Ethereum

Facebook Backed by Big Guys – Major Altcoins

single-image


Facebook has listed a dozen
companies which includes Mastercard Inc, Visa Inc, Paypal Holdings, and Uber
Technologies Inc to back its cryptocurrencies.

According to people familiar with
the matter, each of the companies involved in the consortium will be donating
$10 million. This money will be used for the creation of the coin.  The coin thus created will be pegged to a
basket of government-issued fiat currencies. 
However, when required for comment, the companies did not immediately
respond.

There are chances for the
employees involved in this project to be paid in the cyber currency.  The blockchain for this project is expected
to be “far centralized” when compared to Bitcoins.   The hiring for the cryptocurrency based
payment system for Facebook has already started.  The platform already has 2.38 billion users.

David Marcus, the Messenger Chief
at Facebook, is already exploring the blockchain technology and its potential
for the use of the platform.

US Commodity and Futures Trading
Commission (CFTC) was pulled in to a loop concerning the discussion about the
crypto Stable coin initiative of Facebook.

With big backers, the Facebook
coin is expected to exert a major influence in the cryptocurrency market.  The technology is feared to dominate the
business of several other already existing cryptocurrency processes.

Major Altcoins except for
Litecoin is currently showing substantial gains. The BTC/USD showed a sharp
upside move on Wednesday.  Ethereum
recovered to $260 range after the decline to $230 on Monday. Ripple’s XRP is
not able to gain traction, and it is currently in a bullish momentum at $0.40.

Ethereum app builders who are
using the Google software will be able to integrate the data from the outside
sources of blockchain via a partnership with Chainlink, which provides for the
ramp on and ramp off, for the different kinds of information which are required
to run self-executing codes known as smart contracts.

This can be particularly useful
when it comes to sorting speculative bets in prediction based market places.  To make datasets for bitcoin cash, litecoin,
zcash, ethereum classic, Dogecoin, and dash, they are following them up by
making use of more tools which can help improve on using them for the BigQuery.

The maturity of the
cryptocurrency market has been of increased concern to the SEC.  During a Fintech conference, the SEC
commissioner stated that the concern is not about “the nature of the cryptocurrency
themselves,”  but it is about the
questions which are related to “market maturity.”


Read Article

You may also like

Altcoin

Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety

single-image


On July 12, 2019, Tokyo-headquartered cryptocurrency exchange Bitpoint promptly suspended its services after noticing an error in the outgoing funds transfer system. Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach. The exchange’s administration has managed to find a portion of the missing funds since the initial announcement was published. Nevertheless, the security breach seems to continue the streak of hacks targeting Japan-based exchanges.

Details of the hack

According to the breakdown of the hack published by Bitpoint’s parent firm, Remixpoint Inc., Bitcoin (BTC) accounted for the highest share of total losses. The total amount of stolen BTC (1,225) is worth over 15 billion yen (just over $138 million). Further, over 28 million XRP (10 billion yen, or $92 million) and 11,169 ETH (3.3 billion yen, or $30 million were…



View More Articles
Scams

Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

single-image


David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate.

Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that the company will have an Anti-Money Laundering program, reiterating Facebook’s commitment to FinCEN.

Marcus stated that “Calibra will be affordable and accessible and also safe and secure” and will comply with FinCEN and state regulation. According to Marcus, Libra Corporation will still register with FinCEN despite the…



View More Articles
Altcoin

R3 to Support a Startup-Focused Stock Exchange in Brazil

single-image


Blockchain consortium R3 has partnered with Brazilian fintech company Banco Maré to launch a stock exchange for investing in technology firms.

Banco Maré, a blockchain-powered digital bank focused on financial inclusion, intends to build a tokenized stock exchange offering investments in technology companies with “social impact,” Cointelegraph Brazil reports July 16.

The new R3 technology-backed platform, provisionally named BVM12, will purportedly open a new funding source for technology startups, as well as enable individual investors to generate dividends from investments in new technologies, the report notes.

Rio de Janeiro-based Banco Maré has reportedly conducted its first informal consultations with the Brazilian Securities and Exchange Commission, and is reportedly planning to make an official request to the agency in August 2019.

Banco Maré CEO Alexander Albuquerque claimed that the new venture aims to democratize risky investment and bring the low-income public to the stock market.

Earlier in June, Cointelegraph reported that the…



View More Articles
Altcoin

Is There a Future for Privacy Coins in the United States? » The Merkle Hash

single-image


Cryptocurrencies which provides users with privacy and anonymity are often looked down upon by politicians and other officials. Especially in the US, privacy coins such as Monero and ZCash might face an uphill battle in the future. The most recent White House press conference only confirms these currencies are designed for criminals and no one else. 

The Stigmas Remain

For quite some time now, the term “privacy coins” is associated with illegal activity on the internet and in the real world. This is primarily because of the privacy and anonymity features these currencies tend to provide to its users. In the case of Monero, for example, it is impossible to determine who owns how many coins, or who is sending and receiving transactions. This makes it a thorn in the side of government officials and financial experts, as they only see the negative side of this…



View More Articles
Bitcoin

‘I like bitcoin,’ says House GOP leader McCarthy, hits Facebook Libra

single-image


House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin.

“I like bitcoin” and the security of the blockchain ledger technology behind cryptocurrencies, the California Republican said, as he criticized Facebook’s plans for a Libra digital coin ahead of hearings on Capitol Hill this week.

Libra will be pegged to a basket of government-backed money, compared with bitcoin, which is highly volatile in price and derives value from factors including its ability to enable instantaneous, anonymous, global payments and as an investment.

Nobody controls bitcoin.

McCarthy did, however, say that bitcoin is not where it needs to be yet, alluding to the risks of cryptocurrencies being used by criminals and money launderers.

While Libra promises more stability, McCarthy remains concerned.

“When I’m on Facebook, I’m not the customer, I’m the product,” he said. “Facebook is free because…



View More Articles
Do NOT follow this link or you will be banned from the site! Scroll Up
error: ©2019 All Rights Reserved.