Meta sells Diem assets to Silvergate in $200 Million | What happens now?

Diem written with a out sign on Meta with a the Facebook logo in background

Diem, which caught all the eyes of the people since it came out as Libra in 2019 and Mark Zuckerberg defending it in front of the chamber of commerce for a long time, has taken a serious turn, Meta sells Diem.

According to The Wall Street Journal’s report on Tuesday, it is said that Meta(formerly Facebook) is selling its technology assets to the Silvergate capital bank for about $200 million ($180 million). Meta is one of the founding companies of Diem Association (formerly Libra Association) along with 25 other investors.

Later on, Bloomberg also reported that Meta Inc. was considering selling Diem assets to return the capital to their investors, who were backing them through the whole project.

Meta logo in Blue color, founder of Diem Project
Meta sells Diem to Silvergate Capital

Why did Meta step back?

There is still not a proper answer to the question. However, yes, it seems irrational to first step into digital payments while defending it for the longest of two years and then suddenly dropping the pin by accepting defeat in the cryptocurrency world.

But we might get an answer to this question of Meta stepping back if we look at all the previous incidents. Spoiler! Yes, things have been absurd.

First, Meta (at that time Facebook) comes up with this stablecoin known as Libra. Initially, Libra was supposed to be a new coin backed by a bucket of several cryptocurrencies.

Soon after Libra came into the limelight, it got into some serious laws scrutinies. And in the first year, some big investors, such as PayPal, Mastercard, and Vodafone, left the project. 

This was one of the many reasons Libra Association switched to Diem to get a fresh start. However, just name wasn’t the only change that made up to the project.

Diem also switched their backing up reserves idea. Instead of a bucket of cryptocurrency Diem — the stablecoin was only backed up with USD with the association of Diem blockchain. And Meta gave the big news of Pilot Version of Novi Launch in the US and Guatemala with USDP by Paxos, as cryptocurrency and under the crypto custody of Coinbase.

Probably Meta, the Silicon Valley group, sells Diem to save their $85 billion per year advertising business model and digital social media channels that include Facebook, Instagram, and WhatsApp, which have been getting under the shadow of law scrutiny.

What is the Future of Diem?

This big step narrows down to one big question that keeps striking the chord in heads. What would be the future of Diem now? 

It is too soon to claim anything yet, but Silvergate Capital and Diem Association have repeatedly refused to comment on this mutual deal between both parties if we look at the insights. 

This puts the whole Diem project on the radar. However, Silvergate bank has been dealing with major cryptocurrencies in the past, and there are good chances that they will carry on with this Diem project.

Until the next news, we have our fingers crossed to hear more about this project, but one thing is quite certain when Meta sells Diem. As Meta and the whole Diem project have shifted their decisions in the past, investors and users are losing their interest in Diem.

In the comment section, let us know what you think would happen to Diem now or if it was a good step by Meta?

Can I Mine Diem? | Here is Everything that you Should know

a mining rig on the back with question of diem mining

As the clock is ticking and after the Novi launch in the US and Guatemala, Diem (formerly Libra) is getting into the limelight. With all this attention, many people have been asking one simple question — Can I mine Diem?

I understand the confusion, as Diem is a cryptocurrency, and most of them (such as Bitcoin and Ethereum) can be mined.

But where do we stand when it comes to Diem? Let’s cut to the chase and see whether you can mine Diem or not?

Can I mine Diem?

No, you can not mine Diem because it’s not like any of the regular cryptocurrencies; instead, it is a stablecoin that’s backed by USD. 

But then the question comes — why can’t you mine Diem as the rest of the cryptocurrencies, which can be mined like doodling, right?

Keyfactors of Diem with mining
Key Components of Diem and Mining

Why can’t you mine Diem?

To understand why you can’t mine Diem, you have to understand how mining works! 

Other cryptocurrencies use a distributed ledger called blockchain that verifies all the transactions, and miners are the nodes that help verify the those (and get a reward in return).

In the case of Diem, it is not a regular blockchain. Instead, Diem runs on a permissioned blockchain by the Diem Association. In simple words, this means that only authorized entities such as wallets and exchanges are allowed access through Diem’s blockchain.

This means there is no need for miners to verify the transactions, and it can prevent scams by closely working with local authorities if needed.

Bottom line

Diem is different from the rest of the cryptocurrencies, such as Bitcoin. You can learn about all the major key differences between Diem and Bitcoin. But Diem doesn’t require miners, and there is no way anyone can mine it. 

So, it is better to wait and keep it as an option for transactions and investments.

How Facebook (Meta) is making money by lettings its own users be scammed.

Yes. You read that right.
There are ways from Facebook to sites that aim to scam users with fake Diem sites. And Facebook gets its share. How can that be?

The Diem Scammers

So let’s start from the beginning: Facebook, or Meta now, announced to start an own Cryptocurrency, called Libra. Later called Diem. And since the upcoming of Bitcoin and Crypto, people have FOMO and want a part of that sweet money that can be made in the crypto market.

One of the most successful articles on our website is called “Most of the Known Diem Scam Sites | Protect yourself.“, it’s a collection of scammer websites that aim at people trying to make money with Diem. The scammers know, people are greedy. And the people want to have that Facebook coin, it seems to be a fair bet, that this currency will be secure and widely accepted.

Funny thing is:

  • There is no Diem Coin (yet)
  • Diem will be a stablecoin (so bound to the dollar and not gaining worth)

… but those sites claim to have a Diem coin today, it has a changing value and you can buy it right now.
You just need to transfer them money 😉
And if you did, money is gone.

So how is Facebook making money with this?

Facebooks scamming cut

How Facebook is making money with this, you ask?

The answer is simple: With ads.

Of course, people are looking on the Facebook website, where to buy Diem. And there they can find ads, that lead to scammer sites and with every click, Meta fills its pockets because that’s how they make money: with ads.

This is ridiculous. Think about it: Meta is making money, be letting it’s own users be scammed.
Let’s have a look at one of these ads:

Diem Scam Ad on Facebook
Diem scam ad (Source: Facebook)

Most of the time, the link to the scammer website is not directly in the ad, but in the first post below the ad.

How do scammers get their scam on facebook.com?

But I still don’t get it: How can such an ad make its way on the Meta channels? I do a ton of ads on the Meta network, and everybody who does this, knows how hard it sometimes can be to get your ad displayed. Ads are rejected because they offend rules all the time.

So I can’t believe how an ad which is clearly aiming to scam (“To the moon”) and violating so many rules for ads (they claim to be Diem, use the Diem logo and CI, which are owned by Facebook/Meta itself!) can make it on the site.

Many people are writing us for help, because they spend huge amounts of Ethereum to buy Diem on the scammer website. When we ask them how they got there, they said, “From Facebook” and I refused to believe them until they send me screenshots of the ads.

To say it in ‘The Messenger’s’ words:
“This is madness!”

What is Paxos Dollar or USDP? Important for Novi

Paxos Dollar written on the a white background with logo

Cryptocurrency marked the rise of decentralized assets. But in the cryptocurrency world, as Novi launched in the US and Guatemala, you will ask What is Paxos dollar or USDP? As you can only use Novi with Paxos dollar for now.

Apart from Novi, you can also invest in USDP. A collateralized stablecoin, created by Charles Cascarilla and Rich Teo for stabilizing the U.S dollar with the help of blockchain technology.

Furthermore, Pax Dollar creates a frictionless network worldwide to enhance the bigger financial ecosystem. Its main goal is to build a future in which you can transfer your digital assets, commodities, and securities anywhere at any time, along with high levels of accessibility and flexibility.

Table of Contents

  • What are Stablecoins?
  • What is Paxos dollar?
  • History of Paxos dollar:
  • Benefits of USDP crypto over other cryptocurrencies
  • Drawbacks of Pax dollar
  • Is the PAX dollar network secured?
  • Where is the PAX dollar available?
  • Conclusion
Paxos dollar with the logo in between.

What are Stablecoins?

Since crypto could not approach their consumer’s concerns, it demanded a mechanism to maintain a moral norm of crypto value that should be fixed.

So experts introduced stablecoins to fix the price of cryptocurrencies and minimize their volatility. As a result, the prices of cryptocurrencies were set to other financial resources like gold and the U.S. dollar.

What is Paxos Dollar?

Paxos dollar is the world’s leading regulated stablecoin, as per Paxos Trust. It is a flat-collateralized blockchain cryptocurrency that was suggested to provide border-free transactions with extremely little volatility rates.

Moreover, Paxos dollar or USDP crypto is an ERC-20 token set up on the Ethereum blockchain technology. According to Ethereum, Paxos is the world’s best programmable cryptocurrency that aids you in sending it to anyone by demanding a modest commission.

History of Paxos Dollar

The history of Paxos Dollar began in September 2018 when the New York-based company Paxos Trust, specializing in blockchain technology, introduced a new stablecoin called the Pax Dollar. It was brought in to meet a reliable substitute for blockchain assets.

Moreover, Paxos was founded in 2012 as the itBit, a Bitcoin exchange. Later on, the company renamed itself Paxos Trust in 2015. During the same period, New York’s Financial Services Department gave it a trusted charter for offering its services and products in the digital asset world.

USDP with a big logo on left side.

Benefits of USDP Crypto over other Cryptocurrencies

As Paxos dollar was constructed on an ERC-20 token, it can be deposited in an ERC-20 wallet, and but they are also part of the pilot program for Novi wallet partnering with Coinbase

Additionally, there are multiple advantages of the Paxos dollar over other cryptocurrencies. Out of those, here are the few major ones:

  • Paxos stablecoin can only remain in circulation as long as US dollars are held in reserve.
  • The Ethereum technology stores data in inter-chained blocks; it eliminates the chances of any intervention by the third parties and delivers a much more environmentally safe atmosphere.
  • With decentralized computing and a 24 hours support program, PAX dollar gained better recognition.
  • The New York State department monitors this stablecoin indicating a powerful trust boost to the PAX dollar stablecoin over other crypto coins. 
  • Paxos deals its transactions for 1:1 USD dollars. It means that 1 Paxos equals approximately 1 dollar, conferring to the Paxos company.
  • The Paxos dollar also guarantees 100% cash reserves.
  • PAX is a global digital resource, which means it can carry out local and international transactions.

Drawbacks of Paxos dollar

Alongside the great benefits, Pax dollars also comes with some drawbacks worth considering. 

  • Pax dollar is not available on all exchanges.
  • It is downplayed by the competitor’s stablecoins.
  • Pax dollar may not favor in value.

Is the PAX dollar network secured?

Yes, the USDP crypto is a much safer trading option. Once redeemed from your PAX account, the coins are automatically wiped out.

Also, using the PAX dollar allows for much better and secure transactions. If the PAX smells any security threat, it pauses the transactions and saves your currency.

In addition to that, Paxos is the first crypto company ever to secure the SOC 2 Type 2 certification. Thus, supporting its enterprising customers effectively. 

Grey Paxos logo and PAX USDP.

Where is the PAX dollar available?

USDP crypto can be bought at the following exchanges:

  1. Bittrex
  2. Binance1-inch exchange
  3. Bit thumb global
  4. Dignifex
  5. VCC exchange

Conclusion

USDP crypto is currently one of the most popular crypto stablecoins today. It is the medium to produce low volatility exchanges without worrying about the market variations.

The original strength of the PAX dollar over other cryptocurrencies lies in its full backing of USD. This sole benefit is sufficient to wrestle with other popular cryptocurrencies.

Novi Launch in the US and Guatemala | Amazing things are getting real

Novi written with white alphabets on a purple shade

After two years of rumors and breathtaking news, Meta has finally announced the launch of Novi in the US and Guatemala. Yes, a digital wallet.

It has been exactly two years to the announcement that it will be available. Finally, the wait is over; now that Novi is available in US and Guatemala. However, it is launched on a small scale on a trial basis. It will be made available on a larger scale once its trial period reaches success.

Novi written in white letters on purple background.
Novi is now Available in US and Guatemala on Trial basis.

Important to know:

Although the Novi Wallet is now officially there, this does not mean that the Diem Currency is here! If someone is offering to buy Diem at this point (Nov 2021) it’s a scam.

The only currency you can trade is the Stablecoin USDP (formerly known as Paxos).

Here are Some Key Factors from the Novi launch in the US and Guatemala.

  • Novi is backed up by consumer protection and essential regulatory control to avoid fraud and other potential pitfalls. Novi makes sure of the security of its users. Each customer at Novi gets verified with a government ID before signing up.
  • Novi is available in US and Guatemala for the test launch only. The primary function of the test is to observe the functionality of Novi and if any improvement should be made that can provide ease to users.
  • Facebook financial head David Marcus has said that for the test lunch, users are allowed to receive and send money through USDP stablecoin, which is operated by Paxos. Novi users can deposit dollars, convert them to USDP, and withdraw the cash in their local currency.
  • For its test launch, Novi will be using a formerly established currency that is Pax Dollar, which is supported by Paxos. Paxos is a financial service-providing company that is New York-based. It is used for protection purposes and to build the trust of their customers by protecting their funds.
  • Although the announcement did not give any hint of when the Diem (formerly Libra) will be live again. It is a formerly introduced currency by Facebook. Diem faced major criticism after its launch and, until now, is facing regulatory approval.
  • Now that Novi is available in the US and Guatemala, the users of both states can enjoy a free transfer from person to person and profit from commercial relationships.
  • For the ease of users, the digital wallet will be made available as a mobile app on both Google Play and Apple’s App Store. However, there are a few exceptions. For now, the mobile app of Novi is not available for the residents of some countries that include; US Virginia Island, Nevada, New York, and Alaska.

Final Words

Previously Novi Wallet partnered with Coinbase, which also gave us some important insights from who Novi would work, don’t forget to read that.

I hope this helps to start your journey with the Novi. If you want to keep updated with Diem, make sure to subscribe to the monthly newsletter.

Novi Wallet Partners with Coinbase: is it a Big Step?

Cellphone with Novi Stablecoin Wallet on Coinbase Account

Gosh! When will we get our hands on Diem? Surely, it has been a while, but finally, we get to hear something from the Diem Association, Novi wallet from Facebook has partnered with Coinbase, a US exchange, to provide the custody services for Novi wallet.

However, that’s not the only major point given out by the media. I’ll tell you all the following and necessary points that you must know from this small hunch of news.

Novi Wallet logo written on a phone with Facebook logo behind the Novi wallet.

Key Points to Takeaway

Here are some of the significant elements of the Novi Wallet October update.

  • The pilot program for Novi wallet has gone live in the US and Guatemala. You are free to download and use it from Google play store and Apple AppStore if you are in one of the regions.
  • However, there is no major news on the Diem yet.
  • Pilot program users can start trading the Paxos Dollar (USDP) via their Novi accounts.
  • All the Paxos Dollar (USDP) will be held in Coinbase custody. If you are a user, you can transfer the USDP instantly, securely, and free of cost.

What’s Happening on the Diem Part?

It was 2019 when Facebook shocked us with the news of digital wallet and stablecoin, their next big project in the crypto world. Initially, the stablecoin was called “Libra.”

At present, they have given out the digital wallet, but what about the Stablecoin?

About two years back, Libra Association pointed out that they are going after “The Libra Reserve,” a collection of low-volatile assets from reputable banks.

And VOILA! Soon after this news, we came to know that Libra Association had lost 8 founding members, including PayPal, eBay, and MasterCard. It was the right time when they chose to go with a different name, “Diem.”

As the Diem came on the radar, Facebook’s strategies also shifted and decided to peg the Diem with the US Dollar, similar to USD Coin or Tether — 2 years passed further, and still, we are not near the launch.

Although in the recent launch of the Pilot program, Diem got away with the attention of Novi wallet, but a press release from Facebook pointed out they are not abandoning the “Diem.“

Instead, they intend to shift Novi to the Diem payment network once it receives regulatory approval.

However, the big question that leaves us nowhere is either anyone interested in Diem anymore? Let us know what do you think in the comment section below.

When does Diem launch?

Diem Launch

When does Diem come out?

Since Facebook announced it’s own cryptocurrency back in 2019 – at that time it was called “Libra” and the Novi Wallet “Calibra” – people are waiting eagerly for the release date of Diem.

Facebook Diem Release Date


So Facebook Diem is coming out worldwide at: 23. May 2022 !!!

No, sorry – just kidding! If only we knew when Diem Crypto is being released. Actually, nobody really knows – it was set in 2019 and postponed ever since.

The Novi Wallet is in its test run, info here.

But if you want to be informed when Diem is being released, you can sign up here, and we’ll email you as soon as it’s there:

We’re sorry we can’t give you better information at this time, but we’ll inform you right away!

For the time in between, why don’t you find out how you can use Diem here:

Is Safemoon Crypto still worth it? Should I Buy Safemoon?

safemoon crypto logo written with white letters and a green logo on a dark background

Cryptocurrencies are not an alien concept anymore. Several crypto investors are always looking to put something in the bucket of the digital currency world.

However, volatility has always been linked with the crypto world, but now things are changing around — a piece of great news for all the crypto enthusiasts out there. A new cryptocurrency that gets into the eyes that might turn the tables another way around is called Safemoon.

Today I will help you with all your questions regarding this new cryptocurrency, whether you should buy Safemoon or let it pass as a spoof. Either way, in the end, you will be all aware of Safemoon, and who knows where your next investment would land?

Continue reading “Is Safemoon Crypto still worth it? Should I Buy Safemoon?”

Can I mine Cryptocurrency on a Phone? Get Rich with Your Phone?

Mining cryptocurrency on a phone in front of a minig rig.

Let me ask you a question if there is something most essential to you, what would that be? Your phone, right? And what if you can mine cryptocurrency on a phone?

Yes, it is possible to mine cryptocurrency on a phone, but there are numerous problems due to ineffective software and graphical processing. Also, mining cryptocurrency on the phone would never be as impressive as on a traditional mining rig. But you can mine and earn some extra coins.

Continue reading “Can I mine Cryptocurrency on a Phone? Get Rich with Your Phone?”

What Is Ethereum | Difference Between Ethereum And Bitcoin?

bitcoin and ethereum are placed on a balance to be differentiating with two ethereum coins and one bitcoin.

From the last year, the crypto-world is taking a slight drift. There was a sudden drop in the market, which partially crushed most of the crypto-enthusiasts. However, as the market is getting back, Ethereum has taken the spotlight.

Even though Ethereum and Bitcoin are the most popular cryptocurrency and works on a similar blockchain, but there are many differences come along. 

So, the question that pops in mind is how and why Ethereum is popular, and what is the difference between Ethereum and Bitcoin? And clear up that space; we are here to help.

Ethereum gold coin with Bitcoin gold coin

Difference Between Ethereum And Bitcoin

Ethereum and Bitcoin get toe-to-toe. When we look at the similarities, there are several, such as both use distributed ledgers and are decentralized, meaning not issued by any authority.

Bitcoin is a cryptocurrency that can do one thing perfectly, but Ethereum is like an intelligent platform that can go a long way while keeping decentralized finances in consideration.

However, If we look at the differences, there are several, which are as follows.

Bitcoin gold coin is right next to Ethereum gold coin and few other silver coins.

1. Smart Contracts

Smart contracts on Ethereum are something that is one of the significant differences. It is a set of codes that run on the Ethereum blockchain, which allows you to run decentralized applications or dapps.

Consider these dapps as something similar to your phone applications, but they aren’t controlled by any authority, which gives you privacy in your financial decisions.

2. Increased Transaction Speed

Surprisingly the transaction speed of Ethereum is slightly more than Bitcoin. Ethereum can process 20 transactions in a second with a confirmation time of 5 minutes. While Ethereum 2.0 can process 10,000 transactions in a second.

3. Improved Security And Anonymity

Bitcoin is in business since 2009, but Ethereum came into the market in 2015. Since it came after Bitcoin, they tried to cover all the aspects of Bitcoin. Also, the Bitcoin network doesn’t send Bitcoins.

Instead, it secures data with the protocols of POP (Proof of Proof) and POE (Proof of Existence), which is why it is more secure and anonymous than Bitcoin.

A lock image in the centre with a purple circle. Shows the security of cryptocurrency.

Final Remarks

To sum it up, Ethereum is one of the popular cryptocurrencies that have significant progress over time. People not only use it as a medium of payment instead, but it is also quite popular within the business world, which is why most of the NFTs run on Ethereum.

Diem is also getting a lot of eyes from the people around if you like to see our guide on Diem vs. Bitcoin to understand the key differences.

Hopefully, this post would clarify all the questions related to Ethereum and the key differences with Bitcoin, but if you need anything else, drop by the comment section below, and we’ll get back to you right away.