Bitcoin Forum

Hi everyone,

Looks like Facebook's final attempt (Diem) at creating a new stable currency unit will never see the light of day. There is another LIBRA (freeport dot nu) that looks much more disruptive than what FB had in mind.

System spec seems pretty deep and I didn't understand all of it, but they provide simulations of their system and they look pretty convincing. Could anyone with a finance/crypto background weigh in on this?

Yes it's almost dead.
Seems like facebook (actual Meta) realised that the project won't get a success after so many partners left the project. Diem was another initiative derivative from Libra which becomes the brand name of the company who should create/maintain the token.
Actually, users hope that Diem will be the token used in metaverse recently announced by the company, but this is just in their hopes as no one can confirm this yet.

.
Confirmed by facebook itself https://decrypt.co/91523/facebook-meta-libra-diem-stablecoin-is-dead

I never heard another libra existed but for me, that's a scam. It sounds very suspicious to me. If that's more disruptive and then people should have known about that but i rarely heard people talked about that Do i miss something here?


.Is this another libra issued by another company other than facebook? facebook shifted to the metaverse after facebook was seeing a chance with it. I never heard the libra that you have talked above.

I think fintechgeek is trying to advertise this new Libra using the already dead FB coin.

Yes likely, they've put the intellectual rights of it on sale.

Facebook reportedly ditches Diem stablecoin with asset sale (https://techcrunch.com/2022/01/27/facebook-reportedly-ditches-diem-stablecoin-with-asset-sale/)

It has to get its return from selling it and whoever takes it should have to continue its development. I don't think that there's a need to worry about this project is on sale.

IIRC, FB is doing something bigger such as a payment method in Brazil. I forgot the details about that one which is like pilot testing that they've started only there.

It's dead and that's why meta has been moving to the metaverse but it doesn't mean if meta is stopping its step in the crypto. Im sure that another plant already created by meta to create another new stable token in the future. Diem was not even born but it goes to the hell right now. I will never take any fake libra because that will always related to the scam project.
It doesn't sound a legit project. Why is it using the same name as diem (previously libra)? is not it to taking the hype from libra and diem? I will ignore this one.

Already, various sources have reported that Zuckerberg sold his rights to Diem's intellectual property and other assets to Silvergate Capital Corporation for a total of $182 million. Therefore, it is hardly worth considering the Diem stablecoin project dead. It looks like he will soon be reanimated and begin a second life. True, this time he will definitely have nothing to do with Facebook.

Unless FB's new attempt to join metaverse world doesn't revive it, i guess it's dead.
TBH they should build something new, because the old one has 2 much baggage

I hope the coin is dead by now ;D

I do not like FB joining in the crypto world and creating their own token because that can give them the power to control people on their site and everything will use their token to transact. People will be forced to buy their token if they want to get benefits from their site and if they do not want to use it, those people will get a warning from FB. It is better to search for the other project that will be better because we do not want to see them control how people use their tokens.

Still Facebook is waiting for the regulation body to approve their project all over the world and they can survive no matter what because of their network effect in this internet world but the question is will they ever launch their project?

Because governments are creating their own stable centralized cryptocurrencies so they may not allow private companies to do the same.

facebook is planningnfor the new world and it seems like this already abandoned and that s why you will be rarely seeing it that facebook talked about this again andn there s new latest news about this as well. meta is also thinking about the possible replacement for diem silently without try to sell others. remember that if meta is always giving a surprise. we kay ser that again soon. i hope that this will come true

I’m glad to be honest, Zuck’s cuck buck had to ask for permission, he didn’t get it & it failed. Bitcoin doesn’t have to ask anybody for permission, nation states can only ban themselves from it. Bitcoin can’t be stopped, indestructible digital property.

That your new Libra seems to want to piggyback on the popularity of the Facebook Libra project. I dont like projects like that that try to pull that kind of stunt. It shows lack of imagination. What kind of message are they going to show the new investors

I think you hit the point with this one! Mark wanted a huge bite, to have it all... and that stunt can't even start for years! I mean, it's how long we read news about libra/diem, but nothing ever happens! So I guess this project was dead from the beginning, with the first obstacles!
For sure Mark will do something in the next few years... at least he has money to spare on his silly projects and crazy imagination! Maybe he can surprise everyone with something, or there's always a chance he to repeat his failures and start some new shit all over again!

LIBRA/ DIEM is a dead project, where mark changed the project to meta , for whatever reason they didn't continue the development of LIBRA/ DIEM, so suddenly launched a meta project, ( became my unanswered question because of my disinterest in this coin and the meta project in base)

The unique thing is that Mark doesn't want to stop there, his project is almost dead, we'll see he's still talking about the project, Libra is having problems with his spending. Now "diem" is experiencing a slump, I don't know when the projects will be successful.

When libra was first released, it had been a huge supporter of many brands and facebook. But it was again Facebook that first drew its support from it. Frankly, I do not take a very moderate view of the projects that facebook and mark enter. Because his ideas in the field of crypto money can change instantly and he can impose advertising bans even on his own platform. That's why these two projects ended before they even started, in my opinion.

Well, I'd never think that it existed in the market. In fact, Libra before has become dead right after the creation and I thought it was the same with this Diem project?

Anyways, there are some reasons why they are dead already,
*support from the investors
*use-case of the project

I don't find their importance in the market and that definitely it will just be ignored by the investors.

I never heard any update related to Diem progress, so it means a lot that this coin is possibly dead. Zuckerberg only focuses to build his future with Meta project and may forget about Diem. Or Diem project is suspended temporarily and he may consider continuing it if it is necessary for Meta project. I personally still cannot conclude whether it is already dead or not.

Yes, it is over, the dream of Zuckerberg to launch their cryptocurrency (DIEM) is over.
After going through various processes for a long time, even having time to go down and up again, this plan is finally coming to an end.
Not only because of the regulation but it is also complicated from the start.  ;D

https://www.theverge.com/2022/1/31/22911426/meta-diem-cryptocurrency-confirms-sale
https://edition.cnn.com/2022/02/01/tech/facebook-diem-association-dissolving/index.html

Why dead? It is sleeping...  ;D

I think we won't see any progress with this project in the nearest 2 years. It's still too early for implementation of such ideas imho. Maybe later...

Well the thing is there was never any value in their project to begin with.

They had no existing synergies in the financial space, it was clear that regulators would seek to shut them down as soon as they started, etc.

I doubt that this is going to be their last crack at blockchain tech though. It is clear that there is a lot of money flowing into this space, and Meta has never been late to these parties.

STATEMENT BY DIEM CEO STUART LEVEY ON THE SALE OF THE DIEM GROUP'S ASSETS TO SILVERGATE
https://www.prnewswire.com/news-releases/statement-by-diem-ceo-stuart-levey-on-the-sale-of-the-diem-groups-assets-to-silvergate-301471997.html
We remain confident in the potential for a stablecoin operating on a blockchain designed like Diem's to deliver the benefits that motivated the Diem Association from the beginning.  With today's sale, Silvergate will be well-placed to take this vision forward.  Over the coming weeks, the Diem Association and its subsidiaries expect to begin the process of winding down, but we look forward to seeing the design choices – and the ideals – of Diem thrive."

I thought they are going to inject it in their new Meta (formerly Facebook). That's the purpose why they recently change the name if I am not mistaken.
First step will be to let their users know that they are stepping up their game and trying to be cryptocurrency friendly and that's when Diem will come in.
I guess they cannot convince their own government about it. Libra failed and rebranding could be the solution but again, it failed and this might be because of fear for Meta owner to be more powerful controlling the financial industry.

No value? Not sure if I am going to agree with that because we are talking about facebook here and facebook was a successful company. With the money they have and the brains behind them, I think they can be able to make a very promising project that everyone will like but if someone thinks the project they did was not enough, maybe because they do not give their best because they are too humble to give chance to others  and just because they do not have an experience in the financial field like other projects have, does that mean they cant be good at it?

But, I think not all in cryptos have existing experience but there are also brand new that totally start from scratch and still manage to get successful.

This Facebook project really just confused the hell out of me when it was announced. At first they called it Libra, then a lot of months had passed with no updates to this project at all until just few months ago I heard that it just changed to Diem.
From my old account in Facebook, I had followed Mark and never heard of any updates of this project.
To be honest actually, I never expected this project to push through. Facebook and crypto just don't go along well. If I can recall correctly, they even banned crypto posts.

Yes, I died even before arrival, but then, I didn't expect less than what it is now, most especially after the big names that were to partner with facebook in building the project left, and Mark Zuckerberg having to answer several questions from the US government concerning the project, it was clear it was never going to see the light of the day.
Mark Zuckerberg and his group of companies are already puppet to the US federal government and he can not launch or run a project the government isn't in support of.

People do not about the story I suppose? Facebook officially declared that they are no longer working on it. It means that it is dead. In fact there were talks about them selling the whole system as well, like some sort of centralized currency. Which is why I believe that it is not really dead but just changed ownership but since it will not be facebook then it will not be a huge deal like it could have been.

I know that it should be a lot easier for facebook to handle this then how they did it, they have enough developers to put some manhours into this project and already be out. But they just didn't feel like it had the potential they wanted I suppose? No idea what their reasoning was.

I also think the same as i do not find any official statement from facebook that they are working on it and it is part of their future plans. The Libra was a failed attempt and it did not created much interest as people are more interested to bitcoin rather than any centralized coin like Libra.
Instead, facebook is working on a concept of Meta and they have also changed their name from Facebook to Meta.

Nope, Facebook already shoot down the idea years ago, when regulators coming in hard for them. They don't have Mark to have control of the market and the potential pitfall of their product. Imagine Facebook has total control and monopoly of the market. They could control everything at their fingertips and this is what the regulators doesn't want to.

I haven't heard about Libra since a few months until I saw this post. Libra didn't gain enough attention from the people.
It was dead long ago and ever since Facebook turned into Meta it is mostly looking into the Metaverse.
So I think that it wont look into Libra again now that its dead and there are better opportunities in the Metaverse.

It did actually, but the problem is that as mentioned by someone, regulators specially from Europe quickly drop it hard for Facebook. I remember Mark Z. appearing in Europe or US about his company and has been fined millions if not billions.

So they just scrap their project and there was nothing to heard from it ever since. Maybe they could revived it, but it will be totally different from the original concept they had before.

Wasn't Libra a crypto currency (centralized) that would be under the control of facebook or something? I thought they coin died years ago (like everyone expected). And that "another" Libra is very likely a scam/shitcoin trying to associate them with facebook so people invest in that coin and the developers can scam them.
Scammers try their best to convince people that they project is legit before scamming them. Would suggest you to ignore this project.