Crypto News | Cambridge Analytica ICO

Facebook, Russia, Cambridge Analytica: there’s just no getting away from these guys, is there? As soon as the whole Facebook controversy slowly began to fade from the public sphere, new reports started flooding in about a cryptocurrency that the company had been planning to launch before the data scandal ruined it all. According to sources in touch with Reuters, Cambridge Analytica ICO was supposed to be about a system based on blockchain technology for securing online data. According to a Cambridge Analytica spokesperson, the idea was to let users reclaim and monetize their own data, something that Zuckerberg dismissed as impossible during his hearing before the Congress. Cambridge Analytica, the firm that influenced Brexit and the 2016 presidential election, allegedly had plans to raise $30 million during the ICO – which is not such a long shot, especially if we consider Telegram’s $820-million success in comparison.

It was probably something about Telegram’s success (or its message) that rubbed Russian authorities the wrong way, prompting them to ban 20 million IP addresses in a misguided and unsuccessful attempt to bring the company to heel. The Federal Service for Supervision of Communications, Information Technology and Mass Media, or Roskomnadzor for short, banned Telegram last Friday. To enforce the ban, the watchdog started blocking Google and Amazon IP addresses – some 20 million of them. Telegram merely shrugged it off, and the app is still very much operational, unlike Viber and a dozen other services completely unrelated to Telegram. The move, which caused a great deal of inconvenience – and in some cases, considerable losses to those affected – has been condemned by Edward Snowden as “morally and technically ignorant”, and a “censorship effort” which broke Russia’s Internet. 

But none of this – not the attempted Telegram assassination, not the Cambridge Analytica ICO news, not the Chinese bust – could shake the suddenly solid Bitcoin/ crypto market – not even yesterday’s whale dump, when the price of BTC dropped by more than $200 in under 20 minutes. According to MarketWatch, the fluctuation came from a single wallet with almost 1.5 billion USD in Bitcoin. The person behind the address unloaded 6,500 BTC, worth $50 million at the time. Only 7 hours later, an additional 2,000 Bitcoins were sold off. The fact that Bitcoin was mostly unaffected by this lends credence to the theory that BTC and other cryptos may have bottomed out. Even the chief of IMF, Christine Lagarde, may feel similarly, if her recent public proclamations regarding cryptocurrencies are to be taken seriously. In two blog posts on Tuesday, Lagarde said that, having already looked at the dark side of cryptocurrencies, she felt the need to also mention all the good things then they may eventually bring. She envisaged a shift towards digital assets on a large scale, saying that the cryptocurrencies that survive the current climate will drastically change the way we “save, invest, and pay our bills.”

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Author: Max Rothstein

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