By CCN Markets: Facebook’s foray into cryptocurrencies with Libra has met with a ton of mixed reactions. While some are going gaga over the social media giant’s latest effort that’s supposed to enable cross-border payments at the tap of a button, the traditionalists are taking a dim view. NEW: The top lawmakers on the House Financial Services Committee are targeting Facebook’s new cryptocurrency, #Libra. Chairwoman Maxine Waters says it’s another example of Facebook’s “unchecked expansion,” urges execs to testify and calls on FB to stop working on the currency. pic.twitter.com/xOklWsfLdx — Brian Fung (@b_fung) June 18, 2019 Governments across the
‘A Very Expensive Failure’: Blockchain Experts Slam Facebook’s Libra Cryptocurrency
By CCN Markets: A lot has already been said about Facebook’s Libra cryptocurrency and its ambition to disrupt the finance world. But what about the blockchain technology that powers it? Blockchain experts have poured over the technical documents and played with the Libra protocol testnet. Suffice to say, they’re not convinced about Libra’s claims. “A disaster in slow motion” Bitcoin developer Tamas Blummer offered the most damning assessment of the Libra protocol. He said Facebook is abusing its position to muscle into the blockchain world. “Trying to buy leadership in a cutting edge technology is very expensive and likely futile.
Bitcoin Investor Who Lost $1 Million: Crypto Still ‘a Force for Good’
A bitcoin investor who lost $ 1 million in the bear market still believes the original cryptocurrency is a “force for good.” However, Peter McCormack warns others to be more careful with their money. “I wish I had taken everything out before the bubble burst,” McCormack wrote at the Guardian. “I have earned money in the
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Ex-Paypal CEO Labels Cryptocurrency ‘A Cult’ That’s ‘Headed Straight to Zero’
Today, PayPal CEO Bill Harris debuted on CNBC’s Fast Money where he provided a no holds barred lambast of bitcoin and other cryptocurrencies.
Bitcoin is a “Cult”
The world hasn’t heard much from Bill Harris since April 24th, when his inflammatory claims of Bitcoin 00 being “the greatest scam in history” and “a colossal pump-and-dump scheme, the likes of which the world has never seen.” made waves in the cryptocurrency universe.
Today the former Paypal CEO joined a panel on CNBC’s Fast Money where he described cryptocurrency as a “cult” that is “headed straight to zero.” When asked to elaborate, Harris came out swinging and said,
Cryptocurrencies Are ‘A Much Cheaper Way of Doing Business,’ Says Former Overstock Chair
Jonathan Johnson, ex-chairman of Overstock’s board of directors, touched on the benefits of cryptocurrencies and noted the tremendous potential of blockchain-based technology. Despite the currently hemorrhaging market, he still sees a lot of advantages in utilizing cryptocurrencies over traditional credit card payments.
Better Than Credit Cards
Currently sitting on the Board of Directors of Overstock.com – a major online retailer accepting cryptocurrencies as a payment method — Jonathan Johnson shared his overtly positive sentiment towards virtual currencies and their underlying technology with Forbes.
Ethereum Mining Faces ‘A Centralization Problem’
As Ethereum (ETH) struggles to break free of its steep downward trend, rumors of a new Bitmain ASIC mining rig continues to hold the price down.
A Changing Landscape for Ethereum Mining
Rumors are swirling through the cryptocurrency market in regards to a new ASIC mining rig from Bitmain, built specifically for Ethereum mining.
According to a CNBC report cited by TechCrunch, the rumors surfaced after analyst Christopher Rolland visited China and learned of a new Ethereum-dedicated ASIC chip in development. Wrote Rolland in a note to clients:
Bitcoin Price Under $10k As Big Resistance Triggers ‘A Few Days Of Bears’
Bitcoin price dropped below $ 10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors.
$ 11,700 The Target To Beat
Data from Bitstamp showed a sudden $ 500 dip over three hours, taking Bitcoin from around $ 10,300 to current lows of $ 9677.
Having traded as high as $ 11,762 this week, markets appeared to encounter a lack of support closer to $ 12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.
“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.