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.