We Play Coins

Twitter won’t join Libra: Jack Dorsey

Twitter won’t join Libra: Jack Dorsey
By We Play Coins
Added on Oct 27, 2019

Twitter won’t join Libra says Jack Dorsey according to a Verge report. The comment was made after Mark Zuckerberg’s testimony in the US House of Finance Committee hearing.

In response to being asked about joining Libra, Jack Dorsey responded “Hell no”. He went on to state that Twitter would never be joining Libra. He claimed that Libra is trying to accomplish something not stated in their message. They could have connected multiple countries without using cryptocurrency.

“I don’t know if it’s a gimmick,” Dorsey said, “but a cryptocurrency wasn’t necessary to make that work”

“It’s not an internet open standard that was born on the internet,” Dorsey said. “It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”

At the same time, Dorsey was broadly enthusiastic about more decentralized cryptocurrencies, seeing them as part of an emergent international online community. “I think the internet is somewhat of an emerging nation-state in almost every way,” he told the crowd. “It almost has a currency now in the form of cryptocurrency and bitcoin.”

Facebook’s Libra project has hit a string of setbacks in recent weeks, starting with the abrupt withdrawal of Mastercard, Visa, Stripe, and other payment processors just hours before the Libra Association’s inaugural meeting. That has left the association without a US payment processor, meaning it’s facing an uncertain path to launching in the future.

Facebook CEO Mark Zuckerberg testified in front of Congress yesterday about the company’s goals with Libra, and he faced intense skepticism from lawmakers. He said he wished legislators could separate the cryptocurrency initiative from Facebook, as the company plans to play only a partial role once the broader association is realized. Still, Facebook’s record of privacy breaches has cast a troubling shadow over the nascent payment network.

“Do you understand why this record makes us concerned with Facebook entering the cryptocurrency space?” Rep. Nydia Velázquez (D-NY) asked Zuckerberg at the hearing. “Do you realize that you and Facebook have a credibility issue here?”

Twitter won’t join Libra says Jack Dorsey throwing further fuel to the rumour that Libra wil

Crypto Market improves over the weekend

In other news, the crypto market has drastically improved over the weekend. Bitcoin has jumped to over $10000 after falling below $7000. It currently sits at $9500 though. The Altcoins have also seen a drastic rise, especially Bitcoin Cash and Litecoin.

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.