Welcome to Week 43 with AGAM and Questra World.
I'm by no means an expert when it comes to the world of Cryptocurrencies, and that may become apparent during this post!
Hard Fork
On the 1st of August 2017 a number of Bitcoin Miners had planning to implement changes to Bitcoin software which resulted in a split in the Blockchain.The split in the Blockchain, called a Hard Fork (like a fork in the road) meant the original version of Bitcoin would go one way, and a new version of Bitcoin, called Bitcoin Cash went the other.
There was a real risk that anyone with Bitcoin could lose them. As no one knew for certain exactly what would happen, the general advice was to take precautions.
The Hard Fork scare followed another recent scare which resulted in SegWit. At that time I started dumping my Bitcoin and changing it into real cash.
Apologies for the lack of explanations to the meaning of some of the above terms, as for me to explain what they meant would mean a post a mile long and many hours of looking up explanations then repeating them here. Therefor I have liked keywords to information pages for your convince.
AGAM Takes Precautions
Over 90% of the funds that AGAM hold are in Cryptocurrencies. To protect us and themselves from loss they have taken the decision to suspend all financial activities for 3 weeks.From the 1st August 2017 to 21 August 2017 AGAM will not be accepting any new deposits. Withdrawals will be turned off and any pending withdrawals will be cancelled and returned. No trading will take place so no profits will be paid out either.
I personally was expecting something to happen so last Sunday I asked for my funds to be withdrawn to Perfect Money instead of Bitcoin. I knew I should be cautious at this uncertain time.
I'm happy AGAM have taken measure to make sure they do not lose any funds. The SegWit change has still to be implemented and Bitcoin Cash would rather take over Bitcoin.
The 3 week break will give time for everything to settle down and the SegWit change to be applied.
A few days in and it looks like miners that supported Bitcoin Cash are moving their mining 'power' out and back to Bitcoin. It's still early days yet, with Bitcoin having such established and strong support, I feel Bitcoin will be here for a very long time to come!
Here's an interesting article about the two version of Bitcoin! Click Here
AGAM Buys a Bank!
More news this week that came out of Atlantic Global Asset Management...
The AGAM Fund buys a European bank
This year, it will become easier for investors of the Atlantic Global Asset Management Fund to make profit: a deal on purchasing a European bank, one of the largest in the region, is at its final stage. Details of the deal and the name of the bank will be announced after signing all the necessary documents.
Our clients will gain a tremendous advantage, when the AGAM fund becomes the owner of 100 % of the bank's shares. Immediately after the sale, the bank will undergo a strict financial audit procedure with the involvement of the leading world companies, after which it will be re-branded.
The acquisition of our own bank will allow us to fully restore the conduct of all financial transactions in the region, some of which were temporarily suspended due to the difference in the legislation of European countries. The purchase also became the further stage in the implementation of our plan on entering into the financial technology market (fintech).
"The acquisition of own bank is not only a much higher level of freedom for our fund, activities of which will no longer depend on third parties. This is also a convenience for our investors, who, unfortunately, because of the overregulation of the European financial market, sometimes face difficulties in the performance of individual transactions" says Antonino Vieira Robalo, Head of the AGAM.
It is expected to complete procedures for integrating the bank into the structure of the Atlantic Global Asset Management Fund by autumn. By this time, we will also announce further actions of the fund in the fintech market.
Anyway, that's all from me this week.
Again as you can probably tell I'm no expert in Crypto but it is something that interests me a whole lot! After all it's the 'Internet of money'.
Don't let this 'vacation' by Atlantic Global Asset Management put you off joining. It's doing so to protect its funds and our profits.
I'm happy they're taken steps to do so, but I also love making money. All will start again after the 21st August, and I'm sure things are just going to get better and better. Don't miss the boat!
Bill Thomson
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