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One of the hottest topics in the cryptocurrency market in 2019-2020 was Libra, a cryptocurrency project created by Facebook in collaboration with technology and payment giants. Today, 4 years later, David Marks explains how the plan, later renamed “Diem” but never implemented due to constraints imposed by policy makers. was gone, was “murdered.” Marcus was one of Facebook’s senior executives at the time and was heading the Libra project.
“After Marc Andreessen opened Pandora’s Box on Joe Rogan’s podcast, I thought it was appropriate to tell this story, which I’ve never shared publicly before.” Marks said Treasury Secretary Janet Yellen told Fed President Jerome Powell that allowing the plan would be political suicide and that she would not stand behind the issue.
“We were gradually working to develop a limited pilot that was supported by some Fed members. Finally, Chairman Jerome Powell was willing to give us the green light to continue the project on a limited basis,” Marks said. However, as far as I heard, Treasury Secretary Janet Yellen told Powell in her biweekly meeting that it would be political suicide and she would not stand behind it, since I was not at the meeting. So some of these statements It should be taken with skepticism, but this conversation was recorded as the moment when Libra was killed, he said.
Marks wrote that shortly after that meeting, the Fed met with all the banks involved in the project and said:
“We can’t stop you from going ahead with the project and starting it, but we’re desperate for you to do so.”
“Thus the project ended,” Marx said, stressing that there was no loophole left for the government or regulators to rely on to terminate the project, adding: “It was a purely political assassination. “They scared the banking institutions. The hardest part for me in this story was not that we failed, but that America, a citizen of which I was proud to believe in the principles of law and values.” Lee, for purely political reasons “It was really hard to accept.”
The former Facebook executive concluded:
“The biggest lesson we learned was this: If your goal is to build an open money network for the world, transfer trillions of dollars every day and survive 100 years from now, you have to make it a decentralized one. And must build on the undeniable network and asset. And this is, without a doubt, Bitcoin. Now, many of us who have been through this difficult journey work together. And this time, we Not until successful Will stop!”
Elon Musk was also surprised.
Elon Musk did not hide his surprise at Marx’s writing. When Musk responded, “Wow,” Coinbase CEO Brian Armstrong wrote that what Marks said was logical and that the government was once again putting pressure on the banks. “I think the lesson of Libra is that these tools should be released as open source software and not ask for permission,” Armstrong said. Thus, once published, they cannot be withdrawn. This is the reason for Bitcoin’s success, and it is the same strategy that Meta later (successfully) followed with Llama. “Regulation is ‘speech’ considered within the scope of free speech and is constitutionally protected.” he said.
It was published:
