Facebook's Libra Association tries again at this digi-cash game, with more modest ambitions after global flop

The Facebook-founded Libra Association has revised its planned digital currency after regulatory concerns and public backlash made the project's initial vision untenable. Libra was introduced last June as a global digital currency, that would be linked to the value of real-world currencies and used by Facebook and others. It …

[Dan 55]

Not everything is changing however: Libra will continue to rely on blockchain technology. The Register asked the Libra Association why a blockchain, as opposed to a traditional database, is necessary.

A spokesperson for the organization offered a not-particularly enlightening reply

Bet it's so they've got the option of flipping the switch later on and turning it into what it the original plan was.

[Anonymous Coward]

Switch as in "Bait and Switch".

[eldakka]

The Register asked the Libra Association why a blockchain, as opposed to a traditional database, is necessary.

"Because it gives us more buzzwords that the investors, politicians and general public don't understand but think are cool and mean good stuff so they invest/support/approve it."

[The Man Who Fell To Earth]

Why doesn't Facebook just buy Paypal?

Oh yea. Everyone would then stop using Paypal for the same reasons no one wants to do business with Facebook in the first place.

[DavCrav]

"Blockchain technology leverages decades of experience with distributed and open systems. We are using blockchain technology to bring these innovations in security and operability to a new payment system."

I always go into one of these corporate blockchain bullshit sessions knowing exactly how blockchain works and what it does, and leave it not understanding blockchain at all. It's like some drive-by stupiding.

[Graham Lockley]

Any statement that includes leverage and innovation is by definition worthless fluff.

[Jimmy2Cows]

Their buzzword kung-fu is weak

Surprised they didn't throw in a few synergies and paradigm shifts. And mentioning blockchain without AI or ML..? Amateurs.

[headrush]

Zucks bucks fucked

The problem is, libra is the antithesis of what drives crypto currency in the first place. The whole idea is to have uncensorable transactions, avoiding any central points of control and specifically removing power from the financial incumbents like banks, credit card companies etc.

Why would anyone use libra, which essentially is just another gateway into the existing corrupt and broken system?

The whole point is digital cash, not a more easily tracked card less fiat circus.