RE: Did Facebook Sabotage Itself With Libra ?
“Speaking on Bloomberg TV, Garlinghouse suggested that Facebook may have gone too far by stating in its white paper that it was going to create a ‘new currency’:
I think there is a little bit, maybe, more than just ambitious, maybe arrogant to take the approach of ‘hey, we are going to build a, the white paper articulates, a new currency.
Garlinghouse further argued that Facebook’s trying to develop a ‘new currency’ may have been unnecessary. Per the Ripple CEO the U.S. dollar ‘works pretty well’ and the world does not need a new fiat currency. The only exception according to Garlinghouse is in the case of emerging market currencies such as the Argentinian peso which has lost value excessively in the recent past.”