Facebook’s belated entry into the cryptospace has a clearly-defined ‘why’ to it

Libra, Facebook’s yet-to-be launched cryptocurrency, is still receiving a lot of reviews for and against its favor, with many in the industry split over its operations and utility. Meltem Demirors was one of them, and she has a very different take on why Facebook launched a cryptocurrency now, when the industry is already a decade […]
The post Facebook’s belated entry into the cryptospace has a clearly-defined ‘why’ to it appeared first on AMBCrypto.
Source: AMB Crypto

Facebook’s Libra raises money laundering concerns associated with crypto again

Facebook has been garnering a lot of news lately, with the introduction of Project Libra, which is speculated to become an e-commerce tool for the social media giant’s millions of users. However, it is speculated that like Bitcoin, Facebook’s coin could also be used for anti-social activities like money laundering, terror financing etc., with lawmakers […]
The post Facebook’s Libra raises money laundering concerns associated with crypto again appeared first on AMBCrypto.
Source: AMB Crypto

Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019

Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019
Bitcoin achieved a new milestone on Sunday with its price smashing past $9000 levels. Other metrics suggest a strong buildup of the Bitcoin technicals and fundamentals.
Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019

Continue reading at Coinspeaker
Source: CoinSpeaker

Libra/Globalcoin: Facebook Stock Price Target; eBay, Vodafone and Coinbase in List of Validators

Project Libra, the cryptocurrency initiative of Facebook has also led to the formation of an Association to facilitate the decentralization of the cryptocurrency. These are called nodes or validators; the validators are made to pay a hefty fee and promised returns on it. Moreover, it works on distributed consensus, i.e., numerous validators working on a single ledger. Hence, confirming malicious transactions can also incur punishment to the nodes.
The partners or validators of the cryptocurrency includes some of the most prominent industry leaders from around the world. Reported previously, Visa, MasterCard, Uber, and PayPal included the lost of backers. Some of the other names which have come up are Vodafone, Coinbase, Spotify, eBay and so on.
Partners of the Libra Association (Source)
Facebook’s Projected Growth
According to a leading market Global investment bank, RBC, Facebook’s Globalcoin will generate new revenues for the company. RBC analysts Mark Mahaney and Zachary Schwartzman said in a note to investors,
“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,”
FB/USD 1-Week Chart on Cboe (TradingView)
The price target of Facebook’s stock, according to them, is $250. Anderson Horowitz is also a member of the association who has invested $10 million. Mahaney and Schwartzman also said,
“We believe Facebook will use crypto to facilitate a platform for: 1) Payments; 2) Commerce; and 3) Applications & Gaming,”
Also Read: Facebook’s Cryptocurrency: A Friendly Bet and Immunization from Privacy Laws
Facebook has over $2.3 billion users, not including users in its subsidiaries WhatsApp and Instagram.  The introduction of a new cryptocurrency will initiate payments among all these users. Moreover, the associate members also include eBay and Vodafone, which will enable more users to use to cryptocurrency in any amounts.
Facebook’s primary source of income is through advertisements. According to estimates, the company might expect a $19 billion rise in revenue by cutting the cost paid to handle online payments through third-party sources.
Facebook also plans to give out employee salaries in the form of the new currency. The cryptocurrency promises stability, fungibility, and cross-border transactions. Moreover, eBay, which is one of the largest online marketplaces globally, could also implement it as a mode of payment.
Applications and Gaming
The sources have revealed that Spotify, Zapo, Uber, and other apps and online gaming giants are also looking to integrate with Project Libra. Facebook supported Log-ins in favorite games like poker, PUBG, and numerous others could also extend support for the new cryptocurrency wallets.
Furthermore, Coinbase’s interest also increases the possibility of it getting listed on the Exchange. This is a good piece of news of cryptocurrency investors. Nevertheless, the new regulations and the market share of the new cryptocurrency can also adversely affect some altcoins.
What will the estimated market capitalization of the new cryptocurrency? Please share your views with us. 
The post Libra/Globalcoin: Facebook Stock Price Target; eBay, Vodafone and Coinbase in List of Validators appeared first on Coingape.
Source: CoinGape

Facebook’s Global Coin splits community as major Bitcoin proponents speak out on busy Friday

Facebook’s jump into the cryptocurrency space was a piece of news that sent shockwaves throughout the Fintech industry. Ever since its reveal, Facebook’s Global Coin sparked a debate between its supporters and critics on whether the cryptocurrency would be a boon or a bane for the mass adoption of digital assets.
The latest supporter of Facebook’s crypto project was Grayscale Chief Executive Officer Barry Silbert, who tweeted:
“The launch of Facebook’s cryptocurrency will go down in history as THE catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser. Buckle up”
Another popular opinion shared by the community was that the emergence of the social media giant’s cryptocurrency will pose a challenge to the United States Dollar, giving customers the option to choose a commodity that is suitable for fast and safe usage. Rhythm, a popular Bitcoin and blockchain enthusiast elucidated:
“Facebook’s coin will cause everyday people to pause and begin to question the properties of the US Dollar. That alone is a benefit to not just bitcoin, but the financial system as a whole. And as we all know, once you begin to question it, all roads lead to bitcoin.”
The cryptocurrency community’s split on GlobalCoin has led to attacks on Facebook CEO Mark Zuckerberg as well, whose reputation took a hit when Facebook’s privacy leak scandal took place. This sentiment was also shared by Charlie Shrem, Bitcoin evangelist and the Founder of BitcoinFoundation.org, who was against Facebook’s policies and GlobalCoin’s core idea. He said:
“I’m just gonna say it.
I think the “FacebookCoin” is an attempt by big tech, banks and credit card companies to lure people away from #Bitcoin into their “better, easier, crypto”, which is nothing more than a fiat coin being masqueraded as crypto.
Millions will be fooled.”
GlobalCoin was also in the news recently when Ran NeuNer, the host of CNBC’s Crypto trader called Mark Zuckerberg an ‘unelected dictator’. Although the launch date for the cryptocurrency is still under wraps, GlobalCoin has gained enough traction to force the entire cryptoverse to sit up and take notice.
The post Facebook’s Global Coin splits community as major Bitcoin proponents speak out on busy Friday appeared first on AMBCrypto.
Source: AMB Crypto

CNBC’s Ran NeuNer turns 180 on Facebook’s GlobalCoin; calls Zuckerberg an ‘unelected dictator’

The crypto-market has long been preparing to welcome Facebook and its pet crypto-project. The social media giant continues to expand its reach after receiving backing from Visa, Mastercard, PayPal, and Uber. According to reports, Facebook signed on more than 12 backers for its stablecoin, GlobalCoin, all of whom have individually invested approximately $10 million.
Host of CNBC’s Crypto Trader, Ran NeuNer, was among the handful of people who was excited about Facebook’s project and the adoption it could drive. However, he later backtracked and appeared to worry about Facebook’s large user base. NeuNer first tweeted,
“This Facebook crypto project is so exciting.The idea that 1 company can enable 2bn people to transact across borders,with low transaction fees, using one digital currency, across WhatsApp, Facebook,Instagram & others is the most exciting financial revolution the world has ever seen”
However, NeuNer soon realized the control the social media giant can have due to their strength in users. He added,
“This Facebook crypto project is so scary. The idea that a company with the biggest user base in the world, effectively controlled by one person who keeps over ruling the board is now launching a digital currency that will allow 2bn people to transfer assets frictionlessly…”
He also pointed out how the social media giant will have more users than the US Dollar. NeuNer’s paranoia shot through the roof within minutes, from happy to hysterical, as he posed the prospect of Facebook’s Chief Executive Officer, Mark Zuckerberg, becoming an ‘unelected dictator’ in the future.
Ran NeuNer said,
“He who controls the money has the power and soon , if not already , Zuckerberg will be the most powerful, unelected dictator in the world”
However, the community seems to be unaffected as most users are of the view that Bitcoin will remain safe, despite the introduction of GlobalCoin. Facebook’s new coin is a step towards “Bitcoin’s mainstream adoption,” some say.
The post CNBC’s Ran NeuNer turns 180 on Facebook’s GlobalCoin; calls Zuckerberg an ‘unelected dictator’ appeared first on AMBCrypto.
Source: AMB Crypto

Facebook’s GlobalCoin and Project Libra: Explained in a Nutshell

If one goes on to study the Innovations that have transpired out an of various tech giants over the last decade, Facebook definitely would site in the top quartile of the list. Not so long ago the worlds most widely used social network was just a Harvard student’s dorm room hack. And the journey that followed from Facemash, to “theFacebook,” to its official public debut in September 2006, to its May 2012 IPO and where its stands today looks unmatchable and one of its kind that the world has seen.
Statistically Today Facebook has 1.49 billion monthly active users with over 1 billion mobile users. Facebook adds 500,000 new users every day; 6 new profiles every second with nearly 26.3% of the online population using Facebook. From its early days the social network and has undergone some pretty massive transformations and has achieved in a relatively short time- thanks to its proactive innovation.
And this proactive acceptance of innovation and integration into its business model and the main platform has now.

Facebook’s Initial Hide and Seek with Cryptos through Advertising Policies
While all of Facebook’s attempts on blockchain and cryptocurrency was behind doors, the only way to understand the official sentiments of the leading social media giant towards to their new form of money was by way of its advertising policies which itself was a see-saw.
The rise of cryptocurrency in the end part of 2017 also so the rise of ICO scams and frauds. A lot of these projects started using Facebook as a platform to market their coins. This forced Facebook to first enact changes to its advertising policy in January 2018 where it said that at the time that too many companies in this space were “not currently operating in good faith.”
Even though Facebook admitted that banning all crypto advertising was a broad change, the company said that its new policy would “improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.” It also added that it would revisit the policy.
Fast forward six months, and apparently Facebook revisited its stance and this time around, it made advertisers go through an application process to determine their eligibility. This stance was marked as Facebook’s positive stance towards cryptos as it asked advertisers to include on the details of their application like what licenses they’ve obtained, whether they’re a publicly traded company and other relevant background information regarding their business.
Along with this Facebook said it will allow ads and related content from “pre-approved advisers,” but will still not allow ads promoting binary options and initial coin offerings.
Enter 2019 and in May 2019, Facebook said after listening to feedback and assessing the policy’s effectiveness the company will
“no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”
Users are still required to get pre-approval for ads promoting cryptocurrencies, however.
While during this period there was a lot of time speculative reports emerged of Facebook entering crypto space, the official sentiment was only understood through its ad policies.

Facebook Blockchain Core Team Gathering and Recruitment: Building the empire silently
While the advertising policy did speak about the changing sentiment at the social media headquarters, Facebook’s recruitment policies and announcements did continue to provide the fuel the fire that the tech giant would soon embrace cryptocurrency. Again, with no official announcement in place, these announcements only provided the sentiment that was running through at Facebook’s strategy teams.
sAgain, the timeline set on December 2017 when Facebook took its first steps towards blockchain and distributed ledger technology as David Marcus the vice president of messaging products at Facebook joined Coinbase’s board of directors. This move was speculated to be a learning ground for Facebook to launch its own project.
After Marcus’s move towards blockchain and crypto technologies, Facebook time and again opened positions and acquired people who knew, understood and worked in and around blockchain. It also internally moved a lot of resources to form its blockchain team.
In May 2018, Facebook had announced that it is creating a small group of employees to explore how blockchain technologies can be advantageous for the social media giant. This group was to be headed by David Marcus, the man who was at the helm of Messenger for four years. Kevin Weil, the VP of Instagram was also moved from his role and was made part of the blockchain team.
Another major move that took place here was that of Evan Cheng, a director of engineering at Facebook. Chang who is a well-respected “low level” computer engineer and was responsible for heading up Programming Languages & Runtimes at the company was moved to Director of Engineering, Blockchain.
With the core team in place in December 2018, Facebook went all out recruiting the positions under this group. Facebooks careers page was updated as it opened up crypto positions. This included positions of a Data Scientist, Data engineer, a couple of engineers and A Product Marketing Lead in its blockchain division. While other jobs are still for developers and data guys, what caught the attention many is the opening for “Production Marketing Lead” which mentioned that the company was “seeking an experienced leader to build and manage a new product marketing team focused on exploring the opportunity the blockchain will bring” This position also demanded “experience with payments or the blockchain”.
While things became clearer in May 2019, Facebook picked up two compliance professionals from Coinbase, with significant prior experience in banking and payments. Among other names Christian Catalini, notable crypto-economist at MIT had taken a role at the company.

Project Libra: Blockchain Brewing in Facebooks Meno Park Office
While the advertising policy and human resources movement did provide a glimpse of what was happening at the backdrop, the announcement of Globalcoin now joins the dots of what was brewing at the backend of this and how Project Libra took birth and grew in incubation.

August 2018
Running the same timelines and Marcus stepped down from Coinabse’s board in August 2018 nearly 8 months after he took up the position in December 2017. At that time, a Coinbase spokesperson told the media that Marcus had stepped down to avoid the appearance of a conflict of interest.
This “conflict of interest” step down has kept media mon the move and unofficially there have been media disclosures on how the social media giant was moving with its blockchain and cryptocurrency plan which it calls “Project Libra”
December 2018
In December 2018, media again went abuzz with a news report which said that Facebook was in a process of building a stablecoin. This was just at the time when stablecoins were touted to be the next best thing in cryptos. At that time, Facebook’s entry was reported as a WhatsApp-centered product, primarily focused one of the largest fintech markets that had still kept the distance from cryptocurrencies, India. That might have only been part of it, or Menlo Park’s ambitions might have since expanded.

January- February 2019
While there were many who doubted this announcement of stablecoins as a rumor, Facebook just killed the rumor mill with an acquisition. The advent of 2019 got Facebook active again and this time the social media giant acquired a British blockchain company called Chainspace. This acquisition was more of an “acqui-hire.”, which meant Facebook was hiring the team of Chainspace more than the business, thus providing more power to its blockchain core group. This news also fuelled up the news Facebook was raising money, but details were sparse – especially due to Facebook’s long silent mode with respect to cryptos.
March 2019
While all this was happening, Project Libra was slowly maturing inside the Menlo Park headquarter, making it more difficult to stay silent on. The first official glimpse of which came in February end and early March, when media reported that Facebook has already begun dialogues with the leading crypto exchange for listing its much-anticipated coin. The names that also popped up here were Coinbase and Gemini, providing a little more material to media reports, although there was no official announcement from anyone.
April 2019
Now with more sources spilling the beans about Facebook’s project, Mark Zuckerberg, the man at the helm finally spilled some “official” beans. Speaking at the F8 event for developers Zuckerberg was quoted saying “I believe it should be as easy to send money to someone as it is to send a photo,” While not directly a cryptocurrency announcement, this statement was enough for people to understand what was coming.
May 2019
Enter May 2019 and Project Libra was no more a mystery. The project was growing day by day and was super difficult to hide. Things became official as media reported that the social media giant had registered a company in Switzerland, Libra Networks, with Facebook Global Holdings as its stakeholder. It also reported that the code name “Project Libra” was also acquired from Libra Networks which was chaired by Majella Goss, who operated out of the co-working space.
This was followed by the major announcement when media broke again saying that the social media giant was planning to set up a digital payments system in about a dozen countries by the first quarter of 2020. It also mentioned that social media giant wants to start testing its crypto-currency, which has been referred to internally as Globalcoin, by the end of this year.

Globalcoin – The Facebook’s Game Changer
While Facebook is still silent of what could transpire with whatever is available in media one can draw some facts as to how would this look like. Some interesting facts regarding GlobalCoin include-

Facebook users will now be able to change dollars and other international fiat currencies directly into digital coins.
Globalcoin standouts out as it is believed to offer payment options to the users even if they don’t have a bank account.
Project Libra is not just about the formation of the coin but also to roll out partnerships with banks and brokers to connect digital currencies to conventional currencies. This partnership would be across the globe to pass as a payment with online merchants in exchange for lower transactional fees.
Facebook is believed to merge all this coin service along all its messaging platforms starting definitely with Whatsapp.
This coin will also be integrated with loyalty schemes and a user may soon be paid fractions of coins for activities such as- Viewing ads and interacting with content related to online shopping.
This coin in all likelihood will be pegged to a fiat currency or a basket of currencies unless Facebook finds a way to keep it independent.

Globalcoin – Will Facebook be second time lucky?
Will the news has gone like wildfire and what all has transpired till date adds up to this news is true. But Will Facebook be able to manage it well? It’s not the first time Facebook has dabbled in digital currencies. A decade ago, it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on the social networking site. However, Facebook ended the project after less than two years after it failed to gain traction.
Since then Facebook has matured enough and so has the idea of virtual currencies, many believe it can gain success and with 2.3bn monthly users, even if a small number of its users adopt the new GlobalCoin it could radically increase the number of people interacting with cryptocurrencies.
But the road would still not be easy as the US Senate and Banking Committee have also expressed their concerns in an open letter penned to Mark Zuckerberg questioning the working of the currency, the protection provided to the consumer and how it plans to succeed.
To conclude Globalcoin is still an exciting concept and its success lies in the hands of Facebook itself. How will Facebook market this and penetrates the market is something one will have to view to determine the success.
Initial Hide and Seek with Cryptosg3Core Team Gathering and Recruitmentg4Project Librag52018g62019g7Globalcoing8Globalcoin – Will Facebook be second time lucky?g9
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Source: CoinGape

Facebook’s GlobalCoin Will Likely Pay Interest to Users and Drive Bitcoin Adoption

Facebook’s GlobalCoin Will Likely Pay Interest to Users and Drive Bitcoin Adoption
A Wyoming Blockchain regulator and so-called “crypto-mom” Caitlin Long has made some predictions on the upcoming Facebook’s cryptocurrency dubbed GlobalCoin. She predicts that Facebook could potentially pay interest to its users.
Facebook’s GlobalCoin Will Likely Pay Interest to Users and Drive Bitcoin Adoption

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Source: CoinSpeaker

Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy

Facebook’s cryptocurrency comes at a time when the blockchain has potentially become the backbone of the FinTech industry. Post the invention of Bitcoin; there have been numerous things built on the blockchain. Nevertheless, the most important of them all is its ability to store and send value.
Earlier in 2008, Bitcoin was built as a cash system that would work independently of the Federal Central Banking Authorities, i.e., it enabled holding value without the need of banks. Facebook has planned something similar with a couple of changes. Reportedly, the Coin will be backed by a backed of currencies to buffer the effects of economic shifts in specific world currency.
Impact on the Financial World
For Bitcoin [BTC] and cryptocurrency investors, this is a marquee moment, Facebook’s stablecoin: Would or wouldn’t Globalcoin/Libra increase the marketability of Bitcoin and other cryptocurrencies. If yes, then how. Mati Greenspan, the Senior Trade Analyst at eToro, is hopeful, he tweeted,
“Facebook coin isn’t a competitor to Bitcoin, it’s a competitor to the Dollar.”
Caitlin Long, Crypto-analyst also weighed six possible effects that Facebook’s Globalcoin could have on Bitcoin. Facebook’s Globalcoin would potentially challenge the current banking system of the world. Banking institutions could start losing the required liquidity to run their entire business.
Moreover, Facebook has planned to raise a $10 billion initially for buying the privilege to set up nodes. This opens up an opportunity for gaining interest from the money. A trust or an independent not-for-profit organization could be employed to manage it. Even banking institutions that are experts at handling FIAT could provide services to them.
While the legal implications and possibilities are many, the most important thing about the cryptocurrency is the fact that would shine a light on so many doubts around Facebook and the cryptocurrency market regulation.
Also Read: GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin
Data Privacy and Cryptocurrency Regulations
Privacy and the exploitation of user data have been two of the most daunting questions of the past few years, with evidence of misuse rampant. Furthermore, cryptocurrency requires KYC and AML compliance to avoid money laundering, which is a far greater threat the Facebook coin imposes. Hence, Facebook’s data would now be enriched by a lot, which is highly apprehensive.
It will also clear the cloud on the actual number of users and would help the firm eliminate the garbage that has been filling up space. Facebook might or might not have an estimated 2.3 billion users. Long noted in the blog post,
“Governments everywhere will view Facebook’s cryptocurrency as a huge honeypot of data about how users spend money—with all the privacy and tax reporting implications that data honeypot entails, because every transaction would be traceable by governments.”
Also Read: Facebook’s ‘Globalcoin’ Will Credentialize Bitcoin as a Store of Value: Mike Novogratz
Last but not least, Long also predicted that Facebook’s coin would accentuate the value of Bitcoin. According to her, Bitcoin will remain to be the ultimate store of value. She said,
“Here’s my biggest prediction: Facebook’s foray into cryptocurrency will end up benefiting bitcoin.”
How do you think Facebook will affect the other cryptocurrencies? Please share your views with us. 
The post Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy appeared first on Coingape.
Source: CoinGape

Facebook Cryptocurrency Whitepaper Announcement Due on 18th June: Report

Reportedly, Facebook will finally make a declaration on its secretive cryptocurrency project with a Whitepaper launch on 18th June 2018. Laura McCracken, Head of Financial Services & Payment Partnerships Northern Europe at Facebook confirmed with the WirtschaftsWoche at a conference in Amsterdam,
“The publication of the Facebook Coin whitepaper is scheduled for June 18th.”
McCracken also talked about nature and the value backing the cryptocurrency. She said,
“The value of the Facebook Coin should be kept stable by a basket of Fiat currencies,”
A basket of cryptocurrencies would imply that the price of the cryptocurrency is accounted for from a variety of currencies in varying percentages. For example, a basket of 5 currencies including US Dollar, Japanese Yen, Euros, British Pound, and the Indian Rupee. Moreover, the percentage contribution of each cryptocurrency can also be varied to assign a higher percentage to the dollar or yen compared to Pound or Rupees. This is being done to induce a very high level of stability in the price.
Also Read: GlobalCoin – Facebook Talks With US Top Regulator CFTC Over its Stablecoin
Facebook Globalcoin will be one of the most significant announcements as will directly challenge the banking system of the world with cross-border payments enabled for individuals, some of whom don’t even have bank accounts.
Recently, a report by The Information suggested that Facebook will start clearing the salaries of employees using its cryptocurrency. Facebook has generated as much a $55 million revenue from advertisements in 2019; hence, the total turn-over must be way more significant. Moreover, according to estimates, Facebook can increase its revenue by $19 billion if the cryptocurrency is implemented. Hence, Facebook officials might be motivated to make the project a success.
Do you think that Facebook’s cryptocurrency will create any regulatory challenges? Please share your views with us. 
The post Facebook Cryptocurrency Whitepaper Announcement Due on 18th June: Report appeared first on Coingape.
Source: CoinGape

Libra Coin: Facebook Plans June Revealing for Its Cryptocurrency

Libra Coin: Facebook Plans June Revealing for Its Cryptocurrency
The new Facebook’s cryptocurrency – likely to be dubbed Libra Coin – should be revealed later this month, said one of their managers adding that a white paper for the token would be published on June 18.
Libra Coin: Facebook Plans June Revealing for Its Cryptocurrency

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Source: CoinSpeaker

U.S-China Trade War Forces Chinese to Seek Refuge in Cryptocurrency – Crypto Analysts

The U.S-China trade war may have been devastating to both countries but for crypto, it has been a positive development. The influence of the war on crypto is far from over as crypto analysts Ben Swann and Rocky Miller of Bitsian say Chinese investors are moving a large chunk of their money from the Chinese Yuan to cryptocurrency especially Bitcoin in anticipation of the impact of the worsening war.
Fear of inflation and devaluation
The Chinese market is one of the largest in the world, but it is being threatened by the increasing pressure from the trade war with the U.S. Chinese residents, therefore, could face the danger of inflation of the Yuan and possible devaluation as has been the case with some countries. This has been stated as one of the reasons that so much money is coming into crypto from China and boosting Bitcoin’s price.
DailyFX’s senior currency strategist Christopher Vecchio in a recent interview with Kitco said the price of Bitcoin has been inversely proportional to the Chinese Yuan since the war started. Bitcoin value has been on the rise while Yuan has been going down as more money changes hands. This is said is because Bitcoin can be easily used to move money around the world but not the Yuan, at least not at this time.
“In an environment where the global financial system looks like it is potentially at risk because of the world’s two largest economies going at odds, people may be looking for alternative avenues to find ways to circumvent the capital controls being put in place to move their money around without the Chinese or U.S. government taking stock of it,” he said.
Vecchio also said the Bitcoin is not likely to hit the 2017 all-time high price of $20,000 unless the war escalates to unprecedented levels. According to him, this price will be attainable for Bitcoin only if the Chinese Yuan crashes to 7 CNY or less to a Dollar, which will be devastating to the economy, he added.
More money transfer services, weaker Yuan
Ben Swann also spoke about Facebook’s coming GlobalCoin, JPM Coin and Ultimate Secure Cash (USC). He said these are digital currencies but not cryptocurrencies and are basically just means of sending money across borders that are faster, cheaper and more efficient than existing infrastructure such as SWIFT.
As Chinese investors look for more ways to move their wealth around without being controlled by the U.S or even China, these are likely to be the next options which indeed will bring the CNY even lower down that Vecchio predicts, which means more money will flow into cryptocurrency unless the two countries end the war earlier.
The post U.S-China Trade War Forces Chinese to Seek Refuge in Cryptocurrency – Crypto Analysts appeared first on Coingape.
Source: CoinGape

Monero’s [XMR] Riccardo Spagni: Facebook, JPMorgan Chase launching their own coins is really interesting

Riccardo Spagni, the lead maintainer of Monero [XMR], recently spoke about one of the most controversial centralized cryptocurrencies making a debut in the cryptocurrency market. In a conversation with Shannon Grinnell on Speaking of Crypto Podcast, Spagni remarked that the steps taken by JPMorgan and Facebook to launch their own digital coin were “really interesting”.
Spagni went on to explain that this step was interesting because it would reach millions, and probably even billions of people, particularly because of Facebook being one of the most popular social media platforms in the world. He added that these centralized entities would have to launch their own coins [JPM Coin and GlobalCoin] in a “highly regulated fashion.” Spagni also stated that through Facebook, people would eventually find their way to Bitcoin. He added,
“[…] what I’m hoping will happen is people will be exposed to cryptocurrencies through something like Facebook and then they will become interested in it and will want something that’s a little bit more, something that gives them more control and more freedom, and then they will start like Bitcoin.”
This was followed by Spagni speaking about the mass adoption of Bitcoin and other cryptocurrencies. Fluffypony stated that he had two perspectives on the subject; mass adoption was “definitely” within grasp, considering all the main factors contributing to the adoption of crypto. Bitcoin could go on to become a “reserve currency,” instead of achieving mass adoption, he added.
“I don’t know if I’m convinced that we will achieve mass adoption and instead we will achive something like Bitcoin being the global reserve currency, which is not the same thing as mass adoption.”
He further explained,
“Reserve currencies are super useful and become like the underlying currency for like most of the cross border economic transaction in the planet, but it’s not the same thing as being used by a bunch of human beings to buy coffee and pay for their cab fare.”
The post Monero’s [XMR] Riccardo Spagni: Facebook, JPMorgan Chase launching their own coins is really interesting appeared first on AMBCrypto.
Source: AMB Crypto

Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative
Facebook is in talks with the U.S CFTC to find out whether its GlobalCoin project will fall under the agency’s regulatory requirements.
Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

Continue reading at Coinspeaker
Source: CoinSpeaker

GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin

Facebook’s own currency,‘Globalcoin’ is trending on Google trend as the social media giant took yet another step to launch its coin in compliance with regulatory frameworks. Reports revealed that Facebook is in talks with US regulator over its Global coin digital currency.
Facebook Assessing GlobalCoin’s Future
The Commodity Futures Trading Commission (CFTC), a U.S. derivative regulator is reportedly the early stage regulator that Facebook has consulted. Reports add a comment of CFTC’s head Christopher Giancarlo. However, the key focus behind the talk is to understand whether or not Facebook’s Globalcoin falls under CFTC’s regulatory scope.
With 2.3 billion monthly active users (as per first quarter of 2019), this social giant is leading the way in the cryptocurrency industry with. In addition, user’s interest in Google trend for the term ‘Gloabalcoin’, is appearing on top of the graph on June 03, 2019.
Nevertheless, reports suggest that Facebook’s stablecoin feature might remove the need for a derivative linked to Globalcoin.
Also Read – Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Facebook’s approach to CFTC is the source to seek guidance on its launch, however as per CFTC’s Mr.Giancarlo, they can only act on an application. He says;
“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us.”
Moreover, the regulator’s major concern might be on Facebook’s focus on strict KYC and AML policies. In fact, according to reports, the US Treasury’s Financial Stability Oversight Council has its crypto group that overtakes the various crypto-oriented issues including the entry of financial entities to digital assets space. In specific, it also examines ‘“illicit activity undertaken with digital assets”.
So readers, what’s your take on Facebook’s step of discussing with CFTC? Let us know in the comment below.
The post GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin appeared first on Coingape.
Source: CoinGape