The writing is on the wall that Mark Zuckerberg has completely botched the planned Libra rollout. Even if the digital currency ever sees the light of day, it’s not likely to be within Facebook’s own timetable of 2020. And the coin already has a stigma attached to it thanks to the shellacking that Congress gave David Marcus, Zuckerberg’s wingman.
“I think that Amazon could pull this off. Because for whatever reason, we all trust Amazon. We put our credit cards in there every day…Regulators would be on them, but it wouldn’t be like this.”
A Matter of Trust
Billy Joel said it best when he sang “A Matter of Trust.” That’s really what it comes down to in financial services, and Mezrich is right. People trust Jeff Bezos far more than they do Zuckerberg. But should they? Amazon doesn’t have the best track record when it comes to privacy, either. The e-commerce giant has admitted to holding onto private conversations on its Echo/Alexa robot. Earlier this year, Amazon told the U.S. Senate:
“We retain customers’ voice recordings and transcripts until the customer chooses to delete them.”