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Libra Shrugged: How Facebook Tried to Take Over the Money

Penned By David Gerard
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4.85
38,417 Global Ratings
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Libra Shrugged: How Facebook Tried to Take Over the Money

Penned By David Gerard
4.85 38,417 Ratings
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Editor's Note:
From Libra to DiemSilicon Valley tries to disrupt the world — and the world says “no.” the biggest social network in history. A stupendous, world-shaping success. But governments were giving Facebook trouble over personal data abuses, election rigging and fake news.Mark Zuckerberg what if Facebook could pivot to finance? Or, what if Facebook started its own private world currency?Facebook could have so much power that governments couldn’t stop them. It would be the Silicon Valley dream.Facebook launched Libra in June 2019. Libra would be an international currency and payment system. It would flow instantly around the world by phone. It could even “bank the unbanked.” Libra could apparently do all this just by using a “blockchain.”But Libra would also make Facebook too big to control— and to lead the way for Facebook’s Silicon Valley fellows to swing the power of their money as they pleased. Facebook and their friends could work around any single country’s rules. Libra could shake whole economies.And Facebook would become the “digital identity” provider to the world. If you wanted to use money at all, you’d have to go through Facebook.Governments looked at Libra — and they saw another 2008 financial crisis in the making. Facebook’s plan would have made the company even more entrenched — at the cost of broken economies worldwide. Starting with toppling the US dollar.Libra was as incompetent as it was arrogant — and the world stopped it in its tracks. But how did Facebook put forward such a bizarre and ill-considered plan, that left every regulator who saw it reeling in horror?And what happens when another company tries the same trick? Or when Facebook won’t take “no” for an answer, and releases the cut-down version that they’re already calling “Libra 2.0”?“Libra Shrugged” is the story of a bad idea.Also * Bitcoin and the source of all the bad ideas in Libra.* Central Bank Digital digital versions of official legal tender, suddenly fashionable again because of Libra.* Facebook’s early forays into payments, with Facebook Credits and Messenger Payments.Table of Taking over the money 7Chapter 1: A user’s guide to Libra 9Chapter 2: The genesis of Beller’s blockchain 15Chapter 3: To launch a Let’s start a crypto 19Chapter 4: why Libra is like this 25Chapter 5: The Libra White Papers 33Chapter 6: Banking the unbanked 43Chapter 7: The Libra Reserve plan and economic stability 49Chapter 8: Libra, privacy and your digital identity 61Chapter 9: The regulators recoil in horror 67Chapter 10: David Marcus before the US House and Senate 77Chapter 11: July to September 2019: Libra runs the gauntlet 95Chapter 12: October 2019: Libra’s bad month 101Chapter 13: Mark Zuckerberg before the US House 111Chapter 14: November 2019: The comedown 123Chapter 15: Central bank digital currencies 129 Libra 2.0: not dead yet 141 2010–2013: The rise and fall of Facebook Credits 149Acknowledgements 155About the author 157Index 161Notes 167

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David    Gerard
The Mind Behind the Work
David Gerard

After spending years working in the corporate world, David Gerard finally decided to pursue a lifelong passion for writing. They currently reside in a quiet suburb where they spend most of their time outlining new stories, reading extensively, and occasionally attempting to bake.

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Donna King
Donna King January 05, 2024
"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Sarah Miller
Sarah Miller December 24, 2024
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
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Paul Nguyen
Paul Nguyen April 07, 2025
"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Matthew Smith
Matthew Smith September 21, 2025
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Joseph Harris
Joseph Harris February 12, 2025
"An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. Perhaps more aligned with a different audience's tastes."
Brian Wright
Brian Wright February 27, 2025
"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me."
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Kevin King September 24, 2024
"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Charles King
Charles King May 17, 2024
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Donna Clark August 05, 2025
"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend."
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"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me."
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"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
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Stephanie Reyes September 27, 2024
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
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"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
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"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
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"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
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"Not entirely to my refined tastes. The prose was competent, yet the characters lacked the depth I usually seek. Perhaps more aligned with a different audience's tastes."
Betty Anderson
Betty Anderson March 20, 2024
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me."
Laura Miller
Laura Miller June 20, 2024
"Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Brian Robinson
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"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Charles Sanchez
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"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Dorothy Lopez
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"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Kevin Clark
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"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me."
Joseph Edwards
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Carol Sanchez
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"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Nancy  Davis
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"A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
Sandra Adams
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"Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers."
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"A decent, if standard, experience. Certain acts were fascinating, while others felt like a slight endeavor to complete. Perhaps more aligned with a different audience's tastes."
Patricia Lee
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"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
John Nguyen
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"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Margaret Taylor
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"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
Brian Robinson
Brian Robinson January 13, 2024
"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
Daniel Hall
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"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Sharon Thompson
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"Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Joshua Hernandez
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"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
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"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
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"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Andrew Diaz
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Joshua Nguyen
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"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend."
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Brian Scott
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
Patricia White
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Robert Young
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"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Edward Brown
Edward Brown July 26, 2024
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Susan Mitchell
Susan Mitchell September 12, 2024
"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
Linda  Parker
Linda Parker February 10, 2024
"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
John Garcia
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Laura Collins
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Christopher Turner
Christopher Turner February 09, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Mary Lopez
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"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
Deborah Ramirez
Deborah Ramirez December 24, 2025
"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Stephanie Clark
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"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
John Phillips
John Phillips March 27, 2024
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Richard Gomez
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"It was adequate. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Suitable if your reading queue is empty."
Linda Hall
Linda Hall July 06, 2024
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
John Sanchez
John Sanchez January 07, 2025
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
Charles Campbell
Charles Campbell December 24, 2025
"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem."
Dorothy Lee
Dorothy Lee April 08, 2024
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
Betty Ramirez
Betty Ramirez February 20, 2024
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
Mark Adams
Mark Adams September 08, 2024
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Gary King
Gary King September 05, 2024
"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
Carol Baker
Carol Baker June 19, 2024
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
Joshua Hernandez
Joshua Hernandez February 13, 2025
"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Steven Turner
Steven Turner January 20, 2024
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Margaret Anderson
Margaret Anderson October 04, 2024
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Laura Brown
Laura Brown July 10, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Brian  Davis
Brian Davis May 18, 2024
"A decent, if standard, experience. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. A fair 3 stars."
Lisa Carter
Lisa Carter July 01, 2024
"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Linda Flores
Linda Flores September 01, 2024
"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
William Flores
William Flores January 17, 2024
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
Margaret White
Margaret White August 20, 2024
"Not entirely to my refined tastes. The prose was competent, yet the characters lacked the depth I usually seek. Perhaps more aligned with a different audience's tastes."
John Campbell
John Campbell April 05, 2024
"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Kimberly Baker
Kimberly Baker February 05, 2025
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Donna Martin
Donna Martin February 23, 2024
"A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
Kevin King
Kevin King May 28, 2025
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Sharon Roberts
Sharon Roberts December 04, 2024
"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
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