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Early this year, Facebook cryptocurrency news turned really bad when Facebook started to ban all sorts of cryptocurrency advertisements. Soon Google and Twitter followed Facebook and also did the same thing. No doubt it was a disheartening step for the crypto industry, moreover it was not the way how Facebook routinely works. All these restrictions were an effort to prevent scams and protect its users from crypto based frauds, according to Facebook. On the other hand Facebook was itself not following the rules and regulations which could fulfill the ethical requirements.

founder of facebook

We all know that Facebook has a long list of power abuse, even its platform is infested with alot of suspicious industries including abusive and misleading political articles and porn  stories of all sorts. Even, Facebook has been declared an unsafe place for our younger generation according to many critics, in that scenario, Mr. Zuckerberg is in no position to dictate others about what is ethically best for its users. Recently Facebook has been involved in the interference of Russian elections and the ultimate Cambridge Analytica scandal, according to which it leaked the confidential data of its users without their permission. Due to this irresponsible behaviour, Zuckerberg had to give testimony to Congress. This was not an ordinary testimony and was comprised of a set of strict questions by various Congressmen and the answers delivered by the founder of Facebook. For your interest we have summed up this conversation in the form of following brief article.

The Social Responsibility of Facebook

First of all the recent public blunders of Facebook were brought under discussion, the Cambridge Analytica scandal and the controversy around Russian trolls’ attempts to manipulate the US domestic political discussion being on the top of the list.

In short the Facebook–Cambridge Analytica data scandal involves the collection of personally identifiable information of up to 87 million Facebook users. The Cambridge Analytica started work on it in 2014 and from that time began collecting the set of informations. Facebook helped in all that procedure and provided the data of its users to the Cambridge Analytica. The scandal played a significant role in the incitement of public discussions on ethical standards of Facebook.

Response of Zuckerberg

Mark Zuckerberg apologized for his irresponsible and non professional attitude which gave rise to the situation with Cambridge Analytica, calling it a “breach of trust.” He also assured the Congressmen to make all the necessary changes in Facebook policy to prevent similar mishaps in the future.

 

Mark Zuckerberg also admitted that it was his personal mistake that he didn’t do enough to prevent the data breach and no other person from his organization was involved in it.

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‘Blockchain Rights’ Bill Passed By Arizona Senate

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It is obviously a good news for the Arizona blockchain dependent corporations. According to the new bill passed by the Arizona Senate recently, the corporations active within Arizona borders can now hold and share data on a blockchain law fully as it has been followed by the signing of a new act of law by the U.S. state’s governor. The bill concerning blockchain usage was first introduced by Jeff Weninger. According to amendments it will be applied to recognize data written and stored on various systems with the help of blockchain technology. As reported by a a legislation tracker, it was being signed by the Governor of state Doug Ducey on April 3.

blockchain news

The Arizona House was quiet efficient to pass that bill within eight days since it was being introduced. Though the senate followed the case roughly a month later. However it was passed by the senate as a result of unanimous voting. It was reported in a blockchain news that only four of the House Representatives voted against the bill or abstained it.

Why was the bill passed?

There were several reasons for that bill, however the main reason being in terms of legal documentations. Need for such a bill was felt more than ever after signatures recorded on a blockchain and smart contracts were considered as legal documentations. It was also mentioned in the bill that the law accepts these signatures as legal electronic signatures. Now it will be possible for concerned individuals to sign digital records or smart contracts on a blockchain with full authority. It has been assumed that this new amendment new legislation will also play an important role in arousing interest in blockchain applications across other parts of the United States of America.

Background of the bill

However Arizona is not the first state of America to pass such a bill. Lawmakers in Delaware have gone through similar legislative bills and law measures in 2017. Thus Delaware has the honour to be the first U.S. state which provided a legal basis for trading blockchain based stocks. Also, it was being reported by the most famous crypto discussion platform CoinDesk last year that four such bills were introduced by a lawmaker in New York. The aim of these bills was to evaluate blockchain applications for various types of storage purposes.

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Find It Hard to Understand Bitcoin? Here Is Everything You Need to Know

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Everything You Need to Know About Bitcoin

Bitcoin is the most widely used form of digital currency in the world. It is a kind of currency that is controlled and put away altogether by high-tech PCs spread over the Internet. More individuals and organizations are starting to use this currency.

Unlike a plain U.S. dollar or Euro, bitcoin is a type of payment system, much like Paypal. (Learn how to buy Bitcoin from PayPal in two minutes)

You can hold on to it, spend it or exchange it. It can be moved around as efficiently and effortlessly as sending an email.

For those seeking information on how to make online transactions anonymously, Bitcoin is the perfect answer. Bitcoin allows its users complete anonymity to make transactions and leaves behind no traces of personal information.

Down below, we have discussed some important points as to how Bitcoin makes a complete sense and whether it can be used as an alternative to the traditional currency.

Important Points to Understand Bitcoin:

  • Bitcoin transactions are stored in public ledger called Blockchain. These transactions are recorded online and anyone with the access to Blockchain can view them. Thus, making the process more transparent. The transparency also drives new interest to the economy and results in the downfall of illegal use of the currency, such as drug ring.
  • Saying that understanding Bitcoin is more than just a currency makes perfect sense. Unlike traditional currency, it can be transferred from one country to another without any legal obligations. It dissolves the global barriers and frees currency from the control of federal governments. However, the value of Bitcoin is still dependent on the U.S. dollar.
  • Bitcoin is an open source software and the technology used in Bitcoin is quite interesting. The currency works under the laws of mathematics and is overseen by a group of highly skilled professionals. The software can run on thousands of machines simultaneously, operating in different parts of world – making it one of the unique programs out there.
  • Bitcoin was created and released onto the internet 8 years ago by an anonymous programmer called “Satoshi Nakamoto”. The software is designed to run on multiple machines – called bitcoin miner – simultaneously. These machines can be accessed and operated by anyone on the planet with the basic understanding of a PC.
  • Bitcoin miners are used to generate new coins and are designed to mine no more than 21 million coins before the year 2140. These machines enable the coins to slowly expand and encourage the Bitcoin miners to keep the system growing.
  • When new coins are generated, they are given to the miners. The miners keep track of all the bitcoin transactions and add them to the Blockchain ledger. In exchange, they are rewarded with a few extra bitcoins. The currency reward limit currently stands at 25 bitcoins, which is paid out to the world’s miners about six times per hour. Those rates can change over time.

Wrap Up:

These are some facts that make Bitcoin unique in comparison to other currencies out there. Taking everything into account, bitcoin pushes the limits of innovation. Much like PayPal in its outset. However, the marketplace will have to decide if the risks related to Bitcoin and payment system make good sense in a longer run.

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Goldman Sachs – “Most Cryptocurrencies Will End Up Hitting Zero”

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According to Goldman Sachs, the cryptocurrency markets will not recover from their present correction. On 5th February, Steve Strongin (Goldman Sachs head of investment research) said, the high correlation between several cryptocurrencies makes him really anxious. Some currencies that do not survive are expected to trade to zero due to the lack of intrinsic value.

Strongin is worried about the possibility that maybe one or a few of the existing cryptocurrencies could ascend from the speculative bubbles, just like the crypto equivalents of Google or Amazon. However, he said that he doesn’t think that most of the coins will ever recuperate to their all-time highs.

There have been many questions arising like, is there any cryptocurrency that’ll be like Google or Amazon? Or are they going to end up just like the other now-defunct search engines? Strongin said that this doesn’t mean that the prices of cryptocurrency cannot increase at all because they are in a speculative bubble at this time. But at the same time he said, that most of the cryptocurrencies might bounce back to their all-time highs, but some of them are never going see their current peaks ever again.

most cryptocurrencies will end up hitting zero

This clearly shows that the speculative bubble is coming to its end and rather than as a collective asset class, investors are going to start judging the cryptocurrencies from their individual merits as a lot of casual retail investors are already familiar with it. It also seems like the ICO (initial coin offering) success will suddenly come to its end.

Strongin said that the winners-take-most sight of the market is not very unique to Goldman Sachs. On Wednesday, the founder of DCG (Digital Currency Group) Barry Silbert, offered the same remarks at “Yahoo Finance All Markets Summit: Crypto” with explicably more positive stance on the entire industry.

According to Silbert, a huge majority of crypto-assets are facing a binary outcome. They are either going to become extremely valuable or they are going to become worthless. He added, this is why Grayscale Investments (a DCG portfolio company) launched its newest product, a fund related to crypto-asset investment and it holds the market cap (weighted positions) in the most major five cryptocurrencies and balances it again quarterly to imitate market movements.

Many other experts have also warned the investors on cryptocurrencies. Nouriel Roubini, who’s a well- known economist said on Tuesday, that the price of bitcoin would also crash to zero. Warren Buffett also said in a recent interview that cryptocurrencies are definitely going to have a bad ending.

 

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What Are the Top 5 Myths About Bitcoin – Are They True?

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Myths About Bitcoin

It’s been over 8 years since the bitcoin first came into circulation. However, the general public and press are still confused as to what is Bitcoin and how to use it. The result of this is numerous myths about the currency.

Bitcoin is a digital currency. It’s different from traditional money in many ways, due to which it is often considered to be a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics, and computer science.

In this post, we have discussed five popular myths about Bitcoin that still spark a debate in 2017.

Is Bitcoin Anonymous:

In spite of the fact that Bitcoin is regularly referred to as the currency to make anonymous transactions, the correct word to use would be “pseudonymous”. Meaning that a user can have one or multiple identifiable addresses. However, nobody essentially knows who is behind each address.

With Bitcoin, each transaction is stored on a public ledger and anyone can view this ledger on Blockchain. This ultimately makes the transactions more transparent for the users.

It’s Used by Terrorists:

Our media has completely ruined the image of Bitcoin. Whenever the currency is brought up in a television show or movies, it’s almost always being used by some kind of serious criminal or terrorist.

Although the user anonymity may account for some illegal transactions, there is no confirmation of terrorists using Bitcoin on a noteworthy scale.

The Currency Is Dead:

One of the most common myths about Bitcoin is that it’s dead or no longer in use.

In reality, Bitcoin is currently going through its most successful phase in history – at least according to the number of daily transactions on the network, which keeps on growing each day.

At the time of writing, one bitcoin was worth $1095.

Think the currency is dead? Think again!

It’s 100% Transparent:

Another myth about Bitcoin is that it’s completely transparent. But this is absolutely not true.

The true identities of bitcoin users – be it individuals or an organization – are kept secret and never publicized.

Also, there are several privacy-enhancing-services, for example, JoinMarket, which permit clients to upgrade their security on the blockchain.

If someone asks what is bitcoin, the perfect description would be: it’s not completely transparent nor anonymous. It’s somewhere in between the two extremes.

Bitcoin Is Useless Due to Its High Volatility:

Because of high instability in value, Bitcoin is frequently thought to be useless by a majority of the population. While Bitcoin has had a significant volatile history, the currency has undoubtedly been moving towards stability since the mining of first blocks in 2009.

Having said that, relatively few individuals are attempting to utilize Bitcoin as a unit of account at this point. It is rather viewed as a store of value by those who hold it.

Conclusion:

These are some common myths about Bitcoin. If you go into the market and dig up the details, you will realize that most of them are completely false and has no solid base to stand on.

In all, Bitcoin is a safe currency. The use of it increasing each day as several corporations, banks, retail stores, and outlets are starting to accept Bitcoin as a payment. This, as a result, has seen an ultimate rise in the value of the currency.

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