New upcoming cryptocurrency 2021 episode
Ensure compliance and fuel reporting by securely storing up to 84 months of customer data. Create customized, powerful AI text classification models easily — without coding. Extend the impact of Unified-CXM by connecting to all of your most crucial third-party systems. Experiment and learn in an isolated test setting that mimics your live production environment. Today I look at Bitcoin and cryptocurrency. Is this a fad that will go the way of pet rocks and the Macarena?
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New upcoming cryptocurrency 2021 episode
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Content:
- What Is the Ultimate Future for Bitcoin?
- Cryptocurrency: What You Need To Know Now
- Cryptocurrency exchanges scramble to drop Chinese users after Beijing's ban
- Cryptocurrency 101: All You Really Need To Know
- Crypto 101: Here are 10 cryptocurrency terms people use every day from blockchain to NFT
- Digital currencies are transforming the future of money
What Is the Ultimate Future for Bitcoin?
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. Now playing: Watch this: Is Facebook spying on you?
Discuss: End of the day for Meta's Diem cryptocurrency: What you need to know.
Cryptocurrency: What You Need To Know Now
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. Jimmy Fallon has officially bought an NFT, and he showed it off on national television. The segment was deeply awkward, with tepid audience reactions at best. Why were these celebrities talking about crypto on late-night TV? Hilton and Fallon might seem like an odd pair to chat blockchain, but Hilton is actually really into NFTs.
Cryptocurrency exchanges scramble to drop Chinese users after Beijing's ban
One of the most popular shows on Netflix this week is actually a Crackle show. So does this prove that StartUp was secretly ahead of its time? StartUp tells the story of how four total strangers find themselves inextricably linked thanks to crooked offshore deals, rampant avarice, and a new cryptocurrency startup. Izzy Morales Otmara Marrero is an ambitious young programmer with a potentially world-changing idea: GenCoin, a cryptocurrency that should be able to reach people all over the world, even those cut off from normal banking practices. Perhaps the Crackle drama was simply too ahead of its time for audiences? Sure, but also no. The sex scenes in this show are cynical in tone, explicit for no reason, and not fun, sexy, or passionate.
Cryptocurrency 101: All You Really Need To Know
Comedian v Economist. Get Started Investing. Equity Mates Investing Podcast. Crypto Curious. Home to some of Australia's favourite podcasts; we hit all the hot topics with expert insights , and entertaining discussion that's perfect for beginners and seasoned investors alike.
Crypto 101: Here are 10 cryptocurrency terms people use every day from blockchain to NFT
Tyler Moffitt Sr. Threat Research Analyst. For years, cybercriminals have been experimenting with new ways to steal and extort money from their victims. Ranging from the fake FBI computer locks that demanded Ukash and Moneypak; to the emergence of cryptocurrency and its part in the ransomware business model; to today's crypto-mining attacks, this presentation will explore the past decade's worth of crypto-activity and how you can stay safe. The Criminal Chase for Cryptocurrency.
Digital currencies are transforming the future of money
Ryan Haar is a former personal finance reporter for NextAdvisor. She previously wrote for Bloomberg News, The…. For starters, they both have a cryptocurrency named after them. Actually, PutinCoin and Whoppercoin might be the only thing they have in common. Cryptocurrencies like Bitcoin and Ethereum have a growing track record of holding and increasing in value over time, though recent dips have wracked the market , while lesser-known cryptos are considered much more speculative and unpredictable. And while PutinCoin and Whoppercoin belong to a category of cryptocurrencies marked more for their absurdity than their potential as either an investment or cryptocurrency, they show just how unique different types of cryptocurrencies can be.
On demand. Decentralised finance or DeFi refers to decentralised applications working via smart contracts on a blockchain. The apps provide crypto-based financial services such as lending, insurance and digital asset trading.
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.
By Peter White. Beacon Pictures , the company behind long-running ABC drama Castle and feature films such as Air Force One , is developing what it calls the first scripted series about and financed by crypto. The comedy Hold on for Dear Life is being developed as a part series, with principal photography set to commence in August in Puerto Rico. It will also mint non-fungible tokens NFT — one of the most buzzed about new technologies among digital investors — and will look to release an entire episode as an NFT. Hold on for Dear Life centers on a young tech founder, Mel, as she launches a token named after her best friend Aveer, who disappeared. Casting is underway for the lead roles.
The show takes a satirical look at the week in news, politics and current events. Other segments: Leap second Guest: Bobby Cannavale. Note : Due to social distancing measures put in place as a result of the COVID pandemic , episode was filmed at an unspecified location.
ha ... fun enough