Bitcoin has its second 10%+ drop in one week, dropping to a low of $9,200
Facebook’s blockchain lead, David Marcus, went before the U.S. Senate to answer questions on Facebook’s coming crypto, Libra. Senators addressed ongoing concerns tied to Facebook, including a lack of trust in the company’s word and the fallout from privacy scandals. Marcus will be back before lawmakers again tomorrow to answer questions in the U.S. House of Representatives.
Spokesman from the Swiss Federal Data Protection and Information Commissioner told CNBC that Libra has yet to reach out to the regulator. Facebook confirmed to CNBC it had not yet spoken with the FDPIC.
Binance eyes launch of exchange in South Korea. CZ confirmed the possibility, saying that the firm is “working with local partners.” A business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin.
Japanese crypto exchange operator Bitpoint pledged to compensate the victims of the recent hack. The company plans to refund about $30 million worth of cryptocurrency.
Huobi burned 14,011,700 tokens from a 310,318,300 market supply, at a rate that is 116 percent greater than it did last quarter. The company cited “improving market conditions” and sales growth for the decision.
Hester Peirce said she's come around to the idea of regulators taking a "safe harbor approach" toward the cryptocurrency space, as a means of navigating the tricky terrain that is existing U.S. securities law.
G7 finance ministers meeting in France this week will make it one of their priorities to contain the risks posed by new currencies such as Facebook's Libra, Finance Minister Bruno Le Maire said.
Jul 26 - CME Bitcoin Futures Jul 2019 contract (BTCN19) last trade date; settlement July 29
Aug 6 - Litecoin Block Reward Halving (Coin reward decreases from 25 to 12.5 coins)
Aug 14 - SEC decision on Bitwise ETF
Aug 20 - Blockchain Summit Singapore 2019 (forthcoming)
Aug 30 - CME Bitcoin Futures Aug 2019 contract (BTCQ19) last trade date; settlement Sept 3
Finished watching the entirety of the Senate Banking Committee hearings today. @Libra_ is so screwed.
Let's ignore the funny parts for now, like "we're really really a non-profit because we'll figure out how to make less money later" or "we want to keep America competitive by setting up shop in Switzerland."
The crux of the issue is that Marcus has no idea what he is building, while also conflating FOSS with open permissionless systems. @Libra_ can't be everything for everyone, and it can't be both open and closed at the same time.
"We open sourced it (Libra Network) and as a result it doesn’t belong to us anymore. It is now belonging to the community and they will help build the code and we will relinquish control over both the codebase and network through the process."
If this statement is really true, then a dev team will be able to remove the KYC/AML components in a non-Calibra wallet, and still be able to interact freely with the network aside from on and off ramps.
Which would effectively render this statement void: "Wallets will enforce the sanctions that are led by our national security apparatus and treasury." The senators were so close in their questioning. If they connected these two points, it would have been much more interesting.
The only way for Libra to guarantee compliance in all areas is for it to be in complete control. You can't have only Calibra wallets requiring authenticated government ID's but not others. Only way it would work is with two pools of currency that are not allowed to intermingle.
But then you would end up with a very non-fungible currency that definitely isn't a "simple global currency and financial infrastructure that empowers billions of people." "Sorry, I only accept clean Libras in this store."
"We wanted to ensure people, as long as they have a legitimate use of the product, can do what they want with their money." Then you have the the problem of what is legitimate use, which is the same problem all centralized systems like PayPal already have.
It's good though that Marcus said "we will take the time to get this right." Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should've just used #Bitcoin.
A thread. What this means is that Bitcoin has a clear path to global dominance. No state can replicate it either technically or policy wise, and no company, even one as big as Facebook, can emerge with a rival network. The Senate has killed the enemy.
The mistake Z-Berg made was asking permission to innovate. They should have built Libra and then released it globally as a part of messenger. Instead, they tried to Virtue Signal their way to acceptance. This Swiss incorporation was a red flag too. link.medium.com/LBCPVedioY
If you think that Libra is the last attempt to unseat Bitcoin you are gravely mistaken. Xapo is a member of the Libra Consortium; they are already working on “Plan B” (DYSWIDT?). They will join any attempt to destroy Bitcoin; meanwhile, Bitcoin's ecosystem grows, gets stronger.
Once the news of what just happened in the Senate sinks in, and people realise there are literally billions of people on Earth to onboard and serve Bitcoin, and that the population of America is small in comparison to the ENTIRE EARTH, expect the price to reflect the facts.
I may be a little early to the party but it’s time to SLOWLY start buying some alts now! Taking some positions in NEO ($9.80) ,ETH ( $194.), EOS($3,55), OMG ($1,30$ Keeping an eye on BTC, BNB, XTZ, FTM, WAX...
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