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Digital Marketing Your Law Practice

Today’s post on Digital Marketing Your Law Practice is not focused on addressing our current clients, rather to the professionals we’ve been in touch with for the past two years.  More specifically, this post is focused on attorneys and business professionals within medium to large law firms… 

To those we’ve been in touch with over the past two years, we know that you…your practice has a digital presence on your firm’s website…obviously…we’ve viewed your web page.

We found you NOT because our internet search led us to you, rather, one of our staff was commissioned to look at all the professionals in your firm.  This took valuable staff time researching and clicking through various links and pages to finally arrive at your web page. That is NOT how prospective clients (outside your firm/direct contacts) seeking the services you provide would likely find you.  It’s an EXTREMELY inefficient manner to find you if someone is seeking an attorney with your expertise.  You deserve better, and we can help your target market, prospective clients more easily find you…  Keep in mind, your direct buyer most likely isn’t conducting the search…  If they haven’t received a direct referral from one of their sources, then the search is being conducted by an associate.  How would they find you amongst the sea of attorneys in your location with your expertise?  Chances are they won’t.  We can help potential clients find you, AND we can help you better promote you/your practice to strategic contacts within your centers of influence.

So long as your firm permits you to independently establish a Digital Marketing (DM) Plan and supporting DM Campaigns for your practice that are compliant with firm policies and lead prospective clients to your specific web page within your firm’s website…then we can help you.  Our team of DM experts can design, develop, implement, manage and monitor laser-focused DM Campaigns focused strictly on you…your practice, your expertise, and your value-proposition to direct your target market to your specific web page within your firm’s website.  The DM Plan and Campaigns our team designs will result in an increased number of relevant, focused target market contacts contacting you, ultimately resulting in new clients for you.  And our support doesn’t stop there!

At GMS Business Consulting, Inc. we provide consulting services to help optimize how you manage, market and grow YOUR specific law practice within your firm through our Digital Marketing Services and Business Development Services.  To learn more about our Digital Marketing Services and our Business Development Services (using M.A.P.), please Contact Us…We would welcome the opportunity to speak with you.

 

GMS BUSINESS CONSULTING, INC. – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow, manage and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P. (our 3-phase business development & management solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

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The B.I.S.’s Perspective – On Cryptocurrencies & Bitcoin

An ARTICLE posted on Bloomberg and on the Bank for International Settlement’s (BIS) website states that current cryptocurrencies (like Bitcoin) are not ready for prime time…  In fact, the BIS stated that not only is it not currently a sustainable global option for banking and financial market transactions, but in fact, it could “break the bank”!  The BIS provides an interesting perspective from within their own walls on cryptocurrencies that on the whole, we agree with.  Listen to this INTERVIEW segment with the BIS’s Hyun Song Shin, as he speaks about cryptocurrencies addressed in Chapter V of the Annual Economic Report 2018.  Mr. Shin simply and clearly articulates some of the key flaws in current cryptocurrencies, and in particular addresses some of the technology platform issues behind Bitcoin and other cryptocurrencies with which they are currently built on.  Please read the above referenced article and interview.  Once you have done so, we would like to share with you two additional perspectives…

PERSPECTIVE #1 – At GMS Business Consulting, Inc., we have been convinced for quite some time that cryptocurrencies are the future currency for worldwide banking and financial transactions.  HOWEVER, they will NOT be built on the distributed ledger technology of Blockchain technology.  It is well known in the technology world that blockchain technology, when used for massive amounts of data transactions like cryptocurrency, is not sustainable.  Hashgraph technology however is sustainable…This is simply a fact.  (You may refer to an earlier post on our blog about Blockchain vs Hashgraph technology.)  Blockchain is yesterday’s technology, but in our humble opinion, it is not the future technology, at least with regards to cryptocurrencies and other heavy data intensive needs.  Blockchain has proven itself to NOT be a sustainable technology for cryptocurrencies.  The FUTURE technology to be used in its place is called Hashgraph technology.  It is an extremely powerful and sustainable technology, with no miners needed, it’s very robust, scaleable and secure…all of which meet Mr. Shin’s criteria for a sustainable technology to meet the needs of cryptocurrencies and their use in replacing fiat currencies.

PERSPECTIVE #2:  We believe cryptocurrencies will NOT be unregulated.  As we’ve seen with all the current cryptocurrencies, they are extremely volatile, and are subject to manipulation, hacking etc. (although current fiat currencies are also manipulated).  One of the key issues why cryptocurrencies will not be controlled “by the people” to “run-free” so to speak, is that the banking and financial powers, regulators, governments, and central banks of this world won’t allow that to happen…period.  Do you really think these regulating powers would simply say, “Wow…we’ve had a good run for all these centuries, and made a lot of money too…we’ve also controlled and influenced world governments and economies too, but now we’ll let “the people” take over the banking and financial systems.”  Fat chance of that happening.  If cryptocurrencies are to replace fiat currencies (which we believe it will), it will ultimately be controlled and regulated by the IMF and the BIS in order to become a worldwide acceptable, regulated and usable currency that will use Hashgraph technology, not Blockchain technology.  (Once again, we refer you to our earlier POST regarding the differences between these two technologies.)

Remember, do your own homework by researching both these forms of technology, then you’ll be better informed to understand why the BIS is correct (in our humble opinion) on its view that current cryptocurrencies and the technology platform behind them, are unsustainable.

GMS BUSINESS CONSULTING – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

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THE FACEBOOK SAGA CONTINUES…

Mark Schiefelbein/Associated Press

Mark Schiefelbein/Associated Press

The Facebook saga continues…  Hello everyone!  It’s quite clear (in our opinion), that Facebook puts profits ahead of preserving the privacy of its customers’ data.  Once an organization shares client data with any other organization, control (retaining and maintaining the privacy, security and integrity of that data) is lost…period.  Facebook cannot control third-party organizations and how they use/abuse/share the data once the data leaves its organizations’ infrastructure.  We’ll probably never know just how much individual personal data has been compromised by this social media giant.  Here’s the latest update in a New York Times article that Facebook itself states, “Facebook has data-sharing partnerships with at least four Chinese electronics companies, including a manufacturing giant that has a close relationship with China’s government, the social media company said on Tuesday.”

Does this surprise you?  It shouldn’t by now…at least it doesn’t surprise us.  In fact, it appears that there has really been no leadership within the Facebook organization from the beginning to current day who seriously spearheads organizational protocols for addressing customer data privacy, security and integrity.  What do you think would be happening if whistle blowers hadn’t come forward with this abuse of customer data?  Do yo think Mr. Zuckerburg would have come forward with his rather pathetic excuse/public apology for NEGLECTING the privacy, integrity and safekeeping of his customers’ data?  Or would they be rolling along as they have been for many years staying the course of business as usual?  We understand that Facebook most likely isn’t the only social media company that treats its customers’ data with such disregard of customer data privacy in exchange for revenue.  We’re sure there are others that do the same, perhaps they just haven’t been exposed…yet.

All said, it’s a lack of concern and at the least, a lax policy of safeguarding customer data privacy, as well as, perhaps taking advantage of using their Client Agreements to mask or bury the rights of what Facebook can do with customer data in the small print that is written far beyond the comprehension level of most its customers.  It’s practices like these that makes you wonder what else has been done or IS being done with our data without our knowledge?  The specific concern we’re expressing here isn’t so much focused on businesses using Facebook for business promotional and marketing purposes (it is important, but not the focus of this post), it has to do more with the individual personal users and the privacy of their data that concerns us the most.  Businesses are usually quite savvy and discreet when it come to publishing information on Facebook and other social media platforms, however the general public isn’t, and that’s where the problem and abuse of data privacy is of greatest concern to us.

We fully understand that there are challenges in how we function as businesses and as individuals in this digital age of social media communication (SMC).  As we all understand, SMC can be extremely powerful for business use and personal communication.  It can also be very destructive if abused by companies entrusted with the privacy and security of individuals data and the companies with which they share the data.  As time moves forward, and industry leaders think through and work through their business models and the responsibilities they have to their customers, and as the court rooms and congress begin to settle cases and draft legislation establishing boundaries of what are acceptable and unacceptable practices with consumer data privacy,  we are hopeful and optimistic that there will be better data privacy and security laws established and business protocols put in place , as well as greater transparency and responsibility regarding the privacy of individuals data.  That said, only time will tell… yet at what cost?  All we can say is be careful with the data (text and media files…all data files) you upload to Facebook and other social media platforms.  Do your own research into this problematic business practice of sharing your personal data with other organizations domestically and internationally without your expressed knowledge or consent, then use your own wisdom and discernment as to whether or not this is acceptable to you, and whether or not you decide to use the various social media platforms available that may exploit your personal data.  

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

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The Coming Economic Crisis

Charles Schwab - Summer 2018 Issue - On Investing

Charles Schwab – Summer 2018 Issue – On Investing

Good morning everyone…this morning’s post is on how to prepare your practice for the coming economic crisis.  As the saying goes, a picture is worth a thousand words…  The chart above is taken from the Charles Schwab Summer issue of “On Investing” (pgs. 20-21).  While we don’t give clients personal investment advice, we do guide clients through their business planning, strategizing and implementation through various economic cycles.  We have been warning clients for quite some time that markets are over-valued, and when they are over-valued, there is inherent risk…both to their personal net worth and to their business.  We guide clients to better prepare and position their businesses for economic upturns and downturns, and in our opinion, there is a looming monumental shift in our economy and in the financial markets on the horizon…

As the above chart shows, the stock market has gone to stratosphere levels during a time when interest rates (until VERY recently) have been at historic lows, yet the amount of U.S. and global debt has more than tripled since the 2008-2009 economic crisis!  Does this sound like a healthy economy?  Or does this better describe a stock market and an economy that has been inflated by excessive debt?

The tides are beginning to change…interest rates have been slowly increasing, and perhaps may even invert (signifying a coming recession…or perhaps worse), and costly fuel prices have been on the rise.  In our opinion, the stock/bond/real estate markets are all at frothy states of dangerous optimism.  Our advice to clients, family members and friends willing to listen is to:

  1. Shore-up your business and personal cash reserves.
  2. Re-position your business/practice Strategy to take advantage of the soon coming economic downturn.
  3. Re-position your business/practice Operations both offensively and a defensively to position your practice to survive and thrive in the soon coming economic storm.  (by implementing our M.A.P. solution)
  4. Re-position your business/practice Business Development initiatives both offensively and a defensively to position your practice to survive and thrive in the soon coming economic storm.  (by implementing our M.A.P. solution)
  5. Re-assess your business Value-Proposition to help your clients navigate a successful course through the coming economic head-winds.
  6. Define your desired target market industries within your sphere of professional expertise and influence that you can assist and add value to, then deliberately and consistently communicate your perspectives and value-proposition to them.
  7. Implement a M.A.P. (your Master Action Plan) to guide you step-by-step through all the fore-mentioned strategies, processes and procedures to successfully meet your clients needs, and ultimately meet your business goals and objectives.

To better understand how our M.A.P. can help successfully guide you and your clients through the coming economic crisis, Contact Us.  We would welcome the opportunity to speak with you.

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

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Deplorable Diplomacy

Hello Everyone,  It’s sad and embarrassing to have to post this video clip (fast-forward to the 46 minute mark) about our U.S. Ambassador to the U.N.(Nikki Haley), as someone who is supposed to represent our country’s diplomacy, but it’s so insulting and demeaning to the U.S. and to the world that we felt compelled to post this interview.  The content of what Ms. Haley states about our relationship with Russia is not only embarrassing, it’s an outright antagonistic escalation of unwarranted negative branding, and verges on the side of war mongering to another country.  Yes, it’s Russia…either the 2nd or 3rd most powerful country in the world…far more capable of damaging the U.S. than any other country we’ve been to war with since World War II.  Does Ms. Haley believe they’re as incapable a foe as N. Korea/Vietnam/Iran/Iraq/Egypt/Libya or Afghanistan?

From what we have seen regarding the “accusations” against Russia on poisoning a former spy and his daughter in the UK, and the recent “accusations” against Syria for chemical weapons use in the Damascus suburb of Douma, are still just accusations.  Where is the proof?  Is there any proof being presented before the UN or the UN’s Security Counsel?  Until definitive proof is presented before a world court and it’s authenticity proved, why escalate the rhetoric…for what reason…for what price?  For our U.S. Ambassador to state that “we will never be friends with Russia” is not only naïve, destructive, and hateful rhetoric, but she also greatly damages the overall integrity of U.S. Government diplomacy.  This kind of speech also misrepresents the views of many citizens of this country, to be a people of due process…bridge builders to the world.  Then to further state that we’ll “slap” them when needed, is demeaning, disrespectful, embarrassing and also naïve to the highest degree.  Where did the diplomacy of this great country go, when we would once “Speak softly and carry a big stick”?  Diplomacy should be intelligent, strategic, respectful and be conducted with firm, purposeful integrity.  This approach is the antithesis of diplomacy and should be an embarrassment to us all.

Is Ms. Haley trying to provoke a Russian military response?  She may very well accomplish this by utilizing this bullying tactic.  But at what cost to the U.S. and to the world?  Other than hiding behind the armchair of her diplomatic office, has Ms. Haley ever personally been involved in a real fight herself and receive the consequences of her words or actions?  I seriously doubt it…We believe her words clearly reveal her arrogance and naïveté in representing the U.S. in diplomatic affairs before the rest of the world.  Russia is NOT small middle east country to be dealt with in such a careless way.

What a sad day for the U.S. in displaying it’s incompetence and arrogance in foreign relations and diplomacy.  Where do we get these people to serve…to represent us… “we” the people of the United States?  If this is the best our great country can produce to represent us before the rest of the world in “diplomacy”, then God help us all…

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

 

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FACEBOOK – HOW SECURE IS YOUR DATA?

Sandy Parakilas in San Francisco. ‘It has been painful watching. Because I know that they could have prevented it.’ Photograph: Robert Gumpert

Do you think your Facebook account data is stored, secured and kept private only at Facebook?  Think again!  This is not only a warning for Facebook users, this is a warning for all users of any social media platform or user of any other technology company’s software that we routinely and blindly grant permission and access to our personal data.  If you think this is just a Facebook issue…Think again.

Good Morning Everyone!  Think of all the information you post on your Facebook account or any other social media platform…  You assume that the only company who stores your account data and has access to your personal data is Facebook or the platform you’re currently using, right?  Wrong…  Do you ever wonder who else may have access to your data other than Facebook and why?   Why do they have access to it and what are they’re using it for…without your knowledge or permission?  You should be concerned.  We should all be concerned.  This ARTICLE  posted by (Paul Lewis in San Francisco – The Guardian – Tuesday, March 20, 2018) is about a former insider at Facebook who details the lack of security at the worlds most popular social media platform in the world.

We can’t adequately express our concern over data security at Facebook better than Sandy Parakilas, formerly the platform operations manager at Facebook responsible for policing data breaches by third-party software developers between 2011 and 2012.  The insight that Parakilas shares with us should be of no surprise to some of us.  However, the general public and the youth are most likely not aware of this issue that centers around data security and and privacy, and what breaches in these areas can result in further down the road, particularly in identity theft and abuse of our personal information.  Listen to this particular interview below with Christopher Wylie formerly with Cambridge Analytica (this interview is in the article itself too):

Today’s post centers on Facebook, however it has far broader implications that we’re drawing your attention to.  Daily, we download and update apps to our desktops and smartphones and post all kinds of information with a complete lack of understanding as to what we’re granting access to, and blindly granting permissioned access to second and third party organizations.  All the permissions and stipulations may be well buried in the details of the user agreement policy’s “fine-print” that we all so easily “Accept” as terms and conditions for using/downloading/updating our apps.

We’re really disappointed that the legal community hasn’t put all their brain power together to create and enforce “simple”, straight-forward options that on the one hand would protect individual users data privacy rights, and at the same time provide their clients with business opportunities to sell/share/market account users data (if granted permission by users in clearly defined options).  All that would be needed, is to REQUIRE all organizations wanting to sell/share or market their client data, to place two options before hitting the “Accept” or “Decline” options such as:

  1. An “OPT-OUT” option should be made available for personal data to NOT be stored/shared/used by any second or third party…and WITHOUT being denied use of the app.  In exchange for this option, the organization may provide a software version that has ads or they can charge a small fee to use the app w/all the updates and features.  These software options somewhat exist today with free or paid software on our smartphones.  HOWEVER… the lack of data rights is NOT spelled-out clearly and upfront, yet is buried in the details of user agreements, and if you don’t “Accept” the ENTIRE user agreement, then you can’t use the software.  This option would fairly address both sides of the issue.
  2. An “Opt-In” option should be made available for those individuals who don’t mind their data being sold/mined/shared/and marketed by 2nd or 3rd parties, and in exchange, they would have software apps that don’t run ads on their smartphones/computers or that this option allows them to purchase the app for free.

Again, these options somewhat exist today.  However, the one major component missing for the consumer is the ability to choose up-front, transparent “data privacy options” granting organizations permission as to how their personal data can be used, including storage/ sharing/ accessing/ mining/ selling/ and marketing of their personal data.  So, why not standardize the Opt-In/Opt-Out permission options?  Clearly stated data privacy options presented upfront and with transparency would allow consumers to better manage the privacy of their data privacy without denying them usage of software simply because they don’t want their data shared.  We think this is a reasonable approach.  What do you think?

Once again, this breach of data privacy at Facebook is only a wake-up-call… a warning to all of us to press companies and law makers to do a better job of securing our personal data, and give us the option to either opt-in or opt-out how our data can be used.

A second and equally important issue is, standardizing “how” businesses should secure client data…and our rights to data privacy, but these topics are for another discussion at another time…  Until then, we encourage you to read this Article from the Guardian to better inform yourself, then make a better decision as to how you use Facebook and other social media platforms and software going forward.

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

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THE UNEMPLOYMENT RATE – FACT OR FICTION?

PHOTOGRAPHER: GREGORY HALPERN FOR BLOOMBERG BUSINESSWEEK

The Unemployment Rate being presented to the public…is it fact or fiction?

Good Morning Everyone!  We are amazed at how the mainstream media presents the unemployment rate in such a minimalist, general, uninsightful way.   We’ve all heard the saying, “There are lies and there are statistics.”  That is certainly the case when organizations present statistical information to the public.  Most individuals and organizations take for granted the information given to them, and generally trust the sources that deliver them…including the U.S. Government and notable news sources like Bloomberg in this recent Article dated March 15th.

What’s most important is to understand in any statistic released, is what are the assumptions made in developing the mathematical algorithms and equations that churn out this information.  That’s where alternate reliable sources of statistical information is helpful, such as John Williams’ website ShadowStats.com.  I’m not going to get into the details of how the unemployment rate is calculated…you can learn more about how the unemployment rate is calculated by going to websites like Quartz and The Balance.  The point is, whenever statistics are given by an organization, just ask yourself, how could this organization benefit from the information/statistic they present?  In many cases, the data may be skewed in their favor…to suit their purpose.  Data Analytic firm ShadowStats.com provides their subscribers with statistical data to help make better investment and business decisions.  They have no agenda other than building their subscriber list, based on the value and integrity of the data they deliver.  They gain subscribers based upon the accuracy of their data.  So there are some good organizations out there attempting to serve the public and their clients with unbiased information.  You just have to search and research those out there in the market place.

The unfortunate reality is that the mainstream media really doesn’t do a good job in researching the data given to them by most organizations including our own federal/state/and local governments, as well as, other business organizations.  So when you see “official” unemployment figures being presented by the media, just understand they’re most likely not presenting the entire picture.  As we always recommend, do your own research, ask questions, then make a more informed decision.

 

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

GMS Business Consulting No Comments

HASHGRAPH vs. BLOCKCHAIN

Swirld.com

Hello Everyone!

Today we’re going to share with you a technology that has emerged that in our opinion will replace Blockchain technology.  It’s called Hashgraph.  Listed below are several important interviews / discussions on this new Distributed Ledger Technology (DLT).  We would highly recommend you listen to these and get familiar with this technology, as this is (in our opinion) going to be the new technology platform standard for the foreseeable future.

Over the past few months, we have learned through our research, that Bitcoin is unsustainable in its current platform using blockchain technology.  The experts below can explain the reasons why far better than we can.  So we encourage you to be patient, listen, and learn just as we are doing and will continue to do.  This first informative VIDEO is presented by Dr. Steve Pieczenk (MD and PhD who also  served under 5 U.S. President Administrations in the State Department), articulates quite clearly in  5-6 minutes “why” Bitcoin is not sustainable as a global currency:

This second video is a little lengthy yet very well done, more detailed, and begins with presenting the promises of Bitcoin and blockchain technology.  However, as this experienced investor/researcher discovers in furthering his research, there are serious limitations with Bitcoin and the Blockchain technology platform it’s based on.  Take a listen:

So, you want to know more about Hashgraph?  Below are several discussions and sources to listen to and research.  The founders and “Heavy Hitters” and master minds behind this technology of Hashgraph, are Leemon Baird & Mance Harmon.  Together they formed  SWIRLDS.  Check out their website and interviews available online.

This discussion below is with a group of Swirld’s key, yet few employees in an event in late 2017 hosted by Demetri Kofinas of Hidden Forces.

Below is Leemon Baird, the developer of Hashgraph and Co-Founder of Swirld, talking about this next evolution of technology that will revolutionize cryptocurrencies, the internet and the way we use technology in the world today and in the future.  Take a listen:

Below is another presentation on the Hashgraph technology by Leemon Baird PhD.

We hope you will find this post helpful and insightful.  This technology is extremely powerful with many, many applications and implications on how we are going to exchange, share and manage data and information in the future.  As we always state, do your own research and analysis.  Don’t rely on what we say or present.  We’re simply trying to bring to light information that we find to be of interest and value, and want to share with our clients and readers.

GMS BUSINESS CONSULTING – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

 

GMS Business Consulting No Comments

BITCOIN & CRYPTO CURRENCIES

Good Morning Readers!  So…is Bitcoin here to stay?  Is it a legitimate currency or is it simply another fiat or fad currency?  We have been researching and discussing the craze and issues surrounding Bitcoin and crypto currencies, and wanted to share what we learned with you.  It seems that everyday people we speak with tend to have many of the same questions…such as:

  • How does it work?  (Click HERE for a basic introduction to Bitcoin)
  • Is it a real and viable currency?
  • Is it a bubble?
  • Is is sustainable?
  • What backs this and other crypto currencies?
  • Will crypto currencies put the banks out of business?
  • Should I invest in crypto currencies?
  • Is it safe?

Trying to answer all these questions isn’t possible in one post.  Rather we simply want to address these questions, but from a broad or macro spectrum.  Listed below are a few links from some pretty smart people who have a good understanding of the economic, financial, geo-political and social perspectives who also share their thoughts on crypto currencies.  Just take some time and listen to what they have to share.  You don’t have to take their word for it, just balance what they’re presenting and addressing and compare it to the many, many crypto currency proponents out there in order to get a more balanced view.  That’s all…  So, take a listen to these interviews (some of these interviews cover a multitude of economic areas other than crypto currencies, but what they have to say in these other areas shape their views on crypto currencies.  Then we’ll highlight a few of our own points to consider further down in our post:

CAUTIOUS PERSPECTIVES ON BITCOIN AND CRYPTO CURRENCIES:

POINT #1 – There are so many questions and issues related to Bitcoin and crypto currencies as to whether or not they’re a legitimate form of currency.  Before we go any further in expressing our opinions, let me be very, very clear on this…  GMS Business Consulting, Inc. is NOT an investment advisory firm. We do NOT give clients investment advice…period.  We provide business advice and are compensated for providing business advisory services and guidance. Because we have financial backgrounds at international investment firms and international consulting firms, we are simply choosing to exercise our freedom of speech by expressing our OPINIONS on various sorts of issues, events, and matters including Bitcoin and crypto currencies to our readers.

So…our short answer as to whether or not Bitcoin is a legitimate currency or not is…in our opinion is…yes, it’s “currently” a legitimate yet limited form of currency as evidenced by some businesses and individuals accepting Bitcoin as a form of payment for goods and services provided.  That said, this crypto currency has never been tested in a financial crisis nor can it be “directly” purchased or redeemed at your local bank (yet).  You can purchase crypto currencies directly through a crypto wallet (such as Coinbase) by using your bank account or debit card/credit card to purchase the crypto currency itself and storing it in your crypto wallet.  However your local bank doesn’t currently “issue/sell/redeem” Bitcoin.  Once you have the crypto currency in your crypto wallet, you may then use these to pay for products and services from businesses who accept Bitcoin or other crypto currencies for payment.  The funds used to purchase crypto currencies do come directly from your bank account in the form of U.S. dollars (or whatever your local currency is such as euro’s/ sterling/etc.), and the crypto currency can then be sold and stored in your crypto wallet to purchase other crypto currencies such as Ethereum or Litecoin…or… the proceeds may be converted back into your local currency and redeposited back into your local bank account.

POINT #2 – Now…as far as “investing” in crypto’s is concerned, there is no doubt that many, many individuals have made a lot of money investing and trading these crypto currencies over the last few years, especially in 2017.  That said, many, many people will lose a lot of money as well investing/trading Bitcoin and others, just as many individuals made and lost money in the .com bubble and the real estate bubbles.  Both of those bubbles had viable companies and assets, but many companies were not viable or they increased to such highly inflated values with nothing to to back their valuations, resulting in their downfall.  Did some .com companies and real estate survive the 2008 financial crisis and still exist today?  Of course some survived and thrived!  But not all survived nor made money.  Given that crypto currencies are relatively new, untested, highly volatile and to a great extent still somewhat of a mystery as to how they actually work and what backs the value of these crypto’s at the end of the day, we would approach investing in crypto’s with caution.  Invest only what you could afford to lose.

POINT #3 – As far as “trading” crypto currencies, it all comes down to buying low and selling high…it’s about TIMING!  It’s about “when” you buy and when you sell.  If you don’t have knowledge about the investment vehicle you’re trading AND a discipline to manage your trading, then you’re simply gambling your money blindly with the hopes and dreams of making money.  It’s called greed…  As humans, we tend to be motivated by two emotional states of mind…greed and fear.  Right now, 9 years after the real estate bubble, and 16 years after the .com bubble, many people have forgotten the the golden rules…the principles of investing…buy low, sell high.  The question is…how high will Bitcoin and other crypto currencies go?  Nobody knows!  If you believe you have an adequate knowledge of crypto currencies and the discipline to successfully trade these crypto currencies, then by all means exercise your freedom to do so.  If you don’t have either one, then I  would make three recommendations:

  1. Get informed on both sides (research the pro’s and cons/risks of investing in crypto currencies) from knowledgable, experienced sources, and…
  2. Implement a disciplined investing/trading system to identify changes in the momentum of the particular crypto currency you’re interested in investing or trading, and lastly…
  3. Invest only what you can afford to lose…period.  As mentioned before…these crypto currencies have NOT been tested in a financial crisis.

POINT # 4 – When it comes to really understanding the mechanics of crypto currencies, I still have not seen nor heard a “clear” definitive description or seen a diagram adequately explaining just how these actually work, (terms such as “distributed ledgers” and “blockchain” technology etc.)  How do they really work?  We’ve read the definitions, but even with our financial and consulting backgrounds, it’s still challenging to comprehend the meaning and processes involved given that the definitions are filled with crypto coding language to decipher in order to understand a single point in the definition itself!  Could YOU describe these terms to your colleagues so that they really understand how they work?  Can you explain it to the average person on the street in detail that perhaps even to a high school student to understand?  Or…are they so complex that only coders may understand?  That was the problem with derivatives… People could use the lingo, but they really had no idea of how they actually worked.  In my view, if you can’t explain it in plain…clear…English, then the person describing it really doesn’t understand it either.

POINT #5 – What actually backs these crypto currencies?  Other worthless forms of fiat currencies?  In a melt-down or an extreme loss of confidence, what is actually protecting and backing the value of this currency?  Who is backing it?  Enough said about that…

POINT #6 – Also, please consider the following points related to Bitcoin and crypto currencies:

  • If you believe investing or trading in crypto currencies will not become controlled and regulated by Wall Street and the central bankers of the world, the IMF or the BIS…think again.
  • If you believe Wall Street and the central bankers of this world are going to hand over or transfer their oversight/regulation/money-making control and power of international banking to unregulated crypto currencies to the individual or to the wild west internet?…think again.
  • If you believe Bitcoin or these crypto currencies can continue increasing in value without revaluations/corrections etc…think again and don’t forget the lessons of history.

POINT #7 – All that said, in this post, we’re simply wanted to present the cautionary-side of Bitcoin and crypto currencies by some very seasoned professionals with different backgrounds, and to give you some food for thought before jumping on the bandwagon of crypto currencies.  We wanted to provide the cautionary side because there are dozens and dozens of people singing only the praises of Bitcoin and other crypto currencies.  As mentioned earlier, you can watch dozens and dozens of people endorsing crypto currencies all over the internet.  And who knows, they may be spot-on with their research and analysis, but many are simply trying to sell you something without explaining the downside risks or providing a sound foundation of information for the individual.  We’re not concerned with Wall Street or the central bankers or the individuals who have already made their fortune by investing on the ground floor of these crypto currencies.  We’re mostly concerned about the average person, professional or laborer, who works hard for their money trying to make a living, and are considering crypto currencies.

POINT # 8 – Lastly, we do believe crypto currencies and blockchain technology are here to stay, but not in their current state…  Whether we like them or not, they’re part of our future in one form or another.  The issue is how will these crypto currencies be valued, protected, backed, as well as, how and who will regulate them?  Which of these will survive?   Have you considered that perhaps the central banks of the world, the IMF or the BIS are in the process of creating their own crypto currencies?  Do you think they haven’t been exploring this already?  Our thoughts and recommendations are simply to do your own research, speak with your investment adviser, and then proceed with caution.  We hope this post is of value to you because you are valuable to us…  Keep an eye out for our upcoming post in a few weeks about Hashgraph…will it replace blockchain technology?

GMS BUSINESS CONSULTING – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

 

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Part 1: Out-Strategize & Out-Maneuver Your Competition

Business Development Services

Business Development Services

Hello everyone, and Happy New Year!  Today’s post is part-one of a three-part series on how to “Out-Strategize & Out-Maneuver Your Competition“.  After 30+ combined years of business and consulting experience, we have seen common threads related to business success and failure.  These common threads may appear to be quite simple at the surface level, however beneath the surface they may vary significantly in complexity depending on the nature of the practice, targeted clients (and their particular needs), and one’s ability to effectively reach & communicate your value proposition to them.  That said, the successes and failures all have a few things in common…right from the start.  That’s what we’re going to address today… Read more