Facebook's Libra was dead as of July 2019

https://davidgerard.co.uk/blockchain/2020/07/20/facebooks-libra-was-dead-as-of-july-2019/

by davidgerard • 6 years ago

9 7 6 years ago

davidgerard.co.uk

Nextgrid• 6 years ago

tl;dr: as soon as a blockchain scheme gets in front of adults — it’s dead.

Not to disagree with the rest of the article, but this particular claim is unfortunately far from true. There are dozens (hundreds?) of startups claiming to reinvent something with blockchain and get millions thrown at them despite anyone with a basic understanding of what blockchain is can tell that either their problem is unsolvable with a technological solution (blockchain or not) or that blockchain doesn't bring anything to the table compared to a database.

davidgerard2• 6 years ago

sadly true, but at least the House and Senate reflected an exacting standard of adults ;-)

FullyFunctional• 6 years ago

Simple fact: not everyone with access to millions act responsibly (~ "adult"). It is especially easy when you aren't investing your own money and the consequences for you are somewhat immaterial.

kmckiern• 6 years ago

maybe this was the case in 2017...

greenyoda• 6 years ago

Nobody trusted Facebook as far as they could throw it — the company had just been fined by the FCC again, for violating the consent decree attached to their 2011 FCC fine.

That would be the FTC (Federal Trade Commission), not the FCC.

https://www.ftc.gov/news-events/press-releases/2011/11/faceb...

davidgerard2• 6 years ago

aaaaaa! fixing!

bengtan• 6 years ago

I think Facebook (and maybe MZ in particular) was hubristic from the start. They have a deep trust deficit and they just don't (or don't want to) realise it.

If Libra was from anyone other than Facebook, or if it was from a proper AND neutral (ie. not dominated by Facebook) consortium of tech companies and organisations, it might have had a better chance.

Facebook's Libra was dead as of July 2019

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