Libra: Cryptocurrency By Facebook (In 5 Minutes)

 

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How many times have you faced difficulties while transferring from one person to another? Have you ever questioned why transactions are so slow? Why do I have to pay charges for the transaction?

Then this article will definitely help you to get rid of all your problems regarding transactions.

But before that let us find an answer to the question, where are we right now in the process of evolution? We are living in a world of revolutions, machines and digitization. We improved ourselves and updated technology as time passed but we still lack in offering basic financial services to everyone and satisfy them with the results.

Libra is a cryptocurrency built on blockchain technology, it is developed to improve millions of people by giving them a platform to be a part of digital currency. And to do this all you need is a mobile and data connection. It is fast, safe, and stable.

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The Libra association is a group of companies that are founding members of Libra. There are 28 companies which busily take part in the association and the strategy is to reach a total of 100 members who will act as the validators of the Libra currency.

Every institution present in this organization will get their share of the vote to make and finalize decisions regarding Libra and no individual will get higher than 1% of the total vote share.

People have different takes when it comes to trust in cryptocurrencies, one can easily trust Libra as it is backed by a reserve with constant liquid assets by combining with several other groups of exchanges and other liquidity providers. These assets stabilize the value of Libra.

The software used for developing Libra is a new programming language called Move it is used to execute and develop decentralized finance, smart contracts, and transaction logic.

To know more Libra, Click here on the infographic designed by Mrbtc.org

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When Facebook first announced it was getting into the crypto business—with a basically unregulated currency called Libra—the reaction from Wall Street and government bankers was about as expected. Fast-foward a few months, and Libra is in trouble. The social media giant had lined up a long list of corporate backers for the initiative, including major players in the payments space. And in October 2019, several prominent backers began to back out. Here’s how Facebook’s crypto future got into serious trouble. » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC Why Facebook’s Libra Cryptocurrency Is In Trouble

Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

Bitcoin and cryptocurrency markets went into meltdown this week, with the bitcoin price suddenly falling off a cliff.

The bitcoin price lost some 15% in a shock sell-off on Tuesday, dragging down the wider bitcoin and crypto market and catching traders, who had hoped the hotly-anticipated Bakkt crypto platform launch would give bitcoin a boost, off-guard.

Now, Facebook chief executive Mark Zuckerberg has revealed his libra cryptocurrency, which is largely credited with sparking bitcoin’s bull run earlier this year, may not launch in 2020, as previously expected.

“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” Zuckerberg told Nikkei Asian Review, a Japanese business newspaper. “But right now I’m really focused on making sure that we do this well.”

Facebook’s libra has run into opposition around the world as countries, including India, France and the U.S., warn it will undermine their national currencies, with U.S. president Donald Trump launching a blistering attack on libra, bitcoin, and crypto earlier this year.

Bitcoin traders and investors have closely-watched the development of Facebook’s libra, which has been adopted as something of a cryptocurrency regulatory bellwether and a tacit endorsement of bitcoin’s underlying blockchain technology.

“A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward,” Zuckerberg added.

The bitcoin price lost further ground yesterday, dropping some 5% and dipping below the psychological $8,000 per bitcoin mark.

Bitcoin cash, an offshoot of bitcoin itself, led the cryptocurrency market lower, recording losses for the day of over 5% and taking its weekly decline to almost 30%.

The bitcoin sell-off comes after a muted launch of the New York Stock Exchange owner Intercontinental Exchange’s Bakkt crypto platform, which was unveiled last year boasting software giant Microsoft and coffee chain Starbucks among its partners.

Bakkt’s platform allows traders and institutional investors to swap so-called “physically” settled bitcoin futures contracts, meaning traders and investors are not able to sell more bitcoin than they actually have, but the total number traded came to just 72 by the end of its first day, compared to over 5,000 traded on the first day of CME’s cash-settled futures, launched at the peak of bitcoin-mania in December 2017.

“Bitcoin staged a brief recovery yesterday but is again below [$8,000], currently trading at $7,990,” Marcus Swanepoel, chief executive of bitcoin and cryptocurrency exchange Luno, said in a note to traders.

“Similar losses have been recorded by all the main altcoins. The loss of value is certainly as a result of the overall global market negativity, but the change in the structure of the market with the launch of the bitcoin futures on Bakkt is thought, by a number of traders, to have been a contributing factor.”

Facebook’s libra, considered by some to be a competitor to bitcoin, is being pitched as a global currency, with the social media giant aiming to bring as many countries on board as possible.

However, the primary target is developing countries where banking and access to finance is low.

Facebook and Zuckerberg, who launched the platform in 2004, are both still reeling from a string of data-sharing and privacy scandals that have plagued the company in recent years and led to questions around the power of some of Silicon Valley’s biggest internet companies.

“Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out,” Zuckerberg said.

“And that’s a very different approach than what we might have taken five years ago. But I think it’s the right way for us to do this at the scale that we operate in.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

Source: Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

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Facebook CEO Mark Zuckerberg is speaking at the social media giant’s annual F8 Conference, where it will announce new services. » Subscribe to NowThis: http://go.nowth.is/News_Subscribe #Facebook #F8 #MarkZuckerberg Connect with NowThis » Like us on Facebook: http://go.nowth.is/News_Facebook » Tweet us on Twitter: http://go.nowth.is/News_Twitter » Follow us on Instagram: http://go.nowth.is/News_Instagram » Find us on Snapchat Discover: http://go.nowth.is/News_Snapchat NowThis is your premier news outlet providing you with all the videos you need to stay up to date on all the latest in trending news. From entertainment to politics, to viral videos and breaking news stories, we’re delivering all you need to know straight to your social feeds. We live where you live. http://www.youtube.com/nowthisnews @nowthisnews

Only an Idiot Would Use Facebook’s Shady Cryptocurrency

In its neverending conquest to take over the world, Facebook is building a network of online merchants and financial institutions to support its secretive new cryptocurrency. The Wall Street Journal reports that Mark Zuckerberg’s war machine is looking for $1 billion to fund the secretive stablecoin project, Project Libra, and is talking with heavyweights like Visa and Mastercard to get that cash.

FACEBOOK WANTS $1 BILLION TO FUND PROJECT LIBRA

The company started Project Libra over a year ago as a simple way to transfer money between WhatsApp users. But in true Facebook fashion, it’s grown far beyond that original scope.

The project has expanded to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.

Facebook cryptocurrency daily users potential

The upcoming Facebook cryptocurrency would reach the platform’s nearly 1.6 billion daily active users. | Source: Wall Street Journal

Facebook’s 2.38 billion monthly active users mean that, at launch, Project Libra would almost immediately compete with rivals Apple Pay (383M) and PayPal (267M). However, there are several reasons why you, and everyone else, should avoid Facebook’s upcoming cryptocurrency at all costs.

WHO TRUSTS FACEBOOK ANYMORE?

Let’s take a walk down memory lane to remember the times that Facebook proved it should be nowhere near your money.

CAMBRIDGE ANALYTICA

There’s no better place to start than Facebook’s Cambridge Analytica scandal – the mac daddy of screw-ups. In 2014, the social media company sold the personal data of  87 million users to Cambridge Analytica without the users’ consent. Doing so was in direct violation of the company’s privacy policies.

Adding your financial data to the massive pile of personal information that Facebook already has on you is asking for trouble.

PLAINTEXT PASSWORDS

If Facebook’s data breaches weren’t enough to scare you, let’s examine how the company handles passwords. Hint: Not well.

In March, Facebook revealed that it had been storing hundreds of millions of account passwords in a readable, plaintext format since 2012. Although there was no evidence that outside parties had access to the passwords, employees could grab them with ease.

Don’t forget about the company’s Amazon snafu that exposed data from 500 million accounts either.

By trusting any amount of money to a company that can’t even secure passwords, you’re effectively placing a sign on your back that says, “Please come and rob me!”

FACEBOOK CENSORSHIP

The beauty of Bitcoin and other cryptocurrency assets is that they’re censorship-resistant. No single party can freeze your bitcoin wallet or block a transaction. Facebook can, and will, block your financial account whenever it pleases. The company’s already begun showing this overreach of power with its recent account bans.

This week, Facebook announced the bans of several individuals including Alex Jones, Louis Farrakhan, and Milo Yiannopoulos. Representatives from the company explainedthat those they banned violated the platform’s policy on hate speech and promoting violence.

While that reasoning may hold, it sets a dangerous precedent for future action. Where do you draw the line on censorship? The banning demonstrates that Facebook has the power to freeze your crypto assets if it doesn’t share your particular views and can block transactions to causes it may not support.

FACEBOOK CRYPTO SHOULD BE DEAD ON ARRIVAL

Facebook’s cryptocurrency comes with all of the downsides of the company behind it and none of the benefits of an actual cryptocurrency. Anyone hyping it up as a step toward mass adoption simply doesn’t understand what makes crypto great.

If you’re looking for a currency with poor security and oppressive censorship, give your money to Facebook. If not, stay far, far away.

Source: Only an Idiot Would Use Facebook’s Shady Cryptocurrency

Facebook Is To Crypto What Rat Turds Are To Breakfast Cereal

: Facebook coin is the second creepy uncle at the crypto wedding this year, after JPMorgan picked out Lady In Red by Chris de Burgh and winked at the maid of honor.
Nate Popper’s New York Times piece provided confirmation by Facebook…. https://www.pivot.one/share/post/5c7a4e431d57e7143fe5c97f?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Facebook Is Working On A Cryptocoin For Whatsapp


Facebook, Telegram and signal are looking to launch their own cryptocurencies that will allow users to send money internationally on their messaging systems. https://www.pivot.one/share/post/5c7a4aa6016de75c363cf775?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

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