Cryptocurrency News facebook Libra Margrethe Vestager Stablecoins 

EU Antitrust Boss Flags Facebook Crypto Libra for Monopoly Risks – CCN Markets

The European Union’s AntiTrust Chief is scrutinizing Facebook’s much-publicized crypto, Libra. | Source: Shutterstock EU regulators are investigating if the Facebook Libra “cryptocurrency” poses a threat to competition by being a potential monopoly. Margrethe Vestager is the outgoing antitrust chief of the European Union. She’s gravely concerned that Libra could violate antitrust laws. EU: Facebook Libra must not stifle competition To address this, Vestager says European regulators are examining the potential anti-competitive threats posed by Libra. “We can even look at new services even before they’re introduced,” Vestager said at…

Read More
amazon Cryptocurrency News facebook Libra 

Amazon’s Secretive Crypto is Facebook Libra’s Biggest Threat: Report – CCN Markets

Facebook’s much-publicized and criticized crypto ‘Libra’ will see competition by one of the world’s biggest tech companies, Amazon, a report has claimed. | Source: Shutterstock; edited by CCN. Since Facebook announced the Libra cryptocurrency, a couple of other similar projects have been unveiled with all of them being dubbed potential ‘Libra-killers’. They include Venus, an initiative by Binance to ‘develop localized stablecoins and digital assets pegged to fiat currencies across the globe’, and Metal Pay. But according to analysts surveyed by financial analytics company Cindicator, the biggest threat to Libra…

Read More
Cryptocurrency News european central bank facebook Libra 

ECB Exec Rips ‘Cartel-Like’ Facebook Libra in Blistering Takedown – CCN Markets

Yves Mersch, a member of the European Central Bank’s executive board, warned of the dangers of the “cartel-like, “treacherous” Facebook Libra crypto. | Source: AFP PHOTO / DANIEL ROLAND A member of the European Central Bank’s executive board sounded the alarm on the “treacherous, cartel-like” Facebook Libra cryptocurrency. Yves Mersch issued a damning warning to not be fooled by Facebook‘s hollow promises of a decentralized ecosystem. Despite its noisy protestations, Mersh warns that the Facebook Libra network will be highly centralized. That’s the opposite of what cryptocurrencies like bitcoin brag…

Read More
Altcoin News china Cryptocurrency News facebook Libra 

China’s Govt Crypto Readies Huge November Launch to Steal Libra’s Thunder – CCN Markets

China is reportedly set to launch its state crypto on the country’s biggest shopping day. | Source: Shutterstock Facebook’s fears that the bottlenecks tech firms in the free world face in developing cryptocurrencies risks opening the door for more closed societies to take the lead have been confirmed. According to Forbes, China has already developed a state-backed cryptocurrency known as DC/EP (DC- Digital Currency, EP – Electronic Payments) that could be unveiled in November. Forbes further reports that the responsibility of distributing the cryptocurrency will fall on some of China’s…

Read More
facebook Op-ed U.S. Market News 

Why FB Stock Is Poised for a 25% Rally

Facebook stock suffered a devastating investor exodus last year, but FB shares held the line and are now poised for a 25% surge. | Source: REUTERS / Dado Ruvic By CCN Markets: Facebook (FB) stock suffered a devastating 2018 amidst controversies that led to a mass investor exodus. In one particularly painful trading session, Facebook rewrote the history books with a $126 billion plunge. The social media giant weathered the storm, and FB shares are up almost 38 percent this year amid a broad stock market recovery. And as major…

Read More
facebook Libra Mark Zuckerberg Op-ed U.S. Business News 

Facebook Contractor Spies on Horrified Moderators. When Does It End?

A Facebook partner is spying on its own traumtized content moderators, giving us even more reasons to distrust Mark Zuckerberg’s company. | Source: AFP PHOTO / Brendan Smialowski Facebook released a video last year apologizing for its data misuse that likely swayed the 2016 election. It ends by saying “if this place does what it was built for, we all get a little closer.” That is the problem, Facebook. It’s time to back off. The Intercept just released an exposé detailing how managers at the Austin, Texas outpost have been…

Read More
facebook Op-ed U.S. Business News 

Court Slams Facebook, Allows Privacy Class Action Worth Billions

Facebook’s privacy woes isn’t doing the company any favors. | Source: AP Photo/Marcio Jose Sanchez, File Facebook and Mark Zuckerberg just had their ears boxed by the 9th US circuit Court of Appeals regarding privacy concerns related to Facebook’s facial recognition technology. The decision by the court opens the possibility of a massive Facebook class action lawsuit that might cost it billions of dollars. Facebook Collecting Data?  Say It Isn’t So! Back in 2015, number of Facebook users in Illinois filed a lawsuit against the company, claiming it violated the…

Read More
Brad Garlinghouse Cryptocurrency News facebook Libra 

‘Arrogant’ Facebook Sabotaged Itself With Libra Approach, Claims Ripple Chief

Ripple CEO Brad Garlinghouse has stated that the high level of scrutiny that Facebook has invited from regulators and policymakers with regards to the Libra cryptocurrency efforts is of the social media giant’s own making. Speaking on Bloomberg TV, Garlinghouse suggested that Facebook may have gone too far by stating in its white paper that it was going to create a ‘new currency’: I think there is a little bit, maybe, more than just ambitious, maybe arrogant to take the approach of ‘hey, we are going to build a, the…

Read More
Cryptocurrency News Donald Trump facebook Libra U.S. Business News 

Trump’s Libra Slam May Have Kneecapped Facebook Stock

In the age of Trump, all it takes is a single tweet to move the stock market. And the president may have done just that when he launched a tripartite attack on Facebook’s Libra cryptocurrency. Facebook Stock Can’t Shake the Trump Dump Facebook stock has remained trapped in a holding pattern since Trump gave Mark Zuckerberg’s crypto plans a big thumbs down, even as the Nasdaq and S&P 500 have continued to press toward new all-time highs. FB shares dipped to $199.31 in after-hours trading on Friday, placing them roughly…

Read More
DOJ facebook Op-ed U.S. Business News 

Facebook’s Stock Falters as the DOJ Knives Come Out

Facebook’s stock fell 1.5 percent in after-hours trading to $199.27 on two issues that may likely portend the future of the tech giant. Facebook shares fell in after-hours trading. | Source: Yahoo Finance Facebook Faces Frustrating Fracas There are a number of different issues facing Facebook right now. First of all, Facebook may have settled privacy issues with the Federal Trade Commission by paying a $5 billion fine, but that doesn’t mean privacy issues are no longer relevant. California’s privacy law is going into effect, which is going to require…

Read More