"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"
RT @ThoBishop: As @saifedean has highlighted regularly, Bitcoin can work precisely because it doesn't need the permission of central banks and governments to function.
Libra's neoliberal-crypto model was doomed from the start.
R3 is still very much around, catering to their target audience: banks and institutions. No need for them to look for ‘retail marketing exposure’.
Vodafone is still in Libra, let’s not forget they serve north of 4(!!) billion users. It could very well end up badly for Visa, MasterCard, PayPal and the others. They’re scared of stepping on regulator toes, but now they’ve stepped on Facebook’s toes. Facebook and Vodafone together can already take very significant bites out of the payment processors’ market share.
I think you really overestimate Facebook.
At this point in time, they've lost the trust of both the general public and governments.
And Vodaphone might be big, but what Libra wants to be requires a full consortium of big companies.
We talking about a payment system. The fact that big payment companies like Visa, MasterCard and PayPal abandoned ship is telling.
I very much hope you’re right. I wasn’t a fan of libra to begin with, but think that Facebook can at least on its platforms create significant traction for online payments.
Having lost credibility... I agree as well, but also not sure that a lot of people share that. Except us very well informed redditors. *mild sarcasm implied.
We’ll see. From a bit more distance I think it’s fascinating to see how scared the incumbents of the old financial system can get now at times. It’s really ripe for scaling up the disruption.
True, it would have been a censorable corporate spy coin. True, at the time i worried that it would negate our adoption efforts with *real* crypto like BCH.
But at the end of the day, so what. It would have been an easier on-ramp to real crypto than credit cards, and with no *worse* privacy. A net gain for us.
I am now more worried by the speed and ease at which several governments killed it.
They all signed on, so they must have seen the potential in such a system. What are the chances that they abandon it entirely? I feel like it's far more likely that they will realize this can be done, and be done in a decentralized manner.
You're not wrong. People have also just read headlines. Here's Stripe's response from the BBC:
"Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.”
Buy the news comes to mind. Don't fall for it just because it fits your personal narrative of what's good/bad. (Not that libra is an investable opportunity for retail).
For the same reason they rushed into Libra? Like your argument doesn’t take that into account. Obviously libra offered them something. And I would put money on Ethereum offering that same something and more.
I don't buy the scaling negativity anymore. I don't think it was a terribly convincing argument before, and after this year's devcon there's really no merit to it anymore. ETH is here, it's money, and it's usable. ETH2.0 will just drive that point home harder.
You should buy that argument, because it's real. The hard reality is at this moment, the Ethereum network could not handle mass adoption and real world usage. In theory it can in the future, but that future's been being promised for years, and still isn't here. Giant companies who depend on something reliable aren't going to just go "alright, all in," until it's battle tested and proven.
It's going to be a while, if ever.
eh, when ETH 2.0 and all of it's varied functions actually work in production they will then think about coming over. If I were them I wouldnt come over yet either with all of the changes that are coming.
No, they were ready to partner with Facebook and their vision, to develop and govern it together. When that started to look dicey as fuck, as far as regulation was going to go, and the negative backlash Facebook has received from world governments, they noped the fuck out.
The EEA exists for a reason, and there's plenty of big names working to develop an enterprise standard.