87% of respondents said they would switch to full-time gaming in the metaverse if the pay is good.
Aussie competition watchdog investigating Meta over crypto scam ads
The news comes only one day after billionaire Andrew “Twiggy” Forrest announced he would be mounting legal action against the social media giant.
Rise of Web3: Metaverse tokens surge as Meta’s share price plunges
Decentralized Metaverse tokens have made steady gains this week, despite a dump in the stock price of Meta Platforms.
Bitcoin bounces at $36.6K as Meta adds 20% losses to US tech stock rout
A bloodbath for tech stocks, oil and more rattles crypto, with Bitcoin managing to steady without significant casualties.
Aussie billionaire sues Facebook over crypto scams with AG’s consent
The Aussie businessman said that Facebook’s failure to remove the fraudulent ads featuring him and dozens of other high profile celebs was “criminally reckless.”
Vale Diem: How Facebook’s ambitious stablecoin project came to an end
It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart.
Diem stablecoin co-founder praises Bitcoin for censorship resistance
Meta’s Diem co-creator David Marcus said that he was a “big fan of Bitcoin,” calling it digital gold back in 2019.
Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTC
Dorsey said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency.
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta has officially given up on its stablecoin project Diem after more than two years of efforts to launch the digital currency.
Zuck got PUNKed — new Metaverse-linked ETF shorts Meta shares in holdings
“Facebook seems to be the antithesis of what actual consumers want their digital futures to look like,” said Subversive Capital Advisor founder Michael Auerbach.
Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets.
Meta unveils Metaverse AI supercomputer, claims it will be world’s fastest
The social media giant said that the “AI Research SuperCluster” supercomputer is already operational, and it expects it will be fully completed around the middle of the year.
Meta reportedly plans to integrate NFTs on Facebook and Instagram profiles
Meta reportedly plans an integration to allow social media users to display their NFTs on Facebook and Instagram.
Meta poaches staff from Microsoft and Apple for Metaverse plans
According to former staff, around 100 people have already jumped ship from Microsoft to Meta alone. Meanwhile, Apple is offering generous bonuses to hold onto their workers.
Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?
Experts share how Bored Ape Yacht Club’s success has changed the NFT landscape for good.
WhatsApp starts testing currency payments with Meta’s Novi wallet
Some U.S. activists previously asked the DOJ to stop Meta from offering its digital currency wallet Novi on its platforms.
Discussion on crypto and major tech firms combine in hearing over decentralization of digital ecosystem
“The point of crypto is to have true decentralization — the projects that succeed will be the projects that achieve that,” said Brian Brooks.
Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure
“We believe fundamental limitations in existing crypto infrastructure are frustrating broader adoption of web3,” said Mysten’s team, citing the scalability of existing chains as well as the lack of interoperability of many smart contracts.
David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project
Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.
Related Reading | What Zuckerberg’s Meta Means for the Metaverse
David Marcus Says Goodbye
This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:
“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”
Mark Zuckerberg responded to David Marcus:
“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”
I am so honored for the opportunity to lead the awesome @novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.
— Stephane Kasriel (@skasriel) November 30, 2021
For his part, Stephane Kasriel said via Twitter:
“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”
FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com
What’s The Deal With Libra/Calibra/Novi/Diem?
After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.
Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes. I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”
Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States
However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open monetary network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.
Featured Image: mohamed_hassan on Pixabay | Charts by TradingView
BREAKING: Meta expands crypto advertisement eligibility on Facebook
The company said it will allow many more crypto and blockchain advertisements on Facebook and Instagram due to expanded eligibility terms.