Facebook reportedly working on its own Bitcoin-like cryptocurrency

Image: mashable

Hoping to invest in the next Bitcoin? Keep an eye on Facebook. No, but really. According to a Cheddar report, the company is hard at work on its own cryptocurrency. 

Cheddar, citing sources familiar with the matter, claims that Facebook users could use the new “digital token” to buy and sell through the platform. The social network is also “exploring other ways” that it could use such a currency. 

Mark Zuckerberg announced in January that Facebook planned to “go deeper and study the positive and negative aspects of” new technologies such as cryptocurrency. 

Four months later, it seems his vision is coming to fruition. Earlier this week, Facebook announced that its head of Messenger, David Marcus, would spearhead a group researching potential uses of blockchain across Facebook’s platforms. Marcus is a former Paypal president and CEO, and a member of cryptocurrency exchange Coinbase’s board of directors, so it’s pretty clear what they’re going for here. 

We’re a bit puzzled as to why exactly Facebook would want to create a new currency, but it would certainly make it easier for customers in different countries to buy and sell through the platform without extra conversion fees. It could also be a transaction resource for Facebook buyers in countries with more volatile currencies. 

At least, that may be what Facebook tells us in order to pass this all off as a project for the greater good. Of course, it’s also likely to come with a transaction fee, so we’re guessing it won’t hurt Facebook’s bottom line.

Read more: https://mashable.com/2018/05/11/facebook-working-on-cryptocurrency/

How the Winklevoss twins became the worlds first bitcoin billionaires

The entrepreneurs sued Facebook founder Mark Zuckerberg years ago, and they invested their (supposedly) meagre payouts wisely

Name: Tyler and Cameron Winklevoss.

Also known as: The Winklevii.

Age: 36 and 36.

Appearance: Handsome, enormous, similar.

Because theyre identical twins? Yup. You might remember them from The Social Network in 2010.

Vaguely. So theyre actors, are they? No. Theyre venture capitalists and entrepreneurs. In 2008, they rowed for the US at the Beijing Olympics, finishing sixth. In the film, Armie Hammer played both of them as a kind of two-man master race. As one of them put it in a memorable line of dialogue, Im 6ft 5, 220 pounds and theres two of me.

Nice. But why make a film about them? Because they were at Harvard with Mark Zuckerberg, who they later sued, claiming he stole their idea for a website that they called Harvard Connection, but which he called the Facebook. (Dramatic music.)

And did he? Steal the idea, I mean? Oh, God, thats just too complicated to get into. The Winklevii launched numerous lawsuits about it, and got about $65m (48m) worth of Facebook stock, which wasnt much at the time.

Oh, yeah. Sure. These guys probably spend $65m on lunch. In fact, they spent $11m of it on bitcoin, so theyve probably cheered up a bit.

Bitcoin. Theres a word I dont understand. Its a crypto-currency.

Theres another one. Think of it as an electronic token, which can be owned and traded. Like normal money, it has value because other people consider it valuable. The number of bitcoins in circulation is strictly controlled by a clever bit of software that nobody can hack, called the blockchain.

Thank you. And the Winklevoss twins like having lots of bitcoins, do they? Im sure they do at the moment. In March 2013, they bought about 100,000 of them, when each coin was worth roughly $120. After a strong year, and a wild couple of weeks, each bitcoin is now worth lets see $11,826.

Holy moly! Thats right. Not counting the value of their other investments, the Winklevoss twins have just become the worlds first bitcoin billionaires. Apart from Satoshi Nakamoto, bitcoins mysterious inventor, of course.

Please dont explain who he is. Well, there are lots of intriguing theories

Do say: Theyre not billionaires theyre half a billionaire each!

Dont say: Just $73bn to go and theyll catch up with Zuckerberg.

Read more: https://www.theguardian.com/technology/shortcuts/2017/dec/04/winklevoss-twins-bitcoin-billionaires-mark-zuckerberg