TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Facebook coin could work as loyalty points from stores. CoinText will feature integration with any wallet. Bitcoin trading up in Brazil as the Real devalues, while bitcoin trading falls in Venezuela. Gavin Andresen criticizes Blockstream stance on the Bitfinex/Tether controversy, and Coinbase’s CTO leaves.
More Spice: Bitcoin White Paper Visualized
Facebook Currency Could Work Like Loyalty Points
Facebook’s first foray into the cryptocurrency world could be like something we all have experienced: loyalty points from several store programs. The idea of offering rewards that can be tradable by real merchandise or spent on associated markets could propel the platform to popularity quick if things are done right. “I don’t believe they’re doing anything that isn’t in the service of increasing interactions on their platforms,” Joshua Gans, a professor at the University of Toronto declared about the objective of “Facebook coin.”
Cointext Will Feature Integration with Any Wallet
Vin Armani, the founder of CoinText, the company that lends cryptocurrency wallet services without internet data or smartphones, is planning to update its services to offer any wallet the possibility to send cryptocurrency through its platform. This, according to him, would be far better than offering this service themselves due to the large number of wallets available in the market. Instead of an app, CoinText would offer an API for competing services to use its payment channels for dumbphones.
Bitcoin Trading Up in Brazil as the Real Loses Value
The cryptocurrency trading scene in Brazil experienced a sudden increase in its numbers due to the fall of the official currency, the real. Negocie Coins, a local cryptocurrency exchange, reported more than a billion in volume of trading between the real and bitcoin over a 24 hour period, with a $150 premium above international exchange prices. This parabolic increase seems to be the result of a devaluation of the real against the dollar of 10%.
Bitcoin Trading Volumes Fall Considerably in Venezuela
Meanwhile, bitcoin trading volumes that have been traditionally very high have experienced a fall over the last week in Venezuela, going from an ATH level of in February to less than 1,300 bitcoin. This is mostly due to the constant power outages that are leaving citizens with no way of trading bitcoin, having no internet or data connection from local carriers. Despite this, year on year numbers are still up by a significant margin, even with lower prices.
Gavin Andresen Criticizes Blockstream about Tether / Bitfinex
We should denounce lack of transparency, lying, and breaking promises when we see those things happening. I haven’t been paying close attention, but it seems to me Bitfinex and Tether have not been open and honest stewards of other people’s money.
— Gavin Andresen (@gavinandresen) May 3, 2019
Gavin Andresen, bitcoin pioneer, expressed his view about the Tether/Bitfinex issue. While answering a tweet by Adam Back, Blockstream CEO, he insisted on calling out institutions that have lied to the public by making unfulfilled promises. Back has repeatedly toned down the problem.
Coinbase CTO Leaves
2/2 Coinbase was fun and it was energizing working with so many great people. I'll be taking a bit of time off to get back in shape — and up to speed on everything happening while I was heads down. More soon!
— Balaji S. Srinivasan (@balajis) May 4, 2019
Coinbase, one of the most important American exchanges, lost its CTO for unknown reasons. Balaji Srinivasan announced he was abandoning his position at the company to “get back in shape.” Srinivasan was the co-founder of Earn, a crypto earning platform acquired by Coinbase last year. He was also responsible for a slew of crypto products, like support for the new currencies Coinbase added on its platform, and for launching USDC, the first stablecoin supported by the exchange.
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