Taking a deep dive into Libra's whitepaper, @lawrencehwhite1 finds himself in murky waters: https://www.alt-m.org/2019/07/02/libras-unresolved-puzzles/ … @DiegoZuluagaL @norbertjmichel @WilliamJLuther @NickSzabo4 @jp_koning @jerrybrito @saifedean
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Replying to @GeorgeSelgin @lawrencehwhite1 and
Protip: If ones decentralized cryptocurrency is backed by centralized fiat currencies then it is neither decentralized nor a cryptocurrency. Protip 2: Decentralization is a means to an end. The end is censorship resistance. Libra is neither.
2 replies 2 retweets 14 likes -
Replying to @xcsler @lawrencehwhite1 and
"Censorship resistance" is what some seek. Others may merely seek to make payments conveniently. I don't know whether Libra will serve either end well; but that some want chocolate ice cream is no reason for them to condemn a plan that caters to those who prefer vanilla.
4 replies 0 retweets 2 likes -
Replying to @GeorgeSelgin @xcsler and
Censorship resistance is not merely just another consumer preference. In today's political climate it is very probably a necessary condition for the survival of any private digital currency.
4 replies 22 retweets 72 likes -
Replying to @NickSzabo4 @xcsler and
I should think this would be so only if censorship avoidance is indeed a particularly widespread, if not universal, consumer preference.
2 replies 0 retweets 1 like -
Replying to @GeorgeSelgin @xcsler and
Political reality doesn't care about consumer preferences.
2 replies 0 retweets 11 likes -
Replying to @NickSzabo4 @xcsler and
But unless consumers favor a digital currency, governments need never bother to try and destroy it.
1 reply 0 retweets 0 likes
Financial censorship has a way of creating some very strong such preferences.
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