Clearly you didnt read the whitepaper. Facebook (and partners) literally mint li... | Hacker News

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supermatt on June 18, 2019 | parent | context | favorite | on: Facebook reveals its cryptocurrency Libra

Clearly you didnt read the whitepaper. Facebook (and partners) literally mint libra. You give them a dollar, they mint a dollars worth of libra and stick the dollar in their "reserve". What stops them minting more libra than they actually hold fiat reserves for?

chillacy on June 18, 2019 [–]

Not a new problem, it applies to bank notes and other stable coins as well right?

supermatt on June 18, 2019 | [–]

So we replace one broken system with another. This wasn't the cryptocurrency promise.

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