Facebook is renowned for the website which has millions of users scattered all across the globe. Not too long ago, PayPal revealed that they’ll no longer serve as a Founding Father for LIBRA. In the aftermath of PayPal’s exit, Stripe, Visa, and Mastercard all decided to flee from a situation which has garnered negative attention from around the world.
Almost every single nation [even Germany and France which houses pro-crypto lawmakers] has denounced this venture. Privatization of money is something we’d all like to avoid, after all, no one should have so much power at their disposal. Take a look at David Marcus’s reaction on Twitter:
Special thanks to @Visa and @Mastercard for sticking it out until the 11th hour. The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for @Libra_ to proceed, vs. the invoked threats (by many) on their biz.
— David Marcus (@davidmarcus) October 11, 2019
It’s pretty obvious why so many firms have begun to step out of the LIBRA Association. They’re afraid of a worldwide political backlash. Mark isn’t, which is brave and stupid at the same time. In spite of LIBRA being marketed as a cryptocurrency, the whitepaper clearly enunciates the centralized approach undertaken by Facebook which goes against the key principles set by Satoshi Nakamoto [the creator of Bitcoin].
Imagine a currency established by a massive organization, with the help of a dozen or more corporations. It can be manipulated and controlled by the ones in-charge at any point in time. Would you really be able to have faith in such a dubious project? In my opinion, Mark needs to revisit the idea behind Libra and alter it depending on the present demand in the market.
You might want to ask yourself why the pressure has been so intense. And read some history that Bitcoin pioneers were aware of, for example the failure of e-gold. Your failure to learn from history has caused you to at great cost recapitulate the failures of the past.
— Nick Szabo 🔑 (@NickSzabo4) October 11, 2019