Facebook libra fake

Facebook's Mark Zuckerberg grilled in Congressional hearing on digital currency Libra, privacy and elections. Keep up to date with the latest coronavirus news via our live blog. Follow our live blog. Facebook CEO Mark Zuckerberg fended off questions on election interference, free speech, hate groups and fake news during a six-hour appearance before a US congressional hearing on the company's planned digital currency. Republican and Democratic politicians alike blasted Facebook for failing to crack down on online child exploitation and political misinformation, and for data-privacy lapses, during the House of Representatives Financial Services Committee hearing. Mr Zuckerberg sought to reassure them the company's planned digital currency, Libra, would lower the cost of electronic payments and open up the global financial system to more people.

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Content:

• Mark Zuckerberg grilled by US Congress over Libra
• Facebook’s Zuckerberg, Accused of Lying, Withstands a Washington ‘Beating’
• Payments giants abandon Facebook's Libra cryptocurrency
• Fake Libra ICO scam appears on Twitter
• Facebook cryptocurrency scams offering to sell Libra for bitcoin plague social network
• Watch AOC ask Mark Zuckerberg if she can run fake Facebook ads, too
• 11 most interesting things about Facebook’s Libra cryptocurrency
• Facebook’s Libra co-creator: Social, financial data will remain separate
• Facebook Libra Targeted by Sophisticated Phishing Scammers
• Fraudsters already exploiting interest in Facebook's Libra cryptocurrency

WATCH RELATED VIDEO: Why Facebook’s Libra Cryptocurrency Is In Trouble

Mark Zuckerberg grilled by US Congress over Libra

Ben Symons comments on reports that Facebook is rethinking its plans for its own digital currency after resistance from regulators. Facebook is the company that has the greatest potential to commercialise cryptocurrency. Unfortunately, their project faces numerous regulatory challenges and also hostility across the political spectrum in the United States and the European Union. It remains to be seen whether they are actually able to successfully launch Libra at scale. Facebook has some 2. It is the number one social networking app in out of countries around the world.

Facebook enormous user base makes it uniquely positioned to offer a payment service based on a cryptocurrency that could be easily and widely adopted by its users right around the world. Such a payment service would cut out intermediaries and lower transaction costs.

In theory, lower transaction for consumer transactions should result in lower prices. Transaction costs would also fall for foreign exchange transactions. Essentially, Facebook wants to become a bank. Unsurprisingly, this throws up numerous regulatory problems. Facebook will effectively need to be regulated like a bank. The biggest concern is that anyone can potentially set up a fake Facebook account.

Facebook faces hostility across the political spectrum. It has presumably moved away from this and towards a model where digital currencies effectively represent fiat currencies, because this may be easier to address the regulatory problems outlined above. It will be interesting to see how Facebook progresses with their project. At present, they are the company that holds the greatest promise of commercialising cryptocurrency as a payment service on a wide scale.

General News.

Facebook’s Zuckerberg, Accused of Lying, Withstands a Washington ‘Beating’

By now a significant number of people have heard of Libra, the new private digital money system sponsored by Facebook and a consortium of other firms. It was announced on 18 th June , and is to be rolled out in The stated mission for Libra is to create a simple global currency and the accompanying financial infrastructure that empowers billions of people. The new venture will take advantage of an existing user base among the partner organisations in excess of three billion people. Those potential users include tens of millions of people who do not currently hold bank accounts, but who are increasingly likely to own smartphones. A new programming language called Move is used to define the core mechanisms of the blockchain, such as the currency and validation membership.

Payments giants abandon Facebook's Libra cryptocurrency

To the Treasury Department and the Federal Reserve: Please formally digitize the dollar and put an end to all this crypto-craziness. We have a token that already is a medium of exchange, storehouse of value and unit of account. It's called the dollar. And, quite frankly, it's already largely been digitized. Hardly ever anymore. Your pay is directly deposited into your bank account form which you may sometimes withdraw cash or coin. That's digital design. It's true that the cost of all financial transactions needs to come down and that more efficiencies are needed to speed up transaction times.

Fake Libra ICO scam appears on Twitter

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Facebook cryptocurrency scams offering to sell Libra for bitcoin plague social network

Their move, first reported in the Financial Times , follows the withdrawal of PayPal, announced last week. The project has drawn heavy scrutiny from regulators and politicians, particularly in the US. Facebook chief executive Mark Zuckerberg will appear before the House Committee on Financial Services on 23 October to discuss Libra and its planned roll-out. Regulators have raised multiple concerns over Libra, including the risk it may be used for money laundering. Mercado Pago, a payments firm serving mostly Latin America, also pulled out. It means of the six payments-related firms first involved in Libra, just one, PayU, remains.

Watch AOC ask Mark Zuckerberg if she can run fake Facebook ads, too

By Pete Schroeder. Sporting a suit and tie, Zuckerberg also fended off aggressive questions on election interference, free speech, hate groups and fake news from members of the U. House of Representatives Financial Services Committee. She also suggested policymakers should consider breaking up Facebook. Waters had previously called for halting the Libra project before its planned launch, and has drafted legislation that would bar tech companies from entering financial services.

11 most interesting things about Facebook’s Libra cryptocurrency

Diem formerly known as Libra was a permissioned blockchain -based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency. The launch was originally planned to be in , [3] [4] but only rudimentary experimental code has been released until the project was abandoned in January The project, currency and transactions would have been managed and cryptographically entrusted to the Diem Association, a membership organization of companies from payment , technology, telecommunication , online marketplace and venture capital , and nonprofits.

Facebook’s Libra co-creator: Social, financial data will remain separate

RELATED VIDEO: Are Libras Manipulators in Disguise?

By James Pero For Dailymail. Dozens of fake accounts purporting to sell Facebook's unreleased cryptocurrency, Libra, have cropped up on the platform in a concerted scamming effort. A report from the Washington Post details dozens of accounts, pages, and groups, across both Facebook and Instagram claiming to be official outlets for buying the currency sometimes at a discount. The accounts, reports the Post, are often times disguised using Facebook's official logos and other marketing materials, making them fairly convincing to unsuspecting users. Scams purporting to sell Libra have been reported to number in the dozens across Facebook and Instagram.

Facebook Libra Targeted by Sophisticated Phishing Scammers

Above all, it is new, new, new. In fact, what Facebook is proposing is a really stupid investment scheme masquerading as a digital currency. For all its cutting-edge verbiage, the outline for Libra relies on the ideas behind the gold standard that prevailed at the turn of the 20th century. Under this monetary regime, governments guaranteed that their currencies could be exchanged for a specific quantity of gold. Treasury, no questions asked. This is where things start getting genuinely weird.

Fraudsters already exploiting interest in Facebook's Libra cryptocurrency

In case you missed it how, exactly? Libra has released their early source code and the plan is to go live in The Libra website has detailed technical documentation as well as working code examples.