Original post from July 30, 2019 starts below this sentence. Updates below.
Is anyone else fascinated by the boldness of Facebook’s Mark Z? This guy is unstoppable! First he creates the most popular and used social media platform at the age of 19. He’s only 35 years old [in 2019], by the way. Then he becomes the world’s youngest self-made billionaire.
In 2007 at age 23 he became the world’s youngest self-made billionaire. As of 2018, he is the only person under 50 in the Forbes ten richest people list, and the only one under 40 in the Top 20 Billionaires list.[8]
Now he is starting his own cryptocurrency, backed by money from corporations with a very lofty goal. “The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people. ” I first read about it a few weeks ago and it came back into my mind today so I decided to check on the progress. Well it seems like the US government is not so sure of this idea and held some long hearings. Here is the video.
The concern seems to be that the people in control are not democratically elected and instead are a bunch of corporations and extremely rich people. A reasonable concern I think. Here is the list of the association members. And guess where they will be headquartered? Geneva, Switzerland of course! Their intentions sound nice in principle, to make it easier for people all over the world to buy and sell, but it seems like they are attempting to change the whole world economy. This line from the white paper sounds like they are moving towards the broader goal of globalism.
- We believe that people will increasingly trust decentralized forms of governance.
I find the whole thing a little scary, but fascinating. Is Mark Z. an evil genius or is he truly trying to make the world a better place?
The Vision
Libra is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system.
The lovely Alexandria Ocasio-Cortez has this to say.
And President Trump is not a fan , either.
https://www.ccn.com/news/facebook-stock-trump-libra/2019/07/28/
What do you think? Should Libra be allowed? Is a global currency coming one way or another?
UPDATE! While I’ve was distracted by pandemic lockdowns and Trump impeachments and Capital insurrections and BLM riots, this happened. https://www.cnbc.com/2020/12/01/facebook-backed-libra-digital-currency-has-been-renamed-diem.html
Yes, it appears that Facebook and Mark Z have been busy changing the name of it’s digital currency from Libra to Diem and the name of it’s wallet from Calibra to Novi. Busy, busy!
Update: Diem is sold to Silvergate Bank. https://www.diem.com/en-us/updates/ “Diem has built a blockchain-based payment system to support financial inclusion and responsible financial services innovation. Silvergate will become the exclusive issuer of the Diem USD stablecoin and will manage the Diem USD reserve. “
Update: Silvergate Bank goes under. https://www.theverge.com/2023/3/8/23631320/silvergate-wind-down-liquidiation-announcement
Update: https://fortune.com/crypto/2025/05/08/meta-stablecoins-exploration-usdc-circle-diem-libra/
Blue Skies and Green Pastures 
Time to leave Facebook PK. Get out while you can!!!
Sounds like we are preparing for the end of times 🙂 🙂
I prefer cold hard cash. I can see it, touch it, smell it 🙂 But once they started with the good ole cards(credit, debt etc) everyone seemed to love it. But from first hand experience, when the hurricanes hit here, and the power is out, unless you have cash $$$ you don’t have food, gas, or anything else until the power comes back on. OR if a “system” is down, you are held hostage until it goes back up, and then if what you had is not there you have to prove it was. Too much uncertainty for me 🙂
I agree . Too much depends on the internet working .
Yes it does. There were lines and lines of people who had nothing but the plastic stuff and there was nothing the stores could do. We gave money and food to every one we could because we knew they had no other way. Hubby was grateful that I am always stashing some cash somewhere. 🙂
Facebook has a long history of surreptitiously gathering data about you from you or from people you know in ways that you don’t even know about and using it in disingenuous ways to make lots of money. This will be yet another tool for them to continue that and exploit you in secretive ways. You should consider ditching Facebook. Not a trustworthy company.
Of course governmental powers would be opposed because they lose control. However, I don’t really trust these “decentralized” people either, because anarchy isn’t wise and power corrupts. Even if intentions are good, altruism only goes so far before our selfish sin nature rests its ugly head.
Not rests; rears
They did say I’m the hearing that they would submit to any and all scrutiny and regulations but who knows.
Global currency will likely be the Chinese digital yuan that will displace the dollar as the world’s reserve currency. The result will be a side-lining of the US and the western hemisphere where the dollar will still remain in place until the antichrist tries to establish the final currency – his Mark.