We Will Always Expect Crypto Exchanges to Act Like Our Banks

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We Will Always Expect Crypto Exchanges to Act Like Our Banks
Instead of trying to change human behaviors which is one of the most challenging things we could do, maybe we ought to try and change how exchanges are not able today to fully secure our funds?
We Will Always Expect Crypto Exchanges to Act Like Our Banks

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Source: CoinSpeaker

Decentralization Taking Shape On a New Platform For Dapps and Services

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Decentralization Taking Shape On a New Platform For Dapps and Services
If any technology seeks to be adopted and widely used, it must have firm foundations to stand on. Credits may well be the solid ground the industry’s many participants have been seeking for turning their developments into reality.
Decentralization Taking Shape On a New Platform For Dapps and Services

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Source: CoinSpeaker

After U.S. Congress’s Injuries, Libra Sets To Face A Greater Threat

The Japanese minister of Finance, Taro Aso appealed to other G-7 finance ministers to take necessary assessments of Facebook’s cryptocurrency project, Libra.
Looking Beyond Existing Regulations
He urged them suggesting that Finance ministries of these regions access the project beyond existing financial regulations for any potential challenges that present regulations might overlook.
According to Aso,
“Applying existing regulations alone may not be enough. A comprehensive examination is needed to see if Libra poses new challenges that existing rules do not take into account,”
Libra Had A Rough Entry
Lines are not falling in pleasant places for Facebook’s Libra since it came to the ears of the mainstream media. On Tuesday, the social media giant attended a Senate hearing session in a bid to subject the cryptocurrency project to regulatory measures.
Libra failed to prove its use cases to the U.S. Congress and was completely ruled out as a typical cryptocurrency, with few congresspersons even insinuating that Libra’s idea was a replica set to deter the original bitcoin innovation.
Libra To Answer To Everyone!
As many financial agencies around the world and legislative bodies demanded Libra’s attention to regulatory practices, many have come to believe that Facebook’s cryptocurrency project, Libra would make a big threat to large banks and other financial institutions.
When Libra made a show of disrupting the present financial systems and policies, Banks and governments saw reasons to stop Facebook from laughing Libra to its 2.6 billion users globally by subjecting its launching and operations to countries regulations that favor its coexistence with existing financial systems and their players.
According to a senior Japanese finance ministry official,
“Most G-7 members saw Libra as posing a serious problem from the perspective of consumer data protection and the impact on monetary policy, ”
Libra, What Exactly Is It?
Recently, it became more glaring that Facebook’s kind of cryptocurrency was not a totally decentralized version. Transactions would be confirmed and monitored by a group of partners and substantial user data would be given out to the Libra association. In view of this, governments believe that such operations deserve the watchful eyes of regulations and government policies.
This made it particularly difficult for Facebook to proceed with Libra plans regardless of regulatory scrutiny. After Libra failing before the U.S. Congress, the next G-7 scrutiny will definitely present more difficulties to Libra’s developments.
The post After U.S. Congress’s Injuries, Libra Sets To Face A Greater Threat appeared first on Coingape.
Source: CoinGape

Libra Senate Hearing Day 2: Congress Concludes Libra Is Not A Cryptocurrency

Today’s Libra Senate hearing actually began on a bullish note for bitcoin. According to congressman Patrick McHenry,
“The world that Satoshi Nakamoto…envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation,
and governments cannot stop this innovation, and those that have tried already failed.”
The second day of Facebook Libra’s Senate hearing was more focused on the distinction between Libra and a typical cryptocurrency and unlike yesterday, a few congresspersons actually made mention of bitcoin.
As expected, the testimony of Libra’s CEO, David Marcus was particularly made cumbersome with the technical questions and issues raised by the Senators. Although not much was said about the issue, few lawmakers expressed issues from yesterday’s hearing on the accounts of Facebook’s data leakage propensity and privacy policies.
Is Libra A Cryptocurrency?
David Marcus constantly water after each difficult question put to him. With few congresspersons coming to show-off their understanding of a typical cryptocurrency and how Libra’s anatomy goes in a slightly different design, Congressman Gonzalez was the first to press the G-spot. According to Gonzalez, the whole idea behind Libra is great but the idea of central governance makes it different from a typical cryptocurrency. That only begged the question
“Is Libra Decentralized or governed…”
In response to the dilemma, David Marcus swang into action to make it clear that while Libra was meant to be on a permissionless network, there would indeed be some form of centralization due to the presence of a fiat currency reserve for every unit of Libra formed. According to Marcus, this was to ensure that Libra keeps principles to regulations.
Further, when congressman Gonzalez asked about information between Facebook and Libra, David maintained that no financial data of Libra customers would be shared, not even with Facebook.
As the hearing progressed, congressman Hollingsworth decided to spend some 5 minutes in pressing the issue that Mr. Gonzalez earlier addressed. This time, however, Mr. Hollingsworth maintained that Libra, with evident reasons, wasn’t built on a permissionless network. Also, asking how Libra is different from crypto like bitcoin.
David used two approaches to explain this: first, that Libra was a stablecoin backed by the U.S. Dollar and secondly, has a blockchain designed for speed and scale.
Trust Issues
Not long after David had to deal with issues of distinguishing between Libra and a typical cryptocurrency, then came a question about whether Libra can be trusted. This time, lawmakers maintained that while Libra was recognized as a subsidiary to Facebook, it was most likely it would share data with Facebook.
Responding to this curiosities, David Marcus assured the Congress that no such thing as data sharing would ever occur between the subsidiary and its parent company, Facebook. Giving reasons why Libra should be trusted, David maintained that they wanted the Calibra association to be successful and are committed to fulfilling every promise made to that respect.
Calibra Depends On Middlemen, It’s Unlike Crypto
Recognizing the impact that bitcoin has made in its decade long existence, congressman Emma, expressed the fears and worries shown by the public as a matter of just how much data Facebook already possess of them. According to Rep. Emma, people are already wary of trusting Facebook with their money.
At the same time, Rep. Emma pointed out to the fact that crypto is originally built for a peer-to-peer model of money transaction which does not necessarily involve any middlemen. However, with bitcoin’s categories of investors which happen to be tech giants heavy on data, Libra does not have many attributes of a cryptocurrency as instead of operating without middlemen, Libra indeed depends on them.
The Currency Supremacy Struggle
In one of the most important aspects of today’s Libra hearing, congressman Green asked a very cogent question. According to him,
“You know there’s a competition for currency supremacy… The dollar is our currency with which we influence the world’s economy…impact. How would Libra impact the dollar?Do we give up our supremacy in exchange for a cryptocurrency?
David Marcus simply answered ” No” and further explained that Libra was not in a currency competition with the U.S. Dollar or any other currencies.
The post Libra Senate Hearing Day 2: Congress Concludes Libra Is Not A Cryptocurrency appeared first on Coingape.
Source: CoinGape

Max’s Corner: Cryptocurrency in the Quantum Age

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Max’s Corner: Cryptocurrency in the Quantum Age
This edition of Max’s Corner is on developments in the field of quantum computing and the potential risks they pose to the cryptocurrency space.
Max’s Corner: Cryptocurrency in the Quantum Age

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Source: CoinSpeaker

Roubini Calls Arthur A “Thug” In New Anti-BitMEX Struggles

Well known Economist turned crypto critic, Nouriel Roubini has stepped up his game on back lashing popular cryptocurrency exchange, BitMEX and its CEO, Arthur Heyes by instigating that BitMEX was a den of criminals involved in subtle illegalities and indeed called Arthur Hayes “a thug” in the process.
Nouriel Roubini took to his twitter handle to announce a platform where he claimed to have exposed the ugly truths about Arthur Hayes and his company to the public. He maintained that BitMEX was being used by Arthur to constitute illicit evasion of Anti-Money Laundering (AML)/ Know Your Customer (KYC) policies, front running, insider trading, massive scale money laundering and gouging of clients.
Exposing BitMEX’s Ugly Truth
As he seized the opportunity to unveil his new work of literature tagged “The Great Crypto Heist| by Nouriel Roubini”, he urged his followers and the crypto community at large to consider following his account of the targeted victims.
According to Roubini,
My new column where I expose the shady rekting racket that is @BitMEXdotcom run by the thug @CryptoHayes: evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.
The Great Crypto Heist by Nouriel Roubini https://t.co/79UsmlZxdr
BitMEX And Bitcoin
Following the debate at Taipei, where Arthur took on Roubini to debate a series of topics including bitcoin and Bitmex, Arthur had said that the community loved speculating and BitMEX was a platform to help them do so more efficiently. As Roubini believed BitMEX to be a predator which feeds on customers irresponsibility in trading leverage, he argued that BitMEX’s x100 leverage option was doing more harm than good to its customers. In fact, according to Roubini, a considerable percentage of BitMEX’s income depends on liquidations derived from leverage trading.
The Common Enemy
Bitcoin and Arthur Hayes seem to have a common enemy- Roubini. The popular crypto critic never misses an opportunity to air his opinion (mostly the negativities) on bitcoin at any given time. While he tried to kill two birds with one stone, he also took a jab at bitcoin and insinuated that it wasn’t a typical currency.
Going by the last 24 hours record in which bitcoin had crashed by 14% to record a price $9480, he took great pleasure in calling Bitcoin and other altcoins (which he referred to as ” shitcoins”) a joke!
According to Arthur’s tweet,
Bitcoin down 14% in last day to below 9.5K! Ouch! It must hurt to get so rekt so fast! Calling bitcoin a currency – let alone 1000s of other shitcoins – is a joke: they are not a unit of account, they are not a means of payments (5tps) and no stable store of value (-14% in a day)
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Source: CoinGape

Libra: “I Don’t Trust Facebook”, Lawmakers Express Distrust

Facebook experienced a very gruesome and disappointing Senate session with lawmakers today after a 2-hour grilling between David Marcus, Libra’s CEO and a group of Senators about Facebook’s proposed cryptocurrency project.
The Dirty Past Of Facebook Came Back Around
Lawmakers made a grand entry into the “sea of questions” already awaiting Libra’s implementation and expressed concerns about the project’s feasibility. Much was not to be said about the possibility of a big tech company like Facebook creating a cryptocurrency, however, questions arose from Facebook’s capabilities to handle issues of user data and privacy.
Facebook’s standing history of privacy disruption and data misappropriation were used to nail the project to the cross of humiliation as David had to endure embarrassing sessions of questions which made a complete fool of both him and Facebook.
Senators Took Total Control
Senators were the ones to ride the turbulence. Questioning Libra’s mission in a variety of aspects including data and privacy policies, funds management, Tax evasion, and money laundering prevention, organizational leadership, and the simple fact of whether Facebook was still maintaining its stance as a company or if Facebook was becoming a country!
Simply put, Libra would have failed if today’s hearing was to be used to conclude about its future and implementation.
We Cannot Trust You- Lawmakers
Lawmakers, including Republican John Kennedy, showed concerns about the Association banning individuals who hold certain political views, while N.J. Sen. Bob Menendez showed up to the hearing with a list of reasons why Facebook shouldn’t be trusted.
However, Marcus was brief in his remarks responding to allegations of Facebook’s privacy scandals and ties to Russian interference into the 2016 election, noting only that the firm had made mistakes in the past but has since invested in a number of programs to fix those problems.
“It’s pretty hard to trust you with a worldwide currency that you are setting up in Switzerland,” retorted Senator Brown. “You’re the only one with 2 billion people.”
Incomplete Work Expressed In Libra
Pointing at the fact that Libra proposed a corporation big enough to facilitate coalition between the various parties involved in the arrangements, Senator Tina Smith said,
“It seems possible in any board, in any group of humans, people develop coalitions,” said Sen. Tina Smith. “It seems to me there’s a big question on how every voice is going to be heard in this incredibly powerful association headquartered in Switzerland. Is this going to be like a corporate board? How will you handle conflicts of interest?”
In response to this, David Marcus stipulated that Libra’s whitepaper was made public early enough for this very reason. To gather some useful feedback as there are still much to be put in place before the launch date.
The post Libra: “I Don’t Trust Facebook”, Lawmakers Express Distrust appeared first on Coingape.
Source: CoinGape

Binance Coin Breaking News: Falling Market Cap and Price

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Binance Coin Breaking News: Falling Market Cap and Price
Unusual as it may seem, Binance Coin (BNB) lost $1.5 billion market cap in just 24h. No, there is no witchcraft involved – rather, it all comes down to Binance’s decision on chopping the number of tokens in circulation.
Binance Coin Breaking News: Falling Market Cap and Price

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Source: CoinSpeaker

OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’
Now, with the lunch date set for Thursday, July 25, speculation is rife that Sun will invite a selection of dignitaries from the world of cryptocurrency and blockchain to meet Buffett. Among those likely expected at the lunch is OKEx executive.
OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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Source: CoinSpeaker

Binance Successfully Concluded Its Mainnet ’Galileo’ Upgrade

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Binance Successfully Concluded Its Mainnet ’Galileo’ Upgrade
Binance has reported the successful completion of scheduled Binance Chain Mainnet ‘Galileo’ hardfork upgrade that took place at block height 20,300,000.
Binance Successfully Concluded Its Mainnet ’Galileo’ Upgrade

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Source: CoinSpeaker

Switch.ag Announces SwitchDex, the Simplest Way to Trade on a Decentralized Exchange

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Switch.ag Announces SwitchDex, the Simplest Way to Trade on a Decentralized Exchange
The SwitchDex, a decentralized exchange designed from scratch, offers 6 base pairs for trading and the easiest interface a user can find in a full-fledged crypto exchange.
Switch.ag Announces SwitchDex, the Simplest Way to Trade on a Decentralized Exchange

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Source: CoinSpeaker

Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration

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Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration
Blockchain consortium startup R3 is said to be considering an Initial Public Offerings (IPO). Sources familiar with the report reveals that R3 is in talks with an adviser over a potential public listing.
Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration

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Source: CoinSpeaker

Samsung Joins Forces with Telcos and Banks for a Blockchain Consortium in South Korea

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Samsung Joins Forces with Telcos and Banks for a Blockchain Consortium in South Korea
Samsung Electronics together with South Korean banks and telcos formed a consortium to create a new blockchain network.
Samsung Joins Forces with Telcos and Banks for a Blockchain Consortium in South Korea

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Source: CoinSpeaker

AMA with CZ Binance: Plans for Binance Futures, Smart Contracts and Visa Card

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AMA with CZ Binance: Plans for Binance Futures, Smart Contracts and Visa Card
At Binance’s 2nd anniversary’s AMA, Changpeng Zhao spoke about the extension of their 25% trading fee discount and the team’s commitment of BNB allocations to the token burn. Also, he announced testing of Binance Futures and providing Binance Visa card.
AMA with CZ Binance: Plans for Binance Futures, Smart Contracts and Visa Card

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Source: CoinSpeaker

Ethereum Cofounder Hits At Libra, Says It Erodes Privacy Gains

Ethereum Cofounder, Mihai Alisei has expressed his concerns about the idea of Facebook Libra project’s possibility of disrupting the blockchain’s privacy.
Alisei maintained that the blockchain technology was supposed to render a decentralized trustless peer-to-peer system of exchange between users which enables privacy of gains. According to Alisei,
Regulated blockchain projects like Libra would subject blockchain users under the watch and scrutiny of financial regulators. This would totally erode the privacy expected of the blockchain.
Facebook Libra caused quite a stir since its official announcement. Facebook and it’s Libra team came under several attacks and oppositions which served as a major resistance to the project’s development. Earlier this month, Maxine Waters and other top members of the House Financial Service Committee asked Facebook to halt the development of Libra until the further regulatory investigation was concluded.
Based on these circumstances, Facebook’s Boss; Mark Zuckerberg and his Libra team would attend a Senate hearing next week. The head of Facebook’s Libra project, David Marcus, promised to answer all legislators’ “important questions”.
Although Libra fell on rocky waters in some countries like India, Iran, and China, it has also become immensely popular among crypto enthusiasts who believe widely in the project.
The more Libra’s popularity grows, the more likely it becomes of it to be heavily regulated, thereby subjecting its blockchain privacy to the set of regulations under which the present financial system and banking are run.
Distributed networks are simply decentralized and exists over a P2P design. Corporate control goes against the ethos of distributed networks. There is no much decentralization, privacy, and anonymity. Libra would achieve a hybrid- something partially decentralized which would retain some of the qualities of the present banking system or financial service agencies.
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Source: CoinGape