For the HN'ers who want to jump in and evangelize cryptocurrencies:
Libra is not a cryptocurrency. It is a Facebook-controlled private currency intended to circumvent the international banking system. Facebook, here, is in every way a financial institution.
Please don't let them fool you. The "decentralized" "byzantine-fault tolerant" "cryptocurrency" aspect is just tacked on as a marketing ploy.
Libra could be. It's also managed at somewhat arms length from Facebook in that it's run by the Libra foundation. I say somewhat because Facebook intends to integrate it into WhatsApp and Messenger.
I don't see a technical or organizational reason Libra can't be a crytocurrency - and the very first successful one.
Cryptocurrency is distinct from "digital currency" in that it's decentralized, and not managed by a large actor. Sure, they may be doomed to fail.
Libra is NOT a decentralized currency, and thus does not deserve any support from Bitcoin/cryptocurrency people.
I 100% agree with you, just want to make the distinction between "cryptocurrency" and "digital money". Libra is Snapchat Cash + Facebook's own currency and we shouldn't try to defend it, when it is obviously trying to circumvent government regulation.
Now, it sounds like you don't think digital, private currencies/securities should be regulated. That's a more interesting conversation. Recall how the 1907 financial panics (and the Great Gatsby era) led the U.S. to government-regulated central banking in the first place.
I think we should also make a distinction between crytocurrency and digital money, since the latter has utility.
Bitcoin is not decentralized either. It is in theory, but it requires mining which centralized naturally due to efficiencies of scale. It also requires exchanges to convert to and from fiat, and those are completely centralized private companies. Libra in practice seems to be less centralized than bitcoin in practice.
People make arguments from theory, but those are not relevant to the systems in practice in the real world.
[1]: https://developers.libra.org/docs/assets/papers/the-libra-bl...
Can you clarify? Isn't the currency going to be owned by a consortium of various global businesses [1]? Are you unaware of that?
Even if the private currency is controlled equally by these companies, I am still fear-struck. Do I want these companies to be setting global economic policy?
That implies financial regulation that is even less democratic than it is now!