Robinhood sets its share price at $38 a pop-Computerfanfield

Online trading company Robinhood is set for its initial public offering (IPO) on the New York Stock Exchange later today. The company has listed its share price at $38, marking the firm for a $32 billion valuation.

Robinhood is offering a total of 55,000,000 shares of its class A common stock. Apart from stocks from the company, this lot also contains 2,625,000 shares from existing shareholders, and 5,500,000 for underwriters with a 30-day option.

In May, the company unveiled a new platform to let you can buy into IPOs of other firms . Robinhood plans to offer almost a third of its own IPO shares to its users through that medium.

One of the most controversial moments for the company came in earlier this year, when it had to stop trading Gamestop stocks briefly, after a bunch of Redditors caused its price to surge. This invited a lot of scrutiny from the US politicians concerned with abusive financial practices, including Alexandria Ocasio-Cortez and Ted Cruz .

Robinhood also had to face a $70 million fine for different outages and misleading its customers about trading margins in June.

Apart from the controversies, the firm has had a blockbuster year, as its users have surged from 11.7 million users in December to 23.1 million users in June.

Australia reportedly wants to grill Facebook about its ‘cryptocurrency’ plans

Facebook may have to divulge further details about its plans after failing to lessen regulatory concerns in Australia .

According to Reuters, an Australian newspaper says that eight of the country’s regulators have agreed to use their formal powers to press Facebook for answers as it readies to launch Libra . It comes after the tech giant failed to impress the regulators about its ‘cryptocurrency‘ plans at a meeting in October.

Similarly to their counterparts across the globe , Australian regulators have expressed concerns about Libra ‘s potential effect on existing financial systems, and its use for money laundering purposes.

“If we don’t get answers to these questions from the US -based team we will then need to consider whether formal powers are exercised where available,” said Elizabeth Hampton, deputy commissioner at the Office of the Australian Information Commissioner (OAIC), in an email sent to other regulators.

The newspaper went on to say that a specialist committee, tasked with exploring potential threats for the Australian Securities and Investments Commissions (ASIC), said in July that “all regulated entities,” could be affected if Libra wasn’t adequately supervised.

“The proposed Libra ecosystem also poses many risks and threats , including the proliferation of scams based on Libra via mobile apps ,” the ASIC committee noted, according to documents seen by the newspaper.

“We also expect that we may identify more risks and threats once we have more information,” it added.

The news comes just one day after a European Union draft report suggested that the European Central Bank issue its own public digital currency to counteract Libra .

Satoshi Nakaboto: ‘Bitcoin revenue surpasses Cash App’s fiat revenue’

Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Nikola Tesla used to say: Let’s get it!

Bitcoin price

We closed the day, May 06 2020, at a price of $9,268. That’s a respectable 2.90 percent increase in 24 hours, or $261. It was the highest closing price in seventy days.

We’re still 53 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $170,229,620,935. It now commands 68 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $49,371,886,931 was the highest in five days, 124 percent above the year’s average, and 33 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 908 tons of gold.

Bitcoin transactions

A total of 333,241 transactions were conducted yesterday, which is 3 percent above the year’s average and 26 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $0.96. That’s $2.75 below the year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 13,166 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.4 percent of the total supply, the top 100 14.8 percent, and the top 1000 35.0 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $169 billion, Toyota has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.0 percent behind being on track. Bitcoin’s price should have been $315,310 by now, according to dickline.info.

Bitcoin Energy Consumption

Bitcoin used an estimated 213 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 78 terawatt hour. That’s the equivalent of Chile’s energy consumption or 7.2 million US households. Bitcoin’s energy consumption now represents 0.35% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 55,866 fresh tweets about Bitcoin were sent out into the world. That’s 192.9 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 75,543.