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Citing multiple anonymous sources who spoke on the condition of anonymity, the Times pieces together the alleged contours of the project, which will reportedly aim to integrate cryptocurrency payments into its messaging services.
Notably, Facebook plans to rehaul its messaging infrastructure and integrate its three wholly-owned apps — WhatsApp, Messenger and Instagram — under one canopy. As the Times notes, this would provide a future crypto token with exposure across the combined 2.7 billion who use the three services each month.
A crypto-powered payments system that would operate from within a messaging system, the Times notes, is an idea being hotly pursued by several global messaging giants, such as Korea’s Kakao, Line in Japan, and Russian-developed Telegram.
According to NYT, Facebook launched its crypto project — led by ex-PayPal president David Marcus — shortly after Telegram had sealed close to $1.7 billion in two private initial coin offering (ICO) rounds for its forthcoming token and blockchain platform Telegram Open Network (TON).
Facebook has reportedly employed over 50 engineers to develop its cryptocurrency, three unnamed sources told the NYT. A further two told the newspaper that the importance of keeping the project under wraps is such that the relevant team has been given an office with separate key-card access to keep the details private from other employees.
Notably, five sources claiming to have been briefed on the team’s work alleged the forthcoming coin was most likely to be a fiat-pegged stablecoin — tied to the value of three different national fiat currencies, rather than just one.
The NYT notes, citing the anonymous sources, that Facebook has already begun shopping the “Facebook coin” around to unnamed crypto exchanges.
The question of centralization — and how far Facebook will allow its digital coin transactions to be decentralized, remains moot, according to NYT. Moreover, the Times cites industry experts who argued that Facebook is likely to face the same technological limitations and regulatory hurdles that have beset stalwart cryptocurrencies such as Bitcoin.
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Dispite the high amount of shorts, current dip & EMA showing more downtrend etc.. we are bullish on Bitcoin and a retest to the 6500$ is more likely. On the daily the resistance is at 6447$ and the support is 6366$.
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Chinese mining hardware manufacturers may have to contend with steep U.S. tariffs under a new regime introduced this summer by the Trump administration, To stimulate more thorough tax filings, Japan is looking to ease crypto reporting mechanisms. OTC trading firm release summary stats for its crypto loans spin-off, processes $550 Million in first sixth months, Samsung has begun a new production process for its 7nm chips, making them more energy efficient, which could reduce costs for crypto.
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Bitcoin still moving sideways and therefore it’s hard to pull out any profit really! But a breakout is coming. The support is at 6370$ & the resistance is 6416$. We are trading altcoins currently, catch our latest trades on Telegram from the link in our bio ⤴️
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Ethereum core devs have officially decided to delay a planned hard fork, dubbed “Constantinople,” until January 2019 “at the earliest”, An EY report into “The Class of 2017” ICOs found that 86% of tokens are trading below their listing price, 71% have no working product.
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#Bitcoin daily update. Trend: LongTerm Trend is DOWN since 2018-02-10. The last bar was a intermediate swing breakout to the upside and in the past 5 bars we had an intermediate swing b/o to the upside. Price action is neither overbought or oversold. Analyze #crypto using AI with nvest and join the revolution. #Ethereum #CryptoCurrency #hodl #blockchain#bitcoininvestment #cryptosignals #zcash #cryptocurrencyTakingover #BitcoinUK #investor #coinbase #forexgroup #ForexAnalysis #cryptocurrencynews #sweepstakes #profits #lovemyjob#tweetgram #f4f #followback #algorithms #tech #codingisfun #ai