, 5 tweets, 5 min read Read on Twitter
#FB will soon learn that its vaunted plans for #Libra are going nowhere
on.ft.com/2LmOUVj
#FB’s #Libra is like when the Gates Foundation spent $8mm on an “ewallet” for #Haiti after 2011. The app designers didn’t talk to 1 ordinary Haitian merchant,school, or remittance sender. They ended up begging Western Union + local banks to trade credits for cash. 1/n
#FB’s #Libra is just another “engineer-driven” app. #FB is not exactly belovef these days, having hacked democracy, + trust is everything in payments. The world’s central banks+ anti-money laundering agencies are not going to roll over + give up control to Zuckerburg. 2/n
#FB’s #Libra will need to add #China, #India, #Brazil, #SouthAfrica, #Nigeria +EU to their board to have a chance in key mkts. But all of these either hv CBks opposed, or strong local fintech+ bank incumbents, or both. 3/n
#FB#Libra also doesn’t really understand the cost structure of crossborder payments. Having lots of endpoints is only part of the story:
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to James S. Henry, Esq.
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!