Libra unveils official backers, future uncertain

[CryptoBry]

Facebook has managed to officially sign up 21 organizations to its Libra Association following several high-profile departures from its controversial ‘cryptocurrency’ project.

According to a press release, Andreessen Horowitz, Ribbit Capital, Spotify, Coinbase, Uber Technologies, Vodafone, and Xapo are among those who signed the Libra Association’s charter.

Additionally, the Libra Association also appointed its board of directors and its consortium executive during the same meeting, held in Geneva, Switzerland.

Interestingly, Facebook will continue to play a key part in the project, as David Marcus, Calibra’s CEO and the tech giant’s former blockchain lead, is taking a seat on the five-person board.

Read more here: https://thenextweb.com/hardfork/2019/10/15/facebooks-cryptocurrency-libra-unveils-official-backers-but-its-future-is-still-uncertain/


One of the hallmarks of successful people is they give up even if they can be facing a very strong opposition from the whole world. Once they believe that what they are doing is right and there is a big future awaiting it or that they are offering something that the world really needs, they  will go for it no matter what the odds are. We have a guy like that in the person of Mark Zuckerberg, thus Facebook's Libra has to go on despite what its critics and detractors wanted to say.

I am not on the side of Mark and his minions nor am I another member of the Libra Association but even for just this one aspect alone he has my admiration. It would be interesting to watch the many developments to unfold right before our eyes in respect to Libra development and its deployment.

Come on Libra, prove your mettle right before my eyes...

[magneto]

I still wouldn't be too positive.

Since Paypal dropped out, they will probably face significant competition from them as opposed to the former alliance that they seemed to agree upon. They'll also lack experience in the payment processing department as a result of that.

Of course, there are still certain corporations like Xapo, coinbase, etc. that do have experience in crypto, but I think this is targeting more mainstream customers as opposed to the crypto niche anyhow.

Regulations are very unclear right now, but I doubt they will be positive towards Libra.

[Pearls Before Swine]

One of the hallmarks of successful people is they give up even if they can be facing a very strong opposition from the whole world. Once they believe that what they are doing is right and there is a big future awaiting it or that they are offering something that the world really needs, they  will go for it no matter what the odds are.

That's all well and good, but if the U.S. gov't is the one making the odds and is stacking them against facebook, it doesn't matter how passionate facebook or anyone else is about launching Libra.  It all is going to depend on what the regulators decide.

Looks like they have quite a few partners that I wasn't aware of, and that would seem to bode well for the project.  I still think the companies that dropped out have some inside info and a good reason for not wanting to be a part of Libra anymore.

And all this hype, drama, and controversy over a stable coin put out by facebook, well known thieves of privacy?  Give me a break.

[jossiel]

Its partners are starting to back out after the gov't has given its statement about the project. I think the domino effect will continue for these partners and they will drop too one by one.

Those partners that are not really into crypto will drop but I think coinbase and xapo will remain. It's a stable coin that makes the gov't of US shaky because it can be a threat to them in so many ways. And the network of Facebook is totally huge that they can't ignore it.

[Lizzylove1]

One of the hallmarks of successful people is they give up even if they can be facing a very strong opposition from the whole world. Once they

One of the hallmarks of successful people is "they don't give up even...."  Okay, I think you intended to say " they don't give up", you can edit that.  Libra has faced many oppositions and the very launching is been threatened. Despite all these many scrutiny from the government they are still trying to scale through, it's a good virtue to imbibe as a tireless fighter. They should allow Libra to launch so as to send some traditional banks packing. I will be going to court to get a court order in order to recall my money that has been hanging in my local bank for 3 years now. Banks are brutal and they show little or no mercy for depositor's fund.

[Red-Apple]

everyone is abandoning Libra already even though it is way before its real launch. so far they have been trying to survive but the project is dead in the womb. i don't think they can get the hype back at all because the real big names they used to hype themselves in the beginning such as PayPal have already pulled out of it. and this should be acting as some sort of red flag for anybody else who dares go near this project as others didn't leave for no reason!

[DaMut]

everyone is abandoning Libra already even though it is way before its real launch. so far they have been trying to survive but the project is dead in the womb. i don't think they can get the hype back at all because the real big names they used to hype themselves in the beginning such as PayPal have already pulled out of it. and this should be acting as some sort of red flag for anybody else who dares go near this project as others didn't leave for no reason!

Not everyone is abandoning the Libra right now only 7 of 28 left Libra, there is hope for Libra to continue to exist because there are more than 180 potential backers ready to replace the 7 of them. As the title said the future is uncertain because it still has a chance to fight the regulation. Let's wait until the court finishes, that is the last line for Libra to survive.
https://techcrunch.com/2019/10/14/libra-meeting/

[The3max]

I don't think Libra will be coming soon. With many legal issues and Libra facing, this is really difficult for a cryptocurrency with the community being a facebook user. Under the pressure of enforcing orders and legal issues, some supporters silently withdrew their votes, which was really worrying for libra.

[ecnalubma]

I understand Zuckerberg optimism despite of the government pressure and public criticisms. He made Facebook a billion dollar company over a decade and he probably see no reason to hold his decision back. In other hand its up for regulators, lets wait and see how mark will play his last cards.

[Bttzed03]

They are trying to show to both investors (incl. potential) and central banks that they are not going anywhere but regulators who have openly expressed their opposition to the project isn't backing down either.

Could this be their last hurrah?

[o48o]

I can't see them ever starting this project. All the biggest names have abandoned the ship. Most likely because they know that government can shut down any centralized system like Libra. Damn, i was really hoping that this would pan out to be a competition. Now if this project is ever going to be a success it seems that be it can go live as just another government regulated bank.

[7788bitcoin]

One of the hallmarks of successful people is they give up even if they can be facing a very strong opposition from the whole world. Once they believe that what they are doing is right and there is a big future awaiting it or that they are offering something that the world really needs, they  will go for it no matter what the odds are.

I like the strong words and you can overcome any opposition and be successful in life but there is a problem here with Libra, it is a centralized private coin and you need the permission of the government to come up with something like that and if they are against it how are they going to be successful and that is the biggest obstacle. The government has the power to shut down any project in its roots and the opposition they are facing are from the authorities and it is not that easy to overcome those and whether they will risk their other successful business is to be seen.