By CCN Markets: Blockchain.com Head of Growth Haider Rafique believes that Facebook’s Libra project will be a boon to cryptocurrency as a whole, for numerous reasons. As Head of Growth at Blockchain, adoption is the executive’s primary drive, and he believes Facebook’s crypto entry will have a positive impact. The growth expert laid out his case for Facebook’s potentially positive impact on cryptocurrency in an exclusive interview with CCN. He also revealed Libra’s “unspoken advantage” as it seeks to make its blockbuster entry into the crypto industry. Crypto Exec Haider Rafique: People Still Trust Facebook Despite Scandals For starters, despite
By CCN Markets: One day Bitcoin will occupy the same corner of internet nostalgia occupied by Nikola Tesla. So it goes: were it not for Thomas Edison’s superior resources, influence and propaganda, we could all be running our laptops on Mr. Tesla’s free energy right now. Surveying the thunderous hype surrounding Facebook’s foray into the cryptocurrency game, one can’t quite shake the feeling that Mark Zuckerberg is in the process of pulling an Edison. First Facebook, Now Bitcoin The analogies between the story of Facebook’s foundation and that of the upcoming Libra/Facebucks are striking. Call it inspiration, theft, or skilled
By CCN Markets: Facebook has too much power to engage with a cryptocurrency, a United States senator has warned, days after the social media giant launched Libra. Sherrod Brown, a Democratic senator from Ohio, told Bloomberg TV that the public has increasing concerns around the social network. Facebook is too big and too powerful. I don’t know that people would have said that two or three or five years ago, but the public increasingly believes they’re too big and too powerful, particularly to engage in a risky cryptocurrency. Running a cryptocurrency system out of a Swiss bank is a big
By CCN Markets: Blockchain company Hedera took an ad out in this morning’s Wall Street Journal thanking Facebook for flattering them with their copycat governance model. The ad reads: “Thank you Facebook Libra. Imitation is the sincerest form of flattery.” Facebook: Stealing Logos and Governance Models Since 2018 The move brings to mind Apple’s 1981 Wall Street Journal jab at IBM: It then features a classic Facebook “thumbs-up” like symbol. Hedera is a company built on the Hashgraph distributed ledger technology – the relationship is similar to Charles Hoskinson’s IOHK and Cardano. Interested readers can sign up for a testnet
By CCN Markets: The New York Times suggests that Mark Zuckerberg is making a terrible move with his Libra cryptocurrency. The social media behemoth is certainly not early, but that doesn’t mean it won’t get a proper taste of the punch. Matt Stoller, who wrote the piece, goes on to claim: “The way we structure money and payments is a question for democratic institutions, not technology companies.” He argues that some fundamental problems will hold Libra back as it sets a lofty goal of taking the crown as global currency for a new world. Fallacy One: Organizing Payments Requires Enormous
The moment Facebook released the whitepaper for its planned Libra coin, social media was flooded with claims about Zuckerberg’s new drive to take over the cryptocurrency market, with some even calling it a Bitcoin killer. However, looking at the actual details of the plan, it has little to do with cryptocurrency and is in fact more of a threat to government fiat.
By CCN Markets: Facebook confirmed that its new cryptocurrency Libra isn’t designed to kill or compete with bitcoin. David Marcus, the man leading Facebook’s crypto efforts, said Libra and bitcoin can co-exist with differing use cases and that’s he a big fan of BTC. In a tweet yesterday, he explained that Libra is designed to be a stable payment system. On the other hand, Bitcoin, he believes, is a store of value or a non-correlated asset, playing into the ‘digital gold’ narrative. “Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category.
By CCN Markets: An exposé published at TheVerge.com revealed at least one Facebook moderation center is akin to a third world sweatshop. This should come as no surprise given what we already know about Facebook’s company culture. Facebook Whistleblowers Step Forward Facebook outsources moderation services to Cognizant, a publicly-held $ 35 billion firm that apparently does not care about its work conditions. Three anonymous Facebook contractors breached their non-disclose agreements to inform TheVerge about the conditions. They include death of one worker via heart attack, filthy conditions at workstations and bathrooms, bedbug infestation, sexual harassment, verbal and physical altercations, frequent marijuana
By CCN Markets: Federal Reserve members held discussions with Facebook over the company’s Libra project. According to Federal Reserve Chairman Jay Powell during today’s press conference, monetary policy makers are not worried that Libra will replace fiat money. He said: “I think we’re a long way from that…Digital currencies are in their infancy. So essentially, not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.” Meanwhile, regulating Facebook’s Libra is not on the agenda because the Fed doesn’t have specific authority to do so. “We don’t have plenary
By CCN Markets: House Financial Services Committee Chairperson Maxine Waters (D-Calif.) requested that Facebook hold off on developing its crypto, which is named Libra. Facebook Request Cuts Both Ways There are two ways to examine Rep. Waters’ request. First, it’s a good thing for cryptocurrency whether Facebook honors her request or not. Second, Rep. Waters is assisting the public by stalling investment in another dangerous cryptocurrency. Maxine Waters said: “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks
As reported by BeInCrypto; After months of wild speculation from the cryptocurrency community at large, Facebook (FB) has finally released details of its new cryptocurrency project, Libra, managed by a new subsidiary company known as Calibra. As many have predicted, Libra is a type of stablecoin — which means its value is designed to be as […]
By CCN Markets: Facebook has revealed the white paper for its much-hyped cryptocurrency, “Libra.” After months of speculation, Facebook has outlined the vision for its crypto project and released the test-net for its blockchain. “Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.” Facebook’s cryptocurrency will operate through its Messenger app and WhatsApp to power peer-to-peer transfers and retail payments. Facebook claims the Libra cryptocurrency is built on a secure, scalable and reliable blockchain, backed by a reserve of real assets. The ecosystem will be governed by the Libra Association, a consortium
By CCN Markets: Give Facebook Co-Founder Chris Hughes a lot of credit. He not only has made comments that could make him less wealthy, but he’s also doubled down on them. Specifically, Chris Hughes believes that his “friend” Mark Zuckerberg has too much control over speech. Zuckerberg Is a Scary Master of the Universe In a May op-ed in the New York Times, Chris Hughes wrote: “The most problematic aspect of Facebook’s power is Mark’s unilateral control over speech. There is no precedent for his ability to monitor, organize and even censor the conversations of two billion people.” Chris Hughes is
By CCN Markets: The price of bitcoin (BTC) on Sunday surged above $ 9,300 to establish a fresh year-to-date high. The bitcoin-to-dollar exchange rate touched $ 9,388 at 0600 UTC — its highest since May 30 — on San Francisco-based cryptocurrency exchange Coinbase. The move brought the pair’s net rebound gains close to 200-percent, including a 154-percent since 2019 open alone. It further prompted bitcoin’s market capitalization to jump above $ 165 billion. At its highest, the cryptocurrency’s net valuation was more than $ 327 billion. The steady uptrend in the bitcoin market has coincided with notable volume growth. According to CoinMarketCap’s 24-hour adjusted timeframe, exchanges
By CCN Markets: Circle CEO Jeremy Allaire has made a bold prediction. He believes that the price of bitcoin will surpass $ 10,000 by June 21, marking the beginning of what he’s dubbed “crypto summer.” He points to Facebook’s Libra launch as the catalyst for the bullish outlook. His prediction doesn’t seem far-fetched considering the price of bitcoin is marching toward $ 9,000. Facebook’s Libra to Boost Bitcoin Price Allaire believes that the launch of Facebook’s cryptocurrency, Libra, will prove to be a catalyst for the bitcoin price as it could bolster adoption. The bitcoin bull’s thesis seems justified as Facebook reportedly
By CCN Markets: When it comes to what’s gone wrong with Big Tech, the only surprise you would expect is if Facebook was missing from the list. From data privacy violations to aiding genocide to enhancing the spread of fake news, the social media giant has become a global ignominy. But for Facebook, those are trivial inconveniences, and the social media giant is now eyeing the financial services niche. The $ 0.5 trillion company has already confirmed plans to launch a cryptocurrency known as Libra and has reportedly invited Visa, Mastercard, PayPal, and Uber to invest $ 10 million each in the
As reported by BeInCrypto; Facebook is set to formally announce its cryptocurrency on June 18. Other tech giants are undoubtedly taking notice. How will they respond? Facebook (FB) is betting big on the blockchain space. Although it’s been an open secret for some time now, its native ‘cryptocurrency’ will be announced on June 18. For […]
Crypto entrepreneur and investor Ben Davenport is joining Blockchain Capital as a venture partner.
It may sound like a 2014-era shitcoin, but Globalcoin is this year’s most anticipated new digital asset. It doesn’t matter that it’s not decentralized, not permissionless, and not even crypto. The only question that really matters is what does Facebook’s currency spell for bitcoin? Will it steal its thunder or accelerate adoption?
Facebook (FB) is reportedly planning to launch its cryptocurrency, now dubbed GlobalCoin, in 2020. According to a recent report by BBC News, the social media giant is aiming to begin testing the new crypto by the end of 2019 with plans to launch in the first quarter of 2020. “Facebook is expected to outline plans in […]