Nobel Prize Winner Joseph Stiglitz: Only A Fool Would Trust Facebook’s Libra

Nobel-Prize-Winner-Joseph-Stiglitz-Only-A-Fool-Would-Trust-Facebooks-Libra-

Ever since Facebook launched the Libra’s white paper, the whole crypto community is been abuzz. Some are strongly criticizing the project while some see it as the future or the savior of crypto. Joseph Stiglitz, a Noble Prize winner economist, is teaming up with the people that distrust Facebook’s Libra.

According to a recent article published on MarketWatch, Stiglitz affirmed that only a fool would trust Libra. He believes that Facebook is not the kind of company that anyone should trust and that the banking sector took way longer to reach this level of distrust.

There are several problems with Facebook’s initiative. According to him, Libra could work as a shadow economy, a vehicle that could be used in illegal activities such as money laundering.

He does acknowledge that the banking currently has problems, but he affirmed that they are mostly due to the lack of competition, especially in how to make payments. This lead people to pay a lot more than they should for their transactions.

Stiglitz also noted that a possible business model for Libra could be to keep an interest paid on assets that used to be the underlying value of the stablecoin and that it makes no sense to deposit money there is there is no interest at all.

According to him, many people who are engaged in criminal activities are willing to pay a lot to avoid having their corruption detected and that governments should shut Libra down if they believe that this is the goal.

He also believes that Facebook could profit from the data of the transactions made by Libra, which is another considerably big problem in his view. Facebook has been faced with a choice between money and honoring their promises before and we all still remember that Zuckerberg picked money.

Japanese Regulators Are Afraid Of Libra

The Noble Prize winner is not alone in his crusade against Facebook’s Libra. Harukiko Kuroda, the governor of the Japanese central bank, affirmed that people need to be careful in order to increase the acceptance of such a token because it could have a negative impact on the financial stability of the country.

As the users buy Libra, the money goes to a basket of tokens, but no one knows what assets currently comprise this basket. This was, in his view, mostly done to avoid the national regulation of any country in particular. The users will not receive an interest rate on the assets, too, which means that Facebook probably will.

It seems that no one is actually very trusting that Facebook’s project will be something good for society, so we’ll possibly see a lot of controversy coming up soon.

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Author: Gabriel Machado

WANCHAIN Price Prediction Today: Daily (WAN) Value Forecast – July 3

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  • The short-term is in the uptrend while the medium-term outlook is in a range-bound market.
  • Patience should be exercise trading the consolidation.

Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.3000, $0.2000, $0.1000

WANUSD is in a range-bound market in the medium-term outlook. The coin has been in consolidation since 27th June. $0.3221 was the low while $0.3742 was the high during yesterday session. The bulls had control within the range as the market opens today at $0.3400 as they pushed the coin up to $0.3642.

The resistance at the 50-EMA may be broken in the medium-term with the signal of the stochastic oscillator pointing up at 56% which suggest upward momentum in price of the coin.

WANUSD is in consolidation and trading between $0.3900 in the upper supply area and at $0.3200 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

WAN/USD Short-term Trend: Bullish

The short-term outlook of the cryptocurrency is in an uptrend. The market opens on a bullish note at $0.33390 with a bullish spinning top. The cryptocurrency rose to $0.3585 as the bullish momentum increased breaking the resistance at the two EMAs.

With price up at $0.3642 as the bulls confirm the takeover and journey up north, the signal of the stochastic oscillator points up at 69% affirming the upward price movement in the short-term.

$0.3750 in the supply area is on the card as more candles open and closed above the two EMAs.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Dukascopy’s Dukascash Stablecoin Adds Five Pegged Fiat Currencies; CNY+, GBP+, JPY+, MXN+, RUB+

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Ever since Tether (USDT) launched its stablecoin and achieved some success in pegging its value to fiat currency, several companies are trying to take its place. True USD (TUSD), USD Coin (USDC), Paxos Standard (PAX) and other names easily come to mind when we talk about this.

Now, a new company is trying to get its place in the market. Ducascopy, a forex bank and broker from Switzerland, is currently expanding its Dukascash token. Dukascash is a stablecoin that is pegged to a family of fiat currencies.

Initially, the token had three options of tokens, they were USD+ (pegged to the U. S. dollar), EUR+ (pegged to the Euro) and CHF+ (pegged to the Swiss franc).

Now, however, five new options were added so that the clients of the company will have considerably more options for investment in case they are interested in knowing more about Dukascash. The new options include GBP+ (Great Britain Pound), CNY+ (Chinese Renminbi), JPY+ (Japanese Yen), RUB+ (Russian Rubble) and the MXN+ (Mexican Peso).

All the new options will be available for the clients right now, however, this is still considered to be the test phase of the project. Because of this, your transactions cannot be smaller than 1000 tokens in case you are interested in using these assets anytime soon.

It is easy to mint new tokens. The person who wants to do it can simply deposit fiat and receive their tokens if they are a client of the company. They can also trade and acquire the new tokens that were already minted before.

Dukascopy is also offering custody services for the clients who want the company to hold their tokens. The bank is currently issuing several tokens and releasing them to the clients, according to the demand.

The next step of the project is to start to offer custody services for the clients. All the kinds of Dukascash tokens will be accepted in this new custodial service and they can be used to pay for fees of the company.

Dukascopy made the decision to become a crypto friendly bank recently and since then it has started some partnerships in order to make sure that it offers top service for its new clients who are interested in the crypto world. One of the first partnerships was done with a Bitcoin exchange called Bitstamp last year and it worked to enabler crypto funding on the main Dukascopy platform.

Now, the clients of the broker bank are able to exchange USD and BTC and to receive cryptocurrencies instead of fiat when they decide to withdraw their money from the institution.

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Author: Gabriel Machado

Crypto Crap Is Not Compliant and is for Drug Dealers: Shark Tank Investor Kevin O’Leary

Crypto-is-Crap-and-is-for-Drug-Dealers-Kevin-O-Leary

As with pretty much anything else, it is not surprising that there are those who have problems with the fundamental nature of certain technology. Cryptocurrency and blockchain technology have been praised by many as a very important innovation to bring about commendable changes and improvements to the current practices in today’s traditional and financial markets.

Regardless of its many uses, a lot of people including high-ranking members of certain governments are not happy with the basic design of cryptocurrency and are afraid that it could bring about certain problems. Already on the darkweb, cryptocurrency is the most preferred payment method and because it is largely untraceable and irreversible, it has been a big problem for law enforcement agencies. Also a few months ago, a US congressman called on his colleagues to shutdown the use of cryptocurrency because it affects the country’s financial sovereignty. Now another person who has been a vocal soldier in the anti-crypto army is Kevin O’Leary, a Canadian TV personality and businessman.

Cryptocurrency Is Crap And Non-Compliant

Popularly known as Mr. Wonderful, O’leary expressed his disapproval for digital assets, saying the fact that the sector is largely unregulated and does not comply with most global financial statutes is a big problem for him.

O’leary said:

“If I want to be compliant and I don’t want to breach any regulators because I’m a participant in financial service globally – and that is where the majority of money is – … I have to be compliant. I have no interest in doing any of this crypto crap because it is not compliant and regulators in all countries do not agree.”

In his short rant, O’leary proposed a different currency that would be a digital asset backed by four of the most prominent currencies including the U.S. Dollar, the Euro, the Swiss Franc and the Japanese Yen. Hypothetically calling it the WonderCoin, O’leary said it would be fully regulated and used to pay taxes, handle debts, purchase equities and also easily be converted to any of the four fiat currencies. Anything apart from this would be untenable for him as he said:

“All of this non-compliant stuff, I don’t want to get involved with a drug dealer trading Bitcoins somewhere. I want nothing to do with that.”

Jeremy Allaire, the co-founder and CEO of Circle was on the other end of the conversation and tried to straighten things out for O’leary. Allaire explains that saying the cryptosphere is completely devoid of regulation would be untrue because entities who serve as middlemen between the traditional financial system and the cryptosphere are fully regulated by the government. He said:

“The crypto industry has been regulated in the U.S. since 2013. If you want to sit between the banking system and cryptocurrency, you have to be licensed as a financial institution.”

O’leary was however not satisfied with anything Allaire said and still called crypto a “rogue currency.”

This isn’t the first time Mr wonderful has publicly spoken against cryptocurrency. Back in May, O’leary said bitcoin is a useless currency because people who use it seem to only want a hedge due to the instability.

Halt The Libra!

The fight against crypto is still ongoing as on Tuesday, July 2, members of the U.S. House Committee on Financial Services wrote a letter to Facebook asking that “Facebook and its partners immediately agree to a moratorium on any movement forward on Libra – its proposed cryptocurrency and Calibra – its proposed digital wallet.”

The letter expresses its concerns to Facebook CEO, Mark Zuckerberg, COO Sheryl Sandberg and Libra/Calibra CEO, David Marcus.

“The letter says that the Libra and Calibra may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.”

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Tolu

Binance Coin Price Prediction Today: Daily (BNB) Value Forecast – July 3

Binance-completes-system-update-and-launches-50000-BNB-prize-for-premium-users-Withdrawals-still-remain-suspended
  • The BNB market fluctuates between the levels of $30 and $40.
  • However, if a coin experience a bullish or bearish breakout then a trader should suspend his range bound trading.

BNB/USD Medium-term Trend: Bullish

  • Resistance Levels: $36, $37¸ $38
  • Support levels: $30, $29, $28

Yesterday, July 2, the price of Binance Coin was in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally. The BNB market fluctuates between the levels of $30 and $40. On June 21, the bulls tested the upper price range and were resisted. The coin is approaching the lower price range and may face resistance at the lower price range. A trader can trade a ranging market.

A trader should initiate a short trade at the upper price level and exit such trade near the lower price range. Similarly, a long trade should be initiated at the lower price range and exit such trade near the upper price range. However, if a coin experience a bullish or bearish breakout then a trader should suspend his range bound trading. Nevertheless, Binance Coin is at the oversold region of the daily stochastic but below the 40% range. This indicates that the price is in the bearish momentum and a sell signal.

BNB/USD Short-term Trend: Ranging

On the 1-hour chart, the BNB price was in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally. Today, the crypto’s price is fluctuating below and above the EMAs.

The crypto’s price is characterized by small body candlesticks like the Doji and the Spinning tops which describe the indecision between the buyers and sellers about the current market price. The daily stochastic is in the overbought region but above the 20% range. This indicates that price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Gab’s Crowdfunding Campaign Hopes to Raise $10M to Use Bitcoin and ‘Decentralize Dissent’

Gab's Crowdfunding Campaign Hopes to Raise $10M to Use Bitcoin and 'Decentralize Dissent'

The free-speech maximalist website is decentralizing. In fact, it has just placed a bid to amass $10 million in crowdfunding. The platform aspires to get the entire amount in a Series A crowdfunding round in an attempt to decentralize its framework and fully leverage Lightning Network in its operations.

The platform first hopes to revolutionize its current platform as a “federated network of interconnected servers” and subsequently re-launch it. The “echo chamber” for “extremist,” as it is popularly called, also plans to integrate Bitcoin into its operations. But even as it banks on getting funded, Gab itself isn’t new to controversy.

$10 Million to ‘Decentralize the Web’

Gab is barely two years old as it was founded in 2016. But its fame is mainly because it welcomes everyone thrown out of Facebook and Twitter after spreading hate with open arms. According to the site’s CEO, Andrew Torba, the funds raised would be used to “decentralize the web” while upholding “freedom, digital sovereignty and privacy.”

In his interview with Decrypt, he said that they’d do their part and stifle bans and campaigns against free speech that’s propagated by the mainstream social sites, which he referred to as “Silicon Valley stalwarts.”

Gab has never shied away from supporting digital currencies. Indeed, Bitcoin or the “free speech money” is one among its three main pillars; others being free speech and freedom. And as it launches the campaign, the site will heavily rely on its dutiful supporters to chip in and donate the “free speech money.”

Torba, in his words, seems very convinced that the opposition that users of his site face could soon be “a thing of the past.” The success of the Series A campaign, along with the site’s apparent dalliance with decentralized, open-source technologies, will undoubtedly go a long way in making Gab “unstoppable.”

Bitcoin also seems right for a social media website which, owing to its extremist views, has been “no-platformed” by popular payment getaways, including PayPal, Stripe and Bitpay. And should it succeed in raising funds, there’s no doubt its fame will skyrocket, even if hitting the $10 million target isn’t a guarantee.

“Dissenter Web Browser” Already Launched

Already, there’s a free speech-oriented “Dissenter Web Browser” that comes with a native ad blocker. The open-source browser even has a built-in Comment Extension and an integrated BTC and Lightning Network wallet feature. All these features, according to Gab, are to stop mainstream browsers from monitoring the activities of Gab users on the internet.

Over 50% of the site’s one million users, according to the campaign are from the US with the rest coming from Brazil, the UK, Canada and Germany. It should be remembered that both Apple and Google App stores banned gap app, probably because of the views, it stands for.

All Donations “Strictly” in BTC

Gab has reportedly been relying on the Cash App to handle all BTC donations. The Square-owned app, transacted on behalf of the social media site, especially because neither the site nor its CEO could use Cainbase.

It is important to note that the crowdfunding campaign will be a ‘straight sale of non-voting preferred stock.’ All donations will, however, be “strictly Bitcoin” although other cryptos could be accepted to buy the stock. Finally, it will be interesting to see how Torba and his ‘decentralized dissent’ campaigns fairs on.

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Author: Lillian Peter

Bitflyer Will Let Customers Open Accounts Again After One Year of Voluntary Suspension

Bitflyer-Will-Let-Customers-Open-Accounts-Again-After-One-Year-of-Voluntary-Suspension

A cryptocurrency exchange based in Tokyo called Bitflyer has recently decided to let its customers open up accounts again after around a year in which the company voluntarily decided to shut down new registrations after receiving an operational improvement order from the Financial Services Agency (FSA), the watchdog that takes care of crypto exchanges in Japan.

In April 2018, the Japanese FSA sent the order to Bitflyer. At the time, the company was notified that the watchdog had concerns about the identification procedures that were done by the company and that there was a high risk of money laundering because the process was not efficient enough.

So, in order to upgrade its system, Bitflyer voluntarily decided to stop new accounts from being opened. The time would be used to create new mechanisms that would help the company in order to be compliant with the local laws and to be approved by the FSA.

At the time, the company affirmed that it would strive in order to restore the trust of the consumers and that it would use its resources in order to strengthen the security of the identity management system of the company.

Also, all customers that registered online could not withdraw any fiat currency before they confirmed their ID via the postal system. As soon as they were approved, they would receive an email that would affirm that they could finally withdraw the funds.

According to some documents (currently only in Japanese), Bitflyer has until July 23, 2020, to submit a new business improvement plan to the FSA. All changes concerning aspects such as the identification system and the anti-money laundering measures have to be included in the future report.

Bitflyer has affirmed that the new accounts can be opened soon but that it may take a while before they are approved because the service is being reinstated just now.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Zcoin Price Prediction Today: Daily (XZC) Value Forecast – July 2

  • On the downside, if the bearish trend continues, the market will reach the lows of $7, or $8 price level.
  • From the price action, the bulls were unable to break the $13 price level.

XZC/USD Medium-term Trend: Bearish

  • Resistance Levels: $12.0, $13.0 $14.0
  • Support levels: $10.0, $9., $8.0

Yesterday, July 1, the price of Zcoin was in a bearish trend zone. From the Fibonacci tool, the coin has reached the downtrend zone of Fib retracement level. The price of Zcoin has earlier broken the continuation zones of 0.236 and 0.382 Fib. retracement level. The current trend may have been terminated. On the downside, if the bearish trend continues, the market will reach the lows of $7, or $8 price level.

From the price action, the bulls were unable to break the $13 price level. On June 12, the bulls were resisted and the price retraced to the  12-day EMA. On June 19, the bulls tested the $13 price level and were resisted. The market had a downward correction to a low of $10. Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but below the 40% range. This indicates that price is in the bearish momentum and a sell signal.

. XZC/USD Short-term Trend: Bearish

On the 1-hour chart, the XZC price was in a bearish trend. The 12-day EMA and the 26-day EMA were pointing southward indicating that price is in a downtrend. On June 26, the crypto’s price tested the $12.50 resistance level. The market was on a downward correction to at $10. Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in the bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

British Regulator Looks to Possibly Ban Crypto CFDs For Retail Investors as Security Tightens

British-Regulator-Will-Possibly-Ban-Crypto-CFDs-For-Retail-Investors

The Financial Conduct Authority (FCA), known as one of the most important financial watchdogs of the United Kingdom, is currently preparing a ban on the sale of crypto derivative assets to retail investors in the country.

An official document released by the institution has been revealed recently. The document is entitled “Restricting contract for difference products sold to retail clients” and, as you may have guessed already because of its name, it is all about not allowing retail clients to purchase contract for difference products (CFDs) anymore.

If this is to actually pass, investment options such as Bitcoin (BTC) derivatives could be endangered in the United Kingdom.

According to the FCA, a consultation paper should be published in the next few days. The paper will explain the potential ban on the sale of these assets to regular retail customers.

In fact, the decision is far from sudden, as it was talked about for over a year. The executive director of strategy and competition at the FCA, Christopher Woolard, hinted at the ban in 2018.

The FCA has met with the U. K. Crypto asset Task force in July 2018 when the task force published its report on the sector. A public commitment to ban crypto-based CFD for retail investors has been made back then and updated in October last year.

Now, the FCA affirmed that the new rules will replace the current ones for crypto-based contracts for difference as soon as they are approved. The new regulation, according to them, will start to be enforced “shortly”, while no time frame was explicit, we can hope shortly to be still in 2019.

The market will certainly be impacted if the idea of banning this kind of investment moves forward. The main reasoning behind the decision is that CFDs are considered to be complex and leveraged, so most retail investors are risking too much by investing in them.

In order to protect these investors, the regulator will ban them from the market, which is considered the correct attitude by their members. This, the FCA affirmed, will make British people save around $338 to $570 million USD per year. In any case, it is still early to panic if you are a retail investor that invests in CFDs, as nothing is set in stone so far.

Somewhat related to this, the central bank of the U. K. has recently affirmed that Facebook’s Libra coin can have genuine use cases if it was adapted and tailored to the demands of regulatory bodies around the globe.

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Author: Gabriel Machado

Facebook’s Libra Movement Receives Backlash in Washington About Cryptocurrency Project

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Facebook’s Libra plan has once more been criticized. This time, however, the complaints do not come from the crypto community, which is fairly negative on the whole project, but from the government of the United States.

A letter signed by over 30 influential groups in Washington was recently sent to Facebook. The letter demanded the project to be halt immediately as there were “profound questions” about the project, as reported by Bloomberg.

This letter was signed by five congressional committees’ leaders and the main point was that the regulators were simply not prepared to deal with something like the Libra project right now.

In their view, the project of the social network company would still need to address some questions and concerns before the project could be allowed to move forward and be really launched in the United States.

Maxime Walters, the House Financial Services Committee Chairwoman, affirmed that she believed that Facebook’ Libra posed a risk that was simply too big to be allowed to go forward with so many questions without a proper answer.

Facebook did not publicly respond to the letter until the time of this report.

Facebook’s Libra Will Have A Hard Time Being Regulated

If cryptocurrencies posed a huge problem for regulators who were uncertain of how to deal with them, the truth is that Libra is possibly even more troublesome, mostly because Facebook is huge. The reach of a project such as this one is unseen in history and we all know that Libra has the potential to reach even more people than Bitcoin did.

When that happens, how will the world react? Facebook has announced the Libra Association, which has companies such as Mastercard, Visa, Paypal and Uber in its ranks, but most people are still afraid that the new token could be way too centralized.

Governments such as India have already indicated that maybe Facebook’s Libra will not be welcome there, while other governments, such as the Russian, will treat it just like any other crypto.

The United States will possibly provide a good thermometer for how difficult it will be for Facebook to get approval and, so far, it does not really seem that it will be very easy. Libra is still far from its launch but the team behind the new cryptocurrency already has a lot of problems to solve.

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Author: Gabriel Machado