[dahdum]

I think maybe they banked too heavily on getting their crypto Libra/Diem going in order to power monetization of WhatsApp/Instagram. It could have been as slick as Weixin/WeChat pay and dominate the cross currency remittance market.

[spookthesunset]

Except crypto is a pump and dump scam and most people know that. It was obvious from the start that libra was a “fellow kids” attempt to capitalize on the blockchain hype.

[dahdum]

I disagree, Libra had absolutely massive potential with Facebook, Instagram, and WhatsApp behind it. Stabilized by multiple fiat currencies it would hold value well, and it could power a global Venmo (via WhatsApp), capture a large portion of the entire remittance market, simplify e-commerce payments, and maybe even support micro transactions at scale. I’m sure I’m missing other large benefits.

The West is mostly so far behind on payment processing it’s a joke. Stripe charges 2.9% + $0.30 while WeChat Pay is 0.6% and Alipay .55%.

[spookthesunset]

What the hell would be it’s point? Why would it need Satoshi’s Holy Blockchain? Nobody in the mainstream consumer space wants an irreversible cryptocurrency.

Why not just use a database?

FB picking up Libra is just another loop in the blockchain’s solution in search of a problem.

[aylmao]

+1, though I imagine the motivation was probably skipping regulation related to handling international payments or something along that line. Riding the blockchain hype couldn't have hurt too (until it did, I guess).

[dahdum]

> Nobody in the mainstream consumer space wants an irreversible cryptocurrency.

Venmo and Zelle are both irreversible and mainstream but can't be used globally.