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IS BITCOIN CLOSE TO BECOMING “WORTH-LESS”?

MAYBE – MAYBE NOT?

By Dr. David E. Marcinko MBA

An article by Market Watch’s Atuyla Sarin titled, “Bitcoin is Close to Becoming Worthless” made the rounds on social media and got some people and physician investors panicking.

LINK: https://lnkd.in/eyNrGE9

And so, colleague Pete Quinones, over at the “Free Man Beyond The Wall”, invited Cointext CTO Vin Armani to come on the show to refute the reporting in the article. Vin also commented on the state of the crypto markets and Ohio’s accepting of Bitcoin for tax payments.

PODCAST: https://lnkd.in/eMrTgH4

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***

Conclusion: Your thoughts and comments are appreciated.

BUSINESS, FINANCE, INVESTING  & INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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The Price of Bitcoin Round-Up

CIRCA: 2013 – 2019

******

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]

Front Matter with Foreword by Jason Dyken MD MBA

Book of Month

 

Bitcoin

The Beginners Guide

By Forbes Wealth

***

crypto

Bitcoin Part 1: The Beginners Guide

***

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

Invite Dr. Marcinko

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WHAT IS “GRESHAM’S LAW” OF MONEY ECONOMICS?

Is it still relevant today?

Courtesy: www.CertifiedMedicalPlanner.org

The law was named in 1860 by Henry Dunning Macleod, after Sir Thomas Gresham (1519–1579), who was an English financier during the Tudor dynasty. However, there are predecessors.

The law had been stated earlier by Nicolaus Copernicus. It was also stated in the 14th century, by Nicole Oresme in his treatise On the Origin, Nature, Law, and Alterations of Money, and by jurist and historian Al-Maqrizi (1364–1442) in the Mamluk Empire; and noted by Aristophanes in his play The Frogs, which dates from around the end of the 5th century BC.

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IOW: It is the tendency for money of lower intrinsic value to circulate more freely than money of higher intrinsic and equal nominal value (often expressed as “Bad money drives out good”).

***

Gresham’s Law applies to new coins and worn coins. Worn coins are likely to have lost some of their metallic weight through wear and tear, so they should have less value than new coins. But government sets them to have the same value. Thus worn coins are artificially overvalued and new coins are artificially undervalued.

***

So, is Gresham’s Law still relevant today?

THINK: The modern Bitcoin, and related crypto-currency, controversy? We asked colleague Timothy J. McIntosh CFP® MPH CFA for some insights.

ESSAY: https://medicalexecutivepost.com/2014/01/23/understanding-currencies-bitcoins/

Assessment

Your thoughts are appreciated.

Conclusion

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***

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No More ICO’s Before Reading This …

To my valued connections,

By Alan Yong

I have serious concerns about the current state of ICO’s and their future potential could be in jeopardy, if the current trend continues. Please take a moment to read the following articles before investing in, participating with, giving legal advice on, or launching your own ICO. Personally, I believe that ICOs are the best tools for capital formation if properly regulated.

Investopedia report finds 80% of all ICO’s to be scams – 92% never reach exchange
https://www.investopedia.com/news/80-icos-are-scams-report/

Alan Yong Provides Long Term Viability Solution for ICO’s
https://www.nasdaq.com/press-release/dnotes-global-ceo-alan-yong-cites-nextgen-vc-as-solution-for-ico-conundrum-20180906-00718

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Conclusion

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Bitcoin …. SLOWS

And, we don’t mean price!

[By MIT Technology Review]

Bitcoin transactions have always been slow, but now they are expensive too, which means that small transactions are no longer worth it. The average cost has gone from less than a dollar at the beginning of 2017 to more than $40 per transaction yesterday, as the growing demand for new transactions has exceeded the network’s capacity to confirm them. Arguments over what to do about the bottleneck have grown into a full-fledged Bitcoin civil war.

One proposed solution is to build a secondary network that lets people transact “off-chain.” Some exchanges already allow users to exchange Bitcoin with each other without using the main blockchain. But in the context of blockchain research and development, “off-chain” means something more sophisticated.

The challenge: Bitcoin maintains its distributed ledger by having each computer running the Bitcoin software, called a “node,” process every single transaction. This is the essence of its decentralized nature, but it also makes the process of confirming transactions very slow, at least compared with traditional credit card networks. (Bitcoin can handle only a few transactions per second, whereas Visa can handle thousands.) Ethereum, the second largest public blockchain system, works similarly, which is why the network was brought to a near standstill recently by a mega-popular new platform for trading digital cats.

Finding a faster, more efficient way to confirm transactions on public blockchains would also reduce fees. Ideally, not every node would have to validate every transaction. But the trick will be achieving this without compromising the rest of the network’s trust.

How off-chain payments would work: It’s possible for multiple users to set up a “state channel,” in which a part of the main blockchain is locked in a certain state and can only be unlocked if each of the users signs off. The individuals can then send payments among themselves in a cryptographically-secure way, but without touching the main blockchain. At some point, users can update the state on the real chain to validate all of the transactions in between. The idea is that this principle can be extended to build a more complex payment network made of multiple channels, with a system for routing payments through them.

The players: One project aimed at creating a “layer two” for Bitcoin that would facilitate off-chain microtransactions is called the Lightning Network. An effort to achieve a similar goal for Ethereum is called the Raiden Network.

The current state of the tech: The Lightning and Raiden networks are still in the early stages of development, and each faces significant technical challenges. A simplified version of the Raiden Network that makes it possible to set up unidirectional payment channels is already available, however. The Lightning Network is said to have achieved a major milestone earlier this month when developers sent two Lightning transactions over the Bitcoin blockchain.

bitcoin

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Contact: MarcinkoAdvisors@msn.com

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, I.T, business and policy management ecosystem.

Bitcoin – “Millennials Fake Gold”

Bitcoin – The  Digital Generation’s Gold Surrogate

By Vitaliy Katsenelson CFA

I’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with the mainstream media: It’s a bubble.

Bitcoin started out as what I’d call “millennial gold” – the young (digital) generation looked at it as their gold substitute.

http://contrarianedge.com/2017/12/01/bitcoin-millennials-fake-gold/

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

***

On Ethereum Smart Contracts

Breeding digital cats might help you figure out Ethereum

[By MIT Technology Review]

Bitcoin’s younger cousin has its own programming language that people can use to write so-called smart contracts, applications that run on processing power provided by computers on the network.

Confused?

A new game that lets you use Ethereum smart contracts to breed digital cats might help.

https://motherboard.vice.com/en_us/article/bj78jv/cryptokitties-blockchain-cats-axiom-zen-game?utm_campaign=21ae94a9da-EMAIL_CAMPAIGN_2017_10_24&utm_medium=email&utm_source=MIT+Technology+Review&utm_term=0_997ed6f472-21ae94a9da-154253973

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, urls and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Contact: MarcinkoAdvisors@msn.com

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, I.T, business and policy management ecosystem.

***

What the heck is an Initial Coin Offering anyway?

 Wither the I.C.O.

By MIT Technology Review

bitcoin

You may have heard a buzz surrounding the new fundraising tool known as an ICO, which is how many new blockchain startups are raising cash.

But for those of you who are too embarrassed to ask, let us tell you what they’re all about.

 Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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***

 

Bitcoins for Retirement?

 In a Balanced Portfolio?

By Rick Kahler CFP®

A reader recently sent me the following email: “As you know, there are ‘market experts’ pitching bitcoins as an ‘investment’. Has a Huge YTD gain. I’d bet a lot of your readers would like to know if a bitcoin position has a place in a balanced financial portfolio.”

I always appreciate hearing from readers, especially when they challenge me with topics I would normally not have considered. Bitcoins are not something to which I’ve paid serious attention.

How they Work

First, let me explain that a Bitcoin is a type of digital currency which is traded person to person. It is not backed by a government or considered legal tender. While Bitcoin is one of the earliest and most widely known digital currency systems, it is not the only one that is available. These are sometimes called “altcoin,” “virtual currency,” or crypto-currency.”

Unlike government-created currencies where a central bank controls the creation of the currency, Bitcoins are uncontrolled or tracked by any government. This allows people to send or receive money across borders freely, with none of the restrictions, tracking, or caps that are normally placed on transactions by governments.

A digital money system has an inherent problem common to all money systems. How do you keep the currency, especially one that is entirely digital, from being counterfeited? What stops someone from creating Bitcoins or selling the same Bitcoin multiple times?

The solution is a type of open source, public ledger that tracks every Bitcoin transaction from the beginning of Bitcoin time. It makes it virtually impossible to cheat. The creation of new Bitcoins is controlled via a process called mining. Only a limited number of new Bitcoins are allowed into the system annually, similar to how the precious metal supply gradually expands annually based on the mining of new metal.

The market in trading Bitcoins is probably as “free” as a currency market can get. The price of Bitcoins is based on supply and demand. Since Bitcoin was only created in 2009, it has less than a decade of performance to evaluate, but throughout its short history the price has fluctuated wildly. For example, it reached $31 in July of 2011, then dropped back to $2 by that December. In November of 2013 it hit a high of $1,242. The following month, the price dropped to $600, rebounded, crashed, and eventually stabilized to a range of $650 to $800.

The reader who asked me about Bitcoin was certainly right about its impressive 2017 year-to-date performance. On January 1, 2017, a Bitcoin sold for $496.90. As of August 19 it closed at $4,109.10, nearly a ten-fold increase in just eight months.

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Operating History

An article on Investopedia offers a good overview of Bitcoin‘s operation and history.

It also describes some of the risks to evaluate before considering it as an investment. These include the relative novelty and lack of track record of digital currency, the possibilities for hacking and fraud, the uncertainties of future regulation, and the competition of other developing virtual currency systems. It also points out that Bitcoin transactions are similar to dealing with cash. They are “permanent and irreversible,” with “no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.”

Assessment

While I like the libertarian freedom of the idea of a currency uncontrolled by government intervention, I don’t consider owning such a currency an investment. I do consider buying or selling digital currencies like Bitcoin a speculation. Like other speculative investments, these do not belong in any retirement portfolio. 

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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The Crypto-future through Bitcoin, Ethereum, Ripple XRP and IOTA

Peering into the Crypto-Future 

By Phil Baumann RN

In order to gain a clearer view of the impacts of the incoming future of technologies and their economic, behavioral, cultural, political and other impacts, categorization can perform useful veil-lifting.

I’ll let the reader do the deep-dive research into the technologies underlying each of these currencies, but here is a peeled-away breakdown of their respective categories:

Whether these specific “coins” succeed the slaughtering rapidity of techno-culture shocks remains to be seen.

Yes, they are traded assets that can make you rich or poor. That’s certainly interesting. What matters much more than their capital markets is that each has attempted to confront crucial problems that can liberate the ramifying “potential energies” of other technologies that can plug in to them.

Their premises spur economy-generating economies.

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Don’t feel bad if you missed the Bitcoin gold-rush. That’s in the past. Sometimes understanding the world confers its own wealth (insert Latin aphorism here). If you run the currency of knowledge through the circuitry of imagination you gain the power of foresight.

Assessment:

That’s my two cents: take them and spread the wealth.

Disclosure: I hold Bitcoin (BTC), Ethereum (ETH), Ripple XRP and IOTA (MIOTA). But this post is not about finance per se nor is it about promoting these currencies as investments. Rather this post is about envisioning the four kinds of markets that the respective technologies underlying each of these four cryptocoins can help grow and power. These aren’t simply currencies and stores of monetary value – they are technologies.

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Reputation Economics [Book Review]

Join Our Mailing List 

JS

[By Jaan Sidorov MD]

An Interesting Book

Reputation Economics by Joshua Klein builds on the observation that humans ultimately prefer to trade goods with persons they genuinely trust. The invention of money as a medium of exchange may have solved a lot of inconveniences, but it also distanced the seller and the buyer.

He suggests that our Information Age is ironically ushering in a return of barter, where many goods and services can be directly exchanged between parties who create a track record of their trustworthiness online.

Interestingly, your personal identity doesn’t need to be part of that reputation. And if barter isn’t available, enter cryptocurrency like Bitcoin, which preserves anonymity but commands trust.

Conclusion

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Product DetailsProduct DetailsProduct Details

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