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Facebook Coin: Weiss Ratings slams crypto-project; claims FB is ‘noticeably absent’ from DLT discussions

Akash Anand

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Facebook Coin gets slammed by Weiss Ratings, claims company is 'noticeably absent' from DLT discussions
Source: Pixabay

The cryptocurrency industry has seen a resurgence in terms of price recently, after a majority of the top coins recorded double-digit gains over the week. In the middle of this, Weiss Ratings, the popular cryptocurrency rating platform, has taken up arms against the much-talked about Facebook Coin, tweeting,

“#FB allegedly recruiting financial firms to develop its own #crypto, project codename Libra. Financial firms are being recruited yet, #Facebook is “noticeably absent” from discussions about using #DLT to enhance user privacy. What does that say about #FBCoin? #ThisIsNoCrypto”

Weiss’ attack comes in the wake of many organizations pointing out Facebook’s tumultuous history with user privacy, citing cases such as the recent account leak and the scandal associated with Cambridge Analytica. There have also been concerns about how the tech behemoth will focus on getting more people on its roster, rather than focus on Distributed Ledger Technology that was intended to be its main focus.



Even Andreas Antonopoulos, author of Mastering Bitcoin and famous Bitcoin proponent, had previously attacked Facebook, claiming that the social media giant will sell user transaction data to commercial companies. He had said,

‘They are centralized, censorable, bordered, controlled, [permissioned], and closed systems… that have the same characteristics of fiat, but are simply now digital. Guess what? We already have digital fiat. All banks operate primarily with digital fiat. About 92% of the money supply in the world is digital fiat, with no physical equivalent in cash.”

Despite such attacks, the Mark Zuckerberg-led company has been aggressively pushing its agenda. It recently hired two former Coinbase employees to join Facebook Coin’s compliance team. Barclays had previously predicted the project’s success, claiming that the cryptocurrency could potentially be worth $19 billion. Ross Sandler, an internet analyst with Barclays, had said,

“Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today.”





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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