BTC is a Pin, not a Bubble, BTC Foundation Founder Says

Jon Matonis thinks it's great that big banks are getting interested in crypto
02 April 2018   582

Co-founder and CEO of Bitcoin Foundation Jon Matonis sure that the fears associated with the "bubble" of cryptocurrency are unreasonable. On the contrary, this is just the stock markets are always artificially "inflated" by central banks, he said in an interview with Business Insider at the Innovate Finance conference in London earlier this month.

To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

He is confident that now the economy is moving away from "legal currencies managed by banks", decentralized assets like bitcoins support this shift.

Prior to the Bitcoin Foundation, Matonis was a trader in the Japanese bank Sumitomo and Visa. Non-profit organization was founded to support core-developers of bitcoin-protocols. Matonis was on the foundation's board from 2012 to 2014 and to this day holds the post of executive director.

Despite skepticism about the existing financial system, he is sure that it's great that big banks like Goldman Sachs are showing increasing interest to the world of cryptocurrency.

They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

According to him, regulators around the world are trying to find a "common language" with cryptocurrencies, and in the UK they recently announced the creation of an appropriate work group.

I think we should operate in an environment of caveat emptor, let the buyer do his research. This hopefully has forced a lot of investors to do more research. No one is forcing them to invest in ICOs [initial coin offerings]. If you’re worried about the risk, just walk away.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

In May last year, the executive director of the Bitcoin Foundation, John Matonis, joined the nChain blockchain company. 

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   291

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.