U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook Libra “cannot go forward” until serious concerns are addressed.
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said during his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee.
“I don’t think the project can go forward” without addressing those concerns, he added later.
Being pessimistic, I wonder if they are genuinely concerned about things like privacy, or just don’t want the competition.
Bryan Chaffin and Andrew Orr dig deep into the possibilities—for good and ill (mostly ill)—of Facebook’s new Libra cryptocurrency. They cover how it work, why Facebook went the cryptocurrency route, and what Facebook has to gain from the project. Spoiler, the answer is everything!
Bryan Chaffin explains how Bitcoin faucets work and which faucets you can trust to pay. [Update: Added a paying faucet and tested all faucets. – Bryan]
Today Opera is launching its Reborn 3 browser. It comes with a VPN and cryptocurrency wallet built in, and it’s also ready for Web 3.0, which is defined as a more intelligent web with machine learning, natural language search, data-mining, and more. You could make a strong argument that we’re already in Web 3.0, although Opera defines “Web 3” as a blockchain-based internet. In any case, the Reobrn 3 browser is ready for it. The crypto wallet syncs between the desktop browser and the Android app, and will be added to the iOS in the future. The update also brings a new, borderless design with light and dark modes. Opera created a short sci-fi film “in which a woman travels through a futuristic world in search of regaining control of her digital life.” You can watch that film here, and download Opera here.
U.S. and international law enforcement agencies combined to bust an international cryptocurrency fraud cartel. In total, 20 people were charged, The Next Web reported. 16 of those came from outside the U.S., and 12 of them will be extradited. Assistant Attorney General Benczkowski said that “the defendants allegedly orchestrated a highly organized and sophisticated scheme to steal money from unsuspecting victims in America and then launder their funds using cryptocurrency.”
The criminal conspiracy had defrauded Americans by listing products – usually cars – on online auction websites like eBay and Craigslist, only the item being sold didn’t exist. To make this scam seem more believable, the fraudsters had help from people based in the US. After the victims were convinced to pay, money was sent to the US-based associates who then converted the money to cryptocurrency before sending it on to their predominantely Romanian-based counterparts.
Apple this week updated its App Store Review Guidelines to address recent questions about mirroring apps like Valve’s Steam Link, free trials for non-subscription apps, cryptocurrency mining, in-app ad behavior, and more.
The Wall Street Journal has an excellent piece exploring the criminal side of cryptocurrency. Long-time readers know I’m a fan of cryptocurrency, but this piece offers excellent insight on the dark side of this technology. Here’s a snippet:
For many criminals, cryptocurrency is less cumbersome than cash. Hackers hold computer systems hostage and demand instant, anonymous payment in bitcoin. Drug dealers sell in dark corners of the internet, obscuring their names and locations. Narcotics traffickers move and launder their profits with clicks of a mouse. “The cases have exploded,” says Gabriel Bewley, a special agent in the virtual-currency initiative at the Drug Enforcement Administration.
I’ve read some really awful attacks on cryptocurrency and Bitcoin in the last few weeks, pieces that are devoid of logic, knowledge, and understanding. What I like about this piece is that it covers this real problem with facts and without hyperbole. If you’re looking for some understanding on this issue, this is a great article to read.
The anecdote came up when Woz was speaking at The Economic Times of India’s Global Business Summit, and the scam involved a stolen credit card and a reversed transaction.
In this TMO video podcast, Bryan Chaffin and John Kheit discuss Apple’s new HomePod after 10 days of use, Apple CEO Tim Cook’s FastCompany interview, Wyoming wanting to become a Crypto Tax Haven, and how music influences really are in the ear of the beholder. They also offer a couple of app picks. (WARNING NSFW: PROFANITY & RANTS)
Rumor has it that Apple is going to release a new entry level 13″ MacBook. Bryan and Jeff discuss how it might fit in Apple’s Mac product line, and what they would like to see in such a device. They also talk about Bitcoin mining and why it uses so much electricity, as well as the roles cryptocurrencies could play in our lives.
Even at its low of $10,835 on Friday, Bitcoin was still up 10.2% in December. If you look back to January 1st, 2017, when Bitcoin opened at $998, Bitcoin is up a staggering 885% on the year.
So many topics, so little time! In this episode, Bryan and Jeff address a listener question asking about Apple’s management structure. they also discuss whether or not Apple plans to merge iOS and macOS, and the cap the show with a detailed exploration of the exploding world of cryptocurrency, especially Coinbase.
After a debut fraught with problems, Bitcoin Cash trading resumed on Coinbase at some $4,329 Wednesday morning, quickly correcting closer to the rest of the BCH exchanges in the $3,300-$3,500 range.
Coinbase updated its iOS app Tuesday, as the company works overtime to beef up its infrastructure in the midst of Bitcoin Mania: 2017 Edition™. The update improved identify verification, “especially for iPhone X.” It also has a simplified sign up, optimized charts, unspecified bug fixes, and more. Coinbase is an online, hosted wallet for Bitcoin, Ethereum, and Litecoin cryptocurrencies, all of which have exploded in popularity. Coinbase features the ability to buy and sell those cryptocurrencies, and the company owns dedicated exchange GDAX. You’ll need a Coinbase account to use the company’s iOS app.
