TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Facebook will turn to privacy, Zuckerberg says. France recommends banning privacy coins. Bitcoin could threaten Visa and Mastercard in the future. Velox 10 scam leaves Kenyans broke. Niall Ferguson changed his opinion about cryptocurrencies, and the QuadrigaCX co-founder allegedly traded big money on BitMEX.
Facebook Will Turn to Encryption in the Future
Mark Zuckerberg, founder and CEO of Facebook stated in a blog post titled, “A Privacy-Focused Vision for Social Networking,” that one of the new priorities for Facebook in the future will be privacy, something he admits they have a poor record on maintaining. In the post, he mentions encryption as one of the tools used to achieve this new focus. “I believe the future of communication will increasingly shift to private, encrypted services where people can be confident what they say to each other stays secure,” he declared.
Report: France National Assembly Recommends Banning Privacy Coins
A new report about cryptocurrencies and blockchain technology from the Finance Committee of France’s National Assembly recommended putting a blanket ban on privacy oriented cryptocurrencies like Monero and ZCash. This call has been made by Éric Woerth, the head of the aforementioned committee, stating they should “propose a ban on the dissemination and trade in cryptocurrencies built to ensure complete anonymity by preventing any identification procedure by design.”
Crypto Could Threaten Visa and Mastercard in the Future
Lisa Ellis, an analyst from MoffettNathanson, an independent research boutique, pondered the potential future of bitcoin and other cryptocurrencies as a disruptive force in payments networks. In a note written to her clients, Ellis explained, “Cryptocurrency systems (e.g. bitcoin, ethereum, ripple) are potentially disruptive to private payment systems,” noting also their core design is pointed to favor different characteristics that would make them attractive for a different crowd.
VELOX 10 Scam Leaves Kenyans Broken
A new exit scam has affected Kenyans, leaving losses of thousands of dollars. Velox 10, a Brazilian cryptocurrency investment fund company, offered investors revenues up to 4000 dollars daily depending on the initial investment. Two local investors lost more than $50K after being lured into the pyramid scheme due to their attractive offers. Authorities are investigating the crime.
Niall Ferguson Backpedals on Bitcoin Opinion
A renowned money historian backpedaled on his previous thoughts about the validity and use of bitcoin and cryptocurrencies. Previously having said bitcoin was a “complete delusion,” basing these opinions on his vast knowledge in the history of money, now he states he was very wrong about the subject and that he thinks blockchain money has real use cases. He did not disclose if he owns cryptocurrency himself.
QuadrigaCX Cofounder Traded Large Money on BitMEX
Michael Patryn, co-founder of QuadrigaCX, has been found to be related to a Reddit user who posted regularly about making big volume trades on popular crypto exchange BitMEX. The user MikeXBT posted information that linked him to the now insolvent exchange by answering to a post that referred to him as “Mr. Patryn.” However, the source of the funding for his multimillion-dollar trades has not been revealed.
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