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Former president of PayPal, vice president of Messaging Products at Facebook.

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‘There is No Status Quo Option for Libra,’ Says Facebook’s David Marcus

Coinspeaker ‘There is No Status Quo Option for Libra,’ Says Facebook’s David MarcusSome of the most important personas in FinTech and banking spoke on Wednesday at the IMF’s ‘Big Tech and the Future of Finance’ seminar, part of its annual meeting.Among them was Calibra’s CEO David Marcus, Bank of England governor Mark Carney, Infosys founder Nandan Nilekani, and Havard economic professor Jason Furman. They spoke about digital payments, stablecoins, and of, course, Facebook’s Libra cryptocurrency.The role of big technological companies as is Facebook itself breaking into the finance world was the focusing point of today’s conversation. As the European Central Bank (ECB) said previously, the release of Libra has driven central banks to redouble their efforts to develop central bank digital currencies (CBDCs).Calibra’s CEO David Marcus stated that the “status quo for Libra isn’t an option”. However, he added that there might not be only Libra but also other cryptocurrencies. He specified his belief that money creation stays in the hands of the government. “Libra will prevent other ones from creating money because it’s based on a system 1 Libra for 1 dollar. I believe with Libra the world will be better and stronger and Libra would create more trust.”Being one of the Libra supporters (they are not many in the governmental circles, we should admit), Mark Carney, who is the head of Bank of England, said the high fees that businesses should pay for international transactions are really killing small companies. However, he also emphasized that global coins may represent a threat to other currencies.He also mentioned that there is a possibility that Libra becomes successful and integral to people’s everyday lives, then it would have to be operational 24/7. He asked:“How would revenue cover those costs? There’s also the question of how it’s backed. If it’s backed by a basket of currencies, what happens when that basket is rebalanced? Would consumers be affected by instability?”One of the speakers was also Infosys’ Nandan Nilekani who previously led an initiative in India, where he was a cabinet minister, which saw the government provide 1.2 billion people with a unique digital ID.“And that is the foundation for e-KYC, so that you can open a bank account in two minutes. This ID system allowed millions of unbanked citizens to open an account in “the world’s largest financial inclusion program”. The first step to launch a stablecoin is a digital ID, according to Nilekani. His project, which issued 1.5 million IDs a day, showed that it’s possible,” said he.He added that the next step is payment infrastructure, which worked in India for smartphones and featureless phones.“Even where people do not have devices, they can use their ID, go to a merchant, do a biometric authentication, and withdraw money,” specified Nilekani.As the policy expert Furman said he was “excited about the promise of bringing cheap financial services to the unbanked, he outlined some possible issues. One is interoperability and enabling competition; another is regulation.”“We can’t do the break things and fix it later ethos when it comes to the global financial system. So I think you want to have both of these thoughts in your head as you approach the sector,” noted Furman.While it may seem that the discussions around Libra are not going to stop, let us also remind you that the Association itself is experiencing a number of changes these days. While a number of payment giants (probably being enforced) like Visa, PayPal and MasterCard have taken a decision to leave the Association, Libra claims that it has nearly 1500 candidates to join its rows. And moreover, its management is quite confident that it will get more than 100 members even before the official launch.‘There is No Status Quo Option for Libra,’ Says Facebook’s David Marcus
Coinspeaker

I’m a big fan of Bitcoin, says Libra’s David Marcus

Libra Association was recently called for its first council meeting, which included industry giants such as  Andreessen Horowitz, Uber, Lyft, Spotify and Coinbase. David Marcus, co-creator of Libra and head of Calibra at Facebook, featured in a CNBC interview to provide Libra’s current position after a number of founding members pulled out from the initiative […] The post I’m a big fan of Bitcoin, says Libra’s David Marcus appeared first on AMBCrypto.
AMBCrypto

Libra’s David Marcus: “We need a better system for people to pay”

In an interview with CNBC, Libra co-creator David Marcus, expressed his thoughts on the current financial system, U.S. congress members, and Libra. Marcus starts off his interview explaining that he finds it "odd" that U.S. Congress members have been pressuring Libra considering the stage of the project. "It's an idea. It's a white paper. Nothing is operating yet. It's kind of sad in a way to see all the issues that we currently have with the current [financial] system," Marcus says. "The fact that...some people are not even open to the idea of exploring the idea of improving those things [financial institution] for their very constituents is kind of odd to me because we're not dogmatic about the approach." Marcus, however, added that he understands the "criticisms" against Libra and its parent company Facebook. "We need to demonstrate that we...can be trustworthy" Marcus adds, noting that "No one needs to trust Facebook to use Libra and to on-board into this platform," because there will be many wallets built with interoperability features on the network. During the interview, Marcus also cites the lack of innovation as one of the reasons for starting Libra. "We need a better system for people to pay...I think it's our duty to continue to innovate on this." "There has been a lot of fintech innovation at the edges but the core of the network that moves money around...hasn't changed in fifty years," says Marcus. Earlier this week, following an exodus of some original founding members, the Libra Association was able to secure signatures from 21 companies its inaugural charter meeting.
The Block Crypto

Calibra’s David Marcus says, ‘No one needs to trust Facebook to use Libra’

Facebook has been on the bad side of regulators across the globe ever since the Cambridge Analytica scandal broke out. To make matters worse, the social media giant announced the launch of Libra with the promise of financial inclusion by tapping into the cryptoverse. Additionally, the project had even listed leading companies in the fintech […] The post Calibra’s David Marcus says, ‘No one needs to trust Facebook to use Libra’ appeared first on AMBCrypto.
AMBCrypto

Libra Association will gain more Members, Says Facebook’s David Marcus

David Marcus, the Facebook Inc. representative spearheading the Libra cryptocurrency project is hopeful that despite the recent jolts to the Libra Association, the ambitious digital currency initiative will attract more firms as regulatory uncertainties get clearer. This, according to a report by Bloomberg, October 15, 2019. Facebook Not Fizzled with the Recent Exodus Facebook’s digitalRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Facebook’s Head of Calibra David Marcus Is Optimistic on Future of Libra

The first meeting of the Libra Association was conducted in Geneva, Switzerland earlier this week which allowed all 21 members to create a governance model for the project. Facebook’s Calibra lead David Marcus will be one of the five board members of the Association. What does Marcus think about the Association? Appearing on Bloomberg TV, David Marcus seemed optimistic about the future of Libra and said that he doesn’t lay the blame on companies who backed out of Libra at the last minute. He said, “I totally respect the fact that those businesses and those leaders have a responsibility to their shareholders, employees, and stakeholders.” He also applauded the companies for their support for innovation and said that it isn’t necessary for them to be the members of the Libra Association to build on top of the blockchain. Note that PayPal, Stripe, eBay, MasterCard, Visa were five of the seven companies that pulled out of the Association at the eleventh hour. The companies were reportedly concerned about regulatory backlash and didn’t want unnecessary scrutiny into their businesses. They also received letters from Democratic lawmakers to not participate in the Libra project. Marcus looked unphased with the pullbacks and said that the Association would be adding more members in the future. He didn’t specify which companies are currently in line to become members but said that Facebook has received interest from over 1,500 entities that would like to join the project. When asked if any of the big banks will be joining the project, he said that forward-looking entities might want to look into innovative ideas. Is Libra still in regulatory trouble? Marcus said that he has had constructive discussions with the regulators and they are asking them legitimate questions. He acknowledged that the company has many hurdles lined up before it is able to launch Libra. In a Capitol Hill testimony in July, he said that Facebook is ready to work with the regulators and ensure that their queries are solved before Libra sees the light of the day. He also commented on the letters sent by Democratic Senators Brian Schatz and Sherrod Brown which asked payment firms to “carefully consider” the risks with Libra. He said, “For these types of letters to be circulated for a thing that is an idea — a project — and telling people you should not explore innovation,” could have a chilling effect on firms. The post Facebook’s Head of Calibra David Marcus Is Optimistic on Future of Libra appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Facebook’s Libra needs committed members, claims David Marcus as Visa and Mastercard rethink their association

Recently, social media giant Facebook announced its entry to the crypto-industry with its native currency, Libra. Despite its massive user base and financially stable establishment, the social media platform hasn’t been lying on a bed of roses however, as the SEC has been questioning every move made by Facebook. Recently, The Verge revealed a leaked […] The post Facebook’s Libra needs committed members, claims David Marcus as Visa and Mastercard rethink their association appeared first on AMBCrypto.
AMBCrypto

David Marcus Unveils Facebook’s True Motivation Behind Libra

Coinspeaker David Marcus Unveils Facebook’s True Motivation Behind LibraDavid Marcus, the head of Calibra Wallet, which will be the official wallet for Libra currency, which Facebook along with other Libra Association members are developing, did a quite explanatory Facebook post and explained why Facebook chose to build a new currency system rather than using some of the existing ones. First, he overlooked the existing money systems or networks as he calls them and explains that they are not well interconnected. He says that most of them were built in 1960’s and 1970’s and that in most of the cases, these networks “live on top of legacy, fragmented infrastructure.”Next, he mentioned that the current systems have broad limitations because of the underlying infrastructure that they are dependent on:“For example, while you can send and receive money from within one wallet, you typically cannot send and receive between wallets from different companies.To make a helpful analogy, it’s a bit like if you couldn’t send emails from Gmail to Yahoo! Mail”.Further, he addressed that the current systems often need a number of intermediaries to be involved in order for the money to go from point A to point B. Transactions are usually delayed or with massive fees that could range to even $45-$50.“Long story short, building on top of existing rails and across disconnected payment networks won’t reduce cost, open up the market to more innovation, nor lower the barrier of access to modern financial services as much as building a new infrastructure with a very stable, high quality global medium of exchange supporting it.”Facebook’s Ambitious RouteSo the first part of the post consisted of explaining the problems and ongoings of the current system, the second part was mainly about explaining why Facebook chose to “take a more ambitious route”. He writes that Libra will enable wallets, merchants and services from all around the world “to move value at an incredibly low cost.”Libra will offer near real-time transaction settlements. Consumers won’t have to worry about liquidity pools of various currencies across the world. Building and accepting such a protocol would massively reduce costs and eliminate many intermediaries.David envisions Libra as the protocol that will finally enable fast, cheap, and stable money transfers across many service providers, hence the Libra association. He says that by using Libra, people would benefit from this at large and overall – it would enable billions of people “to have access to the essential services and to the world’s economy”.“This is why we’ve decided to take the more ambitious route, and why we’re so committed to seeing it through. Because people all around the world deserve better, and it’s about time for a change.” David Marcus Unveils Facebook’s True Motivation Behind Libra
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Privacy-focused Brave browser boasts 8M monthly active users

Privacy-focused internet browser Brave has hit 8 million-mark in terms of monthly active users. Announcing the news on Wednesday, Brave said daily active users, on the other hand, have surpassed the 2.8 million mark. The browser, with opt-in blockchain functionality, also compensates content creators, users and advertisers in its native Basic Attention Token (BAT) for viewing online ads. Brave said it has delivered nearly 400 ad campaigns to date. The browser maker further said that it now has over 290,000 verified publishers - 200,000 of those are YouTube creators, 33,000 website publishers, 15,000 Twitch streamers and 28,000 are Twitter accounts. Brave also offers a cryptocurrency wallet for ether (ETH), ERC-20 tokens and collectibles, including BAT.
The Block Crypto

Binance CEO: BNB no longer reliant on reducing supply to increase value

Today, Binance exchange announced that they had completed their 9th quarterly BNB token burn in accordance with the token’s whitepaper. Over 2 million BNB worth around $36.7 million was burnt during this process. This is the second-largest burn of BNB tokens in terms of U.S. dollar value, trailing only behind their 2nd quarterly burn of 1.8 […] The post Binance CEO: BNB no longer reliant on reducing supply to increase value appeared first on AMBCrypto.
AMBCrypto

Crypto.com - OKEx Pool to Offer CRO Staking to Millions of OKEx Users

HONG KONG, Oct. 17, 2019 /PRNewswire/ -- Crypto.com has partnered with OKEx Pool to offer its staking service for Crypto.com Coin (CRO). The millions of OKEx users now can conveniently stake CRO and enjoy staking rewards on the OKEx platform. Crypto.com Chain is a high-performing blockchain powering the crypto payment solution Crypto.com Pay, which allows users to pay or get paid in crypto anywhere, thus driving cryptocurrency adoption globally. The Crypto.com Chain Thaler testnet (alpha version) was launched in September 2019. When the Crypto.com Chain Mainnet goes live, it will be entrusted with key roles on the network, including but not limited to: Execute settlement Order transactions Verify all transactions Provide an escrow ("Proof of Goods & Services Delivered") service ...Full story available on Benzinga.com
Benzinga

Why Satoshi Nakamoto Created Bitcoin?

Through Innovation, everyone aims at changing the plan of action and making changes in the current condition to conduct better items or services. Productive development ought to be an important piece of one's business technique, where someone can make a culture of innovation and make a way for creative thinking. It can also increase the likelihood of one's business succeeding and can create more efficient processes that can result in better productivity and performance. Innovation and creativity are what should someone have to make a difference in the world. One of the most innovative advancement today is the creation of bitcoin. As said to this article, Bitcoin has been the preeminent cryptocurrency since its inception and continues to lead all others by a significant margin. Let’s look at some of the statistics: There are nearly 18 million BTC in circulation and, with a current price of around $8,300, that puts the market cap at over $150 billion. With a daily volume of over $15 billion, Bitcoin trades more than double the next highest-ranked cryptocurrency. To see just how significant Bitcoin is on the global market, it can be useful to look at the user numbers as well. Even though the bitcoin market already reached a legendary status in the crypto world, The creator of Bitcoin has managed to remain anonymous for over a decade. Just using Satoshi Nakamoto as a pseudonym. But why did he created bitcoin and remain unknown to everyone. One of the reasons is to solve some societal problems easily, Satoshi came up with creative answers to solve certain problems in the business. Many times an individual face problems that don’t seem to go away. The answer is to think outside the box to find an answer one never come up with. This way one can make a product, a creative solution to the problems face in the market and make one's business better. Keep in mind that thinking innovatively is the easiest way to beat competitors in the market. Just like what bitcoin did, it dominates the cryptocurrency transactions and remain the number 1 cryptocurrency on the Coinmarketcap. It seems that perhaps the achievements of bitcoin it's impossible to know the true Satoshi. He has become a larger than life character; people have heaped upon him so much of their ideas about who he should be and how he should act, that no one person can live up to the idea that Satoshi has become.
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