Hey everyone! Today, Craig Wright (and maybe
Bitcoin) are about to be very unhappy, Telegram
will soon launch its own digital currency,
with China right behind, and, unfortunately,
we just can’t seem to stop
talking about Libra.
This is Cryptocurrency News
with Molly Jane and… well… no one.
since it looks like I’ll be on my own,
I’m going to need an extra amount of support from
you guys to figure out what’s going on in
the crypto world today. So, fellow hodlers,
investors, tokenizers, and enthusiasts, warm
up those fingers and head to the comments
section cuz we’ve got news to discuss.
So, as I’m sure most of you have figured
out by now, Craig Wright is not the fabled
Satoshi Nakamoto. However, that doesn’t
mean this “astounding” revelation doesn’t
have the power to majorly disrupt the Bitcoin
Wright, who was accused of stealing hundreds
of thousands of Bitcoin from his late mining
partner, David Kleiman, was ordered to hand
over half of his Bitcoin to the Kleiman estate.
Half is a lot, especially when it’s from
a sum currently valued at over $5 billion.
As the age-old proverb goes, half of $5 billion
is actually just a shitload of money.
With this absurd amount of money set to change
hands, what does this actually mean for the
You guys can comment below, but what do you
think some of the possible consequences of
this could be in terms of the market or just in general.
And now we have our mandatory Libra bit – but
don’t worry, I’ll keep it as short and sweet as I can.
If you like poking holes in testnets, then
here’s some good news for you; Libra has
opened its bug bounty program to the public.
In other words, if you can uncover a critical
security issue in the Libra blockchain, you
could potentially earn up to $10,000 for your
service. I would actually love to hear from
anyone who has already gotten involved in
the program – have you been able to find any
bugs yet? How secure do you think the blockchain
is at this stage of development?
Comment below, please.
It’s also worth noting that in LIBRA’S
announcement of the bug bounty program, there
was no mention of Facebook. It seems as though
Libra is trying to distance itself from its
association with Facebook – the implication
being that the social media giant isn’t
the driving force behind the project. I actually
find this rather amusing, because, literally
the day before this announcement, O’Dwyer
PR reported that FACEBOOK – not Libra – had
hired a consultancy firm, known as Vector
FS, for lobbying support on “issues related
to blockchain policy.” Who do you really
think is the head honcho here, Libra or Facebook?
And at this point, is it even beneficial for
Libra to try to shake its Facebook association
or should it just accept the association and
move on and work with that?
Remember when I said I was gonna keep the
Libra news short and sweet? Well, that’s
a bit harder to do than you might think since
everything these days seems to have a way
of looping back to Libra. Why do you think
that is? My best guess is that it’s the
biggest, most recognizable name on the scene
at the minute (and therefore maybe has the
most power to disrupt it) so everyone is using
it as a benchmark for their own projects.
For instance, the encrypted messaging service,
Telegram, announced on Aug. 27 that it is
now set to launch its own digital currency,
Gram, in October. This puts its launch date
way ahead of Libra’s. Actually, Telegram
needs more than anything to hit this launch
date, because if they don’t, they are legally
bound to return all of their investors’
money (which totals about $1.7 billion). Whether
this is a possibility remains to be seen since
Gram has mostly been developed in secrecy
and without regard for regulation. In the
eyes of David Gerard, a crypto analyst and
critic, “I don’t see how on earth Telegram
can possibly get something compliant with
regulators in place by the end of October.”
Will Gram become reality or will it remain
for now, like Libra, just another whisper
in the wind?
To be honest, it feels like as soon as Libra
was announced, the entire crypto scene took
on a new competitive edge and since then it’s
been a headlong race to compete with something
that doesn’t even exist yet. It sounds kind
of silly to say it like that, but I think
it really goes to show the stimulating power
of the word, above all else. Do you think
the influence of Libra is having a positive
or negative effect on the crypto industry
as a whole? Do you think people are focusing
too much only in terms of Libra? Or is this
sort of big name influence inevitable?
China has also hopped on the “we need to
beat Libra to the punch” bandwagon. According
to source, Paul Schulte, the People’s Bank
of China could roll out their new Digital
Currency / Electronic Payments – DC/EP for
short – as early as November. He’s also
announced seven institutions that will be
receiving the first DC/EP ahead of everyone
else, with an eighth institution yet to be
named. Among the first recipients are the
retail giant, Alibaba, and the internet/media
giant, Tencent. And when giants are involved,
you know it’s probably going to be a BIG
deal (pun intended) – especially when those
giants are multinational corporations that
could be key to beginning circulation of the
digital currency overseas. What could this
do to the global market and the crypto industry
if China becomes Libra before Libra becomes
Libra? Do you trust DC/EP enough to use it?
Thank you all for watching! Now is your chance
for fame; comment on the most important news
from today because on our next segment I’ll
be discussing the most relevant and insightful
comments from today’s video. This has been
Molly Jane with the Cryptocurrency News. Always
remember to like, subscribe, and hodl!