Movers & Shakers: July 18, 2019
Stories moving the markets and shaking up the world.
Facebook’s Libra cryptocurrency ‘may do more to endanger America’ than 9/11, Rep. Brad Sherman says
California Rep. Brad Sherman thinks Facebook’s new cryptocurrency could be dangerous to Americans — even more so than Osama Bin Laden carrying out the 9/11 terror attacks.
Outlook for Facebook's Libra goes from bad to worse
It's a real possibility that Congress could seek to halt the offering.
Movers & Shakers: July 17, 2019
Stories moving the markets and shaking up the world.
JPMorgan CEO Jamie Dimon knocks Facebook's Libra, 'I wouldn't spend too much time on it'
JPMorgan is working on its own digital currency.
Facebook's Libra won't launch until 'regulatory concerns' are addressed, David Marcus says
Marcus is set to testify before the Senate Banking Committee on Tuesday to address widespread concerns about Libra.
As Trump targets Libra, Facebook's cryptocurrency faces 'uphill climb' after call for bank charter
Should Facebook be required to register as a bank and submit to banking regulations if it plans to move forward with Libra? President Trump thinks so.
Trump slams cryptocurrencies, criticizes Facebook’s Libra: 'I am not a fan'
President Trump in a series of tweets said he was “not a fan” of bitcoin and other currencies before criticizing Facebook’s Libra cryptocurrency.
Blockstack holds first SEC-approved digital coin offering
Blockstack’s public offering essentially functions as a regulated form of an initial coin offering, a popular fundraising mechanism for cryptocurrency startups.
Facebook's Calibra chief responds to Senate committee's concerns on Libra cryptocurrency
Facebook’s head of Calibra, its new digital currency, responded to letters from Congress in a letter.
Fed Chairman Powell: Facebook's Libra raises 'many serious concerns'
The cryptocurrency platform raises concerns on money laundering, consumer protection and financial security, Powell said.
Bitcoin ATMs to be tested out at Sheetz convenience stores
Sheetz announced Tuesday it will be adding bitcoin ATMs to six stores in Pennsylvania and North Carolina, giving customers the opportunity to sell and buy cryptocurrency using U.S. dollars.
Facebook cryptocurrency chief vows transparency as House Dems demand Libra halt
Facebook's David Marcus said that he will testify before both the Senate Banking Committee and the House Financial Services Committee
Facebook's new digital currency faces early uphill battle with regulators
Lawmakers are asking Facebook to halt work on the offering, while the Federal Reserve is "looking at it carefully."
EXCLUSIVE: After Stephen Moore's failed Fed bid, he's creating a crypto central bank
Moore has joined a group of entrepreneurs who are starting what they describe as a new type of central bank they believe will stabilize cryptocurrencies like bitcoin and its myriad of imitators.
Bitcoin hits $11K: A timeline of cryptocurrency's rise, fall and rebound
Bitcoin’s price has climbed steadily in recent months as Facebook prepared to launch its digital currency, Libra.
Facebook met with Fed officials before unveiling Libra, Powell confirms
On Tuesday, the social media giant unveiled details about Libra, a new cryptocurrency powered by blockchain.
Rep. Maxine Waters, other lawmakers want hearing on Facebook's Libra cryptocurrency
Rep. Maxine Waters requested Tuesday that Facebook halt the development of its new cryptocurrency Libra until it undergoes congressional and regulatory review.
Winklevoss twins on Facebook's Libra cryptocurrency: 'We need to be frenemies'
The Winklevoss twins famously accused Mark Zuckerberg of stealing the idea for Facebook.
Facebook's cryptocurrency Libra unveiled
Mark Zuckerberg’s company introduced its new cryptocurrency and related product.
Cryptocurrency FAQs
What is Cryptocurrency?
Cryptocurrency, or crypto, is a form of digital asset that is secured by cryptography and the blockchain. The most notable example of a cryptocurrency is bitcoin, though thousands of other similar assets exist. Cryptocurrencies are regarded by many as the money tech of the future due to their accessibility and un-censorable nature.
How do cryptocurrencies work?
Cryptocurrency networks, or blockchains, are independently verified by a matrix of computers that record all transactions and ensure a consensus throughout the chain. This means that all network information is recorded immutably and permanently; transactions cannot be prevented, blocked, or changed. Network participants can thus trust each other and transact without the need for a centralized intermediary.
How can I buy a cryptocurrency?
There are many markets for cryptocurrencies where you can exchange USD for the cryptocurrency of your choice. These include centralized exchanges and services such as Coinbase and PayPal, or decentralized alternatives like UniSwap where you can swap between crypto-assets. To use a centralized exchange, you’ll need to submit personal information such as your passport or driver’s license. Note that the price of digital assets can change rapidly, so timing your purchases well is essential.
Where can I keep my crypto coins?
Cryptocurrencies can usually be held with the exchange or business you bought them from. However, as these exchanges can be hacked, it is advisable to move your assets to your own personal wallet. These wallets are more secure and can be accessed from your laptop, phone, or other mobile devices.
What can I buy with crypto?
Real work adoption of crypto is still ongoing. However, more businesses are accepting crypto and you can buy goods and services as diverse as real estate, stocks, travel, gambling, websites, and much more. This trend should continue over time as cryptocurrencies become better known, accepted and trusted.
Pros and cons of investing in a cryptocurrency
You may have read the news that crypto has broken all-time highs recently. This is the main advantage, that we are early in the asset’s history and prices have generally gone rapidly upwards. However, you should be aware that volatility is significant and you can similarly lose money quickly if your timing is poor. Security is also a major issue and you must ensure you secure your crypto and transactions well or you could become a victim of theft or fraud.