Facebook DIEM Sold: End Of An Era

[taskmaster4450]

▶️ Watch on 3Speak

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Facebook made news in 2019 with the announcement of the Libra. There was instant backlash from many of the regulators and politicians. After that it went quiet for a while until it was rebranded as the DIEM.

In this video I discuss how the rights to the proejct were sold fro $200 million. This is the end of a project, at least in this iteration. It just shows how no matter how big the entity, a lot of things start with promise to be revolutionary and can fizzle out.

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▶️ 3Speak

Comments

[dave-estates]

The expectations we all had for the DIEM has really shattered. But to most people, their expectations are not yet battered because they still have some hope in Silvergate Capital, the company that DIEM was sold to. I learnt from Bloomberg earlier this week that Facebook now known as Meta is selling the DIEM project so they could return the capital to investors. I am just wondering what exactly wasn't working well because I don't think trading the future of such a great project for $200 million is really worth it.

Myself I do not know what intentions of the Silvergate Capital is but I hope it is just for the best.

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[taskmaster4450le]

I would imagine they got enormous pressure from governments. Facebook is already in the scopes for the way they operate anyway. This would just bring more pressure on them, including the potential for anti-trust.

It is something that they likely were coerced into doing.

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[cocacolaron]

Libra I remember that many people were excited to have it in their wallets, a pity that government pressures or mismanagement have put an end to this project.

[taskmaster4450le]

Yes unfortunately that was the moment that the establishment, ie governments, were put on notice. So Zuckerberg ends up screwing the entire industry and walks away. Typical slimball.

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[pixresteemer]

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[yieldgrower]

oh, I'm so sad this didn't work out for Zuck haha

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[cmplxty.leo]

I’m glad it failed. It’s like General Motors trying to get into banking. Stay the hell in your zone of knowledge and expertise. These companies aren’t crypto companies, stay out of it.

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