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- Bitcoin Price Prediction: How to predict Bitcoin prices?
- The Future of Cryptocurrency: 5 Experts’ Predictions After a ‘Breakthrough’ 2021
- Ethereum Price Prediction June 2021: Will Ethereum Be Able To Recover From Recent Crash?
- What’s it going to take to get cryptocurrency widely accepted?
- Bitcoin crash: Why are cryptocurrency prices falling in New Year?
- Why Is the Cryptocurrency Market Down?
Bitcoin Price Prediction: How to predict Bitcoin prices?
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. Diem has been scaled back since it was first pitched as Libra in by Facebook as a global stablecoin.
Like Facebook, the cryptocurrency rebranded, adopting the Diem name in December as concerns mounted. The project faced more trouble when David Marcus, one of the executives behind Meta's push into cryptocurrencies, said last year that he would leave the company to pursue entrepreneurial projects. Diem hasn't gotten much love in its brief history. Partners have bolted from the project , details have shifted and legislators have criticized the plans.
Meta's launch of a cryptocurrency wallet called Novi prompted a backlash, with a group of five Democratic senators urging Meta CEO Mark Zuckerberg to stop the Diem project. Though Diem's days look numbered, Meta hasn't formally closed its work on the cryptocurrency.
Here's what you need to know. Diem isn't actually Facebook's cryptocurrency. It's a project of the Diem Association, which Facebook originally co-founded as the Libra Association. If the cryptocurrency gets launched in its current form, the association will serve as its monetary authority.
The project says its purpose is to "empower billions of people," citing 1. Of course, Facebook has its own interest in digital cash, which predates Diem. The social network ran a virtual currency , called Credits, for about four years as a way to make payments on games played within Facebook. Zuckerberg has said sending money online should be as simple as sending photos.
Diem is designed to make it easier and cheaper for people to transfer money online, which might also attract new users to the social network.
Zuckerberg has acknowledged that having people use cryptocurrency would likely benefit Facebook by making advertising on the social network more desirable and, therefore, more expensive. Meta's Novi subsidiary runs a wallet for holding and using the digital currency and says its mission is "helping people around the world access affordable financial services. Meta is one of the members of the Diem Association, the nonprofit that will serve as a de facto monetary authority for the currency.
Meta's membership is through Novi. Each member has the same vote in the association, so Meta doesn't technically have any more say over the association's decisions than any other member. That said, Meta has played an outsize role in the initial phases of the project. After the network is launched, Meta says, the social network's role and responsibilities will be the same as those of any other founding member.
Some of the bigger founding members appear to have gotten cold feet. Seven of the original 28 founding members -- that's a quarter of them -- dropped out before the association's inaugural meeting in Geneva. The departures are big losses because those members brought expertise in payments and transfers technology. The other dropouts are Mercado Pago, the online payments platform of Argentina's Mercado Libre marketplace, and Booking Holdings, an online travel company that runs sites including Priceline, Kayak and OpenTable.
The association currently has 26 members. Let's start by addressing how it's similar to other cryptocurrencies, such as bitcoin and ether. Like them, Diem, if it makes it to the world, will exist entirely in digital form. You won't be able to get a physical note or coin. And like other cryptocurrencies, Diem transactions will be recorded on a software ledger, known as blockchain , that confirms each transfer.
The Diem blockchain will be managed by the founding members in the early stages but is supposed to evolve into a fully open system in the future. Diem will be pegged to the US dollar, a format widely known as a stablecoin. That contrasts with bitcoin, ether and some other cryptocurrencies that aren't backed by anything and swing wildly in response to speculation. Initially, the plan was to use a basket of assets to anchor the cryptocurrency's value.
The association didn't say what those assets would be but indicated they'd be denominated in major global currencies, like the dollar and the euro, which don't fluctuate intensely day to day.
The association would buy more of the underlying assets to create, or "mint," new Diem when people want more of the cryptocurrency. When people cash out, the association will sell those assets and "burn" Diem. Backing a currency with an asset isn't anything new. In fact, it used to be common. The US dollar was backed by gold until The value of the Hong Kong dollar is pegged to the US dollar and managed by a currency board , which can issue new notes only if it has enough in reserves.
The US dollar is tried and true and pretty much accepted anywhere in the world. Some countries like the dollar so much that they use it instead of their own money. Dollars earn interest, though at current rates that won't add up to very much.
Of course, the dollar has weaknesses. Using dollars, particularly across borders, can be expensive because banks take a cut to convert them into local currencies. If you're using dollars on a prepaid card, the credit card company is probably charging the merchant a portion of your purchase. If the US government prints too many dollars, inflation could follow. Despite the hype, cryptocurrencies aren't widely used yet.
Try buying a cup of coffee with ether. Yes, it's possible but not practical. Cryptocurrencies can make it easy to send money directly to someone. Bitcoin transactions aren't actually untraceable, though they can be very difficult to trace. Similarly, bitcoin use isn't absolutely anonymous. It's pseudonymous, meaning that your bitcoin address is recorded even though your identity isn't. Some cryptocurrencies, notably bitcoin, have a cap on the number of coins that can be minted, meaning that owners of existing coins don't have to worry about the arbitrary creation of new ones, although that could create other issues in the future.
We hear you. Meta and its Facebook social network don't have great reputations for privacy protection. The social network says don't worry -- not that you expected it to say anything else.
When the plans were first unveiled, Meta took pains to point out its wallet was housed in a subsidiary of the social network. The arrangement was designed to allow the wallet company to be regulated by authorities and prevent money laundering and other financial crimes.
The company also said it would keep financial data separate from Facebook's social data. Be respectful, keep it civil and stay on topic. We delete comments that violate our policy , which we encourage you to read.
Discussion threads can be closed at any time at our discretion. End of the day for Meta's Diem cryptocurrency: What you need to know Facebook's parent and its partners are looking to get out of the troubled cryptocurrency project, according to a report. Andrew Morse. The end may be near for Diem. Getty Images It may be the end of the day for Diem, Meta's troubled cryptocurrency. Delivered on weekdays.
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The Future of Cryptocurrency: 5 Experts’ Predictions After a ‘Breakthrough’ 2021
Ethereum Price Prediction June 2021: Will Ethereum Be Able To Recover From Recent Crash?
Ryan Haar is a former personal finance reporter for NextAdvisor. She previously wrote for Bloomberg News, The…. Ethereum, the second-biggest cryptocurrency , notched its own new all-time high recently as well. But the industry is only in its infancy and constantly evolving. Expect continued conversations about cryptocurrency regulation. Lawmakers in Washington D. In the U.
What’s it going to take to get cryptocurrency widely accepted?
This op-ed was originally published by The Washington Post. Bitcoin, the original cryptocurrency, was launched in The surge in their prices earlier this year minted tens of thousands of cryptocurrency millionaires—at least on paper. Cryptocurrencies might turn out to be a massive speculative bubble that ends up hurting many naive investors.
Bitcoin crash: Why are cryptocurrency prices falling in New Year?
Here's What Investors Should Know. Ethereum Just Hit a 6-Month Low. Upgrade Bitcoin Rewards Card: 1. There Are Thousands of Different Altcoins. Ryan Haar is a former personal finance reporter for NextAdvisor.
Why Is the Cryptocurrency Market Down?
How much will the price of Etherum rise in June ? Read on to know the Ethereum price prediction for June Crypto price predictions can be really difficult, especially given the recent market crash. However, the market has already significantly recovered. Goldman Sachs has also made a prediction recently stating that they believe Ethereum will surpass Bitcoin in the long run. However, price predictions should be taken with a grain of salt. Ethereum was launched in by Russian Vitalik Buterin, who was 19 years old at the time. Ethereum is a smart contract network with the ability to host and support decentralised applications.
As an emergent and inherently volatile asset class, cryptocurrencies such as bitcoin, Ethereum and others might seem to defy predictive modeling and forecasting. Here are 10 predictions from Philip Gradwell, Chief Economist at Chainalysis, the blockchain data platform and industry leader. While the following is not investment advice, he recommends that institutional investors consider these 10 factors when advancing their cryptocurrency strategies through
Bitcoin, Bitcoin… Is there anything new to say about this cryptocurrency at this point? Even people who have zero interest in the industry have heard its name. Bitcoin, alongside the rest of the crypto market, is known for its ability to overcome any challenges and have strong comebacks despite everyone writing it off. And yet, the coin still remains on top, and BTC investors enjoy high profits.
Barring the US dollar-pegged stable coins, all other eight out of the top digital tokens were trading lower during the trade on Thursday. Bitcoin and Ethereum shed more than 2 per cent each, whereas Terra dropped 7 per cent. The trading volumes remained light during early trade as the market witnessed a sharp churn due to the changing economic environment. The recent fall in Bitcoin indicates that cryptocurrencies are no longer a stand-alone risk asset and are reacting to changes in global factors. Market experts believe that the cryptocurrency market would not go lower from the current stage and discard the theory that the market is dead.
Will the meme-coin explode or continue its downtrend? Join us in showcasing the cryptocurrency revolution, one newsletter at a time. At this time, the market capitalizations of the two tokens are vastly different.