Popular America author, Ben Mezrich during an interview on Thursday, said it was unfortunate that the idea of Libra was being developed by the wrong tech company, Facebook. He further maintained that Amazon would have been a far better originator and developer of this incredible innovation. According to Mezrich,
“This is all about trust. You can’t have a bank, you can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook, ”
The author wrote a couple of books about the early days of Facebook and bitcoins. Perhaps his most notable and controversial piece of literature was “accidental billionaires” in which he expressively nurtured the fact that certain “billion-dollar” boys were with great influence, controlling too much of the world’s most valuable assets; money and data.
As the author became more popular in the industry, his previous work about bitcoins too, also made him a bit of an enthusiast, altogether making him notable enough.
For this reason, Mezrich’s assertion that Amazon was a better foster for the most recently talked about Facebook’s Libra would be more of a personal opinion than a generally accepted truth.
However, Mezrich’s comment on the matter made some sense too. He maintained that while Facebook might have access to the data of around 2.38 billion people across the globe, it also has this impending issue of data leak in which the social media giant lost a considerable level of customer trust and satisfaction. According to Mezrich, for a bank to be established, the establishment itself has to be trusted by its potential customers, a trait Facebook seems to be lacking at the moment.
Amazon, on the other hand, according to Mezrich, was capable of “pulling this off” (indicating that Amazon was more reliable in passing through regulatory hurdles in developing Libra.) According to Mezrich,
“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. “We put our credit cards in there every day.”
Tuesday, the long-awaited Senate hearing on Libra was conducted and Facebook was seen to have been lashed in the back by the congress as a whole, with some maintaining that Facebook should not even launch Libra at all. The reason was obviously simple and straightforward; Facebook had trust issues and could not be trusted with people’s money.
Although David Marcus, CEO of Libra was present to present Libra’s case to the congress, the chair of the house required Zuckerberg’s presence and the hearing was adjourned for the same reason.