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Bitcoin News Wednesday, May 9 Facebook, New blockchain effort, Williams & more…

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What’s new?

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Facebook shakes up its execs and adds new blockchain group

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  • Facebook instituted its biggest executive shakeup in its 15-year history this week, Recode reported on Tuesday, a reorganization that will include a new blockchain effort and aims to address privacy concerns.
  • The experimental blockchain group will be led by David Marcus, the executive most recently in charge of Facebook’s Messenger group.
  • Marcus sits on the board of directors of Coinbase, an exchange for cryptocurrency (which uses the blockchain as its underlying technology), and joined Facebook from PayPal in 2014.
  • Marcus confirmed his new role in a tweet: – – Facebook will now operate under three divisions: a family of apps group (including Facebook, Instagram, WhatsApp and Messenger), a new platforms division (including a blockchain technology team, augmented and virtual reality, enterprise technology and artificial intelligence) and a central product…
  • As part of this week’s reorganization, most Facebook apps are getting new leaders, save Instagram, which will continue to be run by Instagram CEO Kevin Systrom.

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Ex-NFL star Ricky Williams studies astrology – and it’s telling him to invest in Bitcoin

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  • Williams has spent a chunk of his post-football life studying everything from holistic medicine to astrology and he tells CNBC Make It that the studying the cosmos actually informed his decision to invest in the recent cryptocurrency boom.
  • When I look at things, I tend to look at astrology to get insight, says Williams, who tells CNBC Make It that his readings of astrological charts have pointed him in the direction of Bitcoin.
  • The insight that got me interested in Bitcoin was the planet Uranus is about to enter into Taurus, says Williams.
  • The revolutionary aspect of Uranus in astrology, combined with Taurus’ focus on wealth and finance, is leading Williams to predict that, in the near future, we’re going to totally change the way we view and understand finances, he says.
  • So, you know, I had to get a little piece of that action, Williams adds.

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Bitcoin could flop like VHS competitor Betamax, tech investor Glenn Hutchins says

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  • As the cryptocurrency market matures, bitcoin could be pushed out by competitors the same way the video cassette tape format Betamax lost out to rival VHS as home entertainment technology evolved during the 1980s, according to one tech investor.
  • Bitcoin could turn out to be Betamax, North Island Chairman Glenn Hutchins told CNBC’s Squawk Box Wednesday.
  • The product battled JVC’s VHS format over which would become the dominant device consumers used to record and watch movies and other videos across the world.
  • In this case, the VHS, or winner, could be a bitcoin alternative like XRP, ether or litecoin.
  • The token of exchange at the heart of the math solution that leads the technology will be there, said Hutchins, who is also part-owner of the Boston Celtics basketball team.

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Bitcoin could flop like VHS competitor Betamax, tech investor Glenn Hutchins says

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  • As the cryptocurrency market matures, bitcoin could be pushed out by competitors the same way the video cassette tape format Betamax lost out to rival VHS as home entertainment technology evolved during the 1980s, according to one tech investor.
  • Bitcoin could turn out to be Betamax, North Island Chairman Glenn Hutchins told CNBC’s Squawk Box Wednesday.
  • The product battled JVC’s VHS format over which would become the dominant device consumers used to record and watch movies and other videos across the world.
  • In this case, the VHS, or winner, could be a bitcoin alternative like XRP, ether or litecoin.
  • The token of exchange at the heart of the math solution that leads the technology will be there, said Hutchins, who is also part-owner of the Boston Celtics basketball team.

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Tech investor Chamath Palihapitiya: I’m a Warren Buffett ‘disciple,’ but he’s wrong about bitcoin

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  • Billionaire investor Warren Buffett is wrong about bitcoin, tech venture capitalist Chamath Palihapitiya said Wednesday.
  • Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Quick, saying the world’s largest cryptocurrency doesn’t produce anything except more buyers looking to make money by selling to new buyers.
  • Palihapitiya, who called himself a Buffett disciple, said he sees the cryptocurrency as a replacement to gold.
  • Something like bitcoin is really important, Palihapitiya said, because it is not correlated to the rest of the market.
  • In December, Palihapitiya bashed social media, and by extension Facebook, for creating a society that confuses popularity with truth.

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