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Cryp-No Currency - Visa, Mastercard, eBay, & Others Exit Facebook's Cryptocurrency Campaign

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Posted · Original PosterOP

Source: The Verge

 

Major investors (can we even call them that anymore?) Visa, Mastercard, eBay, Stripe, & Mercado Pago have withdrawn from Facebook's Libra cryoptocurrency association. This comes after eBay started the exits last week.

 

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Visa, Mastercard, eBay, Stripe, and Mercado Pago have all withdrawn from the Libra Association, dealing a major blow to Facebook’s plans for a distributed, global cryptocurrency. The withdrawals were first reported by the Financial Times and Bloomberg.

 

A Visa spokesperson told The Verge. “Visa has decided not to join the Libra Association at this time,” the spokesperson said. “We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”

 

The withdrawals leave Libra with no major US payment processor, a serious issue for the fledgling project. They also come just one week after PayPal (eBay’s former subsidiary) withdrew from the association.

 

eBay & Stripe gave statements on their stance on the Facebook Libra Association:

 

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“We highly respect the vision of the Libra Association,” eBay said in a statement. “However, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.”

 

Stripe gave a similar explanation for its withdrawal. “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world,” the company said. “Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.” Mastercard did not immediately respond to a request for comment.

 

Libra's Dante Disparte then responded to the exits by shedding light upon the situation and giving a final word on the association.

 

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“We are focused on moving forward and continuing to build a strong association of some of the world’s leading enterprises, social impact organizations and other stakeholders,” Disparte said. “We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association.”

 

I don't follow cryptocurrencies at all, but the fact tha eBay, Visa, & Mastercard have all pulled out probably says something about what could come out of Facebook's new cryptocurrency campaign. The backers behind Libra still seem ambitious about the campaign so I'm interested to see how it all pans out. It's Facebook though, so don't hold your breath.


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I think they realized regulations would come the moment a problem occured and that a problem WOULD occur.

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the original idea for crypto was for it to be de-centralized. A credit/financial corporation can deploy crypto internally for integreity and auditing purposes, but to sell it to the wider population when they already have centralized money in the form of legal tender? Na, I won't be using Libra fake zuckerbucks.

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Hopefully this project wi crash, burn and be remembered as a dumpster fire for all of history :)


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As secure as the services I use for crypto...just the thought of anything FB related would push me away completely.

 

To access my crypto wallet you have to have the 27 word passphrase...FB would just leave that in a text file somewhere waiting to be found lol.

 

Major companies not participating is typically political, as they don't care as long as its profitable.  


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On 10/12/2019 at 10:57 AM, lewdicrous said:

The other companies probably waited for someone else to exit before they too can leave the sinking ship of a project.

Eh, no.

 

These companies all smelled the regulation coming and don't want to be be part of the manure pile Facebook jumped face first into. They initially backed it because they didn't want it to be the next Apple Pay and not benefit from it again.

 

The "cryptocoin" tech is fairly sound, but the potential for it to be misused is astronomical. There is no way a legitimate company would want to be involved in creating any kind of cryptocoin that might undermine the domestic banking system. 

 

Bitcoin, Etherium, and so forth are all rubbish, they are Ponzi schemes, and once a true answer to a global currency arrives, these will have no value. Till then, they're today's penny-stock pump-and-dump, and used primarily by people laundering money.

 

What it will take is a global agreement (which will likely not happen without Mastercard's Cirrus network blessing) for this currency to be available on all banking networks, otherwise it would be relegated to an app that may end up banned or regulated in some countries, narrowing or eliminating it's potential. See how we have problems with data privacy already with multinationals like Google and Facebook already.

 

Another problem is that money laundering will always find a way, so things that enable it, will always be regulated out of existance. It's currently popular to launder money through online games by converting game card time into money, and that's something that still goes unregulated. It will take a crackdown on "micro -transactions" for that to end.

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Much to the ire of many people who don't understand economies beyond pocket money -  master card, visa etc have always been cautious about interacting with currencies that lack conventional regulation.  Mastercard CEO doesn't like them at all, and Visa CEO says they engage if the global market embraces blockchain currencies.  But neither are concerned about their existence right now.   I think what people tend to forget is that it is not the currencies that dictate if they are regulated and how, but economic forces that underpin whole economies is what controls the value of any one currency. 

 

just my 2c.


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