This Week in Crypto – Facebook Blockchain Interest? Samsung BTC Wallet?

Facebook Hinting at Blockchain Interest

Outside viewers have seen that Facebook is on a recruitment drive for blockchain developers. These will be tasked with working on a payment industry product.

Unfortunately, there are a few recruitment hurdles because of the somewhat obscure project and the ongoing concerns of personal data protection from the side of Facebook.

The social media giant already has around 40 developers in-house and includes ex PayPal executives. Still, top-level blockchain developers are wary at joining the company because of the privacy and security scandals.

One of the most significant hurdles for FB to overcome is many developers actually want to do the opposite of what FB does.

Raising privacy for users while increasing transparency in large corporations is the opposite of FB who doesn’t appear to have any urge at being transparent. It goes to such lengths as asking new recruits to sign an NDA while full details are never divulged.

Samsung BTC Wallet Rumors

Samsung is one of the world largest tech corporations, and it has been said they are determined to release a BTC mobile cold storage wallet.

The software is being developed which could see the light of day with their next big release in the Galaxy S10. The offering is said to come with two sections, and one being the cold storage solution for users cryptocurrencies where private keys will be locked down.

The second part will be a full performing wallet which will equal its rivals such as, Bread Wallet and other comparable products.

Already the Samsung wallet is said to support BTC, ETH, BCH, and other ERC-20 Tokens right out of the box. There are many speculative concerns all this will be put on hold until the scene with BTC is cleared up a little.

There are already two forays into this market with HTC and Sirin Labs, but from initial viewings, these have been under performing devices and are weighed down by problems.

If Samsung does venture further, and its device succeeds. All that is needed then is the demand for mobile cryptocurrency applications.

Bitcoin disadvantages

Institutional Investors are Scared of the Bears

JP Morgan has assessed that many an institutional investor is being scared off by the current bear market. Not only this, it appears there is fading participation in BTC trading by financial institutions.

Bitcoin Futures values interest has plummeted along with overall crypto trading volumes. These combined have spawned a fallout across the breadth of the crypto market.
Most other altcoins are in the same boat as BTC, and mining is now running at a loss in the majority of places.

The view of BTC from JP Morgan is nothing new and stems from the top of the chain. The company CEO Jamie Dimon hates BTC and has often said it is a fraud. At the same time, he applauded the blockchain and said it was innovative and a legitimate technology.

Many crypto evangelists are readying themselves for the big surge they are anticipating in 2019. Some are expecting greater highs than were seen with BTC, but speculation can drive markets in either direction.

blockchain technology

Bears Have a Grip on Stocks While Cryptos Add $9 Billion

The more traditional stock market has blamed technology stocks, trade disputes, and interest rate hikes as reasons for volatility and a possible crash.
With money faltering in the conventional markets, cryptos have seen a small turn of the tide and are heading back into the green.

Market capitalization has increased by over $9 billion compared to the stock market where the Dow has fallen 508 points (2.1%) to the lowest point of the year.
The Nasdaq has also been down for the best part of the year. With the S&P 500 down 2.1%, all three markets are down 8% in December alone.

This time around it might be healthcare products which are attracting heat. Johnson and Johnson saw a decline in their value with claims of asbestos being in their baby powders. Couple this with the Obamacare Affordable Care Act being ruled as unconstitutional.

With these stock market drops and crypto gains, could this be a signal for time to buy? If there is a crash, then investors will need somewhere to put their money. With a steady stream of cash flowing back toward the crypto markets, could it be the jumping of a ship in the short term?

BTC Carbon Footprint and Solar Power

With the trustless and decentralized design of BTC, there is a need for mining to validate each transaction being added to the blockchain. Everyone knows how much power it takes to mine each coin and at present, it is running at a loss in some regions. Global carbon emissions are on the increase thanks to the energy consumption required for this crypto mining, or that is what is said.

However, in some areas of the world, there is an abundance of solar energy which could make future mining power consumption negligible.
It is true; there is plenty of negativity surrounding the generation of BTC. It does take a lot to create something which has no physical entity compared to something more tangible.

Bitcoins are only a set of numbers, and many professionals are saying this is the sole most significant weakness of BTC. There are a number of analysts who say the sole blame shouldn’t be on BTC as a single entity, because of the number of other altcoins which also need mining.

Global regions should also be looked at before there is any claim against BTC mining cost because there are many areas which are using renewable energy sources. China is contributing more with its fossil-based energy while there are many hydro powered mining farms which are being tarred with the same brush.

It is a little unfair that the industry is classed as one, and mining, in general, is looked at as something which is the same regardless of where the miners are situated.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top