We must have heard that eBay, Mastercard, PayPal, Stripe and Visa pulled the plug on Facebook’s Libra Project. Bookings Holdings Inc. is the latest to the plug.
How could this happen? Seriously why did they back Mark Zuckerberg and the Libra project in the first place just to pull out and all of this before he testifies on the 23rd before Congress?
The initial consortium of companies that were listed were 28 names. What is going on? It’s becoming apparent that there is somebody with an upper hand and trying to pull the plug on the project. Since the announcement of the project, it seemed that they want to stop Mark Zuckerberg in his tracks.
The Unanswered Questions.
Are people afraid of technology and afraid that that fiat money is going to lose its popularity? If you have an android phone everybody can trade with anybody and the payment is immediate. The fact is that anybody from anywhere is now empowered. You can use a device to send, receive and store digital currencies. This seems to be the problem.
Mark Zuckerberg and Pavel Durov’s dreams were bigger than the USA or any other country. Despite the negative publicity, I don’t think there is a stop in the idea. You can cage an idea only for so long, but when it gets out is there really a stop to it?
Does only the future know what we are guessing about if the plug can be pulled from the socket? Do these guys have the persistence to carry on until they succeed remains to be seen?
Regulation and the other red tape does not seem to be the issue, I think it’s about too much power. In conclusion, is it possible that two letters from Democrat Senators motivated them to pull the plug completely after that they knew there is heat in the kitchen?