Facebook’s David Marcus Assures Congress That Libra Will Cooperate

David Marcus, the head of Calibra at Facebook, has written a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee in preparation for the upcoming Libra hearings, according to a report by The Hill on July 9.  According to the report, Marcus wrote, “I want to give you my personal assurance that we are committed to taking the time to do this right.” In addition to being the head of the Calibra wallet, LinkedIn lists David Marcus as the co-creator of Libra. Marcus’ letter is only…

Chia Releases Green Paper Detailing Eco-Friendly Means of Crypto Mining

San Francisco-based tech firm Chia Network has released a green paper that describes an eco-friendly means of mining cryptocurrencies. The green paper provides a description of how proof of space and proof of time create a “Nakamoto-style” consensus algorithm for Chia’s blockchain. Specifically, Chia proposes to “farm” rather than mine to verify blockchains that issue cryptocurrencies, wherein proof of space and proof of time take the place of the proof of work (PoW) principle used for mining of Bitcoin (BTC) and Ethereum (ETH). The paper further explains:  “Instead of using…

New York Attorney General Fights Dismissal Motion in Bitfinex, Tether Case

The office of the New York Attorney General (OAG) has claimed that crypto exchange Bitfinex and stablecoin firm Tether have been operating in New York into 2019, according to official documents filed in the New York State Courts on June 8. The OAG has submitted these documents to fight Bitfinex and Tether’s motion to dismiss the case, a motion filed in May. The defendants argued that the case should be thrown out because they were not operating their businesses in New York. They noted that the OAG had appealed to…

Italy, Sweden, and Czechia to Lead European Blockchain Partnership

Italy, Sweden and the Czech Republic will share the next one-year presidency of the European Blockchain Partnership, Cointelegraph Italy reported on July 9. Following a meeting of the European Blockchain Partnership today in Brussels, the three countries took on the one-year presidency, which will last from July 2019 to July 2020. Marco Bellezza, Legal Advisor to Minister Di Maio for communications and digital innovation and Coordinator of the Italian delegation of the EU Blockchain Partnership, said: “The Italian Presidency of the EU Blockchain partnership is a first acknowledgment of the…

IRS Allegedly Hopes to Make Tech Giants Release User Crypto Activity

The United States’ Internal Revenue Service (IRS) is allegedly considering requiring tech giants to report on crypto activity by users, according to a presentation reportedly from an IRS presentation and provided by a Twitter user on July 9. According to the documents shared, the IRS hopes to use Grand Jury subpoenas on firms such as Apple, Google and Microsoft to check taxpayers’ download history for crypto-related applications. Known as Crypto Tax Girl, Laura Walter, certified public accountant and crypto tax specialist, tweeted the presentation, which was allegedly for agents in…

China’s Cryptocurrency | A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency. According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin. China’s Cryptocurrency At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial…

Ethereum (ETH) Likely To Expand Because of On-Chain Enhancements

Ethereum (ETH) up 5.4 percent In two years, ETH issuance may be reduced 10-fold. From Constantinople to the activation of EIP 1234, Ethereum fundamentals are overly bullish. Add that to possible plans of reducing ETH issuance by 2021 and bulls are at a prime position to rally. At the moment, ETH is up 5.4 percent. Ethereum Price Analysis Fundamentals The Ethereum developer community are a determined lot. The Constantinople update set the ball rolling. Plus, with another update in two months, all indicators point to a bullish ETH. However, in…

Bitcoin Is the ‘Single Best’ Financial Hedge: Warren Buffett ‘Disciple’

Venture capitalist Chamath Palihapitiya, a self-proclaimed “disciple” of billionaire Warren Buffett, says bitcoin is the best financial hedge against an uncertain world economy. And unlike his anti-crypto mentor Buffett, Palihapitiya thinks you should buy some bitcoin to protect yourself. “It’s the single best hedge against the traditional financial infrastructure,” Palihapitiya told CNBC. “Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress.” Palihapitiya first bought the original cryptocurrency several years ago when its price hovered at $100.…