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Facebook has to stick to the same ethos of Bitcoin [BTC] while creating their cryptocurrency, says Minds CEO Bill Ottman

Akash Anand

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'Facebook has to stick to the same ethos of Bitcoin [BTC] while creating their cryptocurrency', says Minds CEO Bill Ottman
Source: Pixabay

The cryptocurrency market’s main goal of achieving mainstream adoption has come a long way from its nascent stages. With the involvement of behemoths like Facebook, JPMorgan and Goldman Sachs in the space, the cryptoverse has seen its dynamics change. In a recent interview with Anthony Pompliano, Bill Ottman, the founder and CEO of Minds, spoke about using cryptocurrency as a form of payment and the effect that Facebook would have on the space.

Ottman started by speaking on the issue of regulations in the space and the steps taken by the Securities and Exchange Commission [SEC] of the United States. He stated that publishing finances, whether it’s crypto or fiat, with the “SEC was cool” as bringing more transparency would make the company more trustworthy. In his words:



“We are trying to educate people on how to go on-chain with the aim to distribute rewards on-chain. I know that full decentralization is not going to happen anytime soon and neither is blockchain going to solve all the problems. The solution is to integrate decentralizations into some aspects of the daily workings.”

Anthony Pompliano further enquired about Facebook’s venture into crypto, pointing out the establishment of a blockchain team within the Mark Zuckerberg-led company. Bill Ottman claimed that the social media giant’s entry was only proving its value, and would validate the cryptocurrency industry. He added:

“If Facebook’s entry is for the good, great! Let’s go there. I have a feeling it will most likely be proprietary. The positive thing is that Zuckerberg is still young enough to understand the dynamics of the industry, so the chances of him adopting crypto are positive, just like Jack Dorsey, although he is a bit older than Zuck.”

The Minds CEO also pointed out some of the problems with the addition of blockchain technology in the social media space, one of which was deleting photos. Another loophole was the GDPR incompatibility as the GDPR does not cover the fintech industry. Ottman even spoke about the most controversial topic in the world of cryptocurrencies, proprietary products. He said:

“Don’t make proprietary products man. Just stick with the concept of decentralization and get on the same train that Bitcoin was built on.”

 





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Bitcoin SV’s roller coaster price market, R3’s new partnership and more

Jibin M George

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Crypto News – 22 May 

Ethereum Foundation’s latest update: Ethereum Foundation released a blogpost, highlighting its allocation of funds for the present and future development of the Ethereum network

Read more at https://bit.ly/2wcDJp9

Israel court makes landmark ruling: An Israeli court classified the world’s largest cryptocurrency as an asset, and not as a currency

Read more at  https://bit.ly/2JTrJAW

New chapter for Ripple: Ripple’s Pat Thelen was elected onto the U.S Faster Payments Council’s Board of Directors

Read more at https://bit.ly/2YJCr1b

Craig Wright gets attacked, again: The latest crypto-proponent to attack Wright was Monero’s Ricardo Spagni, who called Wright ‘so dumb,’ and attacked his legal credentials

Read more at https://bit.ly/2EBvtnx

CryptoCompare exchange review: Bitcoin [BTC] to USDT market share fell for the first time in 6 months post-Bitfinex fiasco, the report found

Read more at https://bit.ly/2WZfnuX

Ron Paul on crypto-ban: Former Congressman Ron Paul is in the news after he claimed that Bitcoin [BTC] and crypto-ban was highly unlikely as US Dollar will self-destruct

Read more at https://bit.ly/2WrgjLL



Bitfinex launches Tokinex: Bitfinex announced its collaboration with a hybrid Ethereum-based trading platform, Ethfinex, to launch an Initial Exchange Offering [IEO] platform, Tokinex

Read more at https://bit.ly/2HJ27UH





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