Facebook In the Soup for Irresponsible Behaviour Around Crypto Ads

Facebook’s long running headlines with cryptocurrency ads has persisted through the years peaking during the 2017 bull run and concluding with the tech giant banning crypto related ads from the platform in 2018. However, with the tech giant set to launch their own digital token, Libra, alongside other corporations in the Association, cryptocurrency adverts have slowly crept back on the platform.
Dutch Courts Set Up Measures For Bitcoin Ads on Facebook
While some of the ads are legitimate, recent complaints from some Dutch celebrities show that there are a number of fake Bitcoin ads circulating on the social platform. According to reports from De Rechtspraak, an online law Dutch website, John de Mol, a business mogul in Netherlands won a case against Facebook to ban digital currency advertisements on the platform.
The case file reads that during the end of 2018 and the start of this year, a number of Dutch investors lost close to €1.7 million in total through fake Bitcoin investments on Facebook. The filing from John asks the court to rule on Facebook’s identification of the advertisers accounts and ban the accounts forever.
The courts ruled on Facebook acting on false information published on the platform stating the company must work to identify the false information and ban the accounts. While De Mol’s request may be a bit too specific to cause legal problems, Facebook acted on crypto ads in the country filtering some of the content off the platform which has pushed the court to demand for more action – as it is deemed possible.
Facebook is not obliged to keep the advertisers off forever. According to the preliminary relief judge, that requirement is too far-reaching. However, if Facebook does not follow the measures set in place by the courts, then they are subject to a €1.1 million euros fine.
Facebook In The Spotlight For Crypto Ads
Despite a stringent ban on cryptocurrencies in 2018, the company made a U-Turn on the decision to ban crypto ads citing the “growing nature of the crypto field”. By the end of July almost all crypto ads were back on the world’s #1 social platform including Coinbase and Grayscale Investments.
However, with the company making $4 million an hour, the fine may be too small punishment for the platform. Alex Jimenez, Chief Strategist officer at Extractable said,

Facebook ordered to remove fake #Bitcoin ads or pay $1.2 million
(Doesn’t @facebook make $4.6MM per hour? How is that a deterrent?) https://t.co/SOc9eiv4bD
— Alex Jiménez (@RAlexJimenez) November 12, 2019

The post Facebook In the Soup for Irresponsible Behaviour Around Crypto Ads appeared first on Coingape.
Source: CoinGape

Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”

Last week, speaking at the New York Times DealBook Conference, David Marcus, the head of Facebook’s cryptocurrency projects, called Bitcoin “digital gold,” while simultaneously arguing that the coin is not a good currency for transactions:

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said. “I see it as digital gold.”

Many have made the comparison between Bitcoin and gold in the past, with those most bullish on the leading cryptocurrency hoping that it will eventually surpass gold’s $8 trillion market value. Currently, the total value of all Bitcoin is $160 billion, about 50-times less than gold.
Bitcoin: Digital Gold
Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but that the fluctuations in value currently associated with Bitcoin make it a bad choice for people who need a reliable system to send remittances across borders.
Commentators on Twitter, such as financier Peter Schiff, were quick to chime in:
Peter Schiff says bitcoin is too volatile as a medium of exchange (source: Peter Schiff Twitter)
Schiff, an outspoken critic of Bitcoin, found fault in Marcus’ claim that Bitcoin is digital gold, saying it’s too volatile to be used like gold is as a medium of exchange.
This reply drew fire from a lot of other Twitter users, many of who perceive Schiff to be backward-looking and a “member of the old guard.”
Responses to Schiff’s Claims
Twitter user @MarketAlly reminded Schiff that not only was gold also volatile initially, but that its stability came under the direction of banks and governments, something that crypto enthusiasts hope will happen with digital coins through proper regulation:

You are wrong Schiff. The stability of Gold came from enough banks, goverments, etc holding it and then as derivatives were built around it. Bitcoin is like digital gold and as those vehicles continue to be built around it, it will do the same. Gold was volatile initially
— MarketAlly LLC (@MarketAlly) November 11, 2019

Others pointed out a fault in Schiff’s claim that gold can “actually be used as a medium of exchange,” asking, rhetorically, for him to provide am example of someone using gold to make a purchase at a brick-and-mortar store.
Volatility is a concern for cross border payments, one of the key markets Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, in attempts to help it remain stable, Libra’s value will be tied to currencies like the U.S. dollar and the Euro.
Admittedly, Bitcoin does have a somewhat turbulent, albeit short, history. Just two weeks ago, it was set to drop from $7,000 levels but quickly spiked to $10,300 in the hours following a positive statement on blockchain by Chinese President Xi Jin Ping.
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Source: New feedNewsBTC.com

Facebook’s Crypto Effort Will Take Decades to Spread but Libra Will Be Worth It, Says Exec

An executive at Facebook has said that Libra will not spread in the same way that the company’s social network did. Kevin Weil believes that the social media giant’s foray into the crypto asset space will take decades to fully roll out.
Weil is also not perturbed by the intense regulatory scrutiny into the planned digital currency. He claims that Libra will be worth the hassle in the long run.
Will Facebook’s Crypto-Like Offering Will Take Decades Rather than Years?
According to a report in CNBC, Kevin Weil, the vice president of product at Facebook’s digital wallet unit Calibra, gave his thoughts about the planned “crypto” during the Web Summit technology conference held at the Altice Arena and Lisbon Exhibition & Congress Centre in Lisbon, Portugal, this week.

Facebook exec says libra cryptocurrency won't spread 'like a social network' https://t.co/HTOLZzfZLU
— CNBC International (@CNBCi) November 5, 2019

Weil told the conference’s audience:
“This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.”
Already, Libra’s planned launch date of June 2020, detailed earlier this year, has been brought into question. The project has grabbed the attention of global regulators who are uneasy about various aspects of the planned crypto-like currency.
Some have raised objections about the potential for Libra to be used as a means of terrorist financing. Others have argued that it represents a threat to the sovereignty of nation states. In a recent Congressional hearing attended by Facebook CEO Mark Zuckerberg, various members of the US legislative body attacked the proposal.
In fact, pressure from regulators is believed to be behind several key members of the original Libra Association withdrawing their support just hours prior to the conglomerate’s first meeting last month. Mastercard, Visa, and other big names have all decided against being involved in the project that has so far attracted little  but criticism from lawmakers around the world.
Despite the objections, Weil said he is still optimistic about the project’s future. He raised the fact that there are still 21 organisations comprising the Libra Association. He added that the “crypto” project had already come along way in the last 18 months and he was expecting the number of Libra Association members to continue to grow.
Like Zuckerberg during the Congressional hearing, Weil reiterated that the primary use case for Libra would be remittance payments. The executive believes that a system like Libra would allow those sending money overseas to make substantial savings over more traditional money transfer services. However, Weil, like Zuckerberg, did not really give a solid reasoning as to why there needed to be an entirely new digital currency to facilitate fast global payments.
Finally, Weil also acknowledged that some people might not like the idea of using a currency built by Facebook. After stating that it was “OK” for people to feel like that, he said:
“You don’t have to use a Facebook product ever to get the greater value of the accessibility and lower cost brought by the libra ecosystem.”
 
Related Reading: Bitcoin Price Leaning Overbought After Run to $9,500, Pullback Possible
Featured Image from Shutterstock.
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Source: New feedNewsBTC.com

Libra Project Should Not Be Headed by Facebook, Says Co-Founder of Ethereum

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Libra Project Should Not Be Headed by Facebook, Says Co-Founder of Ethereum
Ethereum co-founder said that Libra should not be run by Facebook because the social media giant still hasn’t earned the people’s trust.
Libra Project Should Not Be Headed by Facebook, Says Co-Founder of Ethereum

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Source: CoinSpeaker

Jack Dorsey Invests $10M in the Startup ICO Platform CoinList

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Jack Dorsey Invests $10M in the Startup ICO Platform CoinList
Jack Dorsey is expanding his cryptocurrency involvement by backing crypto initial coin offering (ICO) exchange platform called CoinList.
Jack Dorsey Invests $10M in the Startup ICO Platform CoinList

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Source: CoinSpeaker

Chinese Tech Stocks “Maxed Out” after Xi Jinping Touts Blockchain

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Chinese Tech Stocks “Maxed Out” after Xi Jinping Touts Blockchain
As Chinese President Xi Jinping highlighted the potential of blockchain, it positively influenced the stocks of Chinese tech companies.
Chinese Tech Stocks “Maxed Out” after Xi Jinping Touts Blockchain

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Source: CoinSpeaker

Facebook’s Libra is an anti-humanity issue: Ethereum Co-founder Joseph Lubin

Co-founder of Ethereum, Joseph Lubin, recently took to Twitter to share his thoughts on Facebook’s Libra project. Lubin is just the latest crypto-personality to give his input on Facebook’s controversial crypto-project. He started off by saying that the blockchain space, including the Libra project, benefits from experimentation. “What does not benefit the space is a […]
The post Facebook’s Libra is an anti-humanity issue: Ethereum Co-founder Joseph Lubin appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Rally Tops $10,500 in a 28% Surge Amid High Trading Volumes, China Effect?

Bitcoin (BTC) abruptly surged from lows of $7,400 recorded on Oct 24 to an impressive $10,540 on the wee hours of Oct 26 in an exciting and unexpected move that could prove definitive in the last two months of 2019. At the back of this resurgence was an uptick of trading volumes. In the last two days, Bitcoin (BTC) participation levels have more than quadrupled according to statistics from Coinbase.
Bitcoin 7 day chart | Source: coinstats.app
By reversing steep losses of Oct 24 at the back of high trading volumes, analysts are now confident that the next bull wave is on, and BTC may rally to June 2019 highs of around $14,000 after a period of inactivity in September and October.
Alex Kruger, a cryptocurrency analyst, gave his two cents:
“Technically, BTC bear trend is over. Fundamentally, market changed in the last two months for the worse beyond just price. Miners’ implosion likely incoming. Impressive BAKKT volume spike (low base effect), now 2% of CME’s. Todays +15% IMO clearly related to China’s news.”
Blockchain is an Accelerant of Innovation
The resurgence of Bitcoin comes at the back of the Xi Jinping’s, the Chinese Premier, declaration that China will embrace blockchain technology across all sectors of its economy. For perspective, China is the second-largest economy in the world after the US.
In a meeting with the Political Bureau of the Central Committee in Beijing, Xi Jinping, who is also the head of the Community Party of China, talked of the virtues of blockchain, and the intention of China to cement its position as a blockchain leader.
“We must take the blockchain as an important breakthrough for independent innovation of core technologies. China must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
China Leads in Blockchain Innovation
Even though the country prohibits cryptocurrency trading, banning ICOs and cryptocurrency exchanges in September 2017, over 80 percent of Bitcoin mining takes place in Asia and specifically in China. The proximity of Bitmain, the world’s largest chipset manufacturer, coupled with low electricity costs means it is an attractive destination for value miners.
According to data from World Intellectual Property Organization (WIPO), of the 2,747 blockchain-related patents published, Chinese companies had filed 790, ahead of the US’s firms who had 762.
Earlier, Mark Zuckerberg, the CEO of Facebook, when appearing in front of the United States House of Representatives Committee on Financial Services warned that if regulators smothered Libra, then another project with similar intention will sprout out of China. Libra, a global stablecoin, he explained, is a strategic project that reacts to China’s plan of launching a digital currency that will be globally spendable, and controlled by a consortium of Chinese-owned state companies.
Bitcoin (BTC) Stats
At press time, BTC is up 28.54 percent in the last 24 hours against the greenback pushing year-to-date gains to 47.67 percent.
Feature Image by Marco Verch
The post Bitcoin [BTC] Rally Tops $10,500 in a 28% Surge Amid High Trading Volumes, China Effect? appeared first on Coingape.
Source: CoinGape

Libra’s threat to central banks raises questions about its launch

Facebook‘s Libra will find it difficult to get any support in the current ecosystem. Since its announcement back in June, criticism with regards to its centralized control and Libra’s inefficiency to come to terms with regulations has piled up on its development, with many now believing that Libra will never officially get approval for launch. […]
The post Libra’s threat to central banks raises questions about its launch appeared first on AMBCrypto.
Source: AMB Crypto

Facebook Launches News Tab in Partnership with News Outlets to Publish Verified Stories

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Facebook Launches News Tab in Partnership with News Outlets to Publish Verified Stories
Facebook has announced the launch of a News feature with initial coverage in some parts of the United States.
Facebook Launches News Tab in Partnership with News Outlets to Publish Verified Stories

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Source: CoinSpeaker

China’s President Xi Jinping Seeks Blockchain Industry Domination

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China’s President Xi Jinping Seeks Blockchain Industry Domination
In a move to dominate the industry, Chinese president Xi Jinping has urged the country to accelerate the adoption of blockchain.
China’s President Xi Jinping Seeks Blockchain Industry Domination

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Source: CoinSpeaker

Libra needn’t be a cryptocurrency to do what it wants to do: Twitter CEO

Twitter CEO Jack Dorsey is the latest to comment on Facebook, Libra and CEO Mark Zuckerberg’s speech at Georgetown University, comments made at a recent event in New York. These comments were reported by The Hollywood Reporter, with Dorsey also addressing the role Twitter could have played in influencing the 2016 U.S Presidential elections. On […]
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Source: AMB Crypto

CNN Makes Its Own Aggregation Service to Compete with Apple News+

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CNN Makes Its Own Aggregation Service to Compete with Apple News+
CNN’s NewsCo project seems like a direct competitor to Apple News and Apple News+, offering a mix of free advertising-based content and premium subscription content.
CNN Makes Its Own Aggregation Service to Compete with Apple News+

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Source: CoinSpeaker

Banks At Risk of Extinction Shows Why The World Needs Bitcoin

Bitcoin was designed to remove the monopoly banks have over the world’s wealth and put the control back into the hands of individuals, among many other reasons.
A new, damning report on the weakness of the banking industry serves as a powerful example as to why the world needs Bitcoin.
Banks Are In Danger of Failure
Bitcoin was created by the mysterious Satoshi Nakamoto in 2009, following bank bailouts, and the Great Recession, as a way to prevent future economic catastrophes from occurring at the hands of greedy bankers. But now the world is once again on the brink of economic collapse, and a large part of it is once again due to mismanagement by banks.
According to a report from US-based management consultancy firm McKinsey & Co, banks are at risk of becoming a “footnote to history” which is a nice way of saying they’ll soon become obsolete if abrupt and dramatic changes aren’t made.
The report claims that most banks across the globe aren’t generating returns on equity that can keep up with expenditures, and urged banks to develop new technology, outsource talent, and seek to merge with other large banks to prevent impending disaster.
Kausik Rajgopal, Senior Partner at McKinsey & Co says that banks must “make bold moves now” to get back to more stable ground.
Even investors are expecting further decline in the banking sector, and valuations of banks across the globe have decreased by as much as 20% since the beginning of 2018.
Rajgopal expects mergers and acquisitions to increase the later in the economic cycle we get, as a means to scale operations, which the report says will “likely matter even more as banks head into an arms race on technology.”
Who Needs Banks When Bitcoin Exists?
The report also cites competition from the likes of Amazon or Facebook, who are hard at work developing more convenient payment technologies right under the noses of banks that have long enjoyed dominance over money.
The report, however, neglects to bring cryptocurrencies into the discussion, such as Bitcoin, Ripple, or Ethereum. These new payment technologies not only are far more advanced than what current banking technology has to offer, they come with an added benefit: decentralization.
Bitcoin removes the need for a third-party to validate transactions, therefore eliminating the need for banks. And with banks on the brink of extinction, and with a surge of greed-driven corporations ready to take over, there’s never been a time when a technology like Bitcoin was needed more.
For example, when the economy went bust in Venezuela, the country’s central banking authority began controlling how much of its customer’s own money they were allowed to withdraw. And while this is an extreme example, it shows the type of situations that can occur when economies get turned upside down and banks are in control.
A widespread global recession unlike the world has ever known could be ahead, and time will tell if Bitcoin is able to serve its designed purpose.
The post Banks At Risk of Extinction Shows Why The World Needs Bitcoin appeared first on NewsBTC.
Source: New feedNewsBTC.com

U.S. Technology Stocks FANMAG Identified as Heavy Hitters in a Bubble by Rob Arnott

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U.S. Technology Stocks FANMAG Identified as Heavy Hitters in a Bubble by Rob Arnott
Veteran investor Rob Arnott indicates that America’s biggest tech stocks FANMAG are in a bubble and Bitcoin as well.
U.S. Technology Stocks FANMAG Identified as Heavy Hitters in a Bubble by Rob Arnott

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Source: CoinSpeaker