David Marcus started a company that was acquired by PayPal, he then became President of PayPal (running the company), then he joined Facebook as VP of the Messenger app, and that’s when he started Facebook’s Libra project. Currently, he’s the CEO and Co-founder of Lightspark, a company that builds out Bitcoin Lightning tech. ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-david-marcus  ----- From whitepaper to being summoned in front of Congress in 3 weeks…what really happened to Facebook’s stablecoin endeavors and what can we learn from it? This episode is a post-mortem of Facebook’s highly ambitious crypto project from 2019. They tried to build a stablecoin but the U.S. government stopped it.  Topics covered in today’s episode:  1) Facebook’s Libra project…why did it fail? Who tanked it? The U.S. gov? The banking lobby? Why can’t the West seem to innovate its banking systems? 2) Why SuperApps won’t work? 3) Why our David Marcus thinks the money layer of the internet will be built on crypto…but more specifically…on Bitcoin! ----- TIMESTAMPS 0:00 Intro 7:20 The Libra Project  9:10 Facebook’s Involvement  9:59 Super App Thesis 12:05 Getting Government Approval  14:39 Messaging & Payments Intersection  16:45 Releasing the White Paper  18:05 Libra’s Government Reaction   19:50 Summoned to Congress Experience 21:25 U.S. Crypto Competition  25:40 Government Money Power Structure  30:00 FedNow  42:40 Will Twitter/X Become a Super App? 48:18 Bear Case for Super App 51:42 Lightspark 54:35 Bitcoin vs. Stablecoins 58:15 Why Lightning Uses Bitcoin 1:06:25 Bitcoin vs. Ethereum 1:11:37 The Future in 5-10 Years  1:14:40 Closing & Disclaimers ----- RESOURCES David Marcus  https://twitter.com/davidmarcus   Lightspark https://twitter.com/Lightspark   ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠  

WRU 3rd Week Of August ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2  ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  ⁠ 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  ⁠ 🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap   👾STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader  ----- TIMESTAMPS & RESOURCES 0:00 Intro 3:46 MARKETS 4:52 L2 Beat Check https://l2beat.com/scaling/summary  5:44 US GDP Aint Bad https://www.reuters.com/markets/us/atlanta-fed-model-lifts-us-third-quarter-gdp-view-58-2023-08-16/  8:38 Base Activity UP https://l2beat.com/scaling/projects/base  13:51 Permissionless Party! https://media.discordapp.net/attachments/1141000052253397112/1141127988935655485/BK_invite.jpg?width=1620&height=2096  18:00 Friend.Tech https://twitter.com/BanklessHQ/status/1690137625414569986?s=20  https://twitter.com/_ThePinkyToe/status/1691818070317081080?s=20  https://twitter.com/0xfoobar/status/1689961952007561216  24:36 FriendMEX https://friendmex.com/  https://twitter.com/nnnnicholas/status/1691591282395619686?t=aB2QdT8F3LV0pNh1rZCCDA&s=19  31:31 SEC vs. Coinbase https://dailyhodl.com/2023/08/14/blockchain-association-supports-coinbase-in-amicus-brief-filing-says-sec-short-circuiting-legislative-process/  https://twitter.com/MetaLawMan/status/1690355411373772800  35:36 SBF In Jail https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.200.0.pdf  https://finance.yahoo.com/news/the-existence-is-pretty-bleak-the-harsh-conditions-sam-bankman-fried-will-face-behind-bars-202511231.html  https://twitter.com/MetaLawMan/status/1691200324269228032  41:37 Fraud Proofs! Do they matter? https://twitter.com/MattFiebach/status/1691600391635427360?s=20  https://twitter.com/koeppelmann/status/1690395159538634753?s=20  https://twitter.com/DCbuild3r/status/1691610447663735288?s=20  50:21 Gitcoin partnered with Shell https://twitter.com/gitcoin/status/1691092823872073728  https://imgur.com/ekdl7LP  https://twitter.com/owocki/status/1691488210315288576  54:56 CoW Swap releases TWAP orders https://twitter.com/CoWSwap/status/1692152855694803112?s=20  56:07 Visa testing onchain payments https://twitter.com/digitalmustafa/status/1689741716084215809?s=20  58:24 Argentina's Pro Crypto Candidate https://www.thestreet.com/cryptocurrency/argentina-pro-bitcoin-candidate-javier-milei  1:00:05 Donald Trump's Crypto Wallet https://twitter.com/ArkhamIntel/status/1691875444809781337?s=20  1:01:59 3AC in trouble again https://twitter.com/CoinDesk/status/1691791478815641859?s=20  1:03:38 Bankless Airdrop Hunter! https://bankless.cc/JoinYourFirstHUNT  1:09:26 BitGo Raises https://www.coindesk.com/business/2023/08/16/bitgo-raises-100m-after-scrapping-prime-trust-deal-bloomberg/  1:12:35 Questions from the Nation https://discord.com/channels/615592155481767941/1058053004705669211/1138917318899027988  1:17:54 Takes Of The Week https://twitter.com/pythianism/status/1690106630610829312?s=46  1:20:10 What Are We Bullish On 1:25:21 Meme Of The Week https://twitter.com/josephdelong/status/1691961456491639022?s=20  1:26:40 Outro and Disclosures ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠