Connect with us

Technology

Facebook coming up with its own cryptocurrency in order to make amends for the Cambrige Analytica Scandal?

Kajal Bangera

Published

on

Facebook coming up with its own cryptocurrency in order to make amends for the Cambrige Analytica Scandal?
Source: Max Pixel

Facebook, the biggest and currently the most controversial social media platform around the world is reportedly going to be launching its own cryptocurrency with its main focus being on improving the cross-border payments. Although there has been no “official” confirmation of the same, the chatter on social media has already begun.

Facebook has been on everyone’s mind after the Cambridge Analytica scandal. The British Political Consulting Firm is accused of using millions of Facebook users’ data in order to manipulate the U.S Presidential Elections. Cambridge Analytica was even about to launch its own cryptocurrency and release it in Mexico this year. The data collected from the ICO would then be used to for campaign strategies for Mexico’s elections.

But ever since the scandal came out in public, both Facebook and Cambridge Analytica have been scrutinized by the public and Mark Zuckerberg, the CEO and Founder of Facebook taking the biggest hit. Ever since then, Facebook has lost millions of users who deleted their accounts from the social media platforms including Elon Musk, the CEO, and face of Tesla.

Spokespersons of Facebook have given statements on various social media platforms claiming that they would be making use of blockchain technology very soon and some argue that this is the way for Facebook to make amends.

An official of Facebook who spoke to Cheddar said that they are very serious about it. David Marcus, the Vice President of Messenger will be will be leading a new team to explore how to leverage the blockchain across Facebook in the best way possible.

Some market speculators were expecting Facebook to enter the crypto-space ever since they had banned advertising of cryptocurrency on their platform and there were a lot of people even suggesting that Facebook should get into the Blockchain Technology in order to avoid future scandals like Cambridge Analytica.

A Pompliano, a crypto-capitalist says:

“Facebook is reported to be working on their own cryptocurrency. THE VIRUS IS SPREADING AND NO ONE CAN STOP IT. “

Mark Alberts, a cryptocurrency enthusiast says:

“Sorry but I think the last thing we need is a Facebook token/currency. IMO Facebook has proven they can’t be trusted. They sidestep morals for the sake of lining their pockets.”

Dark Drumz, a Twitterati says:

“I think if facebook, did a 180 on data and focused on helping people vs using them as some form of source for generating funds, with their so called free platform, then it would be a win, however, knowing FB disregards privacy is concerning if they came in the space”

Megan Davenport, another Twitterati says:

“They’ve got no choice after what’s happened lately…. can’t believe they’re so slow with it.”

loading…




Follow us on Telegram | Twitter | Facebook



Kajal Bangera is a part of the Editorial team from March 2018 at AMBCrypto. With a background in Journalism, she has been writing and researching about Blockchain technology and cryptocurrencies for a year. She has not held any value in Bitcoin or other currencies.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoins

‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

Published

on

‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

loading…


Continue Reading

Altcoins

TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

Published

on

TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

loading…


Continue Reading

Trending