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Facebook Just Did the Rug Pull

Facebook or Meta just rug pulled their investors and killed their stablecoin project Diem. Apparently, they found out the technology is against their business model and they just have to get out as quickly as possible.

TL;DR

Facebook just rug pulled their investors on the crypto hype. Meta will be as centralized as they can to continue their data exploiting business.

Here is a 1 min summary of the article if you want to skip the reading.

Libra

Facebook enters into crypto has a long history. In early 2018 with rumors that Facebook would have their blockchain with stablecoin run on their Messenger. They even named the coin “Facebook Coin.” 

Regulations

Until 2019, Mark Zuckerberg was concerned about the regulations. Many earlier investors may know that the project cannot be accomplished and left in late 2019. Nothing really happened on “Facebook Coin” and there were not any updates after that.

Diem

Rebranding happened in late 2020, just like Facebook itself. They tried to forget about the past Libra painful memory and want a new start with 1 to 1 US dollar-backed stablecoin. 

Over Promised

Rumors suggested that WhatsApp may integrate cryptocurrency payments. Diem may soon be released to pave the way for Metaverse to happen soon. Everyone is cheerful about the promised future.

Check out my another article When YouTube Enters Into NFTs

Diem Is Dead

Then suddenly Diem was sold. Mark Zuckerberg just rug pulled his own project and left many people behind to wonder what will happen on their Metaverse. Likely, Facebook’s Metaverse will not be a blockchain-like technology but a data profit-driven technology as they are usually good at.

In Conclusion

Facebook Coin is dead. Facebook’s Metaverse will not be the Metaverse people imaging. Their promises are always like a beginning when Facebook lured everyone into.

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