As reported by BeInCrypto; according to the whitepaper for Facebook’s new cryptocurrency, Libra can be disrupted by only one-third of the network. That means Libra can essentially suffer a ‘34% attack.’ On Tuesday, Facebook unveiled its cryptocurrency, Libra. The company also released a whitepaper. In it, the team lays out all the details for Facebook’s future […]
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‘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.
Litecoin Price Gains Despite Facebook’s Libra Stealing Altcoins’ Thunder
By CCN Markets: Litecoin (LTC) entered a positive territory on Wednesday while other top cryptocurrencies trended flat as investors became cautious following the introduction of the Facebook token, Libra. The LTC-to-dollar exchange rate established an intraday high of $ 139.66, up more than 3 percent since the Asian session open. The upside action neutralized the pair’s losses in the past seven days. At the same time, it brought Litecoin’s month-to-date gains to 26 percent, with a market value of approx $ 3.94 billion. Debit Card, Calibra Announcement The surge in the Litecoin price closely followed an announcement by the Litecoin Foundation. The nonprofit
Facebook’s Crypto Libra Shouldn’t Become Sovereign Currency, Blasts French Finance Minister
By CCN Markets: Facebook’s unveiling of Libra, its cryptocurrency project coming in 2020, has caught the attention of many, including the French Finance Minister. Bruno Le Maire, speaking on French Radio, has said that this new cryptocurrency cannot operate as a sovereign currency. Facebook’s Libra project intends to introduce a digital currency for usage on its platforms. However, this is raising several economic issues. Concerns on its regulation, and the status of this currency, are up for debate with Le Maire giving some stern warnings. Stern Libra warning With its reach of over 2.3 billion users, Facebook’s cryptocurrency could well call
Global Policy Makers Are Up in Arms About Facebook’s Libra Coin
By CCN Markets: Facebook is already under fire from regulators less than a day after officially revealing its cryptocurrency whitepaper. Based on three separate talks, it’s clear top government and bank officials from around the world are preparing to regulate Facebook Libra. Cryptocurrencies like bitcoin transcend national borders, and project Libra is looking to cash in on this edge that no other central bank can lay claim to. Regulators are on high alert as Facebook ambitiously aims to be the first global central bank. Bank of England Governor Demands High Standards In Portugal at the ECB’s annual symposium, Bank of
Cameron Winklevoss: Facebook’s Libra Will Kick Off a Wave of Corporate Cryptocurrencies
As reported by BeInCrypto; The social media giant Facebook made waves last week with the announcement of its in-house cryptocurrency called Libra. Intended as an internal payment system for users of the social media giant, Libra is likely the first of the major corporate cryptocurrencies. However, while Facebook (FB) may be the first to issue a […]
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Analyst Says Facebook’s Crypto Can See Bigger Adoption Than Bitcoin
By CCN Markets: On June 18, Facebook and the Libra Association formally announced their plans to release Libra, a crypto asset backed by the Libra Reserve to maintain a stable value. By 2020, Facebook has said it plans to integrate Calibra, a crypto wallet designed to support Libra, into WhatsApp and Messenger, introducing the asset to billions of users worldwide by 2020. According to Michael Levine of Pivotal Research, Libra could see bigger mainstream adoption than bitcoin, especially among merchants due to its stable value. But, are Libra and bitcoin comparable? Bitcoin and Libra Are Not Comparable At CNBC’s Closing
Bitcoin Evangelist Andreas Antonopoulos Says Facebook’s Libra Isn’t a Real Blockchain
By CCN Markets: Bitcoin educator and promotor Andreas M. Antonopoulos published a new video today in which he pointed out that Facebook’s Libra project doesn’t amount to a “real” blockchain. Is Facebook's Libra a real blockchain? No. Will it compete against #Bitcoin and truly open, public blockchains? Never. #LibreNotLibrahttps://t.co/MQkpPUuedE — Andreas M. Antonopoulos (@aantonop) June 18, 2019 The professional speaker has spoken at length in the past about the oppressive nature of KYC and “blacklisting” bitcoins. Facebook’s Coin Is Just Another Token Fungibility is an issue at the heart of cryptocurrency – if some coins are good, but others are
Bitcoin Basher Nouriel Roubini Labels Facebook’s Libra a ‘Monopoly Scam’
By CCN Markets: Avowed Bitcoin critic Nouriel ‘Dr. Doom’ Roubini has found another target – Facebook’s upcoming cryptocurrency Libra, on the day of its announcement. According to the New York University economics professor, Libra is ‘blockchain in name only’. Roubini: Libra is just another profit driver for Facebook Further, Roubini argued that Facebook’s cryptocurrency was only designed to grow the social media giant’s profits. Per Roubini, Libra is a ‘monopoly scam’ given that Facebook boasts of billions of users spread across the world. It will start as a private, permissioned, not-trustless, centralized oligopolistic members-only club. So much for calling it
Facebook’s Crypto Wallet ‘Calibra’ is Coming to WhatsApp in 2020
By CCN Markets: The whitepaper of Libra, a crypto asset created by a non-profit organization in Libra Association led by Facebook has been formally released, disclosing key details of the digital asset and the blockchain protocol that supports it. As speculated, Libra will operate as a stablecoin backed by the Libra Reserve and will represent the value of existing assets such as reserve currencies. Facebook officially announced that Calibra, the first product built on top of Libra, will come to Messenger and WhatsApp as early as 2020, enabling users to send, receive, and store the crypto asset. Following the footsteps
Uber, PayPal and Spotify Are All Backing Facebook’s Cryptocurrency
With just days left before Facebook’s (FB) big reveal event for its new cryptocurrency initiative — where the social media giant is expected to officially launch the governing association and release the whitepaper for its new stablecoin — we now know the initiative’s initial backers. According to recent reports by the Wall Street Journal and […]
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Dow Jones: Privacy Scandals Led to Facebook’s S&P 500 ESG Ouster
S&P Dow Jones revealed the embarrassing reason it booted Facebook stock from the S&P 500 ESG Index. Facebook’s cornucopia of privacy scandals caused its ESG score to plunge to alarming levels. The same day that Dow Jones kicked FB out of the index, Mark Zuckerberg pledged to make Facebook a champion of privacy rights. By CCN Markets: It’s not clear which privacy snafu broke the camel’s back, but scandal-ridden Facebook stock now finds itself on the outside looking in at a key S&P Dow Jones sustainability index, the S&P 500 ESG. Facebook wasn’t the only major tech stock to get
Lamb to Slaughter? Visa Follows Zuck into Facebook’s Centralized Crypto
By CCN Markets: Facebook has managed to lure some big names to support its cryptocurrency endeavor. According to a report in the Wall Street Journal, payment giants Visa and Mastercard in addition to PayPal and Uber have all jumped onto Mark Zuckerberg’s crypto bandwagon. They are each going to pour $ 10 million into the project for the opportunity to be part of the governance structure of the new cryptocurrency. They even have a name and will be part of what Facebook is calling the Libra Association in a nod to the codename of crypto project. It’s understandable why payment companies
Forbes Analyst: Facebook’s Cryptocurrency Could Push Bitcoin (BTC) to $10,000
Despite disdain from much of the existing crypto community, excitement and anticipation are starting to build around Facebook’s (FB) payment platform as the company plans to unveil its cryptocurrency later this month. According to a Wednesday report in The Information, Facebook is planning to present its new stablecoin, “Globalcoin,” and its whitepaper during a June 18 announcement […]
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Zilliqa (ZIL) Rises on Rumors It Will Host Facebook’s Cryptocurrency
A recent report indicating Facebook (FB) is planning to unveil its cryptocurrency later this month has generated excitement for one existing cryptocurrency: Zilliqa (ZIL). According to a Wednesday report in The Information, Facebook is planning to present its new stablecoin, “Globalcoin,” and its whitepaper during a June 18 announcement event. The report indicates Facebook is […]
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Facebook’s (FB) Crypto Payment Initiative Is Reportedly Called ‘Project Libra’
The internal efforts of Facebook’s (FB) cryptocurrency initiatives continue to leak with the latest report indicating that the company is developing a stablecoin-based payment platform, which is internally known as “Project Libra.” According to the report by The Wall Street Journal, Facebook is currently in discussions with major payment networks Visa (V) and Mastercard (MA), […]
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Report: Facebook’s Coin Could Hit Exchanges in the First Half of 2019
Facebook (FB) made waves in December when Bloomberg revealed that it is developing a stablecoin designed specifically for money transfers on its WhatsApp encrypted mobile-messaging app. Now, a report by the New York Times reveals that Facebook’s development is far enough along that it is already holding conversations with exchanges about “selling [the coin] to consumers.” […]
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Mark Zuckerberg Considered Putting Facebook’s (FB) Login on the Blockchain
Mark Zuckerberg revealed this week that he has considered putting the login for Facebook (FB) onto the blockchain to improve the system of granting data access to third-party apps. In a recent sit down with Harvard Law Professor Jonathan Zittrain, Zuckerberg dove into numerous topics related to the future of technology including information fiduciaries, encryption, decentralized services, governance, fighting misinformation, […]
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Consumer Response to Facebook’s New Home Camera Is Pretty Much What You’d Expect
After months of dealing with regulators and fallout from its Cambridge Analytica scandal, Facebook has announced a new product and it’s about as tone deaf as you would imagine. The Portal and Portal+ are two new video communication devices that are designed to live within your home, enabling friends and family to remotely hang out. […]
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Op Ed: What does Facebook’s Crypto Ad Ban Mean for Litecoin
The crypto-sphere is full of hearsay and rumor. If nothing else it keeps hopes high in times of adversity, such as right now. Altcoins can go up on a shill or a pump from a whale, and back down on the spread of FUD across social media. It is unlike any other market and is driven largely on impulse at times. Because it is still an embryonic industry, connections can be drawn between large established companies, cryptocurrencies, and potential blockchain adoption.