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Stuffy Suits and Chicken Little

Bitcoin drops 12% to below $5,000

The big news of the day as reported by CNBC online’s Kate Rooney is that “Bitcoin hit a low of $4,883.09, bringing its losses to more than 22 percent in the past seven days and more than 65 percent this year, according to data from CoinDesk.”  While this is shocking to many, including myself, I was appalled by the two opinions quotes at the end of the article”

The cryptocurrency tumble also comes after fresh warnings from European Central Bank Executive Board member Benoit Coeure at the Bank for International Settlements in Basel, according to a report from Bloomberg News.

“Bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea,” Coeure said Thursday. “In more ways than one, bitcoin is the evil spawn of the financial crisis.”

Coeure also said he agrees with BIS head Agustin Carstens, who in June said, “Cryptocurrencies are, in a nutshell, a bubble, a Ponzi scheme and an environmental disaster.”

Mr. Coeure, in what some might call typical European high society condescending tone, bashes Bitcoin as the evil spawn of the financial crisis.  Somehow Mr. Coeure is missing the plank in his own eye while trying to remove the speck from another’s eye!  The point is that BANKS, like his, are the ones that created the financial crisis.  The fact is Bitcoin is the answer to protecting the little guy by decentralizing the financial industry and taking the power and manipulation out of Mr. Coeure and individuals like him who run these centralized banks/financial institutions!

Mr. Carstens, is even more hysterical in his broad claim that [all] Cyrptocurrencies are a bubble and Ponzi scheme.  While I realized many of the cryptos our there are junk we also need to recognize that many cryptos are backed by real life use cases.  Look here at my featured blockchain/crypto projects, Timicoin/TimiHealth/TimiDNA.  They are in the process of revolutionizing the healthcare industry by giving patients back control of their health data and the ability to monetize their data if they choose.  Additionally, it is solve the problem of duplication of service due to today’s inability for health organization to seamlessly share patient data in a timely manner.  With Timi gone are the days of unnecessary duplicate testing and in comes the most definitive healthcare provided to patients no matter where in the world they are.   Timi Group, Inc has a full Tokenized Healthcare Echosystem from healthcare provided to patient that is coming online with organization such as FirstVitals in Hawaii and announced partnerships with others such as Dignity Health.

This freight train of new and forward thinking “Blockchain-As-A-Service” (BAAS) is going to run over both Mr. Coeure and Mr. Carstens’ antiquated thinking.  Their lack of vision  will cost their centralized financial institution dearly due to their failure to see the bright future that BAAS is bringing society.  Those with the vision to see this potential and help usher it in through their investments in new BAAS technology such as Timi Group, Inc’s Timicoin/TimiHealth/TimiCare/TimiDNA will be richly rewarded.  You can read the full article here by Ms. Rooney.

 

Banker: Continuous Establishment of Regulation in Crypto Will Attract…

Today’s post hammers home the need for regulation in crypto in order for institutional financial firms to invest in crypto. The article below from CCN.com affirms my belief that regulation is needed for the exponential growth of the crypto markets. I hear people talk about Bitcoin at $60,000 a coin. If that is to happen it will need the backing of and the attraction of the money that large financial institution bring. You will only get these institutions by having clear and well established regulations.

Author, Joseph Young of CCN.com reports:

According to Daniel Santos, a former Standard Chartered executive, one major catalyst that could reverse the current trend of the crypto market is the imposition of positive regulatory frameworks by leading digital asset economies.

Earlier this week, the world’s fourth largest asset manager Fidelity Investments introduced a cryptocurrency custodian solution.

The unforeseen decision of the firm to enter the cryptocurrency market provided two crucial hints regarding the mid-term growth of the market: there exists significant demand from institutions and regulators have acknowledged major digital assets as alternative stores of value.

Read the rest of the article here: Banker: Continuous Establishment of Regulation in Crypto Will Attract Institutions

Experts: Fidelity Could Single-Handedly Solidify Crypto as New Asset…

This is my second post for you. This is a proof of great things in the crypto market to come. I will keep a list of articles that for tell of the crypto revolution that is coming. I am not sure whether I will present these here in the blog with a category that we can refer back to or create another page. Bear with me as I adjust the format and consider how best to present the good news of crypto and the huge opportunity that is coming with it.

The following article by CCN.com is significant because it illustrates how institutional financial organization are getting involved in the crypto markets. They are bringing (forcing the SEC and IRS to make) regulations to/for the crypto industry. Many will consider regulation as a bad word or an institution of the past but the reality is that regulation provide the rules of the road and protects all investors, big and small, from scams or going afoul of the the Internal Revenue Service.

For the small investor average citizen I strongly encourage you to invest now before the big money block you out. In the United States, in order to invest at the ground level in new ventures you have to be an Accredited Investor. What is that? Well I thought you would never ask. In the United States, to be considered an Accredited Investor, one must have a net worth of at least $1,000,000, excluding the value of one’s primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year. The term “accredited investor” is defined in Rule 501 of Regulation D of the U.S. Securities and Exchange Commission (SEC). Now back to our article.

From the website CCN.com (CryptoCoinsNews):

On October 15, Fidelity, the world’s fourth largest asset manager with $7.2 billion assets under management, launched its crypto custody arm.

At the time, Fidelity CEO Abigail Johnson stated that the long-term strategy of the investment firm is to make Bitcoin and the rest of the cryptocurrency market more accessible to investors.

“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”

You can read the full article here:

Experts: Fidelity Could Single-Handedly Solidify Crypto as New Asset Class