Economist Bashes Libra, Mocks Facebook Crypto as ‘Fake Money’

In a new article called “Facebook’s Fake Money,” economist Thorsten Polleit bashes Facebook’s foray into cryptocurrency through its Libra token. Facebook Libra Isn’t Sound Money Far from alone in his criticism of Facebook’s fintech ambitions, Polleit bases his doubts on an entirely different set of metrics than do legislators and regulators. Pointing out that consumers …

Central Bank Crypto Could Damage Entire Economies, Warns Bank of Japan

The deputy governor of the Bank of Japan, Masayoshi Amamiya, has warned that the creation of crypto by central banks could have a negative impact on economies, Reuters reports. According to Amamiya, Central Bank Digital Currencies (CBDCs) had the potential to take away the credit channels of commercial banks if they managed to replace private …

Facebook Cryptocurrency Chief Says Libra Is Not a Threat to Bitcoin

Published: 20/06/2019 07:39 ET. Journalist: By CCN Markets: Facebook confirmed that its new cryptocurrency Libra isn’t designed to kill or compete with bitcoin. David Marcus, the man leading Facebook’s crypto efforts, said Libra and bitcoin can co-exist with differing use cases and that’s he a big fan of BTC. In a tweet yesterday, he explained …

Litecoin Price Gains Despite Facebook’s Libra Stealing Altcoins’ Thunder

Published: 19/06/2019 07:37 EST. Journalist: By CCN Markets: Litecoin (LTC) entered a positive territory on Wednesday while other top cryptocurrencies trended flat as investors became cautious following the introduction of the Facebook token, Libra. The LTC-to-dollar exchange rate established an intraday high of $139.66, up more than 3 percent since the Asian session open. The …

Global Policy Makers Are Up in Arms About Facebook’s Libra Coin

Published: 18/06/2019 20:30 EST. Journalist: By CCN Markets: Facebook is already under fire from regulators less than a day after officially revealing its cryptocurrency whitepaper. Based on three separate talks, it’s clear top government and bank officials from around the world are preparing to regulate Facebook Libra. Cryptocurrencies like bitcoin transcend national borders, and project …

GlobalCoin Among Facebook’s ‘Most Important’ Launches, Squeals Banker

By CCN Markets: Analysts at Royal Bank of Canada (RBC) Capital Markets predict that Facebook’s upcoming cryptocurrency, GlobalCoin, could be the company’s most significant achievement yet. In a message to investors, RBC managing director Mark Mahaney writes: “We believe this may prove to be one of the most important initiatives in the history of the …

Lamb to Slaughter? Visa Follows Zuck into Facebook’s Centralized Crypto

By CCN Markets: Facebook has managed to lure some big names to support its cryptocurrency endeavor. According to a report in the Wall Street Journal, payment giants Visa and Mastercard in addition to PayPal and Uber have all jumped onto Mark Zuckerberg’s crypto bandwagon. They are each going to pour $10 million into the project …

Facebook Stock Plunges After WSJ Drops Bombshell Privacy Report

By CCN Markets: Facebook stock plunged during mid-day trading on Wednesday after the Wall Street Journal published a bombshell report connecting CEO Mark Zuckerberg with questionable privacy practices at the social media behemoth. Facebook Stock Drops Nearly 3% in Minutes After WSJ Publishes Report FB shares dropped as low as $172.88 in the immediate aftermath …

Facebook’s Aging Users & Broke Teens Will Reject GlobalCoin: Report

By CCN: Excitement for Facebook’s forthcoming cryptocurrency, dubbed GlobalCoin, may have hit its first roadblock in adoption. Poor Demographics for GlobalCoin According to research published on May 28 by cryptocurrency analytics firm Diar, Facebook’s payment-focused coin will fail to gain traction based upon the demographics of the platform’s user base. Despite being one of the …