Reflecting on Facebook’s Hilarious, Well-Deserved Crypto Failure

And there are broader positive lessons to be learned – above all, that wealthy and influential people still have to exhibit at least a shred of competence to get what they want. The Libra effort was a shambolic mess from the jump, with Facebook showing again and again that it hadn’t thought through the implications of either its overall goal or its specific proposals. That it went down in flames shows there’s at least still some justice in the world. These are the supposed masters of the digital universe, and they still failed because their ideas were so fundamentally terrible and consistently half-baked. All the money in the world can’t buy brains – at least, not if you’re Mark Zuckerberg. (For a full rundown of the mess, check out CoinDesk’s complete Libra chronology.)