Mark Zuckerberg's Diem Project Comes To An End

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Like him or not, Mark Zuckerberg is one of the brilliant coders, innovators, and entrepreneurs in this century. We, the advocates of decentralized system of course prefer decentralized alternatives to the networks like Facebook. In my opinion Facebook was a necessary step in the evolution of internet. If it wasn't Zuckerberg, it would be someone else who would create such a network that would attract billions of people to the platform. He was successful in creating this network and building a company. I personally do not use Facebook. My preference is decentralized networks like Hive. I believe this is the next step in the evolution of the internet. However, centralized networks like Facebook are not going away. Not just yet. They may however, choose to rebrand and call themselves something else like Meta, in ambitions to be part of the future.

While being a CEO of one of the most influential centralized companies, it seems to me, Mark kept up with the innovations in technology and also so the shift in directions that was started with the creation of bitcoin and continued with the wave of innovations in the crypto-sphere. Not only he was able to recognize this movement and dedicate a year to thoroughly study, he came to a conclusion that he had to participate in crypto world and potentially make this a bigger win for Facebook. When he came up with project Libra, a sort of a stable coin but not pegged to any one fiat currency but rather a basket of the major fiat currencies.

I think for any big company that is involved in internet technologies one way or the other, neglecting the power of crypto movement would be a mistake. However, these big companies have bigger obstacles to overcome as well. The main one being the governments. I like the fact, despite knowing the challenges, Mark Zuckerberg did start this project. If successful this would have been a huge win for Facebook. They already are one of the largest networks, if not the largest in the world. Ability to control money and transactions would be much more powerful.

The problem I see with Zuckerberg and many other so called crypto or technology leaders is that they want to make their own project that they can control and dictate how things should be. I understand they have armies of developers, resources, connections, and tons of money at their disposal. This obviously may influence their decision making too. However, Mark and others just easily could adopt what already exists like bitcoin, instead of building their own. This is where I believe Mark has failed in his endeavor of participating in crypto space.

Libra project, then rebranded to Diem, no doubt created a lot of noise and brought more attention to bitcoin and crypto overall. That is a good thing for bitcoin and crypto. Failure of the project is also a good thing for bitcoin and crypto. That just shows decentralization is the way to go.

Yesterday Diem Association announced that their assets are sold to bank holding company Silvergate Capital and this marks the end of Diem project. From the very start this project, then known as Libra faced opposition from government officials, lawmakers and regulators. They were able to bring top brand companies into the mix and try to convince everybody Facebook wasn't going to be in control. It will be decentralized. lol. Sort of. Meaning they will share the pie with other big companies. I wasn't fond of the idea then, nor am I now. But I welcomed the efforts and ambitions.

This showed us how governments are really concerned about protecting fiat. Technological innovation or not, fiat is what the global financial system is built on, control of money belongs to central banks and governments. Doesn't matter how big of a company or group of companies get together. They will not be allowed to the super elite group that controls the creation of money. At least not yet.

Now, if Zuckerberg chose the path of adopting already existing money network like bitcoin, I think things could have been different. At first he might have failed, but the project wouldn't fail. But also this would help Facebook to improve its reputation, instead of resorting to ways of rebranding to something like Meta. It doesn't seem like Zuckerberg and Facebook/Meta are done just yet. He is still aiming for something bigger. Maybe they will be able to transform their network to a metaverse of sorts. And if that is successful, creating a cryptocurrency will be back on the table.

Sooner or later though, they will have to realize the decentralization is the way forward. They had their success, they had their profits, they had their fun. I would suggest use your resources to something good, or maybe even better. This wouldn't necessarily mean give up business mind and profits. I believe companies can be part of decentralized system and still be profitable.

On a separate news, today there was an earning call and report for Meta. It looks like Meta is still suffering from changes Apple implemented regarding user tracking that gave companies like Meta/Facebook sell more personalize ads. Google might be taking similar steps too. This will mean less ads money for Meta. But I think they are big enough to figure out ways around them. I dislike ads. But that's how these companies make money.

I can only hope that decentralized networks like Hive keep growing and taking away market share from centralized networks, so that networks actually serve and benefit its participants. Bye Diem! This movie was going to be interesting, but ended before it even started.

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27 comments
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I can only hope that decentralized networks like Hive keep growing and taking away market share from centralized networks, so that networks actually serve and benefit its participants.

We just hope it progress with better improvement in the coming years.

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Well Facebook still have huge users though I've found many tweets on this. Many experts tweeting that Mark Zuckerberg's Facebook is finished but it still alive among young generation of my place. Crypto is an asset and these young generation is not familiar with it yet. Thanks mam for this blog, as always you sharing something awesome 💗

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Thank you for writing posts that can be understood by all types of hivers, even the less knowledgeable "ME". Your productions are always interesting and educational. Although you may not remember me, I was the one who asked you the question about the level of decentralization that Hive has and if those parameters could be calculated, which I noticed you found interesting. I hope someday to find a comment from you in one of my posts, I would really be glad that someone so talented would put his eyes on them. Well they say that dreaming doesn't cost anything hehehehe a virtual hug.

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Yes, I remember the question and still thinking about it. I think there is a way to figure out some metrics. I will post about it when I am ready. Thank you.

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I guess that's what happens when you have to ask for permission from the government, overall I think its a good thing and that facebook having financial data would make the world a worse off place

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I think that Mark Zuckerberg and such want to realize their projects in a centralized platforms. As you said, they still want to have control, however this is where they fail.

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Let’s see if the metaverse will have the same outcome as diem. Time will tell.

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The governments are definitely concerned about protecting themselves. In a way, they don't want Facebook to control the space but they wouldn't mind having a CBDC for themselves. After all, they have full control over the CBDC. I am kind of glad Diem failed though.

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Yes, CBDC is the only thing they can think of now.

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Surely, decentralization has the blessings for whatever that it brpught to the participants and providing the benifits and lucrative freedom values attached to the initial of the system.

Its still a great look at HIVE and what this platform has brought to the dec. media.May this be continued to greater dimensions.
Came to know, more things through this write.👍

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Decentralised platforms is of course a much better upgrade. Having been on Hive for a short time, I can already see the numerous merits of Decentralised platforms.

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(Edited)

Hi @geekgirl
Thank you for this respectful, informative post regarding this important news story. I agree with your points regarding Mr Zuckerberg, he is a brilliant coder and business man comparable to Mr Thomas Edison in impact on society.

I agree with your point about Diem’s current status being a result of the governments imperative to control currency. Aside from war, it is the most powerful weapon governments wield both inside and outside their borders.

And therein lies the rub, had Mr Zukerberg chose differently, a different crypto vehicle then his own, this story could have ended differently.

While I don’t yet count him out yet, and suspect you don’t either. The prize here is to big to warrant only these first two attempts. The power of a stable coin combined with FaceBook is to seductive to resist.

I look forward to seeing Mr Zuckerbergs next attempts. The sun may have set on Libra, and perhaps Diem too, but the sun shines bright on Mr Zuckerberg.

Well written article,
@shortsegments

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Facebook with our financial data would have created havoc to our privacy. I do not care if Meta is venturing into something new on tech. I would rather support them. I also give them credit for revolutionizing the way we consume info. With the clout he has right now, Zuck should work towards something meaningful in tech advancement. Running nodes could an idea :)

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Thank you for the latest news of birth and death in Zuckerberg's projects, we will wait for the resurrection and evolution of his ideas.

While I'm behind on the metaverse the closest I got was seeing what others shared at the Hive fest.

Happy day, I will be visiting more often.

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Few points... Libra was not creating anything that new, if you ask me it was siding the Government by making a stable coin out of a basket of currencies, bonds whatever. It was always for fiat rather than crypto anyway.

Libra is no crypto now was Diem... its always about centralisation, it had nothing to do with crypto, its another variation of that digital yuwan.

We all have to understand Facebook has a powerful base. Do you know watsup is also Facebook's, and though there are options like signal, its still popular. And one step further even, its possible in my Indian country to make payments from Watsapp, ofcourse there is linking of bank accounts involved, but you get it, they got lots and lots of user base.

These things yes, they are not respecting your privacy but for most of us it makes things convinient and no one cares about privacy.

Oh yes, Hive has taken me away from Facebook but still, its more social kind of, Hive is more intellectual... although FB still is useful for me to connect with people for a cause.

For instance to connect in FB groups to find people to adopt a homeless kitten, or to get help in spaying community cat. It is more social practically when used in a good way.

And FB has helped in spreading word, awareness to people, more masses of your demography, geography there than in HIVE.

Although for content writting HIVE is way better but its not that kind of a social media platform. Anyway...

I am no fan of that FB fellow... he has cheated us so much and definitely decentralised alternatives to FB is required but HIVE is not as social and practically connecting like that, I feel. Its where you can express views, write articles etc...anyway.

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(Edited)

I think what the big players are going to soon realize, and while I don't like to propose government legislation as a solution to anything, I think I'm going to have to in this case... big tech has gotten too out of control for even the companies themselves to handle, so, who else is going to rein them in? that is my question.

The answer? the government at this point. Unfortunately.

What we can do

I have experience in the social media world, at least that doesn't involve ads. How? Use either cryptocurrency or fiat currency (fiat is not going away any time soon), to pay for either a one-time fee or a subscription model. I'm a former subscriber of Pinboard and I am constantly posting on PNut, pronounced Peanut. I love both, and I think that the cost is fair. Why can't every social network do that? I do agree that if it wasn't Zuck, then, it would have been someone else, and that there are very big problems with Meta as it currently stands.

Meta Prodictions

I think that eventually another company outside of what used to be Facebook will step up and produce something competing, so that we can choose who to give our data to... or maybe we can get the opportunity to pay to use the product without ads. Hopefully, at least. here's to hoping for a good outcome in light of how what was once Facebook failed at cryptocurrency.

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I for sure respect and appreciat Zuckerberg and FB has done. It is too bad that Diem did not work, but the attempt was good and I very much like the idea of it being pegged to not just one fiat, but a composite of many.

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Thank you, again, @geekgirl for another great piece! You're really good at telling things as it is 😁.

FB got too greedy with la moolah and control and people are starting to see that. Who were they fooling with Libra and Meta, anyway? It's great that Apple and others are starting to protect its users from the problems created by ad-mongering companies like FB and Google. Just goes to show how society don't want to lose their privacy by being a product of these companies.

Anyway, I read also somewhere that they've been losing users too. Most reports (without numbers) suggest users are shifting to Tiktok, but I hope they're going to decentralized networks like Hive too :)

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I remember the old chain days when it was announced. OMG!!! everybody said, it is the St**m Killer we are doomed😂😂😂

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Decentralized platforms are a blessing, the sooner people realize this and start adopting the better it will be for the upcoming generations.

I was an addict to facebook, ever since I got the taste of Hive, facebook has came way down on my interest list.

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With the numerous opportunity the decentralized network has created. All these new monopoly project will not stay for a long time. I hope they can just agree to this once and for all.

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"He is aiming for something bigger" @geekgirl , you said it all. So don't rule out Zuckerberg just yet, he only stepped off the accelerator pedal momentarily to reorganize his thoughts, plans and direction. He will re-strategize and surprise us all with something new soon. He definitely will not want to miss out on his share of the crypto currency pie.

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@geekgirl
I believe there is a lesson to be learnt by all in the rise and fall of Libra/Diem...(not sure if it rose at all)

Innovation is good. Innovation is important. But what is most important is Innovation that works.

Sometimes, we don't have to compete with the competition, we just need to take what the competition is doing and improve on it.

Thanks for the update.

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