FB's Libra Coin - A new type of "stable" currency basket

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FB's Libra Coin - A new type of "stable" currency basket

Essentially, it is as much a currency as a crypto.

It is a private sector alternative to government issued currencies

"The Internet of Money" > but requires TRUST, where Bitcoin does not.

Libra is more like Paypal than Bitcoin

Facebook's Libra a watershed moment for company and crypto: RBC

Facebook's New Business Model - Libra (w/Jalak Jobanputra)

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Very interesting interview with someone who likes the Libran basket - maybe more than he likes FB

Raoul Pal | The Fourth Turning: Generational Theory and the Future of Global Money

In a time of massive government debts, Private co's may be safer "issuers" of a stable Currency tokens than over-stretched governments

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Major backers of Facebook’s Libra may be getting cold feet MarketWatch

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VISA, MASTERCARD, Others Reconsider Involvement in FACEBOOK's Libra...

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Libra Is Dead: eBay, Stripe, Visa And MasterCard All Abandon Facebook's Cryptocurrency

Tags:

• ECONOMY

One week after we reported that Facebook's Libra stablecoin project, Libra, was imploding, as online payment giant PayPal quite the Libra network, we can now set the time of death to today - that's when first eBay, then Stripe and finally Mastercard all abandoned Mark Zuckerberg's pet "cryptocurrency" (which was anything but) project.

As the FT reports, Ebay and Stripe became the second and third major companies in a week to drop out of Facebook’s planned cryptocurrency, following sustained political pressure and just days before the project’s backers are due to meet for their first board meeting, which may soon be empty.

"We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers" a company spokesperson said in a statement to the Financial Times.

. . .

Hammering the final nail in the coffin of Zuckerberg's attempt to become the world's central banker, at roughly the same time the world's biggest credit card processors, Visa and MasterCard also announced they are dropping out of the Libra coalition.

Echoing the apologetic statements of the other former Libra members, Visa said that while it continues to be interested in Libra's blockchain work, it will not be joining the Libra association at this time, as it evaluates Libra for factors including regulation.

The decisions by these anchor companies, whose departure effectively kills Libra, are a death blow to Facebook’s plans for libra, the most ambitious attempt yet to get consumers to adopt a cryptocurrency to pay for goods and services on the internet, and follow intense scrutiny from regulators and politicians, some of which have called for the project to be stopped altogether, citing money laundering concerns and worries about wider financial stability.