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The Death Of What Never Started

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Facebook(Meta) has been trying its best to get involved in the crypto space for more than 2 years, but unfortunately it has not been a successful experience for the company. This seems like something that is either based on government scrutiny or probably due to their inability to wanting to make things work in a decentralized pattern.

It’s involvement into the crypto space was something that a lot of people were not comfortable enough because of Facebook records of bridging privacy and being an extreme centralized entity. I would have thought that this truly didn’t work because of their centralized nature but it didn’t work because the U.S were not in alignment with the idea.

Facebook had a plan of creating a stable coin that won’t be dependent on just a currency like that of the U.S but instead created a body that will help back the stablecoin. It was expected to be a stablecoin but supported not just from a currency but from a combination of different part of the global economic support. This probably seemed like a threat to the U.S regulators.

Facebook obviously having the resources and influence had lots of investors who were ready to invest their money on the project, we are talking of prominent organizations who are wealthy and have the resources, ready to invest on the project. But unfortunately, these people have pulled out from associating theirselves to the project. We have a list of founding members of the project who didn’t mind delisting theirselves from the project.

The scrutiny made Meta reconsider wanting to create a global economical backed stablecoin to a stable coin actually backed by the U.S Dollar. This was an obvious act in trying to comply to the government’s scrutiny. After succumbing to every scrutiny from the U.S and being unsuccessful, it seems the project is about to be a dead story.

Well who must have thought that one of the biggest and richest company, backed by one of the richest people in the world won’t have a chance to be successful at creating something because their act seemed like something that was going to give them power over the whole world. They have the influence, the resources and the platform, but giving that much power to a centralized entity is something that needed a reconsideration.

After series of crack down, Facebook changed the name of the crypto project from Libra to Diem, the project was under so much scrutiny, we watched the founder leave the company in 2021. But from a source it seems like the project is dead and the members are looking for ways to sell off the property to reimburse investors for a failed project. There are doubts that the intellectual properties about to be sold might find no buyer interested in purchasing it, being a failed project.

Why do you need a centralized stable coin from a power hungry entity while we have HBD. What can this stablecoin possibly do that HBD can’t do and more. This is the reason we need more promotion and focus on HBD because that is truly and undervalued decentralized Hive gem. Though we know that the Diem project was highly frowned upon because the U.S regulators are afraid of the possible outcome of what might happen when more people start using and utilizing stablecoins or rather start using a different currency other than fiat. The fear of the downfall of the value of fiat is the main reason regulators are cracking down on stablecoin issuers.

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