Libra may be the end for Facebook: Part 2

Facebook’s choice to issue a centralized, semi-anonymous, permissioned token (Libra) is puzzling. First, Facebook’s understanding of the concept of modern money seems ambiguous at best, this is because Facebook indicated that Libra will be backed by a basket of currencies and financial assets. While FIAT currencies have been backed by trust since the US left the gold standard in the 70’s; it is unclear why Libra would be backed by a FIAT basket. This may have been a marketing choice to paint Libra with legitimacy or it is a form of appealing to monetary authorities. “Pegging Libra to a FIAT…...