Advertisements

Facebook Defends Libra Cryptocurrency in Sometimes Hostile Senate Hearing

Ahead of the launch of its new global cryptocurrency, Facebook (FBGet Report) sent its crypto chief David Marcus to the Senate Tuesday to face questioning from the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

The mixed reaction Marcus received among senators was mostly divided along party lines, with some of the toughest questioning coming from Democratic Senators still skeptical of the company in the wake of the Russian election hacking scandal that Democrats blame for their candidate’s loss in the 2016 presidential election.

Download Now: To be a profitable investor you first need to know the rules. Get Jim Cramer’s 25 Rules for Investing Special Report

Senator Mark Warren (D-VA) stated that “Facebook has a history of buying or copying competing technologies,” before demanding that Marcus assure the panel that competing digital wallets wouldn’t be hindered on WhatsApp and Messenger, two of Facebook’s most popular products.

Marcus went back and forth with Warner before assuring Warner that users would be able to send and receive non-Libra digital currencies on Facebook’s networks. But Marcus would not commit to embedding those competing currencies on its platforms.

Senator Sherrod Brown (D-OH) baldly stated that “Facebook is dangerous,” saying that the company has continued to misuse customer data while continually referring to each instance as a “learning experience.”

Brown concluded his remarks by saying that “it takes a breathtaking amount of arrogance to look at that record” and believe that the next move for the company should be to create a digital currency.

Republican Senators were more forgiving for the most part, with Committee Chairman Mike Crapo (R-ID) applauding the company’s efforts to provide financial services for the under-banked.

“I want to make clear that we are only at the beginning of this journey,” Marcus said. “We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals.”

Marcus also stated the Calibra network will have the “highest standards” when it comes to privacy and that the social and financial data will be completely separated.

Users will have to provide an authentic government ID so sign up for Calibra and will not be able to register by simply using their existing Facebook profiles.

Marcus stressed Calibra’s independence from Facebook, stating that the company has taken the lead in developing the technology but that it would give up the lead once the digital currency is launched.

“We will not control Libra and will be one of over 100 participants that will govern over the currency,” Marcus said. ” We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies.”

Facebook shares were up 0.18% to $204.27 on Tuesday early afternoon and are up more than 55% this year.

Facebook is a holding in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB? Learn more now.

By:

Source: Facebook Defends Libra Cryptocurrency in Sometimes-Hostile Senate Hearing

More from Investing

Great Investors Need Good Judgment: Cramer's 'Mad Money' Recap (Friday 8/16/19)

Great Investors Need Good Judgment: Cramer’s ‘Mad Money’ Recap (Friday 8/16/19)

General Electric Rebounds as CEO Culp Buys $2M in Shares Following Fraud Claim

General Electric Rebounds as CEO Culp Buys $2M in Shares Following Fraud Claim

What to know about Cloudflare's Upcoming IPO

What to know about Cloudflare’s Upcoming IPO

Palo Alto Networks Down Sharply On Resignation of Key Sales Exec

Palo Alto Networks Down Sharply On Resignation of Key Sales Exec

Advertisements

BEARS ARE WRONG: Why miners are banking on a huge Bitcoin price rise

https://www.pivot.one/share/post/5d22cda6595ce75467016948?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos

https://www.pivot.one/share/post/5d22c450595ce748ab44b02e?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Bitcoin Holds Above $11,300, Top Cryptocurrencies See Mixed Results as Market Reacts to Lagarde Appointment

https://www.pivot.one/share/post/5d229a8d1d57e779e1f9bd0c?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

1,000,000,000 XRP: Ripple Unlocks $442 Million in Crypto From Escrow

Ripple has unlocked 1 billion XRP from escrow, worth about $442 million at time of publishing.

The San Francisco startup will sell a portion of the funds to crypto exchanges and institutional participants and return the rest to escrow at the end of the month.

Source: Bithomp

Ripple, which owns more than half of the total supply of XRP, does not reveal the buyers. However, crypto whale watchers are constantly monitoring XRP movements from Ripple’s over-the-counter (OTC) wallets to unknown wallets, which indicate sales of XRP.

Ripple typically sells a fraction of the total amount unlocked each month and releases an overview of the dollar amount of XRP sold each quarter.

According to the company’s last report, Ripple sold $169.42 million worth of XRP in January, February and March.

Source: Ripple

Since 2016, Ripple has sold a total of $890 million in XRP – 34.4% to crypto exchanges and 65.6% to institutions, reports The Block.

Ripple’s sale of XRP recently triggered a lively debate on Reddit on whether it has an impact on the price of the leading digital asset.

Source: Pivot – Blockchain Community

20% of 18-34 Year Olds in America ‘Own Bitcoin,’ Recent Survey Reveals – Omar Faridi

Spencer Bogart, a general partner at Blockchain Capital, recently revealed the results of a survey which suggest that despite the extended cryptocurrency bear market, “Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly.”

According to a blog post, published on April 30th, 2019, by Bogart, the survey “results highlight that Bitcoin is a demographic mega-trend led by younger age groups.” Bogart also wrote that the “only area where older demographics matched younger demographics was awareness.”

Notably, the survey was “conducted online by The Harris Poll, on behalf of Blockchain Capital, from April 23–25, 2019 among 2,029 American adults.”

Most Americans Have “Heard Of Bitcoin”

Bogart, a business economics graduate from the University of California, Santa Barbara, explained that those surveyed had a relatively high awareness about cryptocurrencies. He noted that “regardless of age, the vast majority of the American population has heard of Bitcoin.”

As mentioned in Bogart’s blog, the “percentage of [US residents] that have heard of Bitcoin rose from 77% in October 2017 to 89% in April 2019.”

18-34 Year Olds Have “Highest Rate Of Awareness”

Moreover, the survey results indicated that overall “awareness of Bitcoin is strong across all age groups — those aged 18–34 have the highest rates of awareness at 90% and those aged 65+ have the lowest at 88%.”

60% Of 18-34 Year Olds Are “Somewhat Familiar” With Bitcoin

When compared to last year, the “percentage of people that have not heard of Bitcoin fell by more than half — from 23% in October 2017 to 11% in April 2019,” the survey data revealed.

Approximately 60% of survey participants aged between 18 and 34 said that they were “at least ‘somewhat familiar’ with Bitcoin — up from 42% in October 2017.” Moreover, Americans between the ages of 18 and 34 are “3x as likely to be at least ‘somewhat familiar’ with Bitcoin as those aged 65 and over,” the survey data suggested.

More Americans Now Believe Bitcoin Is “A Positive Innovation”

Other notable survey results indicate that the “percentage of [Americans] who ‘strongly’ or ‘somewhat’ agree that ‘Bitcoin is a positive innovation in financial technology’ rose 9 percentage points — from 34% in October 2017 to 43% in April 2019.”

Meanwhile, the “younger demographics were most inclined to have a positive view of Bitcoin,” the survey results suggested. In fact, around “59% of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that” the Bitcoin protocol will have a positive impact on the world’s existing financial system. Notably, the overall positive attitude towards Bitcoin (BTC) among younger US residents increased by as much as 11% “from October 2017.”

Many Americans Think “Most People Will Be Using Bitcoin” In The Next Decade

Interestingly, more Americans now believe that “most people will be using Bitcoin in the next 10 years.” According to survey data, the percentage of US citizens who think Bitcoin will play a significant role in the future economy increased “ from 28% in October 2017 to 33% in April 2019.”

Survey results also indicate that “48% of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that ‘it’s likely most people will be using Bitcoin in the next 10 years’ — up 6 percentage points from October 2017.”

Significantly More Americans Are Now Planning To Buy Bitcoin

According to recent survey data, 27% of Americans said “they are ‘very’ or ‘somewhat’ likely to buy Bitcoin in the next 5 years” – up “from 19% in October 2017.”

Other key findings from the survey are as follows:

  • “21% of [US residents] said they would prefer Bitcoin to government bonds — up from 18% in October 2017,”
  • “17% of [US residents] said they would prefer Bitcoin to stocks — up from 14% in October 2017,”
  • “14% of [US residents] said they would prefer Bitcoin to real estate — up from 12% in October 2017,”
  • “12% of [US residents] said they would prefer Bitcoin to gold — up from 8% in October 2017,”
  • “11% of the [American] population owns Bitcoin — including 20% of those aged 18–34 and 15% of those aged 35–44.”

Source: CryptoGlobe

Armin Hamidian : Helping To Build Our Center Against Crypto Scams

1B5PxFmTviyoLtKenEAR4cYjgXcnrVCbMC

Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run

Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run: A 39.8% push in USD value brings the current Bitcoin Cash price to $252.96. There is also a 32.3% rise in BCH/BTC, which elevates the ratio to 0.05115 Bitcoin…

https://www.pivot.one/share/post/5ca48bddad59e72ed2f01037?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Ripple Just Announced That It Is A Founding Member Of The European Commission’s Association For Blockchain, INATBA

Ripple Just Announced That It Is A Founding Member Of The European Commission’s Association For Blockchain, INATBA: The association has several other notable players in the cryptocurrency space, including IOTA, Cardano, Lisk, ConsenSys, Ledger and R3; and some outside, like payments system SWIFT

https://www.pivot.one/share/post/5ca48e16016de71c05c15870?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

A 5-Star Hotel In Switzerland To Accept Crypto

A 5-Star Hotel In Switzerland To Accept Crypto: Nothing beats a great vacation after a hectic schedule, especially with the use of cryptocurrencies.Dolder bitcoin-friendly hotel is looking forward to be introduced in the world of modern payments and that is one of the Switzerland’s five-star Hotels.

https://www.pivot.one/share/post/5ca5e025016de71c066b2d52?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

%d bloggers like this:
Skip to toolbar