Why Facebook's Libra is Destined to Fail

I knew it wouldn't be too far from the future in which current social medias and search engines hopped on the crypto train. Yahoo is kind of /sort of trying to emulate SMTs by offering rewards for minutes spent on the search engine, and for watching ads, and using their email etc, though they haven't, and don't seem to have any plans to, make their own crypto.

Facebook believes they can get in on the action with Libra but I think there are (more than) a few reasons why that just isn't going to work.)

In the early 2000s, in Facebook's infancy, Mark Zuckerberg wanted to create a website where college students could contact each other online. His first iteration of course was a "hot or not" type website, which come to think of it, with today's dating apps, was well ahead of its time.

Of course as we now know, this little website created in a dorm room is now one of the most powerful companies in the world. It has switched from a harmless social site, to one that has nefariously been collecting our data for years.

Now mum has been the word about how the rollout is going to happen, and what Zuck plans to do with Libra, but charity hasn't exactly been the name of Facebook's game, as they nickel and dime at every possible opportunity now. So it is highly unlikely that they are just going to airdrop all their users an appropriate amount of crypto for the time spent on the website or something (which would really be the fair thing to do, and pretty easy too considering they log that information anyway.) But alas....

From the sounds of it, Libra is not being created to exist as a type of SMT. They are simply making it as a digital stock to compete in the crypto landscape, to make more money and create more wealth for their stockholders. There will be people who buy Libra, likely thinking the price of it will go up since it is such a successful company - right now. However the tides can change quite quickly.

I think sites like Steemit have a really good chance of bypassing Facebook in the future. Once people get a taste of what search engines like Brave have to offer, and websites like this one, they will never look back at a website that once took all of their time, but also all of their information, and then charged them to do multiple things on the website.

Time is valuable, and eventually people are going to want to be compensated for it.

Things can happen so lightning fast now with the internet, that I wouldn't be surprised if Facebook was obsolete in 10 years, especially if they roll out Libra the way they intend to.

Now, if I am wrong, and they are smart about Libra's release, things could be different. If they do say, configure how much time you have spent watching ads, participating, buying ads, creating pages, interacting etc, and they give you a ballpark number of what that's worth and then airdrop that Libra to you as a user, that could be very effective and frankly, at that point, Facebook is unstoppable. They already have the numbers, the tech in place etc. If all they had to do was fit in how a cryptocurrency would function on their site, they would be golden and ready to take over the world.

I do not see that happening though. FB wants to see profit, and they are too short sighted to see that really investment is what they should be making this time.

Good news is, that still puts Steemit in a really good position!

This is all speculation of course, but I reckon the cookie will crumble pretty close to where I predicted.

We shall see.

xx - Lady Steem