It is with great sadness we report that Facebook's Libra is still alive. Still worse, it is slowly growing and expanding its tentacles, albeit in stealth mode.
With that dramatic introduction, you might have already guessed that we are not big fans of Libra. We are actually not big fans of anything that is centralized in the supposedly decentralized crypto space. This is the very reason we have always stood against Ripple - XRP. We got very excited when companies that wanted to tap into the Libra's greed started quitting the Libra Association.
Facebook seems to have learned the lesson to NOT publicize its expansion plans on Libra, so it is playing low key.
Tech Crunch reported that Tagomi, a $28 Million crypto startup, is joining Libra Association. The actual announcement might happen today.
When you have the whole crew of attorneys - you can always find ways to circumvent the laws. As we stated before, in spite of all the drama Facebook will launch its Libra cryptocurrency.
Some argue (and we agree) that Facebook may be our best chance against China's digital currency pace. However, we have a problem with Facebook's shady past and recent breach of privacy that costed Facebook $5 Billion for its 'jail-free' card.
What happens when Facebook breaches our personal financial data once Libra goes live? You can bet that it can get away with a jail-free card again. This is the single reason we are not rooting for Libra.
Sadly, those privacy and breach concerns is not why US government is opposing Facebook's Libra; US Government's agenda is not to lose the global dominance of US Dollar to China or Facebook's Libra. We could actually see a Digital Dollar that will then be pegged to Facebook's Libra coin in the future. When that happens, Facebook will receive all the clearance it needs to enter the digital finance space.
It's not just Tagomi, Shopify joined Libra Association this month as well.
Slowly but surely, Facebook's Libra is spreading in stealth mode and we expect some major fireworks in the next year or so. We just cannot wish good luck to Libra - we will just wait and watch on the sidelines.
