Tech CEO urges calm amid ‘mass exodus’ from Facebook’s Libra


AND TODAY BOOKING ALL EXITED FACEBOOK’S CRYPTO CURRENCY PROJECT WHILE THE LIBRA ASSOCIATION MEETS TODAY IN GENEVA TO REVIEW A CHARTER AND APPOINT A BOARD OF DIRECTORS. OUR NEXT GUEST SAYS EVERYBODY CALM DOWN ABOUT LIBRA. IT’S STILL IN ITS INFANCY. WE WELCOME CO FOUNDER AND PRESIDENT OF COIN LIST WHICH HELPS CRYPTO COMPANIES RUN THEIR NETWORKS AND MANAGE THEIR TOKEN SALES. CALM DOWN IS WHAT YOU SAY.>>CALM DOWN IS RIGHT. I THINK WHAT’S HAPPENING HERE IS THAT COMPANIES THAT SAID THEY MIGHT BE A PART OF THE LIBRA ASSOCIATION ARE GETTING LETTERS THAT ARE REALLY AGGRESSIVE FROM THE U.S. GOVERNMENT, IN PARTICULAR, TWO SENATORS SENT LETTERS TO VISA MASTERCARD AND STRIPE AND SAID YOU NEED TO NOT BE A PART OF THIS ASSOCIATION. IF YOU BECOME A PART OF IT, WE WILL REGULATE YOUR ENTIRE BUSINESS, NOT JUST THE PART DEALING WITH LIBRA. THAT’S PRESSURE THESE COMPANIES CAN’T DEAL WITH. LIBRA HASN’T LAUNCHED YET. IT MAKES THEM TO TAKE A STEP BACK. CALM DOWN EVERYONE. THERE’S A LOT OF OTHER INTERESTS FOR MANY OTHER COMPANIES ACROSS THE WORLD BEING A PART OF THE ASSOCIATION, THESE COMPANIES HAD TO STEP BACK AFTER SOME PRESSURE FROM D.C. LIZ: THE LOGO YOU CAN LAUGH AT IT BUT IT SHOWS A LITTLE BIT OF EITHER ARROGANCE LIKE HEY LET’S JUST THROW SOMETHING OUT THERE OR OUTRIGHT DID WE KIND OF RIP THIS THING OFF OR JUST NOT SORT OF FORWARD THINKING ASPECTS WHICH I WOULDN’T IMAGINE WOULD COME FROM FACEBOOK?>>YOU ARE POINTING OUT SOMETHING IMPORTANT HERE WHICH IS THAT LIB RA IS LAUNCHING AS PART OF FACEBOOK OR COMING OUT OF FACEBOOK IT IS NOT A BRAND NEW START UP WITH NOTHING BEHIND IT WHERE YOU CAN FORGIVE MISTAKES. EVEN ON THE REGULATORY SIDE OF IT, THIS HATRED OF FACEBOOK THAT’S BUILT UP IN D.C. AND THE LIBRA LAUNCH WAS A MOMENT FOR IT TO POUR OUT. THERE WAS A LOT OF HATRED DIRECTED TOWARDS THE NEW PROJECT LIBRA AS A RESULT OF ALL THE BAD WILL THAT FACEBOOK HAS BUILT UP OVER THE LAST FEW YEARS. YOU ARE SEEING THAT WITH THE LOGO EVEN. WHY WOULDN’T YOU GO AFTER A MULTIBILLION DOLLARS COMPANY FOR A LOGO INFRINGEMENT. LIZ: RIGHT WHEN YOU THINK A JURY OR JUDGES WILL GO ON YOUR SIDE. A POINT WAS ALSO MADE SAYING THAT THE PRIVACY ISSUES THAT FACEBOOK HAD A YEAR AND A YEAR A HALF AGO HAS AFFECTED FACEBOOK’S ABILITY TO LAUNCH THIS FORWARD. THIS IS WHAT HE HAD TO SAY>>I THINK HAD A DIFFERENT COMPANY OTHER THAN FACEBOOK TAKEN A LEAD POSITION AND SAID HERE’S A REAL OPPORTUNITY AND FACEBOOK JOINED MAYBE WE WOULD BE IN A DIFFERENT PLACE. AS A CORE OF ANY FINANCIAL TRANSACTION, ANY FINANCIAL CURRENCY, U.S. DOLLAR, ANYTHING, IT IS ABOUT TRUST. LIZ: WHAT DO YOU MAKE OF THAT?>>I THINK HE’S EXACTLY RIGHT. THEY HAVE BUILT UP THIS LACK OF TRUST OVER THE LAST FEW YEARS PARTICULARLY IN D.C. AND PUBLIC EYE WITH SOME PRIVACY ISSUES AND THAT IS MAKING IT REALLY HARD TO LAUNCH SOMETHING NEW THAT HAS PRIVACY AS A CORE VALUE ADD THAT IT IS PROVIDING AND SETTING IT REALLY FAR BACK. COMPARE THAT TO SOME ASSETS THAT HAVE LAUNCHED A LAST FEW YEARS, EVEN LOOKING AT BITCOIN THAT WERE ABLE TO LAUNCH WITH A NEUTRAL STANCE WITH NO BAD WILL BUILT UP BEHIND THEM, IT’S MUCH EASIER FOR THEM. LIZ: WHEN FACEBOOK FIRST ANNOUNCED THE CRYPTO PROJECT THEY SAID IT WOULD BE BIGGER THAN BITCOIN WHICH YOU WOULD IMAGINE BECAUSE THEY HAVE A 3 BILLION USER BASE, IT IS A HUGE COMPANY, IN MEAN TIME NOW YOU WONDER DID IT BITE OFF MORE THAN IT COULD CHEW?>>I DON’T THINK THE LAUNCH WENT THE WAY FACEBOOK WANT IT TO GO. NO QUESTION ABOUT THAT. A LOT MORE UPROAR THAN THEY THOUGHT. IT WOULD HAVE BEEN EASY TO SEE A LAUNCH WHERE THEY MADE BIG CLAIMS, GOT FEEDBACK, THEN LAUNCH IT AND HAD IT REALLY EXIST AND SEE HOW IT WENT. UNFORTUNATELY THEY ANNOUNCED IT, MADE BIG CLAIMS AND THERE WAS ALL PUSHBACK. IN RETROSPECT IT’S MADE IT LOOK LIKE A BAD LAUNCH. LIZ: THEY ARE THINKING MORE ABOUT ZUCKERBERG VERSUS WHAT FACEBOOK COULD ACTUALLY DO WITH THIS VERY NEW AND DEVELOPING CURRENCY THAT A LOT OF PEOPLE I SPEAK WITH SAY HEY, IT COULD ADD TO MONEY FLOWS ACROSS THE WORLD. SO YOU DON’T WANT TO KNOCK IT

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