[OPLIN 4cast] OPLIN 4Cast #652: Do we have to start taking cryptocurrency seriously now?

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OPLIN 4Cast #652: Do we have to start taking cryptocurrency seriously now?
June 26th, 2019

[image: fintech icon on abstract financial technology background represent
blockchain and fintech investment financial internet technology concept.]
We first discussed digital currencies <https://4cast.oplin.org/?p=1923> 8
years ago, way back in 4Cast #231. We talked about the blockchain technology
<https://4cast.oplin.org/?p=5468> that makes it possible, the financial
bubble <https://4cast.oplin.org/?p=6704> it enabled, and the threat of
cryptojacking <https://4cast.oplin.org/?p=6751>. But let's face it: you
haven't really thought you needed to pay close attention because you don't
really have access to or need to use a Bitcoin wallet.

Now Facebook has announced
<https://newsroom.fb.com/news/2019/06/coming-in-2020-calibra/> that they
intend to offer digital currencies to the masses through their subsidiary
Calibra. Aiming to bring basic financial services to people without bank
accounts or access to credit, Calibra promises to make sending and spending
their digital currency (Libra) as easy as "sending a text message." Is it
time to pay attention? Financial markets and the governments are taking
notice.

   -
   - How Libra, Facebook’s Cryptocurrency, Would Work for You
   <https://www.nytimes.com/2019/06/18/technology/how-libra-would-work-for-you.html>
   (*New York Times*) "Facebook said it intended to offer Libra to almost
   all of the 2.7 billion customers who are now on its Facebook Messenger and
   WhatsApp services. It also hopes to allow Libra to be used for payments for
   things like ads on its social network."
   - Facebook’s cryptocurrency has a trust problem
   <https://www.theverge.com/2019/6/18/18683867/facebook-cryptocurrency-libra-calibra-trust-banking>
   (*The Verge*) "If you don’t trust Facebook to manage the News Feed, why
   would you trust it to construct a financial system?"
   - Libra Could Make Or Break Bitcoin
   <https://www.forbes.com/sites/panosmourdoukoutas/2019/06/22/libra-could-make-or-break-bitcoin/>
   (*Forbes*) "Libra has already created a positive social media buzz for
   digital currencies, sparking a strong rally, which sent Bitcoin firmly
   above $10,000, again. "
   - House panel to hold hearing on Facebook cryptocurrency project
   <https://thehill.com/policy/finance/450074-house-panel-to-hold-hearing-on-facebook-cryptocurrency-project>
   (*The Hill*) "Financial Services Committee Chairwoman Maxine Waters
   (D-Calif.)...called on Facebook to suspend Project Libra until lawmakers
   and regulators had a chance to weigh in and grill company executives."

*From the Ohio Web Library <http://ohioweblibrary.org>:*

   - Roberts, Jeff John. “Facebook’s Project Libra: 5 Things to Know About
   the Cryptocurrency
   <http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=137070978&site=ehost-live>
   .” *Fortune.Com*, June 2019
   - Crosman, Penny. “Did Facebook Swipe Its Calibra Logo from a Challenger
   Bank?
   <http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=137101798&site=ehost-live>
   ” *American Banker*, vol. 184, no. 119, June 2019, p. 1.
   - “EDITORIAL: If Facebook Acts like a Bank, Regulate It like a Bank
   <http://search.ebscohost.com/login.aspx?direct=true&db=cmh&AN=2W62244263164>
   .” *Houston Chronicle (TX)*, 21 June 2019.

------------------------------
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