Billionaires Attack Bitcoin, Facebook Explores Blockchain – Overview of the Week!
Quick question, what attracted you to Crypto in the first place? What attracted me was cryptocurrencies' fundamental anonymity that shields private transactions from the peering green eyes of the all-knowing governmental overlords Does that answer your question? Yes Gilfoyle it most certainly does! The Pineapple fund guy has accomplished his ultimate mission and donated $55 mln in bitcoin to various nonprofit organizations, he said farewell on Reddit; then presumably disappeared into the digital sunset
Here is your overview of the Week! A self-professed “disciple” of investors Warren Buffett and Charlie Munger, Chamath Palihapitiya fired back at the legendary investors after they piled on Bitcoin in a joint interview with Bill Gates At one point Buffett called Bitcoin “rat poison squared’ Palihapitiya, CEO of VC firm Social Capital, said they were completely wrong about crypto, even using Buffett’s own advice against him: ”You define a circle of competence and you stay within in,” Palihapitiya pointed out that: “technology is not in his circle of competence” In regards to Munger, Palihapitiya said that “I think it’s really unfair to not understand something and then to disparage it” Although he does have a lot of respect for the Billionaire investors “I think they’re all exceptional at what they do” Facebook, one of the world’s largest Advertising companies ($40 bln in ad revenue in 2017) But wait, an advertising company? It’s a place to meet friends, build communities, man Afraid not brother
They harvest data for money, your data! You are the product! Anyway, having previously banned ads for ICOs, Facebook are now exploring Blockchain The team will be led by the former head of Facebook Messenger and ex PayPal president, David Marcus, who also sits on a board of Coinbase Marcus bid farewell to the messenger in a Facebook post: ‘After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch’ Facebook, however, haven’t given specifics on their Blockchain plans
Mark Zuckerberg said in January he wanted to explore crypto for its potential to empower individuals Wow, Mark, that sounds positively Utopian! Imagine a system where some Harvard educated overlord can’t sell personal information to third parties, a system where users could even monetize their own data! Zuckerberg has said he’s studying Crypto to understand how to best to use it in Facebook Mark wants onto the Blockchain, but the question is do we want him there? Fun Fact! $10 Billion worth of Bitcoin or 7% of the world’s Bitcoin is held in Bunkers around the world The vaults belong to Xapo, possibly the coldest wallet in the world More Big fish in the Crypto pond! We’re going to need a bigger boat! The owner of the NYSE is thinking about allowing customers to buy and hodl Bitcoin days after Goldman Sachs pretty much confirmed they would debut Bitcoin futures NYSE owner Intercontinental Exchange (ICE) is planning to offer traders ‘Swap contracts’ that eventually result in customers owning the cryptocurrency NASDAQ also announced it would be “open” to setting up a cryptocurrency trading platform in the future
This rat poison is proving to be quite the investment, is it not MrBuffett? Home improvements at the Buterin household! There is now an Improvement Code Casper For the Ethereum Network A new version of Casper, a code upgrade for the Ethereum network that aims to improve the economic consensus protocol, was released this week on Github The Casper code combines Proof-of-Work with Proof-of-Stake, with the eventual goal for Ethereum to switch entirely to PoS Proof-of-stake is being hailed as a more environmentally friendly alternative to proof of work because it demands less computational power On Tuesday Donald Trump announced plans to withdraw from the Iran nuclear deal and re-impose sanctions
Anticipating the collapse of the deal, Iran began looking into crypto to get around sanctions and avoid economic devastation, following steps taken by North Korea and Venezuela, who are also under sanctions from the US After the Iranian rial crashed and the currency exchanges were closed, Bitcoin became pretty much the only way to send money out of Iran, prompting ordinary Iranians to send about $25bln in Bitcoin out of the country Earlier this year, Iran announced the development of a local cryptocurrency
Despite a nationwide crypto ban, the project is apparently ready and awaiting approval Trump banned the trade of Venezuela’s Petro within the US With such powerful forces working against these ‘sanction-coins’ Is there any realistic hope of success? Thanks for watching, share this video if you’re the Pineapple fund guy
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