Bitcoin, Gram, China - Libra, Libra, Libra! | Crypto News

Hey, everyone. Today, Craig Wright and maybe bitcoin are about to be very unhappy. Telegram will soon launch its own digital currency with China right behind. And unfortunately, we just can't seem to stop talking about Libra. This is Cryptocurrency News with Molly Jain and, well, no one, unfortunately. Since it looks like I'll be on my own, I'm going to need an extra amount of support from you guys to figure out what's going on in the crypto world today. So, fellow Hodlers, investors, tokenizers and enthusiasts, warm up those fingers and head to the comments section because we've got news to discuss. So, as I'm sure most of you have figured out by now, Craig Wright is not the fabled Satoshi Nakamoto. However, that doesn't mean this astounding revelation doesn't have the power to majorly disrupt the bitcoin market. Wright, who was accused of stealing hundreds of thousands of bitcoin from his late mining partner, Dave Kleiman, was ordered to hand over half of his bitcoin to the Kleiman estate. Half is a lot, especially when it's from a sum currently valued at over $5 billion. As the age old proverb goes, half of $5 billion is actually just a shitload of money. With this absurd amount of money set to change hands, what does this actually mean for the bitcoin market? You guys can comment below, but what do you think some of the possible consequences of this ruling could be in terms of the market or just in general? And now we have our mandatory Libra bit. But don't worry, I'll keep it as short and sweet as I can. If you like poking holes in testnets, then here's some good news for you. Libra has opened its bug bounty program to the public. In other words, if you can uncover a critical security issue in the Libra blockchain, you could potentially earn up to $10,000 for your service. I would actually love to hear from anyone who has already gotten involved in the program. Have you been able to find any bugs yet? And how secure do you guys think the blockchain is at this current stage of development? Comment below, please. It's also worth noting that in Libra's announcement of the bug bounty program, there was no mention of Facebook. It seems as though Libra is trying to distance itself from association with Facebook, the implication being that the social media giant isn't the driving force behind the project. I personally find this rather amusing because literally the day before this announcement, O'Dwyer PR reported that Facebook, not Libra, had hired a consultancy firm known as Vector FS for lobbying support on issues related to blockchain policy. So who do you really think is the head honcho here? Libra or Facebook? And at this point, is it even beneficial for Libra to shake the Facebook association, or should it just accept the association and just move on and work with it? Remember when I said I was going to keep the Libra news short and sweet? Well, it's a bit harder to do than you might think, since everything these days seems to have a way of looping back to Libra. Why do you think that is? Because. Because my best guess is that it's the biggest, most recognizable name on the scene at the minute and therefore maybe has the most power to disrupt it. So everyone is using Libra as a benchmark for their own projects. For instance, the encrypted messaging service Telegram announced on Aug. 27 that it is now set to launch its own digital currency gram in October. This puts its launch date way ahead of Libra's. Actually, Telegram needs more than anything to hit this launch date, because if they don't, they are legally bound to return all of their investors money, which totals about 1.7 billion doll. Whether this is a possibility remains to be seen, as Gram has been mostly developed in secrecy and without regard to regulation. In the eyes of David Gerard, a crypto analyst and critic, I don't see how on earth Telegram can possibly get something compliant with regulators in place by the end of October. Will Graham become a reality, or will it remain for now, like Libra, just another whisper in the wind? To be honest, it feels like as soon as Libra was announced, the entire crypto scene took on a new competitive edge. And. And since then, it's been a headlong race to compete with something that doesn't even exist yet. It sounds kind of silly to say it like that, but I think it really goes to show the stimulating power of the word above all else. So, guys, do you think the influence of Libra is having a positive or negative effect on the industry as a whole? Do you think that people are focusing too much only in terms of Libra, or is this kind of big name influence inevitable? China has also hopped on the we need to beat Libra to the punch bandwagon. According to a source, Paul Schulte, the People's bank of China could roll out their new digital currency, electronic payments, DCEP for short, as early as November. He's also announced seven institutions that will be receiving the first DCEP ahead of everyone else, with an eighth institution yet to be named. Among the first recipients are the retail giant Alibaba and Internet media giant Tencent. And when giants are involved, it's probably going to be a big deal, especially when those giants are multinational corporations. That could be key to beginning circulation of the digital currency overseas. So what could this do to the global market and crypto industry if China becomes Libra before Libra comes Libra, do you trust DCEP enough to use it? Comment below. Thank you all for watching. Now is your chance for fame. Comment on the most important news from today, because on our next segment, I'll be discussing the most relevant and insightful comments from today's video. This has been Molly Jane with the cryptocurrency news. Always remember to like subscribe and Hodl cointelegraph Like subscribe and Hodl.