Forwarded from BlackBox (Security) Archiv
No new Bitcoin: Don't touch Facebooks Libra!
Facebook wants to become the central bank with Libra and profit from the Bitcoin hype. But the blockchain is primarily a facade, Libra is neither decentralized nor a crypto currency.
If Facebook is the answer, Libra will develop into a world currency. But the Facebook coin has little in common with Bitcoin and other crypto currencies. Libra is a digital currency that resembles Wechat Pay rather than Bitcoin. The question of whether Libra is a crypto currency is directly related to considerations of privacy and user trust.
Crypto currencies vs. central banks
With the blockchain as a technology and especially with crypto currencies, a lot revolves around trust. In principle, this is very similar to conventional currencies such as the euro, which also work solely because we trust, for example, that the state and the central bank will not devalue them. In the case of fiat currencies, i.e. uncovered money, recent history - actually only from the 20th century onwards - has shown that this trust in the state is not always justified. Replacing this blind trust in a central authority that controls the monetary system has been one of the core promises of crypto currencies from the outset and can be found in Bitcoin's first announcement, written by Satoshi Nakamoto.
Facebook also wants to give the impression that its digital currency is decentralized, so that users do not have to rely on a central authority. Libra is to be controlled by the Libra Association based in Switzerland, which includes many other companies such as Paypal, Visa, Uber and Mastercard. The mere fact that many well-known companies are on board - and have each paid at least ten million US dollars for it - combined with the ambitious goal of creating a global financial network, is causing a lot of hype. If you then stick the label "Blockchain" on such an ambitious project, you can be sure that everyone is talking about it.
Decentralised, my ass: Libra Association acts as central bank
"[The new blockchain for the global currency] is a decentralized, programmable database designed to support a low-volatility crypto currency that acts as a medium of exchange for billions of people," the Libra white paper says. Admittedly, there are many superficial technical reminiscences of Ethereum or Bitcoin in Libra: Smart Contracts, Dapps, Move, a programming language of its own, and all that even faster and better. The Libra blockchain is to be used by around 2.7 billion people who have a Facebook profile and can process up to 1,000 transactions per second. Bitcoin processes around seven transactions per second.
Unlike Bitcoin or Ethereum, the Libra Blockchain is not a public blockchain, but a Consortium Blockchain in which only paying members of the Libra Association are involved in mining. According to Facebook, this is necessary in order to avoid problems such as high energy consumption, slow transactions and other difficulties that plague Bitcoin, for example. For this reason alone, the Libra Association acts as a sort of central bank. According to Facebook, this will change after five years and the Libra blockchain will open, but one can be sceptical about this.
https://t3n.de/news/libra-ist-keine-kryptowaehrung-kein-bitcoin-1172551/
#DeleteFacebook #libra #CryptoCurrency #decentralized #paypal #visa #uber #mastercard #why
📡@cRyPtHoN_INFOSEC_DE
📡@cRyPtHoN_INFOSEC_EN
📡@cRyPtHoN_INFOSEC_ES
Facebook wants to become the central bank with Libra and profit from the Bitcoin hype. But the blockchain is primarily a facade, Libra is neither decentralized nor a crypto currency.
If Facebook is the answer, Libra will develop into a world currency. But the Facebook coin has little in common with Bitcoin and other crypto currencies. Libra is a digital currency that resembles Wechat Pay rather than Bitcoin. The question of whether Libra is a crypto currency is directly related to considerations of privacy and user trust.
Crypto currencies vs. central banks
With the blockchain as a technology and especially with crypto currencies, a lot revolves around trust. In principle, this is very similar to conventional currencies such as the euro, which also work solely because we trust, for example, that the state and the central bank will not devalue them. In the case of fiat currencies, i.e. uncovered money, recent history - actually only from the 20th century onwards - has shown that this trust in the state is not always justified. Replacing this blind trust in a central authority that controls the monetary system has been one of the core promises of crypto currencies from the outset and can be found in Bitcoin's first announcement, written by Satoshi Nakamoto.
Facebook also wants to give the impression that its digital currency is decentralized, so that users do not have to rely on a central authority. Libra is to be controlled by the Libra Association based in Switzerland, which includes many other companies such as Paypal, Visa, Uber and Mastercard. The mere fact that many well-known companies are on board - and have each paid at least ten million US dollars for it - combined with the ambitious goal of creating a global financial network, is causing a lot of hype. If you then stick the label "Blockchain" on such an ambitious project, you can be sure that everyone is talking about it.
Decentralised, my ass: Libra Association acts as central bank
"[The new blockchain for the global currency] is a decentralized, programmable database designed to support a low-volatility crypto currency that acts as a medium of exchange for billions of people," the Libra white paper says. Admittedly, there are many superficial technical reminiscences of Ethereum or Bitcoin in Libra: Smart Contracts, Dapps, Move, a programming language of its own, and all that even faster and better. The Libra blockchain is to be used by around 2.7 billion people who have a Facebook profile and can process up to 1,000 transactions per second. Bitcoin processes around seven transactions per second.
Unlike Bitcoin or Ethereum, the Libra Blockchain is not a public blockchain, but a Consortium Blockchain in which only paying members of the Libra Association are involved in mining. According to Facebook, this is necessary in order to avoid problems such as high energy consumption, slow transactions and other difficulties that plague Bitcoin, for example. For this reason alone, the Libra Association acts as a sort of central bank. According to Facebook, this will change after five years and the Libra blockchain will open, but one can be sceptical about this.
https://t3n.de/news/libra-ist-keine-kryptowaehrung-kein-bitcoin-1172551/
#DeleteFacebook #libra #CryptoCurrency #decentralized #paypal #visa #uber #mastercard #why
📡@cRyPtHoN_INFOSEC_DE
📡@cRyPtHoN_INFOSEC_EN
📡@cRyPtHoN_INFOSEC_ES
Warning: If you've enabled PayPal to pay with Google Pay, there are scammers exploiting a 1 year old reported bug stealing money
PayPal allows contactless payments via Google Pay. If you have set it up, you can read the card details of a virtual credit card from the mobile, if the mobiles device is enabled. No auth
Nitter.net/iblueconnection/status/1231962980964847618
#paypal #google #googlepay
PayPal allows contactless payments via Google Pay. If you have set it up, you can read the card details of a virtual credit card from the mobile, if the mobiles device is enabled. No auth
Nitter.net/iblueconnection/status/1231962980964847618
#paypal #google #googlepay
Nitter
iblue (@iblueconnection)
I think we can disclose it by now.
Issue: PayPal allows contactless payments via Google Pay. If you have set it up, you can read the card details of a virtual credit card from the mobile, if the mobiles device is enabled. No auth.
Issue: PayPal allows contactless payments via Google Pay. If you have set it up, you can read the card details of a virtual credit card from the mobile, if the mobiles device is enabled. No auth.
#Venmo, #PayPal and #Cash App to report payments of $600 or more to #IRS this year: What to know
Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January.
https://www.foxbusiness.com/money/venmo-paypal-cash-app-report-payments-irs
Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January.
https://www.foxbusiness.com/money/venmo-paypal-cash-app-report-payments-irs
Fox Business
Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year: What to know
Millions of small business owners who rely on payment apps like Venmo, PayPal and Cashapp could be subject to a new tax law that just took effect in January.
#Paypal Terminates Service For Nonprofits Fighting Poison Mandates
https://www.technocracy.news/paypal-terminates-service-for-nonprofits-fighting-vaccine-mandates/
https://www.technocracy.news/paypal-terminates-service-for-nonprofits-fighting-vaccine-mandates/
Technocracy News
Paypal Terminates Service For Nonprofits Fighting Vaccine Mandates
Technocracy's coup d'état expands as Big Tech financial companies like Paypal drop organizations who oppose the Technocrat narrative. Banks have also joined the purge as well: all of Mike Lindell's business banking accounts were summarily terminated last…
#PayPal purges independent media outlets that documented #Ukraine war #censorship
https://reclaimthenet.org/paypal-purges-independent-media-outlets-that-documented-ukraine-war-censorship/
https://reclaimthenet.org/paypal-purges-independent-media-outlets-that-documented-ukraine-war-censorship/
Reclaim The Net
PayPal purges independent media outlets that documented Ukraine war censorship
Many accounts shut down.