Zuckerberg libra coin
The Libra association, which is the consortium of corporate businesses supporting the project, has shrunk since October -- with Mastercard, Visa and eBay withdrawing from the project. Mastercard cited their expectation that the association will fail to live up to regulatory recommendations as the primary reason for its exit. To make matters worse for Zuckerberg, the US senate -- which were already a pain point for Facebook during the Cambridge Analytica scandal -- have been intolerant to Libra :. More recently, strong opinions about Libra are being aired by the general public as well as members of the cryptocurrency and blockchain community. The co-founder of AgoraDesk. A corporate-backed currency completely goes against the USP of cryptocurrency.
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- The Dark Side of Zuckerberg’s Powerful New Crypto Coin
- What Is Facebook Coin, Blockchain, and Project Libra?
- Facebook’s Zuckerberg open to scaling back Libra plan
- Whatever Happened to Facebook's Libra? Down the Rabbit Hole with David Gerard
- Zuckerberg calls Libra coin a key for American leadership
- Zuckerberg to testify in US on Facebook digital currency plan
The Dark Side of Zuckerberg’s Powerful New Crypto Coin
After Facebook CEO Mark Zuckerberg shared a picture of his two pet goats on Monday, introducing them to the world as Bitcoin and Max, crypto fans started trying to figure out the significance of the names.
The crypto community overwhelmingly took the name Bitcoin as an endorsement of the digital currency. But the theories didn't end there. Many people on social media referred to speculation about Facebook buying bitcoin that had surfaced before its quarterly earnings call in April. There was no mention of bitcoin purchases at the time, but some people think Zuckerberg will announce bitcoin investments at Facebook's annual shareholder meeting later this month.
Others took Zuckerberg's post a step further. Bitcoin maximalists believe that no other cryptocurrency will be used or needed in the future. This would contradict Facebook's efforts to develop a stablecoin, diem, which is set to be trialed later this year and would initially focus on user transactions.
Diem would be pegged to the dollar and could be used to purchase goods and services, CNBC reported last month. Some expect that multiple coins, each tied to a fiat currency, and a coin tied to multiple national currencies will be launched eventually. Diem is a rebranded version of libra, Facebook's crypto-coin project that envisioned one global coin tied to a basket of fiat currencies and linked to Facebook's platform.
Concerns about the effect on the global monetary system of a global digital coin owned by a social-media network led to the pivot to diem. Some crypto fans might see Zuckerberg's post as a threat rather than an endorsement. The Facebook boss said in that he would eat meat only from animals he'd killed himself, and Twitter CEO Jack Dorsey told Rolling Stone in that Zuckerberg had once served him a goat that he'd killed. Check out: Personal Finance Insider's picks for best cryptocurrency exchanges.
Keep reading. Search markets. News The word News. My Watchlist My Watchlist. Sophie Kiderlin. Crypto fans took the names as an endorsement and tried to figure out the meaning. Some have speculated that Facebook owns bitcoin while it works on its own cryptocurrency, diem. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Deal icon An icon in the shape of a lightning bolt.
What Is Facebook Coin, Blockchain, and Project Libra?
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Facebook’s Zuckerberg open to scaling back Libra plan
Facebook's parent and its partners are looking to get out of the troubled cryptocurrency project, according to a report. It may be the end of the day for Diem, Meta's troubled cryptocurrency. Facebook parent Meta and its partners in the Diem Association are reportedly pulling the plug on the yet-to-launch cryptocurrency project amid growing resistance from regulators. Earlier this week, Bloomberg reported that the association, which oversees the digital currency, is considering a sale of its assets in order to return capital to its members. Discussions are still early , the news service reported, and are focused on how a sale of its intellectual property might work and where the engineers who developed Diem might find jobs. Meta owns about a third of the project, according to Bloomberg's unnamed sources, with the remainder in the hands of a variety of investors, including Uber, Shopify and Union Square Ventures. A Diem spokesperson declined to comment on the reported sale. Meta didn't respond to a request for comment.
Whatever Happened to Facebook's Libra? Down the Rabbit Hole with David Gerard
Facebook chief executive Mark Zuckerberg opened the door Wednesday to scaling back plans for its digital coin Libra if it cannot win approval as a new currency for global exchanges. Zuckerberg made the comments as he faced a torrent of criticism at a congressional hearing over the planned cryptocurrency it is seeking to roll out next year. This could result in digital payment systems using individual currencies, which would be less ambitious than a new coin linked to a basket of major currencies. Asked about whether the digital coin could simply be linked to the US dollar, Zuckerberg said "the community is fairly split on this point. He said that it could be far simpler from a regulatory perspective but that "it may be less welcome in other places if it's only percent based on the dollar.
Zuckerberg calls Libra coin a key for American leadership
Mark Zuckerberg arrived on Capitol Hill to push an optimistic vision of Facebook's planned digital currency and its potential benefits to those around the world who don't have access to bank accounts, but was quickly grilled Wednesday over issues confronting the social media giant. The Facebook CEO appeared before the House's financial services committee, his first testimony to Congress since April , on the company's plan to create Libra, which has stirred opposition from lawmakers and regulators in the U. Facebook has encountered criticism on several fronts recently, from its shift into messaging services that allow encrypted conversations to its alleged anticompetitive behaviour to its refusal to take down blatantly false political ads or doctored videos. Maxine Waters, the California Democrat who heads the panel, this summer asked Facebook not to move forward with the currency and a digital wallet called Calibra that would be used with it. Waters has called Libra "a new Swiss-based financial system" that potentially is too big to fail and could require a taxpayer bailout. In her opening remarks, Waters also said Facebook has "utterly failed" to cultivate a diverse workforce, despite pledges in recent years to improve percentages of women and minorities.
Zuckerberg to testify in US on Facebook digital currency plan
The comments come amid intense scrutiny from regulators and lawmakers around the world, with many skeptical about the impact of the global digital currency planned for Research shows that access to financial services can help people lift themselves out of poverty … We believe this is a problem that can be solved, and we want to be part of that solution. Facebook has said Libra would not launch without approval from regulators, and the plan has been criticized by officials on both sides of the Atlantic. Zuckerberg noted that the planned currency would not be controlled by Facebook but governed by an independent board which includes companies and nonprofit organizations. The Libra Association has lost key partners including PayPal, Mastercard and Visa, but it has unveiled its charter with 21 founding members. KhabarNaamaa May 24, KhabarNaamaa Dec 06,
After Facebook CEO Mark Zuckerberg shared a picture of his two pet goats on Monday, introducing them to the world as Bitcoin and Max, crypto fans started trying to figure out the significance of the names. The crypto community overwhelmingly took the name Bitcoin as an endorsement of the digital currency. But the theories didn't end there.
Such dynamic pricing, calculated on factors like location, interests, and age, help create highly-specific, targeted ads that Facebook can charge high prices for. Libra is a digital stablecoin pegged to widely-used fiat currencies, such as the U. Users will, as per existing plans, be able to transfer funds or pay for goods across national borders, which would further benefit Facebook. With Libra as a global payment method and e-commerce facilitator, Zuckerberg thinks a larger audience can be tapped into. Despite the plans and roadmap, Libra hinges on regulatory decisions and the openness of governments around the world to the idea of stateless currencies. At the time of writing, Facebook boasts upwards of a billion users.
Social media giant Facebook announced in June that it would launch Libra, a new cryptocurrency, in the first half of next year. So what is Libra? How is it different from other cryptocurrencies? And are there investment opportunities in this new virtual currency? It could face steep opposition in Congress and from governments around the world. And although there are some indirect ways to invest in the crypto boom, these, too, are highly speculative.
In June, Facebook revealed plans for Libra , a cryptocurrency it hopes will shake up the global payments industry. The total includes members that employ former Facebook executives, members whose boards include Facebook board members, and numerous ties through common investors. Peter Thiel, a Facebook investor and board member, also is an investor in two Libra Association members. The other director is Russia-born tech investor Yuri Milner, who founded Breakthrough in to support space exploration and the search for extraterrestrial life.