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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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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

 

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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