Facebook DIEM Sold: End Of An Era

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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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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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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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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.

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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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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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Summary:
In this video, Task discusses Facebook's failed project, initially called Libra and later rebranded as Diem. He delves into the various challenges and controversies that surrounded the project, leading to its eventual downfall and sale of assets for 200 million dollars. Task emphasizes the importance of consistent progress in the tech industry and touches on the unpredictable nature of revolutionary projects, drawing comparisons to successful companies like Amazon, Tesla, and Apple.

Detailed Article:
Task begins by highlighting Facebook's venture into the cryptocurrency space with Libra/Diem, a project that faced criticism and regulatory scrutiny from its inception in 2019. The idea was to create a stablecoin backed by a basket of assets and managed by prominent financial entities as validators. However, the project faced backlash from regulators, politicians, and the cryptocurrency community, leading to many key partners pulling out.

The project's renaming from Libra to Diem raised questions about its future, with Task speculating on possible reasons for the rebranding. He points out the strategic move of selling the project's code and intellectual property for 200 million dollars, suggesting that the new owners may attempt to resurrect it in a different form.

Task draws parallels between the rise and fall of Libra/Diem and past tech failures during the dot-com era, underscoring the importance of sustained progress and development in the industry. He references companies like Amazon, Tesla, and Apple, highlighting their gradual paths to success and warning against getting carried away by hype in the tech world.

The video concludes with Task emphasizing the uncertainty of revolutionary projects and the need for ongoing development and progress to ensure success. He notes that Facebook's decision to discontinue the project may have been influenced by the intense regulatory scrutiny and potential risks associated with launching a global stablecoin on their platform.

In essence, the episode serves as a cautionary tale about the challenges of bringing disruptive technology projects to fruition, stressing the importance of perseverance, consistent progress, and strategic decision-making in the ever-evolving tech landscape.

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