The Diem Association, Meta’s blockchain-based form of cryptocurrency change, has recently announced that it will be reviewing assets and selling them in order to assess how much it can return to investors.
In non-corporate speak, this essentially spells pretty bad news for both the Diem Association as well as social media conglomerate Meta’s broader plans for cryptocurrency implementation across the board. Cryptocurrency is a form of exchange that almost all social media platforms are either getting into or exploring, one way or another. Patreon is implementing on-platform exchange via Bitcoin or Ethereum, Reddit is doing the same, and both are looking to create their own form of virtual currency as well that users can use amongst themselves. Banks and credit card services such as PayPal are already working on integration of some form of cryptocurrency exchange as well, showing just how far legitimization of virtual exchange has come. Then again, all money’s virtual to some extent, with its value only being defined by how much legitimacy the larger world gives to it.
Meta’s always had a bit of a problem getting new projects and ideas into the air and running on their own. No example can be clearer than the mess that Facebook’s New Product Experimentation division has left in its wake. Launching rip-off apps such as Super and Hotline left and right, only two of its total thirteen projects have managed to stand the test of time. All the rest have been defunded, and ultimately slated for complete dismissal, and even as I say stand the test of time, there is a very good chance that the current two active projects (named Bars and Tuned) will be following in the footsteps of the other eleven. Apparently, Meta’s bad luck with new initiatives has managed to follow itself all the way over to the Diem Association.
Users unfamiliar with Diem might remember it by the name of Libra, which is the initial moniker that Meta had sought for its cryptocurrency services. However, based on the statement provided by the association, business seems to be all but booming. There’s no real knowing why Diem’s suddenly looking to sell its assets. There are reports floating around that the “assets” looking to be sold by Meta include the Diem Association intellectual property itself, effectively killing the brand and shelving the company’s plans for a cryptocurrency future, at least for a while. Maybe Meta really is better off just buying out other effective social media platforms.
Read next: Meta claims to built the world's fastest AI supercomputer within 6 months
In non-corporate speak, this essentially spells pretty bad news for both the Diem Association as well as social media conglomerate Meta’s broader plans for cryptocurrency implementation across the board. Cryptocurrency is a form of exchange that almost all social media platforms are either getting into or exploring, one way or another. Patreon is implementing on-platform exchange via Bitcoin or Ethereum, Reddit is doing the same, and both are looking to create their own form of virtual currency as well that users can use amongst themselves. Banks and credit card services such as PayPal are already working on integration of some form of cryptocurrency exchange as well, showing just how far legitimization of virtual exchange has come. Then again, all money’s virtual to some extent, with its value only being defined by how much legitimacy the larger world gives to it.
Meta’s always had a bit of a problem getting new projects and ideas into the air and running on their own. No example can be clearer than the mess that Facebook’s New Product Experimentation division has left in its wake. Launching rip-off apps such as Super and Hotline left and right, only two of its total thirteen projects have managed to stand the test of time. All the rest have been defunded, and ultimately slated for complete dismissal, and even as I say stand the test of time, there is a very good chance that the current two active projects (named Bars and Tuned) will be following in the footsteps of the other eleven. Apparently, Meta’s bad luck with new initiatives has managed to follow itself all the way over to the Diem Association.
Users unfamiliar with Diem might remember it by the name of Libra, which is the initial moniker that Meta had sought for its cryptocurrency services. However, based on the statement provided by the association, business seems to be all but booming. There’s no real knowing why Diem’s suddenly looking to sell its assets. There are reports floating around that the “assets” looking to be sold by Meta include the Diem Association intellectual property itself, effectively killing the brand and shelving the company’s plans for a cryptocurrency future, at least for a while. Maybe Meta really is better off just buying out other effective social media platforms.
Read next: Meta claims to built the world's fastest AI supercomputer within 6 months