Is Facebook Libra cryptocurrency really dead on arriver? You would really want an answer to that for reading it twice. However, since the announcement of Facebook Libra cryptocurrency in June 2019 with a promise to create a mainstream cryptocurrency. The idea was lofty and did promised a seamless connectivity to the unbank and Facebook over 2.4 billion monthly users.
Nevertheless, the Libra idea was rosy and had the support of 28 association members who are big guns in their industries. Although, after its announcement in June, things ain’t so promising for Libra as it was early envisioned.
The question still persist, is Facebook cryptocurrency really dead on arriver? Although, before we can say for sure if really the new digital currency is dead or slowly dying. Let first analyse the current state of the Libra cryptocurrency.
Current state of Facebook Libra cryptocurrency
Having a blockchain cryptocurrency as Libra control by big tech companies such as Facebook and its partners will actually draw some federal attention. Nonetheless, Facebook still maintain that Libra doesn’t plan to stay permissioned forever.
Quoting from a separate document. Libra will be open to more members and finally moving to a permissionless model after five years. This is Libra ultimate plan from a permissioned to a permissionless cryptocurrency.
Mind you, a permissioned blockchain means that only Facebook and its partners can mine Libra.
Just like the developers describe it here. The partners believed that being permissioned would yield stability and avoid problems that could beset a cryptocurrency such as bitcoin. And in due course, which is in five years time and having put things in order, Libra would go permissionless.
But how trustworthy can these words hold? Moreover, letting go is difficult and Libra partners would likely still want to hold unto their priviledged position in the network.
On the bright side, even though Libra is breaking a major advantage of a blockchain cryptocurrency nature (dencentralization). It sure would have a good impact, such as clearing transactions quickly and the stability in its price.
Possible reasons while Facebook Libra Cryptocurrency is dead on arriver
- Since Facebook announcement of the Libra Cryptocurrency. There has been intense government regulatory repulse on the initiative.
- Though, on the wake of the Libra cryptocurrency idea, the plan seem lofty and partners were proud to be associated. But due to the unexpected pushbacks, the partners are kind of quietly dropping out of Libra (not evidential, though).
- Seems like, there’s no public support for the project as Facebook is seen standing alone.
- Moreover, although the project comprises of more than two dozen partners, none are publicly speaking in support of Libra.
- Facebook is entrust with too much user data already. Adding a digital currency will cause more privacy concern to their many woes.
- Cryptocurrency initially meant decentralizing power but with Libra, it means giving an already powerful company more power.
- Facebook is seen here as growing bigger and stronger while the big guns at Washington are scared and need put the company at check.
Above all, the whole question of the Libra cryptocurrency can be centered on trust. Can Facebook really be trusted to lead a global digital currency?
Criticism echoing the death of Facebook Libra cryptocurrency
Facebook keep getting backlash from prominent voices on reasons why the Libra cryptocurrency is dead on arriver.
- Airing his view on the Libra idea is Bitcoin bull himself Lou Kerner of New York-base CryptoOracle. He quoted on a blog post saying Facebook itself is dying and not even its over-hyped cryptocurrency project Libra can save it from its inevitable demise.
- Another leading Facebook antitrust critics described the Libra idea as “a private global International Monetary Fund run by techbros.”
- Another critic Susan Fowler even put it in even harsher terms giving Facebook a new description. Saying “Facebook: we are one of the largest platforms on which disease-causing, damaging, life-ending misinformation is spread, but here’s a global currency!”
- Even at the whole chaos, the European Regulators are already looking at ways to harness Libra, seeing it as a threat to national sovereignty.
Will Facebook Libra survive?
From individuals to corporate bodies and the government itself, all hitting it hard on Facebook concerning Libra. It seem they are succeeding in pushing Facebook out of its lofty Libra idea. Although, the most intense woe would be no vocal civil voice promoting Libra to come to the people’s rescue. Even though for now, it’s not so certain if Facebook will definitely survive the war. One thing that is sure, Facebook is not backing down yet.
For questions or suggestions, we are a click away.
Please leave a comment below.