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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eToro Reveals New Programming Language For Easier Derivatives Trading
“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.
Bitcoin Bulls Target $10,800 As The Price Pushes Higher
''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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