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Pegging Libra to just the $ could soothe regulators, a16z says

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pegging libra to just the could soothe regulators a16z says

What if Libra wasn’t backed by a basket of international currencies, but only the dollar?

Regulatory pushback to the Facebook-led cryptocurrency Libra has caused major partners — including Visa, Mastercard, PayPal and eBay — to pull out of the Libra Association. But one of the remaining members has floated a major change to the stablecoin that could calm concerns that Libra could hurt the world economy by challenging national currencies for supremacy.

Last week, venture partner Chris Dixon of Andreessen Horowitz’s a16z Crypto, one of the remaining members of the governing Libra Association, spoke  onstage at TechCrunch Disrupt. He said he still believed Libra will launch, but it might require some changes to get the green light from governments. When I asked what changes might assuage regulators, he told me, “For example, denominating the currency in U.S. dollars. I’m giving a hypothetical example. My understanding is the intention was never to create a new currency. It’s much focused on the payment rails.”

We understand that Dixon meant that Libra could be pegged directly to the U.S. dollar instead of to a basket of international currencies as is the plan for Libra.

Originally, Libra was slated to be denominated in…Libra, using the unicode symbol ≋. It would be a stablecoin backed 1:1 with a basket of the world’s top currencies that Reuters says Der Spiegel reports Facebook told a German legislator would be made up of 50% U.S. dollar, 18% Euro, 14% Japanese Yen, 11% British pound and 7% Singaporean dollar.

The purpose of the basket was to make Libra’s value more consistent. A spike or decline in value of any currency in the basket would have limited impact on Libra’s value, and the basket could be altered in makeup to further protect it from fluctuations.

Libra cryptocurrency logo

But if it was denominated in $, the U.S. regulators in particular might be less worried that citizens might choose to use the Libra instead of the dollar. This might demonstrate that Libra sees itself as deferential to the American economic system and government Facebook must answer to.

Conversely, the Libra would become vulnerable to shifts in value of the U.S. dollar. But since many international currencies and financial systems are also linked to the dollar, there at least would be more precedent for how Libra would operate. The move could make foreign governments less skiddish about the cryptocurrency since their national currencies wouldn’t be directly influenced.

On Monday, the Libra Association will meet to finalize its membership, elect a board and create a charter governing its efforts. How Libra is denominated could be reviewed at this meeting.

Denominating in dollars could quell another worry about the cryptocurrency — that if it became popular and the Libra Association decided to change the basket’s components or remove one currency, it could significantly impact that currency’s value.

The French Finance Minister Bruno Le Maire previously said, “the monetary sovereignty of countries is at stake from a possible privatisation of money . . . we cannot authorise the development of Libra on European soil.”

Facebook’s head of Libra David Marcus has tried to dispel this idea, saying Libra is designed to run “on top of existing currencies . . . there’s no new money creation, which will strictly remain the province of sovereign Nations.” Yet regulators are still largely opposed to its planned launch in 2020.

Pegging Libra to the dollar would give the Libra Association less flexibility to maintain a steady value, but also less power. Governments wouldn’t fear that they’d need to maintain a positive relationship with the Libra Association for fear of their currency being ejected from the basket. It would put Libra more directly in competition with other stablecoins like Tether that are locked to the U.S. dollar.

Chris Dixon DSC02399

a16z Crypto’s Chris Dixon (left) speaks with TechCrunch’s Josh Constine at Disrupt SF 2019

Dixon also announced that Andreessen Horowitz is launching the a16z Crypto Startup School, which will offer a free, zero-equity educational program for blockchain entrepreneurs. The goal is to pass knowledge from seasoned cryptocurrency startup founders to newer entrants to the space.

Dixon says the hope is that the best students would seek investment from the fund, but that won’t be required. Those interested can sign up for more info on how to apply when it’s available, though videos of the school’s sessions will be available.

Andreessen Horowitz’s commitment to cryptocurrency could make it less likely to abandon the Libra Association than some other payments companies more firmly rooted in the status quo financial system. That loyalty will only pay off if Libra ever passes muster with regulators and actually reaches the market.

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Facebook Faces Yet Another Outage: Platform Encounters Technical Issues Again

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Facebook Problem Again

Uppdated: It seems that today’s issues with Facebook haven’t affected as many users as the last time. A smaller group of people appears to be impacted this time around, which is a relief compared to the larger incident before. Nevertheless, it’s still frustrating for those affected, and hopefully, the issues will be resolved soon by the Facebook team.

Facebook had another problem today (March 20, 2024). According to Downdetector, a website that shows when other websites are not working, many people had trouble using Facebook.

This isn’t the first time Facebook has had issues. Just a little while ago, there was another problem that stopped people from using the site. Today, when people tried to use Facebook, it didn’t work like it should. People couldn’t see their friends’ posts, and sometimes the website wouldn’t even load.

Downdetector, which watches out for problems on websites, showed that lots of people were having trouble with Facebook. People from all over the world said they couldn’t use the site, and they were not happy about it.

When websites like Facebook have problems, it affects a lot of people. It’s not just about not being able to see posts or chat with friends. It can also impact businesses that use Facebook to reach customers.

Since Facebook owns Messenger and Instagram, the problems with Facebook also meant that people had trouble using these apps. It made the situation even more frustrating for many users, who rely on these apps to stay connected with others.

During this recent problem, one thing is obvious: the internet is always changing, and even big websites like Facebook can have problems. While people wait for Facebook to fix the issue, it shows us how easily things online can go wrong. It’s a good reminder that we should have backup plans for staying connected online, just in case something like this happens again.

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We asked ChatGPT what will be Google (GOOG) stock price for 2030

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We asked ChatGPT what will be Google (GOOG) stock price for 2030

Investors who have invested in Alphabet Inc. (NASDAQ: GOOG) stock have reaped significant benefits from the company’s robust financial performance over the last five years. Google’s dominance in the online advertising market has been a key driver of the company’s consistent revenue growth and impressive profit margins.

In addition, Google has expanded its operations into related fields such as cloud computing and artificial intelligence. These areas show great promise as future growth drivers, making them increasingly attractive to investors. Notably, Alphabet’s stock price has been rising due to investor interest in the company’s recent initiatives in the fast-developing field of artificial intelligence (AI), adding generative AI features to Gmail and Google Docs.

However, when it comes to predicting the future pricing of a corporation like Google, there are many factors to consider. With this in mind, Finbold turned to the artificial intelligence tool ChatGPT to suggest a likely pricing range for GOOG stock by 2030. Although the tool was unable to give a definitive price range, it did note the following:

“Over the long term, Google has a track record of strong financial performance and has shown an ability to adapt to changing market conditions. As such, it’s reasonable to expect that Google’s stock price may continue to appreciate over time.”

GOOG stock price prediction

While attempting to estimate the price range of future transactions, it is essential to consider a variety of measures in addition to the AI chat tool, which includes deep learning algorithms and stock market experts.

Finbold collected forecasts provided by CoinPriceForecast, a finance prediction tool that utilizes machine self-learning technology, to anticipate Google stock price by the end of 2030 to compare with ChatGPT’s projection.

According to the most recent long-term estimate, which Finbold obtained on March 20, the price of Google will rise beyond $200 in 2030 and touch $247 by the end of the year, which would indicate a 141% gain from today to the end of the year.

2030 GOOG price prediction: Source: CoinPriceForecast

Google has been assigned a recommendation of ‘strong buy’ by the majority of analysts working on Wall Street for a more near-term time frame. Significantly, 36 analysts of the 48 have recommended a “strong buy,” while seven people have advocated a “buy.” The remaining five analysts had given a ‘hold’ rating.

1679313229 737 We asked ChatGPT what will be Google GOOG stock price
Wall Street GOOG 12-month price prediction: Source: TradingView

The average price projection for Alphabet stock over the last three months has been $125.32; this objective represents a 22.31% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $160, representing a gain of 56.16% from the stock’s current price of $102.46.

While the outlook for Google stock may be positive, it’s important to keep in mind that some potential challenges and risks could impact its performance, including competition from ChatGPT itself, which could affect Google’s price.


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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This Apple Watch app brings ChatGPT to your wrist — here’s why you want it

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Apple Watch Series 8

ChatGPT feels like it is everywhere at the moment; the AI-powered tool is rapidly starting to feel like internet connected home devices where you are left wondering if your flower pot really needed Bluetooth. However, after hearing about a new Apple Watch app that brings ChatGPT to your favorite wrist computer, I’m actually convinced this one is worth checking out.

The new app is called watchGPT and as I tipped off already, it gives you access to ChatGPT from your Apple Watch. Now the $10,000 question (or more accurately the $3.99 question, as that is the one-time cost of the app) is why having ChatGPT on your wrist is remotely necessary, so let’s dive into what exactly the app can do.

What can watchGPT do?

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