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Meet Libra: Deep Technical Analysis Of Facebook’s Cryptocurrency

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Meet Libra, Facebook’s new cryptocurrency that spiked controversies among the crypto community and in today’s altcoin news we dive deeper into the technical analysis of the coin.

When talking about privacy, Facebook is considered the little stalker of social media who was accused in the past for luring into people’s lives via their profiles. And while the social media giant has information on many people, the one thing that it lacks is the financial transaction of every person. In that name, meet Libra: the cryptocurrency which will get that side taken care of.

The project is basically a stablecoin by Facebook in order to facilitate real-time cross border payments by creating an open source blockchain which will support the cryptocurrency. Libra is very similar to Tether since it is fully backed by reserved funds. The project was rumored during 2018 and it was finally confirmed today. The idea behind the project is that this stablecoin will be used to pay for services and transfer money and you can read all that in the newly published whitepaper. The whitepaper explains how Facebook aims to launch a cross-border payment service with its current services. The main mission of Libra is:

“Enable a simple global currency and financial infrastructure that empowers billions of people”

According to Facebook, the Libra project is decentralized but on its basis is actually semi-decentralized since it is controlled by a handful of corporations. The founding members of the crypto project include payments with the help of Visa, PayPal, PayU, and Mastercard. Also, technology and marketplaces helped by eBay, Farfetch, Lyft, MercadoPago, Spotify and Uber Technologies. Next, telecommunications with the help of Vodafone group, blockchain with the help of Coinbase, Xapo Holdings Limited and Bison Trails. The new project is also supported by venture capitalists such as Breakthrough Initiatives, Ribbit Capital, Andreessen Horowitz, and Thrive Capital.

As mentioned in the latest cryptocurrency news, the whitepaper says that the ultimate goal is to become permission less blockchain but prior to this Facebook will set up the validators in order to make sure they create a monopolistic position over the network. Any company with a $1 billion valuation can now join the Libra’s affiliation.

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Analyst Rips Libra Saying It’s The Worst Product In The World Ever

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Analyst rips Libra, Facebook’s crypto project saying that it is the world’s worst product ever invented. In the coming altcoin news below, Karen Petrou the managing partner by the Federal Financial Analytics company noted that the project is a poorly managed product. When she appeared on the CNBC show, Petrou said that that the cryptocurrency was incompetent at best since it had unified political rivals such as the Republican President Donald Trump and Democrat Maxine waters who is the chair of the US House Financial Services Committee saying: You’ve got to admit that this is about the world’s worst product launch ever. To bring out President Trump, chairwoman Maxine Waters and now the Treasury Secretary along with the Bank of England, the head of the Federal Reserve Board and many other top policymakers to tell Facebook that they don’t feel good about this is sending a real message. The views that Petrou has are based that Facebook had skipped on the groundwork that the traditional providers of financial services normally have to go with. Petrou also expressed doubts that Facebook will be able to proceed with rolling out the crypto project in the developing world in the event that the countries such as U.S. and U.K. close their doors on it. According to her, this is because the entire financial system is highly intertwined. The backlash against Facebook’s cryptocurrency comes after the social media giant’s executives prepare to hold Congressional hearings over the week. With Libra’s already facing privacy violation accusation on its social media platforms, the lawmakers will be interested in finding out how customer data will be handled. The analyst rips Facebook’s libra project mainly because of its controversies. Back on Monday, Treasury Secretary Steven Mnuchin stated that he is concerned over Libra while nothing that Facebook will only be allowed to access the financial systems in the US but only after it convinces the regulators that it has abided by high standards. The lawmakers are also frustrated over Facebook’s lack of clarity over cryptocurrency plans. In the latest cryptocurrency news, the Bank of England governor Mark Carney stated that Libra will have to meet the highest standards before getting into the United Kingdom.
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JPMorgan Chief Throws Massive Shade On Facebook’s Libra

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JPMorgan Chief just criticized Facebook’s crypto project Libra so we now know what he really thinks about the new project and we read more in the latest cryptocurrency news below. Jamie Dimon noted that Facebook’s crypto project could be a huge threat for the entire crypto system and this has become the burning question among the offices of Wall Street in Washington. Everyone from Donald Trump, Jerome Powell, and Maxine Waters outlined the threat that Libra poses mainly to the US dollar and Facebook’s executive David Marcus faced a huge backlash about his crypto ambitions when he testified before the US Senate Subcommittee this morning. One even joked that the appropriate government response to a company launching its own currency is to ‘’nuke it from space.’’ Dimon, on the contrary, noted that he will not spend too much time on Facebook’s Libra since its launch likely remains many years away:
 “To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened. We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”
It might be worth taking the word of the JPMorgan Chief with a little bit of doubt. After all, JPMorgan is launching its own cryptocurrency so the bank aims to deploy the asset which is the JPM Coin on a privately managed Ethereum-based blockchain. While Dimon’s comment that ‘’we’ve been talking about blockchain for seven years and very little has happened’’ it is true that as far as the adoption is concerned it is still tempting to see a subtle blow at Bitcoin like this one. As noted in the altcoin news previously, the major cryptocurrency experienced massive growth over the seven-year period and overall in its decade-long lifespan. When it comes to it price, in 2012 it was below $15 and now it is reaching new high levels every day. At Least, Dimon does not believe anymore that Bitcoin is an outright scam as he did a while ago. He noted that cryptocurrencies are a scam and are not good security-wise and many people will lose their investments.
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Former Congressman Ron Paul Says He Is In Favor Of Cryptocurrencies

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One former congressman from the Republican party named Ron Paul recently expressed his optimism for cryptocurrencies which is how he got featured in our latest cryptocurrency news. The congressman and presidential candidate delivered his remarks in a "Squawk Alley" interview with CNBC on July 15. As Paul said, cryptocurrencies are a great idea and governments should step in to regulate the space to prevent fraud. The former congressman noted:
“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated ...  What I want to do is legalize the freedom of choice, absent blatant fraud.”
Ron Paul also addressed Bitcoin and its common comparison to the traditional asset gold. One way in which Paul appears to think that gold is similar to crypto is that both are assets that compete with fiat money. As the former congressman said,  “governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.” Ron Paul has previously discussed his bullish views on cryptocurrency in general - which is how he got featured in the Bitcoin and altcoin news sections. In 2014, the former congressman expressed concerns about the backing of Bitcoin (BTC) and crypto in general. However, over time he adopted a pro-crypto attitude that is bearish on fiat money in the long run.
“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct. Right now, the world is engulfed with fiat currency; they’re all paper currencies. That’s one of the other reasons the dollar holds up: What are you competing against, the euro and the yen? The competition out there isn’t any good,” the former congressman said.
Currently, the price of Bitcoin sits still below $10,800 and is stagnant against the $11,000 mark - which is seen as a major psychological level as many best cryptocurrency news sites report.
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Iran Revealed The Plan Of Launching Its Own Gold-Backed Cryptocurrency

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Iran revealed the plan to unveil its own gold-backed cryptocurrency days after the president of the United States slammed bitcoin and the entire idea of crypto. In today’s altcoin news we analyze the new cryptocurrency of the country. The gold that is kept in reserve by Iran’s central bank will back the value of the tokens on the blockchain of the new central bank cryptocurrency. The crypto will be mined by small, private Iranian tech companies. This idea could further complicate the problems between the United States and the Middle Eastern countries. According to the reports by Merh News, the Central Bank of Iran has provided permission for the new crypto to be unveiled so the CEO of FANAP Shahab Javanmardi revealed:
 “The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources.”
Iran revealed the plan but it still far from clear. The multiple authorities in the different agencies issued contradictory statements so they seem confused and uncertain how to approach the new crypto currency and how to regulate it as the financial authorities in the United States do. The FANAP CEO urged the government to continue with the clampdown on bitcoin in the country since the authorities seized more than 1,000 bitcoin mining rigs in the Yazd province. The Iranian government could lose the battle against bitcoin mining in the country since the petrol nation is a paradise for those who make good money out of it mainly because of the low electricity costs. As of this year, more than 70 percent of the central banks around the world started working on digital currency and Iran’s central bank joined in. In Venezuela, President Maduro launched a state-backed cryptocurrency by oil in 2018 and he later ordered the central bank of the country open trading desks for the Petro cryptocurrency. Singapore’s bank didn’t launch a full-blown cryptocurrency but did however issue tokens of its national fiat currency which is based on the Ethereum private blockchain as noted in the latest cryptocurrency news before.
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