Facebook’s Project Libra

It turns out Facebook has been working on a cryptocurrency payments system to tack onto the app’s back-end, including its own digital coin users could send both to one another in the Facebook ecosystem, as well as elsewhere online y’all. Its code name is Project Libra.

A tall order, for sure dear readers, but we all buy things online out of pure convenience, if not outright necessity, these days, so it would be quite the achievement even if Facebook was able to convert just a fraction of its ~1.5 billion daily users.

In terms of financing to support the new digital coin, to avoid volatility many other coins experience on a near-hourly basis, the rumor is Facebook is looking to raise $1 billion for the effort, talking to such firms as Visa, MasterCard and First Data Corp.

This stable coin would help ensure acceptance by Facebook users as a legitimate currency, as it would be backed by government issued US dollars.

There is also talk of the digital coin operating as a loyalty rewards program for genuine interaction on Facebook, whether watching a video, or interacting with an ad, to help combat so much of the rampant bot activity currently clogging up Facebook feeds.

All very interesting news as BTC continues to hold above $5,000. Watch this space, we will absolutely be keeping an eye on this.

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JP Morgan Reversal

Oh dear readers, another day, another reversal.

Remember when Jamie Dimon was asked about Bitcoin and cryptocurrency in general? No? Here’s a refresher, he called it a scam. Not long ago either, August 2018.

Well flash forward six months and JP Morgan has announced it is launching “JPM Coin”, touting it as the first US-bank backed cryptocurrency.

Once again we must watch what these financial giants do, despite what they say. It’s been common knowledge that all the major banks have spent money putting together blockchain teams and diving into researching “digital assets”.

Color us as not surprised at Crypto Mouse, and rest assured, we will not be pouring any money into “JPM Coin” anytime soon.

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Head of QuadrigaCX Dies, Along with the Password for $137 Million in Crypto

QuadrigaCX, Canada’s largest crypto exchange, has frozen ~$137 million in cryptocurrencies after Gerald Cotten, QuadrigaCX’s founder, passed away at age 30 from Crohn’s disease complications.

Quadriga, which facilitates the trading of multiple cryptocurrencies, including Bitcoin, Etheteum and Litecoin, filed with the Nova Scotia Supreme Court for creditor protection just last week. It granted a stay of proceedings today.

In total, Quadriga owes C$250 million to 115,000 of it’s users, according to an affidavit filed by Cotten’s widow, Jennifer Robertson.

“Despite repeated and diligent searches, I have not been able to find (the password or recovery key) written down anywhere,” Robertson said. Per the affidavit, the cryptocurrencies are held in a cold wallet on Cotten’s computer, accessible only physically with a password.

Tragic, indeed, as a family has lost a son and husband, and many QuadrigaCX users may have lost their cryptocurrency holdings forever.

There are some who are claiming an exit scam, Cotten faking his own death to run off with the $137 million. Especially given the company’s history of legal troubles.

Either way, it’s a sad story, truly, and why we at Crypto Mouse advocate for our dear readers to ALWAYS hold their crypto in their own, cold storage wallets.

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How Volatility Affects You

Spoiler alert, dear readers: it shouldn’t.

If you all rewind the clock to October of last year, Bitcoin (BTC) fell from about $20,000 to $5,550 today. Your instinct may be to sell all crypto now and go lock yourself in your bedroom to lick your wounds. But that would be a mistake.

We professionals make our money by buying from amateurs when prices are cheap and selling back to them when prices are high. That is the fundamental underlying principle of investing, and how investing works in every market ― whether it’s pork bellies, real estate, stocks, or crypto currency.

So why did Bitcoin drop this time?

Well, the prevailing theory is that the drop was a reaction to the bitcoin cash (BCH) fork. AKA, there is plenty of drama between a few spoiled rich men who want control of BCH.

The bottom line?

This does not affect us at Crypto Mouse.

Nope. Not even a little bit.

Why? Well, we don’t own BCH and ergo we could care less what happens to it.

It may have affected the market, but it’s only temporary. Dear readers, do not forget that double-digit price movements are common in cryptocurrencies.

In fact, it’s Often the norm.

And look, it’s possible that the BCH drama has the potential to drive Bitcoin’s price even lower.

We hope it does actually.

‘Cause if that happens, we’ll be over here drooling, and you should be too!

We might get to accumulate Bitcoin at prices that may never be seen again.

So simply smile at the scary, volatility-soaked headlines!

Bitcoin and cryptocurrencies are here to stay.

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Binance

Hi dear readers, not much to report other than the same old, same old, sideways movement of Crypto Inning 2 as of late. I will say that my contacts who are shepherding institutional money into the space are benefiting from larger groups depressing prices. Whether that means collusion, well…

I did want to mention, Binance is open to new user sign ups again. They are one of the most respected exchanges, if you do not yet have a Binance account, we at Crypto Mouse highly encourage you to open one while you can.

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An 180* ETF Shift?

Well dear readers, in a surprise move, the U.S. Securities and Exchange Commission (SEC) has decided to place a stay on three orders that rejected Bitcoin exchange-traded funds (ETFs) seeking to be listed on the NYSE Arca and other regulated exchanges.

This is after nine applications were rejected Wednesday, on supposed grounds that the products did not comply with the requirements by the “Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”

Is this a routine review of staff decisions by a Commissioner? Hester Pierce, an SEC Commissioner who has issued a dissent of a prior ETF rejection last month, says yes, that this is routine.

We shall see…

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