Facebook or Meta just rug pulled their investors and killed their stablecoin project Diem. Apparently, they found out the technology is against their business model and they just have to get out as quickly as possible.
TL;DR
Facebook just rug pulled their investors on the crypto hype. Meta will be as centralized as they can to continue their data exploiting business.
Here is a 1 min summary of the article if you want to skip the reading.
Libra
Facebook enters into crypto has a long history. In early 2018 with rumors that Facebook would have their blockchain with stablecoin run on their Messenger. They even named the coin “Facebook Coin.”
Regulations
Until 2019, Mark Zuckerberg was concerned about the regulations. Many earlier investors may know that the project cannot be accomplished and left in late 2019. Nothing really happened on “Facebook Coin” and there were not any updates after that.
Diem
Rebranding happened in late 2020, just like Facebook itself. They tried to forget about the past Libra painful memory and want a new start with 1 to 1 US dollar-backed stablecoin.
Over Promised
Rumors suggested that WhatsApp may integrate cryptocurrency payments. Diem may soon be released to pave the way for Metaverse to happen soon. Everyone is cheerful about the promised future.
Diem Is Dead
Then suddenly Diem was sold. Mark Zuckerberg just rug pulled his own project and left many people behind to wonder what will happen on their Metaverse. Likely, Facebook’s Metaverse will not be a blockchain-like technology but a data profit-driven technology as they are usually good at.
In Conclusion
Facebook Coin is dead. Facebook’s Metaverse will not be the Metaverse people imaging. Their promises are always like a beginning when Facebook lured everyone into.
This article is also published in Cryptologist as parnership publication.
Photo by wōgzer on Unsplash
Note: the post was shared on multiple platforms here.
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
