The IMMO Token – How Bankers Are Invading Crypto and What Experts Believe
Even though smaller players in the crypto industry have been a little jarred by the drop in crypto value this year, larger investors have not had the same concerns. They have planned for these drops, and they are prepared for the changes. However, in a recent turn of events, the Rothschilds have developed a blockchain of their own with the use of a token called IMMO.
There are two groups of sources that have an idea of what IMMO will become. Some people believe that it will prove to be a stable coin, while others believe that this is the solution for Rothschild’s assets. The biggest notion that the collective believes is that this will be the start of a new IMMO project, which is why experts were asked to weigh in.
Those experts were asked about the usefulness of IMMO in the crypto world. They were also challenged with the possibility that banking corporations negatively changing cryptocurrency, whether knowingly or unknowingly.
One of the first experts to weigh in is Lon Wong. Wong is the CEO of ProximaX and the first president of the NEM.io Foundation. He has three decades of entrepreneurship under his belt, with 20 of those years being in the financial industry.
Regarding IMMO, he said,
“The IMMO appears to be a private chain, managing their internal distribution of wealth. Without more visibility, it is hard to make any conclusion from it.”
Turning his attention to the banking industries, and summarizing his prediction, he stated,
“The large banking dynasties foray into this space will lead to a manipulated token economy, in the same way they have traditionally controlled the financial world. These major players will control prices, instead of the crypto community. The current depressed prices from their highs, nearly six months ago, seems to be a case of manipulation, but it remains uncertain who has been at work on this.
My conclusion is it will be dominated by these major players. I am inclined to believe that the only way to counter this is, that all crypto coins should decouple themselves from one another so that it is difficult to control the entire crypto economy. Right now, the pivoting coin is bitcoin. The coin’s change in value affects the entire market. It should not be the case.”
Thomas Power was another one of the experts, and he has had his hand in Blockchain startups worldwide. He has been a professional speaker and has worked with 9 Spokes for the last three years. His comments seemed to combine the efforts of using crypto and fiat currency, based on the concept of “new” and “old” money. He also said,
“It takes between 15 and 18 years for new technology to be challenged, then questioned, before it is adopted and accepted. We won’t really see cryptocurrency mainstream before 2023 to 2026. Traditional brands that come in, like JP Morgan, or Goldman Sachs, or Morgan Stanley, any traditional banking brand or family brand: Rockefeller or Rothschild, take time to consider new technology.
Old money and old names help people consider the new world, new projects, and new techniques. New ideas always come from the young, but the money comes from the old. That is the same with all of history. So, I see it as completely positive.”
The founder of DFJ Venture Capital, Tim Draper, is the seventh highest on the Forbes Midas list, and is one of the top 100 most powerful people in finance, according to the 2014 ranking for Worth Magazine. His prediction is that either consumers will flee from fiat currency or they will run towards Bitcoin, saying that one has to “break the logjam.” He added,
“Bankers have resisted long enough. Now it is time to embrace the new world. Bitcoin is just better than Dollars. Some of these Tethered cryptocurrencies, such as IMMO, will make some sense, tethering currencies to real estate so that it is more easily tradable for instance. Tethering to existing fiat doesn’t make as much sense since you then regress to currencies dictated by the whims of politics, rather than bitcoin or others that are decentralized, frictionless, fair, and honest.”
Jimmy Song has been in the crypto world for a while and is known as a veteran developer of Bitcoin Core. He also has held a position as the venture partner at Blockchain Capital LLC. He does not hold much worry regarding banking dynasties in this movement. He believes that their slow-moving and traditional efforts will stop them from infiltrating in a substantial way. He also said, “If they actually buy bitcoin, that’s good. I don’t really expect any innovation coming from these lumbering dinosaurs. The only real risk is that they start trying to get government regulation to protect their turf.”
A major presence in Ireland, Simon Cocking, was asked as an expert as well. He has worked with the Irish Tech News, the Sunday Business Post, the Irish Times, the Southern Star, and Dublin Globe in his journalism career, so he has been in the middle of each advancement. In his opinion,
“The last 12 months, and before, have been very wild west in terms of crypto. Now we are seeing a move towards de-risking this area for investors, with a rise in KYC, AML, and white listing. These are good trends and are encouraging more traditional investors to move into this space. We will only see more and more of this going forward.”
He believes that banking institutions need to either get involved or prepare to see themselves go under.
Keith Teare, who is most recently the Executive Chairman of the Investment Committee at Accelerated Digital Ventures, believes that crypto has to be involved with the banking industry to ultimately thrive.
“Anybody who sees cryptocurrencies as part of the evolution to globalization, and the gradual replacement of national currencies, should see the entry of mainstream banking as a good development. When the mainstream chooses to engage, it is explicitly shifting its store of value from the old world to the new world. Engagement with the real world is inevitable if crypto is to grow, and the real world brings with it challenges,” he said.
The founder of Blockchain Investors Consortium, Mike Costache, was asked for his opinion on this transition. He has plenty of experience in the crypto and blockchain world, working as the CEO of d10e and an advisor at Token-as-a-Service. His statement said,
“It’s only natural for major players to not want to be left behind in any innovation. It takes them a while to publicly announce it as they have their reputation to defend and so they need to make baby steps. One day EOS or Bancor may be classified as a crypto ‘dynasty’ the same way you are now asking a question about ‘banking dynasties.’ Everyone has their roles, and only history will eventually show us at what point such dynasties affected things in a negative or positive way.”
The final expert surveyed, Ryan Taylor, is the CEO of Dash Core. He does not seem to want to take a side in this battle, with his opinion reflecting his positive perception of any innovation in the financial industry.
He said, “We can draw various conclusions about the current fall of bitcoin and associate it with the arrival of large traditional players. But the opinions of most experts reflect the opposite: the arrival of old money will allow the cryptocurrency market to grow.” The rest of his statement discussed the confusion in the industry, but ultimately said that,
“The arrival of new players will likely lead to both increased adoption of cryptocurrencies and a more defined regulatory framework.”
With experts on either side of this matter, consumers should focus on making the best personal decision for their investments and keeping a close eye on the changes for both banks and crypto exchanges.