Mark Zuckerberg relies on Bitcoin to help decentralize Facebook
The technology powering bitcoin could help improve Facebook in the future, Mark Zuckerberg has said.
As part of a commitment to help fix the site over 2018, its founder said that he would look into the use of new technology to stop it being quite so centralised.
One of those technologies is bitcoin, he said.
“A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people’s hands. (The first four words of Facebook’s mission have always been “give people the power”.) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force,” he wrote in a long post.
“But today…many people now believe technology only centralizes power rather than decentralizes it.”
“There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services,” he wrote.
Bank of England has no plans to launch cryptocurrency
The Bank of England has dropped plans to launch its own digital currency amid concerns about its impact on the financial system.
The U.K.’s central bank told FTAdviser that it has “no current plans” to launch its own cryptocurrency, but will continue to research the topic.
The BoE indicated it dropped the plans over concerns that the public might stop using commercial bank accounts and move on to BoE’s digital payments system for transactions and purchase of goods. A mass move to the BoE cryptocurrency might lead to commercial banks running out of cash to lend, causing “turbulence” in the economy, it said.
Leveraged Bitcoin ETF proposed to the SEC
U.S. fund managers are planning to build “leveraged” and “inverse” funds that would rise – or fall – twice as fast as the price of bitcoin on a given day.
Direxion Asset Management LLC plans to list such products on Intercontinental Exchange Inc’s NYSE Arca exchange if U.S. securities regulators give the nod, according to a filing by the exchange this week.
So far the U.S. Securities and Exchange Commission has declined or put on hold all the proposals.
Overstock receives US $100M from George Soros to fund blockchain projects and more
Overstock.com just got a hefty chunk of change from one of the biggest names in finance, and CEO Patrick Byrne says much of it will fund the company’s blockchain work.
The company disclosed in a Securities and Exchange Commission (SEC) filing this week that the holder of a warrant had exercised its right to buy $100 million worth of shares. Although the filing did not identify this investor, Byrne told CoinDesk it was the Quantum Fund, managed by billionaire George Soros.