In a recent column, Wall Street Journal senior columnist James Mackintosh shared his views on Facebook's cryptocurrency Libra, clearly calling it a “printing license”. Facebook has signed agreements with more than a dozen companies including Visa, Mastercard, PayPal and Uber to support the launch of Libra. Mackintosh pointed out that the $10 million paid by these companies to the Libra consortium would give them a return of up to 40%. But due to Facebook's poor reward model, Libra token holders will always be at a loss. Although Libra has a large user base based on Facebook and has a large amount of legal currency as its backing, if the black swan event causes the foreign exchange reserve to depreciate, Libra will depreciate accordingly, and the token holder will eventually become the loser.