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                                                                                                Meanwhile, Facebook has reacted to this development. A spokesman for the company told CNBC on Monday that Facebook understood the concerns and was open to its employees expressing their bias freely.




                                                            Published 3 hours agoon June 2, 2020

In a rare move, hundreds of Facebook’s staff walked away from their remote working desks on Monday and took to Twitter to accuse social media giant’s founder, Mark Zuckerberg, of inadequately policing U.S. President Trump’s post on Facebook’s platform.
Facebook staff expressed disappointment and disgust over the decision of Facebook’s management to allow a statement posted by President Trump, in which he wrote “when the looting starts, the shooting starts.”

A tweet by Dan Abramov, a software engineer at Facebook,  said “The React Core team is joining the Facebook employee walkout in solidarity with the Black community. Facebook’s recent decision to not act on posts that incite violence ignores other options to keep our community safe. We implore the Facebook leadership to #TakeAction.”

The React Core team is joining the Facebook employee walkout in solidarity with the Black community.
Facebookʼs recent decision to not act on posts that incite violence ignores other options to keep our community safe. We implore the Facebook leadership to #TakeAction. pic.twitter.com/0i33nNQTLN
— Dan Abramov (@dan_abramov) June 1, 2020

(READ MORE: COVID 19: Facebook supports WHO, provides free Ads to combat Misinformation)
“Mark is wrong, and I will endeavor in the loudest possible way to change his mind,” wrote Ryan Freitas, identified on Twitter as director of product design for Facebook’s News Feed. He added that he had mobilized “50+ like-minded folks” to lobby for internal change.”

Mark is wrong, and I will endeavor in the loudest possible way to change his mind.
— Ryan Freitas (@ryanchris) June 1, 2020

In addition, two top Facebook employees have informed the management of Facebook their intention to resign if Mark Zuckerberg does not reverse his decision, on moderating Trump’s posts, the New York Times reported Monday.

Meanwhile, Facebook has reacted to this development. A spokesman for the company told CNBC on Monday that Facebook understood the concerns and was open to its employees expressing their bias freely.

“We recognize the pain many of our people are feeling right now, especially our Black community,” “We encourage employees to speak openly when they disagree with leadership. As we face additional difficult decisions around content ahead, we’ll continue seeking their honest feedback.” 

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                                                                                                Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.




                                                            Published 3 days agoon May 30, 2020

Zoom Video Communications’ shares surged to record highs on Friday, as bullish runs in the last hours of trading helped the company to close with a market capitalization of more than $50 billion. The stock gained about 9.7% to jump to $179.48, thereby giving it a market value of $50.6 billion. 
Note that this is the first time Zoom’s valuation is reaching this high level since it became a quoted company. The tech giant, which owns popular video conferencing software “Zoom”,  has gained more than 160% this year. This is because investors are betting that the surge in Zoom users amid the COVID-19 pandemic, would eventually translate to long-lasting revenue growth.

READ ALSO: How VCs are encouraging terrible business practices by founders
Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.
Following the significant jump in the company’s valuation, the net worth of its founder and Chief Executive Officer, Eric Yuan, also rose significantly by more than $800 million on Friday. He now has a net worth of $9.3 billion, according to the Bloomberg Billionaires Index. 

Meanwhile, in reaction to Zoom’s overnight success, Gennie Gebhart, a researcher with the Electronic Frontier Foundation, said she hoped Zoom would change course and offer protected video more widely. It should be recalled that some users of the app had raised security concerns back in April, as Nairametrics reported. 
READ ALSO: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Meanwhile, Zoom has recruited Alex Stamos, a former chief security officer at Facebook, and other top security experts to help deal with the security issues which led to some top companies banning its use. While discussing efforts being made to deal with the security challenges, Stamos told Reuters:

 “At the same time that Zoom is trying to improve security, they are also significantly upgrading their trust and safety. The CEO is looking at different arguments. The current plan is paid customers plus enterprise accounts where the company knows who they are.” 

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                                                                                                In general, digital currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows.




                                                            Published 1 week agoon May 25, 2020

A new report by America’s biggest bank, JP Morgan Chase, said the U.S dollar is being faced with a major threat as many  central banks’ digital currencies continue to gain traction.
Analysts, including Josh Younger, the head of U.S. interest-rate derivatives strategy and Michael Feroli, the chief U.S. economist, wrote in a report saying this:

“There is no country with more to lose from the disruptive potential of digital currency than the United States.
“This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services convey immense advantages.” 
Aditi Kumar and Eric Rosenbach also recently penned an opinion piece for Foreign Affairs in which they noted that “Just recently, America’s arch-rival China became the first major economy to carry a real test of a national digital currency.”

(READ MORE: Why the strong dollar is giving Nigeria headache)
In general, electronic currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows. A digital Chinese currency (yuan) combined with China’s developed electronic payment systems may give China more future influence than it ever bargained for.  

What Nigerians should know about Digital currencies
A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the naira, for instance.

Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital  currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

Although JP Morgan does not see the U.S dollar being overthrown as the world’s reserve currency anytime soon, experts warned that the U.S dollar dominance could weaken. This is because its processing trade settlement and the SWIFT system could make it more vulnerable.

The American bank continued by saying:

“Offering a cross-border payment solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,
“For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.” 
Federal Reserve Chairman Jerome Powell said months ago that the Federal Reserve was taking a critical view on the issues regarding a digital currency.

                                    , <br>Nairametrics
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