Is Libra deflating?

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The abandonment of the Libra cryptocurrency project by a quarter of the companies that signed the initial agreement of its creation, gives the feeling that the project was deflating. In recent days, seven of the heavyweights belonging to the initial consortium decided to leave the race and give up the Libra association, leaving many doubts about the continuity of the project.


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Many of the connoisseurs are waiting for the outcome that will have this story that began last June when announcementthe creation of a stable currency called LIBRA backed by a good number of very important companies and recognized in different business areas and led by Facebook, creating great expectations around this project, which is being news today for the defection of some of its main investors.

Quick reaction

Despite the stampede of members of the association, on Tuesday 21 of the 28 initial members met to sign the constitutive document of the Libra association, implying that the project continues its course. At the same time it was released by the following press release, the formation of the board of directors and the executive team of the association, appointment made at a meeting in Geneva, Switzerland this October 15 .

According to the press release, in addition to Calibra, the association has the following members: Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Breakthrough Initiatives, Illiad, Vodafone, Farfetch, Uber, Lyft , Kiva, Mercy Corps, Women's World Banking, Spotify and PayU .
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Many interested in entering the project

Despite the abandonment of seven major firms, Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago, who announced their withdrawal from the project a few days ago, the project leaders (Libra Association) have said that there are 1,500 entities interested in forming part of this project, however, only 180 of the applicants meet the requirements demanded by the association to be part of this consortium and are waiting for at least two thirds of the members to approve the entry of the new partners, which gives the impression of a good environment within the consortium.
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The Startup

As many of you know, the launch of this cryptocurrency is scheduled for 2020, however, this date could be postponed, according to announcement Bertrand Pérez, executive director of the Libra association, who affirmed

"We want to build a solid platform that is durable and capable of surviving in the long term"

It seems that Libra will survive this wave of defections, but despite all these announcements, many doubts are generated around this project and many still claim that it is possible that the project is deflating.

What is still unclear is because these recognized companies have decided to announce their retirement from this race and step aside, although some of them revealed fear and concern about the regulatory scrutiny facing Facebook's projected cryptocurrency.

Let me know your opinion about this project and everything that has been generated lately with these ads that moved the entire structure mounted around Libra.



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27 comments
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To the question in your title, my Magic 8-Ball says:

As I see it, yes

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

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Days ago I wrote a post about the withdrawal of Paypal and I was already worried that there would be a stampede of withdrawal of members of the LIBRA Alliance.

Although my fear was not fulfilled, the withdrawal of 7 heavyweights complicates the fulfillment of the Alliance's objectives. In part, I expected this because of the opposition of different national governments in various parts of the world, but I would still have liked it if the blockchain of this private cryptocurrency could have been put into operation in the way it was initially planned.

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Hello @pedrobrito2004, this project generates and continues to generate very high expectations, however, with all this we must be attentive to see what happens in the following days. At first I said that this would make things good for cryptocurrencies in general and would help adoption.

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Hopefully the situation improves for the benefit of all blockchain technology.

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I remember hearing lately, that US authorities will make a show to pretend that they want to stop Libra but at the end of the day that this project is unstoppable. It seem that all those who believed in that theory were wrong. Central banks and their influence on politics and regulators turned out to be much stronger than influence of all those tech giants.

It's such an interesting battle.

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I read that there is opposition in the USA, but this project has also encountered legal obstacles and opposition in the European Community, especially in Germany and France.

In part I expected it, but not in this degree, because after all, a constituted power does not like the world to change, because that is dangerous for the continuity of the current system.

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The companies that left, namely Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago, are all capable of building their own version of Libra. While I don't think Libra will just collapse like this, I think they will progress rather slowly and along the way, they will be forced by regulators to drop some of their original visions.

@tipu curate

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Hi @culgin, thanks for commenting.

While I don't think Libra will just collapse like this, I think they will progress rather slowly and along the way, they will be forced by regulators to drop some of their original visions.

Very well, I was wondering if the reason for the departure of these companies is not due to the market price situation, they may have lost in initial interest, but it is possible that each one is thinking about their own project.

Over time we will have these answers.
Thank you for your support friend, I appreciate it very much.
@fucho80

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I remember hearing lately, that US authorities will make a show to pretend that they want to stop Libra but at the end of the day that this project is unstoppable. It seem that all those who believed in that theory were wrong. Central banks and their influence on politics and regulators turned out to be much stronger than influence of all those tech giants.

It's such an interesting battle.

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If Libra aims to be regulation-friendly, then regulators will surely have strong hold on them. I guess that is inevitable

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Greetings @fucho80, very interesting your post, I was a few days ago to read something about this, since it also called much attention to the desertion of large companies.

After reading everything, I think that they (more than anything the company of the blue box and the white F) knows how to move their cards (in what is advertising and more than anything business) and that maybe these investors left for some kind of legal inconvenience, I would not be anything strange that they are afraid to be allied to a company that has been questioned by security policies and sale of data ...

Of course I know that maybe this does not have much to do because one thing are the apps affiliated to on the web and another in a space such as the blockchain.

But in the same way I think that "it smokes out there"...

Watch out all this is a speculation of mine, do not take it too to heart 😅

Without further ado, thank you for reading my comment and I bid you farewell not without wishing you a good day, evening or night.✌️

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Hello dear @jjqf thanks for your comment.

I would not be anything strange that they are afraid to be allied to a company that has been questioned by security policies and sale of data ...

Friend, this is something that will always be in the environment, after this scandalous background there are possibilities that affect alliances like this.

No matter the reason behind this, I think it somehow affects the reputation and confidence in the currency before it goes on the market.

Thanks friend.
@fucho80

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I will not say that Libra is dead on arrival, but I will say that Libra is dead on arrival anyway! Thanks for sharing this insightful post.

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I will not say that Libra is dead on arrival, but I will say that Libra is dead on arrival anyway!

Woo friend @gandhibaba, very sure of your statement, the truth is that they are having some problems and this will somehow affect the confidence in the project.

We hope to see, thanks for coming friend, it is an honor that you join this conversation.
@fucho80

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@fucho80, In my opinion this aspect is really weird and no one expected that ever because this was Super Giant Project. Let's see what more surprises hold by this Project. Stay blessed.

Posted using Partiko Android

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I remember hearing lately, that US authorities will make a show to pretend that they want to stop Libra but at the end of the day that this project is unstoppable. It seem that all those who believed in that theory were wrong. Central banks and their influence on politics and regulators turned out to be much stronger than influence of all those tech giants.

It's such an interesting battle.

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Dear @fucho80

The abandonment of the Libra cryptocurrency project by a quarter of the companies that signed the initial agreement of its creation

I'm guessing that I'm not up to date. Was Libra abandoned by some of those tech giants?

I remember hearing lately, that US authorities will make a show to pretend that they want to stop Libra but at the end of the day that this project is unstoppable. It seem that all those who believed in that theory were wrong. Central banks and their influence on politics and regulators turned out to be much stronger than influence of all those tech giants.

It's such an interesting battle.

upvoted already,
Yours, Piotr

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Hi @crypto.piotr, thanks for being here.

It's such an interesting battle.

Agree with you, it will be very interesting to see what follows now. If some giants left the alliance, some say that because of the harassment of the regulators but for me nothing is clear yet, it is possible that it will be called attention, that I know, the truth is that if this is definitive we must wait if someone else leaves or if even other companies that according to the consortium are admitted, want to join the project.

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I think the main reason those,

Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago

companies left, it because (almost) all of them have under the hood a project with some attributes that would have similar competition factors in comparison with some of the projects Libra will bring.

Therefore it would not make sense to promote another project, loosing efforts on a side venture.

Also, and because they probably jumped the gun, the initial hype was enough to convince them bet the Facebook game that initially would have generated some propaganda that it would be able to face the political decisions around the world. Once that ended and all its initial momentum was lost, these ventures that were already inside those politics workflows and have undergoing projects, decided to withdraw their betting game.

I would even say (speculate) that even if Facebook could influence political decisions very quickly, these same companies would, at some point, jumped out of the boat.

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