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Facebook’s Stablecoin To Compete With Credit Cards, Not With Cryptos

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Facebook’s stablecoin that we are expecting to be launched soon, will supposedly compete with major financial players such as PayPal and Credit Cards. The coming altcoin news will give you some more info on the subject.

Crypto enthusiasts are wondering whether the social media giant will create a real crypto asset or just a version of PayPal or credit cards. Some are even wondering if Facebook is really getting into the crypto space or is it just moving into traditional fintech industry.

All indications show that Facebook just wants to enter the fintech industry. This is not a bad thing but it won’t bring us some valid use. The company is also looking to launch a new venture in India which is not surprising since India is the home to a large population that has no bank account. They could eventually deliver user-friendly financial services and this will be a major improvement for Facebook’s stabelcoin use.

However, Facebook’s stablecoin is not competing with cryptocurrencies. Initially, the social media company has nothing to do with Bitcoin or the concept of decentralized digital currencies. The entire concept of bitcoin is that there is no need for intermediaries or custodians. This way, users can have direct ownership of their assets without anyone interfering.

What is also important to know, Facebook’s stablecoin will likely be controlled by the company which makes it extremely centralized. This principle crushes the one of decentralization and censorship which is what crypto is all about. Facebook will provide payment services for customers and by doing so there has to be a custodian for every payment that goes over the platform.

Finally, unlike bitcoin, Facebook’s stablecoin could be manipulated by the management for their benefit. The company already proved to be a decision-making platform after the many bans, accounts blocked and having users’ funds frozen. This is another slap in the face since crypto users are the ones that decide what to do with their assets.

As it was reported in the best cryptocurrency news sites, Facebook could manipulate its coin by re-allocating funds for undisclosed purposes. In addition, Facebook will control the coins as a custodian and can end up using them to back their own stablecoin.

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US Army Is Interested In Blockchain Experts To Trace BTC In Real-Time

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US Army
The United States Army Contracting Command (ACC) of New Jersey is in the latest cryptocurrency news for its interest and issuance of a pre-solicitation notice for cryptocurrency investigation service providers. As the document outline, the US Army is interested to hire blockchain experts who know how to trace Bitcoin in real time. The pre-solicitation was published on July 25 and shows that the notice and the ACC's responses do not bind ACC to solicit or award a contract. As the ACC said, the cryptocurrency analytics solution is being sought for use by the US Army Criminal Investigation Command (USACIDC) for use in criminal investigations as well as other missions. In the notice, we can also see that the contractor must provide a cloud-based and online service - which is not reliant on any hardware or software - and one which can assist law enforcement in the proper identification and pursuing of actors using cryptocurrencies for illicit purposes such as fraud, extortion as well as money laundering. As many best cryptocurrency news sites posted, the contractor should provide the source of the cryptocurrency transactions with the capacity to offer multi-crypto analysis from Bitcoin (BTC) to other major cryptocurrencies. The other requirements also include providing "real-time Bitcoin and other cryptocurrency transaction tracing," which includes service attribution and identification and being able to identify transaction patterns and interactions with other entities. Besides the US Army being interested in blockchain experts, a Diar report shared in the altcoin news last year revealed that the US government agencies have tripled their investments in blockchain intelligence firms this year. In fact, the majority of the 2018 blockchain intelligence government deals were reportedly contracted to New York-based blockchain analytics firm Chainalysis, which as of that date had signed deals with many government agencies - totalling $5.3 million. In August this year, the news showed that the US Air Force had secured new contracts with the smart contract startup Simba Chain and the blockchain data management firm Constellation - focusing on using the technology for supply chain and data management. Now that the US Army is interested in blockchain experts, we can see that this technology is powering a lot of the needs of the US government.  
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eToro Reveals New Programming Language For Easier Derivatives Trading

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etoro reveals
eToro reveals a new programming language which is designed to make the derivatives trading much easier as we are about to find out in the latest cryptocurrency news below. The Israel-based exchange platform representative, who spoke on the Ethereal Summit Tel Aviv 2019 Omri Ross, explained that the new programming language named Lira will reduce the risks involved in settling financial contracts and will enable the creation of the new derivative products from assets on the ETH blockchain. The demo trading platform that was built by eToroX Labs explained the new possibility for the institutional investors to start trading derivatives by using Lira to test a full range of contract experimentation. The new language opens the possibility to set a time limit on traders and swap the different cryptocurrencies with complex settlement terms. eToro reveals the open-sourced programming language which will encourage the community development of ‘’anything from simple futures contracts to complex exotic contracts’’ including loan obligations and similar other components. The lab aims for the  language to be deployed for some other finance projects as well:
 “We are excited to see how the market and the community will adopt this new programming language in decentralized applications, on cryptocurrency exchanges and in institutional finance.’’
Unlike the other ‘’broad’’ programming languages that are used for the majority of the blockchain development, Lira will be ‘’domain-specific’’ which means that they will only be able to describe and perform a limited set of instructions. Lira will enable the counterparties to write, collect and verify the terms of the self-executing contract. Ross also explained that the typical length for scripting a financial contract in Lira that is between 6-10 lines of code:
 “Essentially, financial contracts are trivial computations, typically involving a lot of money, making them a highly suitable use-case for domain-specific programming languages. It can only describe a very limited set of instructions but does so with the highest level of competence and integrity attainable.”
The broad languages like Solidity which is the native scripting language used for Ethereum, enables a wide range of use cases but still poses a risk. Ross mentioned the DAO hack where the malicious actors managed to exploit the decentralized autonomous organization's code and stole 3.6 million Eth as we previously read in the reports of the best cryptocurrency news sites.
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Bitcoin Bulls Target $10,800 As The Price Pushes Higher

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Bitcoin Bulls Target
Bitcoin bulls target a new goal to the $10,800 price level after facing a sudden influx of selling pressure yesterday but they managed to defend its position as we are about to read more in the coming altcoin news below. Assuming that the levels are broken, it is possible that the bitcoin bulls target the $10,800 which is where the crypto previously has found some major resistance. At the time of writing, Bitcoin is trading at a current price of $10,350 and it is once again pushing up against the immediate resistance level of $10,400 which is where it has consistently found selling pressure in the past few days. Bitcoin’s bulls do appear that they are gaining strength but the cryptocurrency has bullishly responded to every dip below $10,200 over the past 24-hours and it seems like now there is a decent chance that it will decisively break above $10,400. The analysts and investors will be closely watching to see whether Bitcoin is able to sustain a move above $10,400 because the next resistance level lies at $10,800. The popular crypto analyst on Twitter, The Cryptomist stated about bitcoin in a recent tweet that she anticipated this current upwards momentum mainly because of the relative weakness of the drop that happened yesterday:
 ''The lack of volatile drop from yesterday wedge break was exactly why I was cautious. Re-test of wedge currently rejected. Sym triangle has now formed (second image). Expecting decisive break by 24 hours.’’
This morning, Bitcoin has been able to build some more strength as it nears at the resistance level of $10,400 which could be followed through by an extension of the upward momentum. Another popular crypto analyst on twitter Chronis Trading, shared his thoughts on BTC’s current price action saying that it is starting to build some strength:
 “Starting to see some more ‘strength’ here as #bitcoin continues to find stability in the low $10K’s… Alts starting to take advantage of bitcoins ranging stability.’’
As per the reports in the latest cryptocurrency news, the weekend ahead will prove to be quite illuminating for which direction the entire crypto trend will shift in the upcoming months as any decisive break above $10,800 could start a huge uptrend.
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$26 Million XRP Sent From Ripple To Ex Co-Founder Jed McCaleb

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$26 million xrp
$26 million XRP was sent from Ripple Lab’s wallet to the now ex co-founder of the company Jed McCaleb as we are reading today in the latest cryptocurrency news reports. The investors are now worried about a potential sell-off which could lead the price of the altcoin down below the current rate of $0.26. As per the reports by the Whale Alert, Jed McCaleb is now working as the CTO of Stellar which is among the top 15 largest cryptocurrencies by market cap. Previously, he worked on the CTO position of Ripple Labs but he left the company in 2013 and started working with the Stellar Development Foundation. He was also the founder of the popular Mt.Gox bitcoin exchange that is now currently not operating. He launched the site in 2010 in order to process Bitcoin to dollar traders. He later stated that he will sell the company to Mark Karpeles in 2011 but still retained some of the ownership until the collapse of the exchange in 2014. McCaleb has been selling his XRP holdings massively over the past few years. Back in 2018, his token ownership was valued at $20 billion which made him the 40th richest person in the world. His company though had a series of lawsuits and agreements and he was prevented from dumping all of his holdings at once. The fear, however, is still here after the $26 million XRP was sent to his address because such a sell-off could send the price to zero. The XRP community was outraged at Ripple’s monthly sales since now they have more than 55 billion XRP locked up and are allowed to sell only 1 billion each month. The sales of these coins go towards marketing efforts and operational costs. The community stated they feel betrayed and threatened to fork the Ripple project if their concerns are not addressed. They also started a petition in order to seek from the company to stop dumping their XRP. More than 3.5 thousand signatures have been gathered as we found out in the coming altcoin news. XRP is currently valued at around $0.26 and this position has barely changed over the past few months. XRP saw its peak in 2017 but the coin is still down around 45% from its 2019.
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