Libra Shrugged: How Facebook Tried to Take Over the Money
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Silicon Valley tries to disrupt the world — and the world says “no.”
Facebook: the biggest social network in history. A stupendous, world-shaping success. But governments were giving Facebook trouble over personal data abuses, election rigging and fake news.
Mark Zuckerberg wondered: what if Facebook could pivot to finance? Or, better: what if Facebook started its own private world currency?
Facebook could have so much power that governments couldn’t stop them. It would be the Silicon Valley dream.
Facebook launched Libra in June 2019. Libra would be an international currency and payment system. It would flow instantly around the world by phone. It could even “bank the unbanked.” Libra could apparently do all this just by using a “blockchain.”
