - or to put it another way, can they illegally leverage their monopoly in social media to enter a new market. Great.
It's not just that - it's what Libra aspired to. Fundamentally, it was wild crypto ancap dreams, where money works like you want because you want it to. Nobodies can say that stuff, because they don't matter.
When some ICO bozo says that, regulators sigh and say "fine, just don't break the laws. Oops, you broke the laws good and hard. Let's have some serious discussion."
When a company with a continent-class user base says it's going to mess with the money ... governments get super upset.
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[ 0.28 ms ] story [ 25.8 ms ] threadAt this point the combination of Apple/Android Pay, PayPal, Venmo/CashApp, and a Credit Card satisfy all of my needs for casual spending and money transfer. If Libra wants to unify all this then power to them but it'll be an uphill since there's a reason people aren't using the bank's worse version of Venmo even though they're integrated.
What's the killer app that will draw people to it outside of paying people to use it?
It's a flaw in our current regulatory regime that companies that perform egregious exploitative practices in their infancy essentially grow out of accountability. But thinking you can use the same trick as an established company is nuts.
After they announced they were informed by governments that that won't be happening. So what we have left is they're committed to the idea because they announced it, but all the "frictionless" part is gone and they're going to have the KYC and money laundering checks as everyone else. Their only advantage is their existing customer base in an unrelated market - or to put it another way, can they illegally leverage their monopoly in social media to enter a new market. Great.
When some ICO bozo says that, regulators sigh and say "fine, just don't break the laws. Oops, you broke the laws good and hard. Let's have some serious discussion."
When a company with a continent-class user base says it's going to mess with the money ... governments get super upset.