If it is a stable coin then no but it will help push Bitcoin and crypto back into folks minds.
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
the government has effectively neutered the market for US citizens...I underestimated it as greed but it’s a power play...they are not looking to suppress the market temporarily to pave a way for financial institutions (they more than likely “ate” on the low already just like everyone else did in 2017) but to eliminate the possibility of us participating in it entirely...I could be wrong but it seems evident w/ this facebook stablecoin they’re about to push...they want to focus on the technology but eliminate the investment aspect of it...some on here have said as much down to a tee (not the generic “I told you so” niggas who were scared to invest...but folks who were fully invested in crypto but saw things differently once the SEC started their bullshit) but I didn’t want to believe that was the endgame
Binance Shutting Doors To U.S. Customers
https://cryptopotato.com/binance-prepares-to-shut-the-door-on-u-s-traders-bnb-drops-7/
If you’re a U.S crypto holder using Binance.com, then the exchange has some bad news and good news for you.
Binance Cutting Out Trading For US Customers… Or Does It?
According to an update made to Binance’sTerms of Use page today, the exchange will no longer allow access to U.S customers in 90 days or specifically, Sept 12, 2019. On that date, affected users will “continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”
The good news though is that Binance is preparing to launch Binance US, a subsidiary focused on serving the U.S crypto community with full regulatory compliance.
#Binance Announces Partnership with @BAM_Trading to Launch US Exchange (@BinanceAmerica)https://t.co/F6uQE6aUsAIn an announcement regarding the upcoming exchange, Binance CEO, Changpeng Zhao revealed that Binance US will boast the same speed and liquidity as Binance.com, but will only differ from the latter because the new platform will be operated by a company they partnered with, Bam Trading Inc.
— Binance (@binance) June 14, 2019
Binance US already has a new Twitter account and is set to open in the coming weeks or at least before Binance.com shuts to U.S traders.
To be clear, the move by Binance is strongly linked with the unclear rules guiding the use and issuance of cryptocurrencies in the U.S. Some of the exchange’s hot-selling products such as Binance Launchpad and DEX not accessible to U.S natives for the same reasons.
Binance Coin Drops Over 7%
Following the news that Binance.com is shutting its door to U.S customers and almost at the same time launching a U.S subsidiary, the value of the BNB recorded a slight loss on the day, though the top ten cryptocurrencies are in a mixed state.
Binance Coin (BNB) has started the day at $35 but dropped by 7.8% in the hours leading up to the time of writing, to record a value of $32.71. With the U.S market yet to fully wake to the news, the coin could see significant sideways price movement in the coming hours.
I hope this is true but I’m skeptical @ this point
From what I read it's going to be another "stable coin" tied to a basket of fiats so the "value" remains close to $1 U.S.
Based on that, it has no real appreciation potential since fiat currencies are being printed to zero value...
I plan on holding none...
Buy NASH Exchange (NEX).
I've heard thru tha grapevine for over tha past few months that this could be a tru competitor to Binance. NOW with the bullshit going on with Bittrex and Binance, NASH is pumping hard.
Might have to start watching these DEXes closer. Airswap (AST) is another I would watch.
I've heard thru tha grapevine for over tha past few months that this could be a tru competitor to Binance. NOW with the bullshit going on with Bittrex and Binance, NASH is pumping hard.
Might have to start watching these DEXes closer. Airswap (AST) is another I would watch.
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That could be a big thingy again depending on ease of use..
If that is the case it could be a winner but it will be facing a lot of competition..1
endgame??? only for those that only think, bitcoin is the only crypto...
the key is to stay up on all the new shit coming out...
and right now dont do too much moving money in bitcoin...
they could track that everywhere it goes....
right now the greedy ass gluttons are worried about monero being widely accepted..
thats what they are NOT telling you.. amongst the many other things they fear..
the crypto game was waiting for this moment and I dont think many folks are getting that...
everyone here should know what DEX is....
if not you got a lil homework to do...
I believe the ban was lifted if memory serves me correct
Bittrex Announces Delisting of 42 Coins for US Users
The list of coins are:
ADX CVC INCNT NGC PMA SPC
AID DCT IOP NXT POT SRN
ANT DMT LRC OCN POWR UP
BFT EDG MCO OMG RCN UPP
BKX GNO MET PAL RLC VEE
BLT GUP MLN PART RVR VIB
BNT HMQ MOC PAY SNT WINGS
https://beincrypto.com/bittrex-delisting-42-coins-us-users/
https://bittrex.zendesk.com/hc/en-us/articles/360029523891
The list of coins are:
ADX CVC INCNT NGC PMA SPC
AID DCT IOP NXT POT SRN
ANT DMT LRC OCN POWR UP
BFT EDG MCO OMG RCN UPP
BKX GNO MET PAL RLC VEE
BLT GUP MLN PART RVR VIB
BNT HMQ MOC PAY SNT WINGS
https://beincrypto.com/bittrex-delisting-42-coins-us-users/
https://bittrex.zendesk.com/hc/en-us/articles/360029523891
Neo made it???? hmmm
OmiseGo???
Also watching these
RipioCreditNetwork, (RCN) - Ripio is partnered w MakerDAO, also....
https://www.coindesk.com/ripio-is-launching-a-crypto-exchange-for-3-latin-american-nations
iExec (RLC) - https://iex.ec/ Partnered w IBM, Intel, and UbiSoft
SirinLabs (SRN)
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Watch AmpleForth....
It will be over $100 coin inside 2 years
It will be over $100 coin inside 2 years
Ripple roars above $0.46 on MoneyGram partnership on forex settlements and cross-border payments
https://www.fxstreet.com/cryptocurr...campaign=c39c8c43-e2dd-447a-9cba-13a5e6439d80
https://www.fxstreet.com/cryptocurr...campaign=c39c8c43-e2dd-447a-9cba-13a5e6439d80
This is interesting. I'm wondering exactly what this will mean for people holding a lot of different tokens on binance. Certainly the tokens which aren't traded on other exchanges will loose value... perhaps it's time to sell.
If folks here won't be able to trade on Binance will they at be able to hold tokens (kind of moot bc why hold it if you can't one day trade it).
Interesting development... not sure what it means, can't forecast.
binnance is just ONE exchange..... there are going to be many more coming up in the near future..
exchanges are the new banks and extremely fuckin lucrative...
as far as tokens and coins only on binance... sure they had a lot of coins but so does sites like hibtc.. now I think the issue is pricing, if Im not mistaken then had some of the cheapest fees.. but like I said there are so many exchanges coming up carrying various tokens and coins..
here is the fucked up part nobody really gets... ANY FUCKIN BODY COULD START an exchange, a lil homework, some investors and the right team behind you... not just MONEY
MONEY and POWER...
cacs and asians are hooking themselves up there is ZERO reason any one of us are NOT in the exchange creation game.
while its early....
in fact hnic is always looking for a money venture he should think about starting an exchange or coming up with his own coin or blockchain...
no reason why we cant start our own exchange..
oh I know why, because we believe we cant..
we need to change that...
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More info:
https://techcrunch.com/2019/06/18/facebook-libra/
Facebook announces Libra cryptocurrency: All you need to knowThe use cases, technology, and motive behind the new digital money
Josh Constine@joshconstine / 4 hours ago
Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app. Today Facebook released its white paperexplaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.
Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.
Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users’ privacy by never mingling your Libra payments with your Facebook data so it can’t be used for ad targeting. Your real identity won’t be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra stable.
Facebook’s audacious bid to create a global digital currency that promotes financial inclusion for the unbanked actually has more privacy and decentralization built in than many expected. Instead of trying to dominate Libra’s future or squeeze tons of cash out of it immediately, Facebook is instead playing the long-game by pulling payments into its online domain. Facebook’s VP of blockchain David Marcus explained the company’s motive and the tie-in with its core revenue source during a briefing at San Francisco’s historic Mint building. “If more commerce happens, then more small businesses will sell more on and off platform, and they’ll want to buy more ads on the platform so it will be good for our ads business.”
The Risk And Reward Of Building The New PayPal
In cryptocurrencies, Facebook saw both a threat and an opportunity. They held the promise of disrupting how things are bought and sold by eliminating transaction fees common with credit cards. That comes dangerously close to Facebook’s ad business that influences what is bought and sold. If a competitor like Google or an upstart built a popular coin and could monitor the transactions, they’d learn what people buy and could muscle in on the billions spent on Facebook marketing. Meanwhile, the 1.7 billion people who lack a bank account might choose whoever offers them a financial services alternative as their online identity provider too. That’s another thing Facebook wants to be.
Yet existing cryptocurrencies like Bitcoin and Ethereum weren’t properly engineered to scale to be a medium of exchange. Their unanchored price was susceptible to huge and unpredictable swings, making it tough for merchants to accept as payment. And cryptocurrencies miss out on much of their potential beyond speculation unless there are enough places that will take them instead of dollars, and the experience of buying and spending them is easy enough for a mainstream audience. But with Facebook’s relationship with 7 million advertisers and 90 million small businesses plus its user experience prowess, it was well poised to tackle this juggernaut of a problem.
Now Facebook wants to make Libra the evolution of PayPal . It’s hoping Libra will become simpler to set up, more ubiquitous as a payment method, more efficient with fewer fees, more accessible to the unbanked, more flexible thanks to developers, and more long-lasting through decentralization.
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee” Facebook writes in its Libra documentation. That would be a big improvement on today, when you’re stuck paying rent in insecure checks while exploitative remittance services like charge an average of 7% to send money abroad, taking $50 billion from users annually. Libra could also power tiny microtransactions worth just a few cents that are infeasible with credit card fees attached, or replace your pre-paid transit pass.
…Or it could be globally ignored by consumers who see it as too much hassle for too little reward, or too unfamiliar and limited in use to pull them into the modern financial landscape. Facebook has built a reputation for over-engineered, underused products. It will need all the help it can get if wants to replace what’s already in our pockets.
How Does Libra Work?
By now you know the basics of Libra. Cash in a local currency, get Libra, spend them like dollars without big transaction fees or your real name attached, cash them out whenever you want. Feel free to stop reading and share this article if that’s all you care about. But the underlying technology, the association that governs it, the wallets you’ll use, and the way payments work all have a huge amount of fascinating detail to them. Facebook has released over 100 pages of documentation on Libra and Calibra, and we’ve pulled out the most important facts. Let’s dive in.
The Libra Association – Crypto’s New Oligarchy
Facebook knew people wouldn’t trust it to wholly steering the cryptocurrency they use, and it also wanted help to spur adoption. So the social network recruited the founding members of the Libra Association, a not-for-profit which oversees the development of the token, the reserve of real-world assets that gives it value, and the governance rules of the blockchain. “If we were controlling it, very few people would want to jump on and make it theirs” says Marcus.
Each founding member paid a minimum of $10 million to join and optionally become a validator node operator (more on that later), gain one vote in the Libra Association council, and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve users pay fiat currency into to receive Libra.
The 28 soon-to-be founding members of the association and their industries, previously reported by The Block’s Frank Chaparro, include:
Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, VisaTechnology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.Telecommunications: Iliad, Vodafone GroupBlockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings LimitedVenture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square VenturesNonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Facebook says it hopes to reach 100 founding members before the official Libra launch and it’s open to anyone that meets the requirements including direct competitors like Google or Twitter. The Libra Association is based in Geneva, Switzerland and will meet biannually. The country was chosen for its neutral status and strong support for financial innovation including blockchain technology.
Libra Governance – Who Gets A Vote
To join the association, members must have a half rack of server space, a 100Mbps or above dedicated internet connection, a full-time site reliability engineer, and enterprise-grade security. Businesses must hit two of three thresholds of a $1 billion USD market value or $500 million in customer balances, reach 20 million people a year, and/or be recognized as a top 100 industry leader by a group like Interbrand Global or the S&P.
Crypto-focused investors must have over $1 billion in assets under management, while Blockchain businesses must have been in business for a year, have enterprise grade security and privacy, and custody or staking greater than $100 million in assets. And only up to one-third of founding members can by crypto-related businesses or individually invited exceptions. Facebook also accepts research organizations like universities, and non-profits fulfilling three of four qualities including working on financial inclusion for over five years, multi-national reach to lots of users, a top 100 designation by Charity Navigator or something like it, and/or $50 million in budget.
The Libra Association will be responsible for picking recruiting more founding members to act as validator nodes for the blockchain, fundraising to jumpstart the ecosystem, designing incentive programs to reward early adopters, and doling out social impact grants. A council with a representative from each member will help choose the association’s managing director who will appoint an executive team, elect a board of 5 to 19 top representatives.
Each member including Facebook/Calibra will only get up to one vote or 1% of the total vote (whichever is larger) in the Libra Association council. This provides a level of decentralization that protects against Facebook or any other player hijacking Libra for its own gain. By avoiding sole ownership and dominion over Libra, Facebook could avoid extra scrutiny from regulators who are already investigating it for a sea of privacy abuses as well as potentially anti-competitive behavior. In an attempt to preempt criticism from lawmakers, the Libra Association writes “We welcome public inquiry and accountability. We are committed to a dialogue with regulators and policymakers. We share policymakers’ interest in the ongoing stability of national currencies.”
The Libra Currency – A Stablecoin
A Libra is a unit of the Libra cryptocurrency that’s represented by a three wavy horizontal line unicode character ≋ like the dollar is represented by $. The value of a Libra is meant to stay largely stable so it’s a good medium of exchange since merchants can be confident they won’t be paid a Libra today that’s then worth less tomorrow. The Libra’s value is tied to a basket of bank deposits and short-term government securities for a slew of historically stable international currencies including the dollar, pound, euro, swiss franc, and yen. The Libra Association maintains this basket of assets and can change the balance of its composition if necessary to offset major price fluctuations in any one foreign currency so that the value of a Libra stays consistent.
The name Libra comes from the word for a Roman unit of weight measure. It’s trying to invoke a sense of financial freedom by playingon the French stem “Lib” meaning free.
The Libra Association is still hammering out the exact start value for the Libra, but it’s meant to somewhere close to the value of a dollar, euro, or pound so it’s easy to conceptualize. That way, a gallon of milk in the US might cost 3 to 4 Libra, similar but not exactly the same as with dollars.
The idea is that you’ll cash in some money and keep a balance of Libra that you can spend at accepting merchants and online services. You’ll be able to trade in your local currency for Libra and vice versa through certain wallet apps including Facebook’s Calibra, third-party wallet apps, and local resellers like convenience or grocery stores where people already go to top-up their mobile data plan.
The Libra Reserve – One For One
Each time someone cashes in a dollar or their respective local currency, that money goes into the Libra Reserve and an equivalent value of Libra is minted and doled out to that person. If someone cashes out from the Libra Association, the Libra they give back are destroyed/burned and they receive the equivalent value in their local currency back. That means there’s always 100% of the value of the Libra in circulation collateralized with real world assets in the Libra Reserve. It never runs fractional. And unliked “pegged” stable coins that are tied to a single currency like the USD, Libra maintains its own value — though that should cash out to roughly the same amount of a given currency over time.
When Libra Association members join and pay their $10 million minimum, they receive Libra Investment Tokens. Their share of the total tokens translates into the proportion of the dividend they earn off of interest on assets in the reserve. Those dividends are only paid out after Libra Association uses interest to pay for operating expenses, investments in the ecosystem, engineering research, and grants to non-profits and other organizations. This interest is part of what attracted the Libra Association’s members. If Libra becomes popular and many people carry a large balance of the currency, the reserve will grow huge and earn significant interest.
The Libra Blockchain – Built For Speed
Every Libra payment is permanently written into the Libra blockchain — a cryptographically authenticated database that acts as a public online ledger designed to handle 1000 transactions per second. That would be much faster than Bitcoin’s 7 transactions per second or Bitcoin’s 15. The blockchain is operated and constantly verified by founding members of the Libra Association who each invested $10 million or more for a say in the cryptocurrency’s governance and the ability operate a validator node.
When a transaction is submitted, each of the nodes runs a calculation based on the existing ledger of all transactions. Thanks to a Byzantine Fault Tolerance system, just two-thirds of the nodes must come to consensus that the transaction is legitimate for it to be executed and written to the blockchain. A structure of Merkle Trees in the code makes it simple to recognize changes made to the Libra blockchain. With 5KB transactions, 1000 verifications per second verifications on commodity CPUs, and up to 4 billion accounts, the Libra blockchain should be able to operate at 1000 transactions per second if nodes us at least 40Mbps connections and 16TB SSD hard drives.
Transactions on Libra cannot be reversed. If an attack compromises over one-third of the validator nodes causing a fork in the blockchain, the Libra Association says it will temporarily halt transactions, figure out the extent of the damage, and recommend software updates to resolve the fork.
Transactions aren’t entirely free. They incur a tiny fraction of a cent fee to pay for “gas” that covers the cost of processing the transfer of funds similar to with Ethereum. This fee will be negligible to most consumers, but when they add up the gas charges will deter bad actors from creating millions of transactions to power spam and denial-of-service attacks. “We’ve purposely tried not to innovate massively on the blockchain itself because we want it to be scalable and secure” says Marcus of piggybacking on the best elements of existing cryptocurrencies.
Currently, the Libra blockchain is what’s known as “permissioned”, where only entities that fulfill certain requirements and are admitted to a special in-group that defines consensus and controls governance of the blockchain. The problem is this structure is more vulnerable to attacks and censorship because it’s not truly decentralized. But during Facebook’s research, it couldn’t find a reliable permissionless structure that could securely scale to the number of transactions Libra will need to handle. Adding more nodes slows things down, and no one has proven a way to avoid that without compromising security.
That’s why the Libra Association’s goal is to move to a permissionless system based on proof-of-stake that will protect against attacks by distributing control, encourage competition, and lower the barrier to entry. It wants to have at least 20% of votes in the Libra Association council coming from node operators based on their total Libra holdings instead of their status as a founding member. That plan should help to appease blockchain purists who won’t be satisfied until Libra is completely decentralized.
Move Coding Language – For Moving Libra
The Libra blockchain is open source with an Apache 2.0 license and any developer can build apps that work with it using the Move coding language. The blockchain’s prototype launches its testnet today, so it’s effectively in developer beta mode until it officially launches in the first half of 2020. The Libra Association is working with HackerOne to launch a bug bounty system later this year that will pay security researchers for safely identifying flaws and glitches. In the meantime, the Libra Association is implementing the Libra Core using the Rust programming language since it’s designed to prevent security vulnerabilities, and the Move language isn’t fully ready yet.
Move was created to make it easier to write blockchain code that follows an author’s intent without introducing bugs. It’s called Move because its primary function is to move Libra coins from one account to another, and never let those assets be accidentally duplicated. The core transaction code looks like: LibraAccount.pay_from_sender(recipient_address, amount) procedure
Eventually, Move developers will be able to create smart contracts for programmatic interactions with the Libra blockchain. Until Move is ready, developers can create modules and transaction scripts for Libra using Move IR, which is high-level enough to be human-readable but low-level enough to be translatable into real Move bytecode that’s written to the blockchain.
The Libra ecosystem and the Move language will be completely open to use and build, which presents a sizable risk. Crooked developers could prey on crypto novices, claiming their app works just the same legitimate ones, and that it’s safe since it uses Libra. But if consumers get ripped off by these scammers, the anger will surely bubble up to Facebook. Yet still, Calibra’s head of product tells me “There are no plans for the LibraAassociation to take a role in actively vetting [developers].”
Even though it’s tried to distance itself sufficiently via its subsidiary Libra and the association, many people will probably always think of Libra as Facebook’s cryptocurrency and blame it for their woes.
Libra Incentives – Rewarding Early Businesses
The Libra Association wants to encourage more developers and merchants to work with its cryptocurrency. That’s why it plans to issue incentives, possibly Libra coins, to validator node operators who can get people signed up for and using Libra. Wallets that pull users through the Know Your Customer anti-fraud and money laundering process or that keep users sufficiently active for over a year will be rewarded. For each transaction they process, merchants will also receive a percentage of the transaction back.
Businesses that earn these incentives can keep them, or pass some or all of them along to users in the form of free Libra tokens or discounts on their purchases. This could create competition between wallets to see which can pass the most rewards on to their customers, and thereby attract the most users. You could imagine eBay or Spotify giving you a discount for paying in Libra, while wallet developers might offer you free tokens if you complete 100 transactions within a year.
“One challenge for Spotify and its users around the world has been the lack of easily accessible payment systems – especially for those in financially underserved markets” Spotify’s Chief Premium Business officer Alex Norström writes. “In joining the Libra Association, there is an opportunity to better reach Spotify’s total addressable market, eliminate friction and enable payments in mass scale.”
This savvy incentive system should massively help ratchet up Libra’s user count without dictating how businesses balance their margins versus growth. Facebook also has another plan to grow its developer ecosystem. By offering venture capital firms like Andreessen Horowitz and Union Square Ventures a portion of the reserve interest, they’re motivating to fund startups building Libra infrastructure.
Using Libra
So how do you actually own and spend Libra? Through Libra wallets like Facebook’s own Calibra and others that will be built by third-parties, potentially including Libra Association members like PayPal. The idea is to make sending money to a friend or paying for something as easy as sending a Facebook Message. You won’t be able to make or receive any real payments until the official launch next year, though, but you can sign up for early access when it’s ready here.
None of the Libra Association members agreed to provide details on what exactly they’ll build on the blockchain, but we can take Facebook’s Calibra wallet as an example of the basic experience. Calibra will launch alongside the Libra currency on iOS and Android within Facebook Messenger, WhatsApp, and a standalone app. When users first sign up, they’ll be taken through a Know Your Customer anti-fraud process where they’ll have to provide a government issued photo ID and other verification info. They’ll need to conduct due diligence on customers and report suspicious activity to the authorities.
From there you’ll be able to cash in to Libra, pick a friend or merchant, set an amount to send them and add a description, and send them Libra. You’ll also be able to request Libra, and Calibra will offer an expedited way of paying merchants by scanning your or their QR code. Eventually it wants to offer in-store payments and integrations with Point-Of-Sale systems like Square.
The Libra Association’s ecommerce members seem particularly excited about how the token could eliminate transaction fees and speed up checkout. “We believe blockchain will benefit the luxury industryby improving IP protection, transparency in the product lifecycle and – as in the case of Libra – enable global frictionless e-commerce” says FarFetch CEO Jose Neves.
Privacy – At Least From Facebook
Facebook CEO Mark Zuckerberg explained some of the philosophy behind Libra and Calibra in a post today. “It’s decentralized — meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe. This is an important part of our vision for a privacy-focused social platform — where you can interact in all the ways you’d want privately, from messaging to secure payments.”
By default, Facebook won’t import your contacts or any of your profile information but may ask if you wish to do so. It also won’t share any of your transaction data back to Facebook, so it won’t used to target you with ads, rank your News Feed, or otherwise earn Facebook money directly. Data will only be shared in specific instances in anonymized ways for research or adoption measurement, for hunting down fraudsters, or due to a request from law enforcement. And you don’t even need a Facebook or WhatsApp account to sign up for Calibra or to use Libra.
“We realize people don’t want their social data and financial data commingled” says Marcus, who’s now head of Calibra. “The reality is we’ll have plenty of wallets that will compete with us and many of them will not be in social, and if we want to successfully win people’s trust, we have to make sure the data will be separated.”
In case you are hacked, scammed, or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support because it’s a custodial wallet. You also won’t have to remember any long, complex crypto passwords you could forget and get locked out from your money, since Calibra manages all your keys for you. Given Calibra will likely become the default wallet for many Libra users, this extra protection and smoother user experience is essential.
For now, Calibra won’t make money. But Weil tells me that if it reaches scale, Facebook could launch other financial tools through Calibra that it could monetize such as investing or lending. “In time, we hope to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass” the Calibra team writes. That makes it start to sound a lot like China’s everything app WeChat.
Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…
Posted by Mark Zuckerberg on Tuesday, June 18, 2019
A Global Coin
Halt Libra? US Lawmakers Call for Hearings on Facebook’s Crypto
The head of the U.S. House of Representatives Financial Services Committee wants Facebook to stop developing its new Libra cryptocurrency network – at least temporarily.
Congresswoman Maxine Waters asked Facebook to halt development of the Libra Network until hearings can be held. The move follows a letter written to her by her Republican counterpart, Representative Patrick McHenry.
https://www.coindesk.com/halt-libra-us-lawmakers-call-for-hearings-on-facebooks-crypto
The head of the U.S. House of Representatives Financial Services Committee wants Facebook to stop developing its new Libra cryptocurrency network – at least temporarily.
Congresswoman Maxine Waters asked Facebook to halt development of the Libra Network until hearings can be held. The move follows a letter written to her by her Republican counterpart, Representative Patrick McHenry.
https://www.coindesk.com/halt-libra-us-lawmakers-call-for-hearings-on-facebooks-crypto
I bet Rep Sherman thats in her finance committee is happy to hear this.
I have a feeling its the privacy feature.... even so, facebook is going to have a lot of comp.
their only advantage is they have the immdiate audience to pitch their product to..
I got some great sure win ideas for them.. buuuuut, they gonna have to pay me for that shit...
She trying to get paid
NiceHere is a breakdown of which coins currently on Binance are US compliant already
The crypto market is starting to form itself....remember, when you think “blockchain”, you have to think about three (well four) things.
Public Blockchains (open chains)
Permissioned Blockchains (controlled access)
Private Blockchains (restricted access)
Sidechains...control movement between public, permissioned, and private chains...
Bitcoin will be the World’s Public Blockchain
Stablecoins are the “currency” for all the forming permissioned and private blockchains
Think the JPMorgam coin: it’s the “currency” for JPMorgan’s clients and customers on their private blockchain, just as Facebook’s COINS will be the currency for their permissioned and private blockchains respectively....
Where will the money be? I’ll drop it soon...
Public Blockchains (open chains)
Permissioned Blockchains (controlled access)
Private Blockchains (restricted access)
Sidechains...control movement between public, permissioned, and private chains...
Bitcoin will be the World’s Public Blockchain
Stablecoins are the “currency” for all the forming permissioned and private blockchains
Think the JPMorgam coin: it’s the “currency” for JPMorgan’s clients and customers on their private blockchain, just as Facebook’s COINS will be the currency for their permissioned and private blockchains respectively....
Where will the money be? I’ll drop it soon...
Here is a breakdown of which coins currently on Binance are US compliant already
This list means nothing, "compliant" of what?
All it says to me is coins NOT on U.S. based exchanges.....period
Compliance has nothing to do with it
More like she was just told about the "dangers" or crypto currency a few weeks ago in one of her meetings and now wants to make sure she doesn't end up with egg on her face.
Here is a breakdown of which coins currently on Binance are US compliant already
I thought this was a list of coins that are available on other US exchanges but not anything specific to Binance.
Those that have eyes will see that the compliant coins will most likely be listed on Binance US... Those that don't see... well, i guess they just don't see it...
Those that have eyes will see that the compliant coins will most likely be listed on Binance US... Those that don't see... well, i guess they just don't see it...
Well I asked again, "compliant" of WHAT?
You have many coins that are ONLY listed one ONE U.S. exchange
So the coin is U.S. compliant according to who......that exchange?
It means absolutely nothing. At the end of the day U.S. exchanges don't want to list SECURITY TOKENS (COINS)
Which many ARE that are listed here and supposedly "compliant"
That list is not official and was complied by someone who is guessing which direction this all goes
There's a TON of coins on Binance that do in fact qualify to be listed here in the U.S. that currently isn't
The main issue that brought up this massive shift is due to Binance offering IEO's
and an extensive KYC along with sending 1099's at the end of a fiscal year
I'm very sure the U.S. version will not have IEO's offered in any fashion and send 1099's
Look at it this way....they are not reducing US consumer’s profit, rather, they are increasing their US profit. This is all great news if you know what to look for:
The Central Banks will push Blockchain and create a thriving market. They will make sure all of these custodians holding BTC will get paid (and in turn, the wealthy will get wealthier).
Once BTC hits, the next market will be the EXCHANGE of MULTIPLE cryptos. This is where Libra comes in. Libra Coin mimics lightning network (and liquid’s) blockchain business model. We all know we can trust the BTC blockchain but it also has faults. The simple solution is to create permissioned side chains that hop on and off of the BTC block chain. With every transaction, stake holders in BTC and Libra make a profit. Think of the potential.
Better yet start your investing in crypto here: What happens when people want to take profits from BTC? How will they do it? That’s where our money starts. The permissioned and private blockchains that do this the best will EXPLODE.
Drops the mic (for now)
. We all know we can trust the BTC blockchain but it also has faults. The simple solution is to create permissioned side chains that hop on and off of the BTC block chain. With every transaction, stake holders in BTC and Libra make a profit. Think of the potential.
Better yet start your investing in crypto here: What happens when people want to take profits from BTC? How will they do it? That’s where our money starts. The permissioned and private blockchains that do this the best will EXPLODE.
Drops the mic (for now)
just got my nano x today
Look at it this way....they are not reducing US consumer’s profit, rather, they are increasing their US profit. This is all great news if you know what to look for:
The Central Banks will push Blockchain and create a thriving market. They will make sure all of these custodians holding BTC will get paid (and in turn, the wealthy will get wealthier).
Once BTC hits, the next market will be the EXCHANGE of MULTIPLE cryptos. This is where Libra comes in. Libra Coin mimics lightning network (and liquid’s) blockchain business model. We all know we can trust the BTC blockchain but it also has faults. The simple solution is to create permissioned side chains that hop on and off of the BTC block chain. With every transaction, stake holders in BTC and Libra make a profit. Think of the potential.
Better yet start your investing in crypto here: What happens when people want to take profits from BTC? How will they do it? That’s where our money starts. The permissioned and private blockchains that do this the best will EXPLODE.
Drops the mic (for now)
Are you talking about something like the Lightning network?
Bump.
It looks like Bitcoin is set to crack $10,000 soon.
It looks like Bitcoin is set to crack $10,000 soon.