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John Kiff

What is Libra, Facebook's new digital coin? - 0 views

www.ft.com/...5c-90de-11e9-aea1-2b1d33ac3271

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Facebook has revealed plans for an ambitious new digital currency, Libra, ending months of speculation about the project. The work is in its early stages but Facebook has published documents revealing ideas for the currency and some heavyweight partners. Many of the details will be hashed out in the coming months.
John Kiff

Facebook announces Libra cryptocurrency with a massive list of partners - 0 views

mashable.com/...facebook-libra

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Signing up for Calibra will require KYC (know your customer) verification, meaning that users will have to upload some sort of government-issued ID before they can start using the service.
John Kiff

Ripple Could Invest Up to $50 Million in MoneyGram in XRP Boosting Deal - 0 views

www.coindesk.com/moneygram-in-xrp-boosting-deal

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Ripple has struck a deal to buy a stake in money transfer giant MoneyGram that will see MoneyGram using XRP as part of its day-to-day operations by way of Ripple's xRapid transaction product. MoneyGram started piloting the token back in January 2018.
John Kiff

Facebook's Libra Cryptocurrency: Under The Hood - 0 views

www.forbes.com/...-cryptocurrency-under-the-hood

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    From a technical perspective, the consensus mechanism that helps members with different interests come to an agreement uses a modified version of the math behind bitcoin's Byzantine Fault Tolerance (BFT) algorithm, called BFTLibra.
John Kiff

Facebook Unveils New "Currency" - 0 views

www.centralbanking.com/...facebook-unveils-new-currency

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    A possible policy impact could come from Libra's use as a safe haven. It may be easier for people to flee to Libra than to dollar assets, which could impact exchange rates worldwide. To the extent Libra attracts depositors away from banks, it could have an impact on banks' access to funding.
John Kiff

Facebook's GlobalCoin Is No Threat to Bitcoin, But Banks Should Worry - 0 views

tabbforum.com/...bitcoin-but-banks-should-worry

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    PayPal, for example, charges a three percent transaction fee, which takes a substantial cut out of businesses and freelancers who use their payment service for the majority of their transactions. Unless PayPal and its peers lower their fees in response to the new competition from Facebook, they could end up losing substantial market share.
John Kiff

Facebook debuts Libra cryptocurrency: a Bitcoin killer? - 0 views

www.zdnet.com/...ryptocurrency-a-bitcoin-killer

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Facebook says that Calibra customers' account information and financial data will not be used to improve ad targeting on the Facebook family of products and only in limited cases will information be shared to reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra.
John Kiff

Better Than Bitcoin? Facebook Unveils Libra Cryptocurrency - 0 views

www.bloomberg.com/...k-unveils-libra-cryptocurrency

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    U.S. regulations may represent another hurdle for Facebook. The SEC has shut down about a dozen businesses issuing their own tokens for violations of securities law. Facebook has been in contact with the SEC, but it hasn't received a "no-action" letter from the SEC yet. That would have safeguarded the project from regulatory action by the agency.
John Kiff

Facebook's Libra coin is a symptom of banks' flaws - 0 views

www.ft.com/...68-910b-11e9-aea1-2b1d33ac3271

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    A digital challenger with the clout of Big Tech is the stuff of nightmares for the old guard of finance. Facebook says that money transfers with Libra will be fast and cheap. That would undercut banks' transaction fees, especially internationally.
John Kiff

What exactly is Facebook's Libra Reserve? - 0 views

ftalphaville.ft.com/...y-is-Facebook-s-Libra-Reserve-

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Some are comparing Facebook's Libra Reserve scheme to the IMF's Special Drawing Right (SDR) system. This makes sense. It's based on a basket of currencies just like Libra intends to be when it is launched next year. But the truth is Libra is anything but an SDR system.
John Kiff

Facebook's Libra: blockchain, but without the blocks or chain - 0 views

ftalphaville.ft.com/...ut-without-the-blocks-or-chain

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Talk of decentralised structures is everywhere in the introductory material, but for now the system only aspires to achieve decentralisation at some point in the future. Libra Blockchain will be coming to market in fully permissioned form, effectively centrally controlled by the founder Libra coin holders.
John Kiff

There's a Second Token: A Breakdown of Facebook's Crypto Economy - 0 views

www.coindesk.com/f-facebooks-blockchain-economy

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    In addition to Libra, the project will also issue a "Libra investment token" that will be sold only to the founding corporate members of the Libra Association, and accredited investors. Excess interest earned on the portfolio backing outstanding Libra collateral will go to holders of the investment tokens.
John Kiff

Facebook's Libra Cryptocurrency: A Technical Deep Dive - 0 views

www.coindesk.com/currency-a-technical-deep-dive

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Facebook has built a dedicated computer programming language called "Move" to provide more flexibility to the Libra blockchain. By building programmability into the blockchain, it can take advantage of new functionality or new techniques, without an entire network upgrade.
John Kiff

Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked - 0 views

www.coindesk.com/ry-to-support-new-libra-crypto

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Among the payments giants, a number of NGOs are involved in the Libra Association, including Creative Destruction Lab, Kiva, Mercy Corps and Women's World Banking. To become a "Social Impact Partner," participating non-profits must have a five-year track record of poverty alleviation work, including digital financial inclusion initiatives in the field, and an operating budget of greater than $50 million.
John Kiff

Behold Libra, the global cryptocurrency masterminded by Facebook - 0 views

qz.com/...-its-new-global-cryptocurrency

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Third parties will be able to build their own apps, wallets, and marketplaces around Libra. If you want to, though, you can use Facebook's digital wallet, Calibra, a regulated subsidiary. In the US, Calibra is registered as a money service business, and will be overseen by the US Treasury.
John Kiff

Zuckerberg: The man who would be monetary king - 0 views

ftalphaville.ft.com/...man-who-would-be-monetary-king

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Libra is nothing more than a brazen attempt to override national monetary sovereignty by creating a global-scale Fed equivalent - within which Facebook's dominance is veiled by the cunning use of buzzwords like blockchain, DLT, decentralisation and cryptocurrency.
John Kiff

Facebook confirms it will launch a cryptocurrency called Libra in 2020 - 0 views

www.theverge.com/...rrency-calibra-wallet-announce

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Because Facebook owns Calibra and also has a seat on the Libra Association, it will be the only entity on the currently 29-member board that will effectively have two votes. But the governing structure of the Libra Association is still evolving.
John Kiff

Facebook's Calibra is a secret weapon for monetizing its new cryptocurrency - 0 views

www.theverge.com/...in-weil-david-marcus-interview

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    Calibra is how Facebook intends to make money off Libra. More generally, it's a massive play for Facebook to get into financial services in a way that no other technology company may be able to compete with.
John Kiff

Alphaville's Libra cheat sheet - 0 views

ftalphaville.ft.com/...Alphaville-s-Libra-cheat-sheet

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shared by John Kiff on 18 Jun 19 - No Cached
  • John Kiff on 18 Jun 19
     
    After months and months of speculation, Facebook has finally revealed the details of its would-be cryptocurrency challenger.
John Kiff

JPMorgan Says Importance of Bitcoin Futures Has Been Understated - 0 views

www.bloomberg.com/...n-futures-has-been-understated

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shared by John Kiff on 17 Jun 19 - Cached
  • John Kiff on 17 Jun 19
     
    The overstatement of trading volumes by cryptocurrency exchanges, and by implication the understatement of the importance of listed futures, suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors.
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