Facebook cryptocurrency Diem: Why is it the end for Mark Zuckerberg's stablecoin project?

3 months ago 68

Mark Suckerberg probably is looking at the whole cryptocurrency wars and thinking to himself why he isn't getting a slice of that pie. Over the past three years, the Facebook creator had been trying to come forth with his own cryptocurrency but apparently his plans are failing miserably. The name of the project is Facebook Diem, and it had the potential on paper to truly get traction in the world of cryptocurrencies. Their intention was to create a cryptocurrency names Libra stablecoin that was announced all the way back in June 18, 2019 under the motto, 'move fast, break things'. What broke is the entire initiative as the entire project crashed completely this week.

Why did the Libra stablecoin fail?

What Mark Suckerberg didn't expect was the whole political backlash that Facebook as a company started getting frmo all over the place. In localized areas around the world, the platform was being used to promote right-wing specific agendas with Facebook accepting advertising money from political parties. This brought much politica opposition, financial fears and many allies to abandon the project due to the bad press. All sorts of regulatory blockades were put in place against Facebook and any project linked to them was doomed to fail. All of this pressure pushed the Diem Association to attempt to sell off its intellectual property. The entire team of cryptocurrency and blockchain engineers were suddenly in dire need of new jobs.

There seems to be no turning back with this doomed project helmed by Mark Suckerberg, who will have to see how other tech moguls triumph inside an arena he'll likely never step on. If these reports of Diem selling their assets are true, this means that the Libra coin truly can't find its own space inside the market. Even Twitter former CEO Jack Dorsey took a shot at Mark Suckerberg after the news broke. That's gotte hurt from the one man who has a platform that is truly open, unlike Meta (formerly known as Facebook).

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