Thursday, June 6, 2019

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Facebook Announcing Cryptocurrency / Samsung Bitcoin Mining / Origin Of Hodl / Facebook Being Sued

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$BTC (2:43 p.m. EST): $7,575.48 (-3.07%) // 90-day high: $9,008.31 // 90-day low: $3,863.56 / / More…

$ETH (2:43 p.m. EST): $239.48 (-2.82%) // 90-day high: $287.20 // 90-day low: $130.94 // More…

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1. Facebook will officially announce plans for its cryptocurrency later this month. Facebook will create an ATM-like machine where users will be able to buy GlobalCoin and employees of Facebook will have the option to be paid in its native cryptocurrency. They are creating their cryptocurrency for developing nations where government-backed currencies are more volatile. Users will be able to send, receive and buy Global Coin through Facebook-owned apps Instagram, Whatsapp, and Messenger. Facebook will create an independent foundation to manage its cryptocurrency and will charge members a $10 million licensing fee to operate a node on its network. - CNBC

If you have friends and family who live outside of the United States, will you consider using Global Coin to send and receive money? Hit reply and let us know. We may run some of the responses in a future issue.

Facebook will announce cryptocurrency
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2. Samsung is designing 3nm and 5nm ASIC chips to mine Bitcoin. Charles Son, general manager at Samsung Foundries in China, revealed during the MicroBT conference that Samsung was producing chips for Bitcoin mining. Previously, Samsung produced chips for the M20S Whatsminer that produced 68 Terahashes per second which is five times more powerful than Bitmain's Antminer S9. - CRYPTO DAILY

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3.Throwback Thursday: Six years ago the infamous crypto term HODL was born. It's a term that you have come across if you've lurked on crypto Twitter or dove into crypto threads on Reddit. A user on the Bitcointalk forum in 2013 went on a rant about why he was holding onto his Bitcoin as the price began to decline. In the title of his post, "I AM HODLING", he misspelled "hold" and since then the word has become a moniker that's used whenever the crypto market is falling. There are now rap songs and even apparel that have been made to show support for HODL. 

Throwback Thursday : Hodl
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4. Dutch billionaire and "Big Brother" creator John de Mol is suing Facebook over its failure to remove bitcoin scam ads featuring his image. Remember those fake bitcoin scams that were cropping up on Twitter and Facebook late last year, often featuring Elon Musk and other crypto proponents and luminaries? Well, de Mol says that the fake ads featuring his likeness on Facebook and Instagram did damage to his image and reputation, particularly in the eyes of those who were duped by the scam. In a statement, Facebook said it had removed the ads but the scammers' practices continually evolve, and "Facebook shares the frustration of De Mol on the fake ads." – BLOOMBERG

Dutch billionaire takes facebook to court
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5. Responding to a campaign by Grayscale, Gold Money founder Roy Sebag said Gold is superior to Bitcoin. - COIN DESK

6. The California Society of Certified Public Accountants is seeking clarity on cryptocurrency holdings from the Financial Accounting Standards Board. - COIN TELEGRAPH

7. LINE and Visa partnered on a new blockchain and digital payment solution. - COIN TELEGRAPH

8. Thailand's largest commercial bank Siam Commercial Bank has plans to utilize XRP. - THE BLOCK CRYPTO

9. Avenir Suisse, a Switzerland-based Think Tank, released a report urging the Swiss National Bank to start working on a national cryptocurrency. - COIN DESK

10. EOS is using billions of dollars to buy back more equity from investors. - COIN DESK

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Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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