You Don’t Need To Trust Facebook To Use Libra, Says David Marcus

[sirty143]

In the middle of all the dilemmas that Facebook is currently facing regarding its forthcoming digital currency, the head of the Libra project David Marcus took some time to speak to CNBC on the financial framework currently available, as well as Libra itself.

Marcus was asked about the founding members who have left including Visa, MasterCard, and Stripe, as well as the circumstances surrounding their exit due to their fear of regulatory scrutiny from relevant authorities.

The Libra head then expressed a bit of disappointment at all the issues the project is facing because while it’s already in motion, “it’s an idea. It’s a whitepaper. Nothing is operating yet.” He then added that the current financial system is a little too expensive suggesting that the solution Libra offers should be embraced and not derided.

“It’s kind of sad in a way to see all of the issues we currently have with the current [financial] system…and the
fact that … some people are not even open to the idea of exploring how to improve [the current system] for
their very constituents is kind of odd to me.”

Marcus also spoke about the financial technology status quo. He admitted that there is commendable improvement when it comes to fintech innovation but there is still a lot more to be done. To Marcus, the fundamentals have yet to improve.

“There has been a lot of fintech innovation at the edges but the core of the network that moves money
around… hasn’t changed in fifty years.”

Surprisingly, Marcus also admits that Facebook may have something to do with all of the problems Libra currently faces and gets the origins of the criticisms. He admits that the team needs to prove that they can be fully trusted, but also pointed out that Libra is separate from Facebook and will run without that much influence.

“No one needs to trust Facebook to use Libra and to on-board into this platform.”

At the moment, there are 21 confirmed members of the Libra Association after about 7 announced their exit.

Regardless, the Libra team has said that there are at least 1,500 companies that have officially indicated their interest in joining the organization. Of this number, about 180 fully meet the qualifications required, making the team sure that it will reach the intended 100-Member goal before it launches next year.

Source: ZyCrypto

[sampoerna]

It is very unfortunate that there are many rumors stated that Libra is in crisis and maybe not launched. I think it is because of the US government's intervention that makes many parties afraid to join. Or they are forced to exit for some reason.

[vaysar]

Now cryptocurrency Facebook has every chance of "dying at birth." Regulators of developed countries consider Libra a global threat to financial security, the best teams of state financiers and lawyers are already working on a plan to counter the exit of stablecoin.

[Fenix]

Now cryptocurrency Facebook has every chance of "dying at birth." Regulators of developed countries consider Libra a global threat to financial security, the best teams of state financiers and lawyers are already working on a plan to counter the exit of stablecoin.

It seems to me that the Libra coin has already died, never having been born. There have probably not been as many scandals as there was around this coin. However, it is possible that after this Libra would appear. However, now China, the USA, India and other states began to announce one after another the creation of their national stable coins and Libra will no longer be able to fulfill the planned function of a global stable coin. Without this, Libra will no longer be interesting. People will trust the stable coins of world states more than the Zuckerberg coin.

[sirty143]

"...working on a plan to counter the exit of stablecoin."

Hey buddy, could please clarify what you mean by "exit of stablecoin"?

[Kholodnya]

“No one needs to trust Facebook to use Libra and to on-board into this platform.”

Apparently, people listened to the words of David Marcus and therefore, put a mediocre rating for the project. Take a look at this yourself - https://revain.org/projects/libra. In the 1st review, user has doubts about libra "Blockchain or not blockchain?". I agree with him that this is a controversial product. If I ask myself the question, why do I need libra, then I cant find the answer.

[damsix]

"...working on a plan to counter the exit of stablecoin."

Hey buddy, could please clarify what you mean by "exit of stablecoin"?

Maybe he meant this and in my opinion that LIBRA must come out of stable types of coins such as USDT, USDC, PAXOS or Gemini Dollar.
Or maybe the purpose of Vaysar is to make LIBRA a stable and stable coin because of decentralization, but examples like this are very dangerous because every day there will be changes in prices that Facebook users don't like. LOL

[endlasuresh]

So you all were saying the death of Libra is ahead, but where you heard these news? It could take some time for opening the coin of Libra.
Facebook data was breached so many times because of Zuckerburg, if he could managed to maintain those accounts with high security, then everybody would have supported fairly.
I lost hopes on Security of FB and Libra for security things. It will get launch in the mid of june ao wait and see or the price dropped.

[masudginanjar]

It is true what was said by David Marcus because I am sure David Marcus also gave this assessment because he understood well with what happened to LIBRA now.
I see LIBRA as only a dream that is not clear in its development and it is more than just a deception of the public (if it is not realized).