PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?
So the exodus has already started for Libra and the first gunfire is coming from PayPal which has a name to protect and also does not like to be on the limelight created by many regulators and politicians. After PayPal officially left the Libra Association, we can expect the others to do the same exit announcements.
In my own humble opinion, the main problem of Libra is Facebook. Well, everybody knows the reputation of Facebook when we talk about how it is managing the data it gathered from its millions of users and how the company is monetizing the data without even sharing something to the real owners of data. Many considered Facebook as a detached conglomerate which is almost a personification of the "devil" which is kinda bad in today's global economy. Then of course, regulators have many other concerns as well. I am not so sure but as of now, we can already considered Libra to be in a dying state. So the bottom line here is that Libra is needing a big miracle for it to be resuscitated to life...and I don't know where that miracle can be coming from.
Soon Facebook will realize that to avoid further scrutiny from regulators the best thing to do is to shelved Libra and wait for the right time for its reintroduction.
