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From PoC To Production: FIs Lead The Way With Tokenized Real World Assets
(Forbes)
November 18, 2023
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This week, the digital assets autumn conference season saw Digital Asset Week (DAW23) come to London following fixtures in San Francisco and Singapore. The conference brought together leading global financial institutions and their later stage fintech partners, to announce the launch of the next wave of production digital assets applications for financial institutions (FIs).

Top tier players from JP Morgan, BNY Mellon, Standard Chartered, BlackRock, Invesco, UBS, BNP Paribas, Deutsche Bank, Goldman Sachs, State Street, SocGen, ABN Ambro, Citi, and Mastercard laid bare their playbooks for moving from proof of concept (POC) to production applications.

The launch pad has a steady stream of new digital assets apps moving into production from FIs furnished by their fintech partners from Ownera, Archax, Digital Asset’s Canton Network, TomNext, LRC, Consello Digital, HQLAx, Arta, LRC, Tokeny, Invenium, and many others.

This is what we learned.

The Offense Playbook: Liquidity Liquidity Liquidty

It’s all about liquidity: delivering better, faster, cheaper products to clients enabling greater and more liquid markets - the mobility of assets, collateral, and markets. Capital and operational efficiency is at the top of the list with products that improve balance sheet, treasury and collateral management driving lower prices, decreasing bid offer spreads, and reducing expenses.

Expect more over the coming months on “vanilla products” like the tokenization of ETFs, money markets, securities lending, and repo. Also continuing its run is the tokenization of fixed income where there is a lot of variation driving middle and back-office efficiencies gained through the transformation to digital assets.

The tokenization of precious metals and property are lining up, and the tokenization of private markets is coming back into focus after a lull for a few years, driven by higher interest rates -watch these spaces for early breakthroughs.

Private protocols and networks will lead for institutional real-world digital assets, public protocols may not stand up to scrutiny of the many jurisdictional laws and regulations, for a range of reasons.

As FIs build out on the “new rails”, don’t expect the “old rails” to disappear quickly. It took nearly 50 years for automobiles and tractors to displace horses on U.S. farms, Netflix hasn’t killed the cinema yet, you get the picture.

T0 (T Zero) settlement is a bit of a misnomer as the sector heads down the path of accelerated settlement times thanks to DLT – the new tech can do it, but most heritage products, businesses, tech, and some people can’t.

FIs are focused on “atomic settlement” occurring when and with the precision needed in the settlement window to meet clients and counterparty requirements. There are as many valid commercial reasons for T+settlement for fiduciary controls and assurance across products and services, as there are reasons for the new T0 ones.

2024 is pitted as the year to keep heads down and move more digital financial market infrastructure (dFMI) and digital assets into production with greater scaling and adoption forecast for 2025 and beyond.

Buy Side education is at the top of the list for many. Ultimately, it is not about tokenizing real world digital assets, it’s about how easy it is to buy and sell great new products that make you or save you more money than the products you are buying or selling now.

The Defense Playbook: Show Me The Money

There are barriers to scaling digital assets into mature marketplaces and digital money is the first real one. Cash on ledger is the killer app that delivers a digital currency on the internet, the fiat on and off ramp for digital assets, and an enabler for the execution of atomic instructions.

Deposit tokens and institutional settlement tokens will lead here as most FI’s cannot wait for (wholesale) CBDCs. However, some remain mildly optimistic over the medium term, that commercial and viable CBDC solutions may make it to market. Stablecoins are rarely a consideration for the non-retail markets.

Digital asset asset servicing, custody, and settlement remain the Gordian Knot of scaling digital asset markets. Central security depositories (CSDs), central records of account, end of day accounting, and delivery versus payment (DVP) are just some of the areas that will need to be digitally redesigned for DLT. The opportunity to add yield to custodied monies money could accelerate this.

Protocol interoperability is the biggest friction point for greater digital assets scalability and true mobility across digital markets. No one wants to see their digital assets stranded on token island in a walled garden franchise. Protocol level interoperability standards are required for all digital asset classes, and not just digital securities, and are required now.

The Players Out In Front

Ownera, TomNext and Archax have launched a Money Market Fund, distributed via the Archax digital platform, across the Ownera FinP2P network in token form. Through the TomNext software, clients can access yield bearing money market funds intraday, enabling investors to benefit from tokenized access to this asset.

“Gone are the days of the proof of concepts” says Graham Rodford, Archax co-founder and ceo,

 

“We are now moving into production with several innovative projects which will start to demonstrate why we have been talking about this technology when applied to real world assets for over five years”.

JP Morgan, Ownera, HQLAx, and wematch.live will launch the world’s first intraday repo trading product supporting DVP transactions across DLT in January 2024. Traders can negotiate the exchange of securities with cash held at JP Morgan and settlement and maturity times can be negotiated to the minute. Interest is only accrued for the duration of the repo contract rather than overnight.

“The full potential of the intraday repo market cannot be realized unless capital can be swiftly deployed to meet changing intraday requirements and settlement times can be reduced to lower counterparty risk,” says Anthony Woolley, head of business development at Ownera,

 

“We now have leading companies such as HQLAx that are able to mobilize digital collateral and major banks with forms of digital cash such as JPM Coin.”

Digital Asset’s Canton Network has engaged several leading FIs with production applications across fixed income, repo, collateralized lending, and deposit tokens in a pilot with over 40 institutions to help scale production digital asset use cases and further develop interoperable standards for digital assets across different DLT protocols. The pilot will report out early in the New Year.

Yuval Rooz, co-founder and ceo of Digital Asset says, “Since the introduction of Canton Network earlier this year, we have witnessed tremendous engagement from global market participants. The pilot program has demonstrated the demand for interoperability for regulated institutions. For the first time, there is an open blockchain network that provides the privacy and control essential for financial markets, coupled with the interoperability and scalability necessary to maximize the technology's potential."

Larry Fink of BlackRock said in March that tokenization will be "the next generation for markets," and fired the starting gun. In October JP Morgan's Onyx launched the Tokenized Collateral Network (TCN) with BlackRock tokenizing shares in a money market fund and pledging them as collateral with Barclays for a derivatives contract.

Citi recently launched two digital asset Tokenized Deposits solutions under the umbrella of “Citi Token Services” targeting institutions, one enabling organizations to send tokenized money between Citi branches worldwide and 24/7, the other providing smart contract based bank guarantees for global trade.

Euroclear has just announced digital bond issue a year on from issues from UBS and Six Digital Exchange and the EIB Bond issue involving Goldman Sachs, SocGen, and Santander. Euroclear has also launched its Digital Securities Issuance service facilitating the issuance, distribution, and settlement of fully digital international securities.

HSBC has launched tokenized ownership of physical gold on DLT that is held in its London vault that can be traded between HSBC and institutional investors on its Evolve platform. HSBC has also entered the digital asset custody market using technology from digital custody firm Metaco, joining BNY Mellon, and Standard Chartered’s Zodia in the digital custody race.

DTCC recently acquired Securrency in the U.S. to bolster its digital asset custody services while Copper acquired Securrency’s business in the Emirates, further heating up the competition in the market for digital asset securities servicing.

Goldman Sachs led the latest $95 million funding round for U.S. based Fnality with BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree signaling the importance of settlement tokens.

"Fnality’s application of blockchain technology offers a resilient way for institutions to use central bank funds across a wide set of potential use cases, including instantaneous, cross-border, cross-currency payments, collateral mobility and security transactions," said Mathew McDermott, Goldman's global head of digital assets.

The U.K Rules Officials And Referees

London is a global financial center, and the talk of the conference was around how (global) FIs, highly experienced with regulated securities, are mostly clear about how to deliver tokenized digital assets within jurisdictional securities regulations. However, reducing the friction points on the old rails while moving to the new rails is at the top of the agenda for most of the front line players.

Solutions to some of these friction points will be able to be tested in the new Digital Securities Sandbox to be launched by HM Treasury in the first quarter of 2024. The sandbox is intended to be a safe testing ground for new DLT based financial market infrastructure to help to determine if exiting securities legislation or regulations require revisions to principles to better reflect the enhanced capabilities offered by new blockchain and digital technologies.

The Financial Conduct Authority (FCA) has signaled its doors are open to FIs and fintechs and is encouraging a greater dialogue with industry on digital assets and securities regulations. This is a welcome signal and one that the sector is hopeful will usher in a new era of (more) open collaboration with regulators, including cross border collaboration on digital asset trade and settlement.

As the digital space race heats up in financial services, the U.K. is doing everything it can to maximize its strength as a global financial services center and fintech hub, to attract FIs and dFMI in the race to become a premier global hub for digital assets.

With the new Financial Services and Markets Act and the Electronic Trades Document Act, also know as the blockchain bill that doesn’t mention blockchain, the U.K. Government has demonstrated it can pass progressive digital legislation at breathtaking pace.

A new Digital Assets Bill is on its way and will enshrine digital assets as new category of property, composed of electronic data, in law with the legal rights of property ownership.

Lord Holmes of Richmond, in his keynote address to delegates at Digital Assets Week London, summed up the U.K. Government’s contribution to the digital space race saying, “The Electronic Trade Documents Act clearly demonstrates how the U.K. can effectively legislate for the opportunities of our new technologies. We can develop this approach with the draft Digital Assets Bill, similarly, drafted by Professor Green and her excellent team at The Law Commission.

 

“This incremental, pacey approach to technology neutral and technology future proofed legislation, will enable citizens, companies, cities and the whole of the country to gain optimum advantage from the U.K.’s unique combination of its financial services ecosystem, new technologies businesses, and our great good fortune of English common law.”

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🇺🇸 Jerome Powell said banks are free to provide Bitcoin and crypto services

TRILLIONS incoming 🚀

00:00:24
This Is A CONGRESSWOMAN, LISTEN..

🚨 “Something Big Is Being Hidden… 3IATLAS” – Congresswoman Luna Breaks Silence 🚨

Congresswoman Anna Paulina Luna has spoken out about the mystery of 3I/ATLAS, showing her full support for Harvard scientist Avi Loeb’s investigation. She’s now teaming up with Loeb to uncover what the government might be hiding about non-human life forms, and why access to key footage is being blocked from the public.

Luna says this fight for UFO and ET disclosure is a bipartisan battle, but warns that powerful forces inside the intelligence community and the Department of Defense are pushing back hard to keep the truth hidden.

Meanwhile, sources claim that NASA’s Mars Reconnaissance Orbiter (MRO) captured rare images of 3I/ATLAS on October 2–3, but those pictures still haven’t been released — adding even more mystery to the case.

Could this be the moment the truth finally breaks through? 👀

00:03:33
🚨BREAKING: Today, the LAST Penny will be minted!

🚨BREAKING: IT'S OFFICIAL: The US Mint will officially STOP minting pennies. Today, the LAST Penny will be minted!

One Penny Costs the U.S Taxpayer $0.37 cents to Mint.

U.S. Mint lost $85,300,000,000 BILLION minting pennies in FY2024 alone.

00:01:00
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

🚨U.S. Nuclear Forces on Alert: Sub Hunters, Doomsday Plane, and Mysterious Signals Over Europe

BREAKING: Multiple indicators of elevated U.S. military readiness today.
A Navy P-8 sub hunter flew an unusual low-altitude pattern up the East Coast from Jacksonville to Maine before returning south.

A Presidential Doomsday Plane (E-4B) is airborne over Kansas, capable of commanding the U.S. nuclear arsenal midair.
Missile tracking aircraft spotted over North Dakota and Arkansas.
Meanwhile, shortwave listeners across Europe recorded strange clapping spy signals on multiple frequencies, the origin of which was unknown.

A B-52 bomber conducted a deterrence patrol over Finland & the Baltics.
Two U.S. sub hunters currently active over the Baltic Sea, one looping at just 2,000 ft near Gotland Island.
Something’s up...

https://x.com/UAPWatchers/status/1988704871034266093

🚨 FIRST SPOT XRP ETF BEGINS TRADING IN THE US 🚨

The first US spot XRP ETF, managed by Canary Capital, has officially launched and began trading on the Nasdaq exchange under the ticker symbol XRPC. This marks a significant milestone for XRP, expanding regulated investment options in the crypto market.

🔑 Key Points

  • Launch Details: The Canary XRP ETF (XRPC) started trading on November 13, 2025. It is the first spot XRP ETF to be listed on a US exchange, offering investors regulated exposure to XRP.

  • Market Impact: The ETF’s launch has been met with strong initial demand, pulling in significant trading volume. This development could attract more institutional and retail investors to XRP.

  • Technical Analysis: XRP’s price has shown a modest increase, trading around 2.46 at launch. Analysts suggest that a breakout above 2.60 could signal further price increases.

💡 Why It Matters

  • Regulated Exposure: The ETF provides a regulated way for investors to gain exposure to XRP without needing ...
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Bitcoin falls under $97,000

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3I/ATLAS — Secret Laws Of Gravity
Unlocking the future of space travel through the precise calculation of time and orbital trajectories.

"My preliminary analysis suggests two principal hypotheses regarding the reported phenomenon known as '3I/Atlas':

  1. A Coordinated Psychological Operation (PsyOp): The phenomenon may constitute a calculated effort to manipulate public sentiment or induce fear, potentially preceding a planned, large-scale deception (referred to informally as 'Project Bluebeam').

  2. A Highly Anomalous Object: Alternatively, the phenomenon represents an authentic, significant anomaly warranting serious scientific or intelligence scrutiny.

Regardless of its origin, '3I/Atlas' represents an historically noteworthy development that necessitates close, informed observation."

 

~Crypto Michael | The Dinarian 🙏

Abstract Introduction:

New data is now showing something that arrived early and its changing colors as we previously predicted.

In orbital mechanics where trajectories are calculated centuries in advance with accurate precision measured in seconds.

A 11-minute deviation is not a rounding error.

It’s not a typo in the database.

It’s not close enough.

"It’s Physically impossible.”

Now The longest government shutdown in U.S. history still blocking NASA releases while the object executed its closest Fly-by approaches to Mars, The Sun and Venus at the moment of maximum observational blackout.

But orbital mechanics don’t care about “government shutdowns.”

Our observations Don’t Stop.

And the math doesn’t wait for “Press releases.”

The math says this:

“If 3I/ATLAS is natural, it should have lost about 5.5 billion tons of mass.”

It didn't.

1. The 5.5 Billion Ton Problem:

Let’s start with what everyone agrees on: 3I/ATLAS “now” arrived earlier than pure gravitational predictions would allow. Even though we have been mentioning this trajectory change over 2 Weeks ago (October 21st Article HERE) TRACKING 3I/ATLAS .

The scientific consensus explanation? “Natural outgassing” the "rocket effect." As water ice sublimates near the Sun, it creates thrust, like a slow-motion rocket engine powered by evaporating ice. Comets do this all the time. It’s normal. It’s natural. It’s explainable.

Except for ONE problem.

The Physics Don’t Add Up!”

To generate enough thrust to arrive approximately “11 minutes early” would require shedding a staggering amount of mass.

Our calculations show “over 5.5 billion tons” of gas ejected over the perihelion passage.

Think about that for a moment.

That’s not a little puff of vapor.

That’s not some gas leaking from surface cracks.

That’s 15% of the object’s total estimated mass.

If 3I/ATLAS lost that much material naturally, it would create a debris cloud larger than Jupiter’s magnetosphere—visible to amateur telescopes from Earth. Absolutely impossible to miss in professional observations, and bright enough to be catalogued by every sky survey on the planet.

1.1 ~ The Plume Paradox:

Here’s where it gets interesting:

No such cloud has yet to be observed.

Not by Hubble. Not by JWST. Not by ground-based observatories. Not by the Mars orbiters that watched it pass at 30 million kilometers.

The brightness remained within “expected limits.” The coma showed stable & geometric shifting features. The tail structure now disappeared (but that’s another story). The main one is that: “The debris cloud that should exist — simply doesn’t.”

This isn't a minor discrepancy.

This is complete, mathematical failure of the natural comet hypothesis.

Part 2: The Industrial Signature:

So if natural sublimation didn't create the thrust, what did?

The answer is hidden in the chemistry—specifically, in what shouldn’t be there. “The Nickel Anomaly.” When multiple astronomers analyzed 3I/ATLAS’s spectral signature, they found something extraordinary: “nickel vapor” (Ni) at extreme distances from the Sun, where temperatures should be far too cold for metals to vaporize naturally.

Nickel doesn't just evaporate on its own at those temperatures.

It needs HELP.

And there’s only one known process—natural or industrial—that produces a volatile nickel-carbon compound at cold temperatures which we have said several times previously;

Nickel Tetracarbonyl: Ni(CO)₄

This is not a natural cosmic process.

This is an “industrial chemical pathway” used on EARTH for metal refinement!!!

It forms at 120°C and decomposes at 180°C allowing nickel to vaporize at temperatures where water ice would remain frozen solid.

It is LITERALLY, an industrial refrigerant for metal processing.

The presence of Ni(CO)₄ in the plume tells us two things:

  • The core is not ice — It’s a nickel-rich, engineered structure.
  • The process is not passive sublimation — it’s an active, controlled system.

The nickel vapor isn’t contamination.

It’s not a coincidence.

It’s Exhaust.

3. Secret Gravity (SOEG) Model:

This is where our research team proposes something NEW.

We call it The “Self-Optimizing Ejection Guidance (SOEG) Model”

A Brand New Scientifically defensible framework that explains the acceleration not as chaotic outgassing, but as “controlled propulsion.”

The SOEG Model (Project EE / 3IE)

The System:
• Volatile Reservoir — CO₂ ice + Nickel-rich metallic core.
• Solar Heating — Perihelion triggers sublimation at optimal moment.
• Magnetic Ionization — Internal magnetic field ionizes nickel vapor into plasma.
• Anisotropic Jets — Plasma channeled through focused nozzles. (not random cracks)
• Thrust Optimization — Maximum momentum transfer with minimal mass loss.

Unlike natural cometary outgassing—which is chaotic, omnidirectional, and wildly inefficient. The SOEG Model Fully Represents: (CONTROLLED, DIRECTIONAL, OPTIMIZED PROPULSION.)

It’s the engineering solution to interstellar navigation: Using a “magnetofluidic drive” that uses the Sun’s + Nearby Planets & Star energy to activate a propulsion system that was BUILT.

The secret is in the magnetic field. By ionizing the nickel-carbon vapor into a high-velocity plasma jet, the system achieves thrust efficiencies that natural sublimation could never match.

This isn’t science fiction. This is “magnetohydrodynamics” the same physics that powers experimental plasma thrusters being developed by NASA and ESA for deep-space missions.

The difference?

We’re building prototypes…

Someone else already perfected it.

4. The Scientific Statistical Test:

Here’s what makes it undeniable.

Natural comets exhibit HIGH temporal variance in their acceleration parameters.

Technical terms like (A₁) and (A₂) that describe how thrust changes over time. Natural outgassing is messy, chaotic & unpredictable.

Our Prediction:

We formally predict that when sufficient post-perihelion data is published — expected from JUICE observations (data release February 2026) and ground-based telescopes through December 2025— 3I/ATLAS WILL show:

  • (A₂ parameter near zero) — phase-locked rotational coherence.
  • Temporal drift < 0.5σ — stability far beyond natural variance.
  • “Thrust vector alignment” with rotational axis — body-fixed engine signature.

If ALL 3 conditions are met.

The probability that 3I/ATLAS is a natural comet drops below 0.01% (a >4σ statistical rejection).

This is not speculation. This is a time-stamped, falsifiable prediction.

By February — March 2026, we will either be proven right or wrong.

The data doesn’t care about our theories. It only cares about what actually happens.

5. The Blue Hue 🔵:

Now there’s one more piece of evidence—and it’s visible to the naked eye (well, through a telescope). “The Color Anomaly.”

Natural comets scatter sunlight off dust particles, producing a yellowish-red glow. At 1.36 AU from the Sun, 3I/ATLAS should have appeared reddish-orange from thermal emission.

Instead, observers noted something strange: “A distinct blue fluorescence” in the coma.

What Blue Light Means?

Blue emission in a comet’s coma comes from highly ionized species—primarily “CO” (carbon monoxide ions) and certain excited metallic vapors. This requires enormous, “FOCUSED” energy to achieve.

You don’t get this level of ionization from passive solar heating. You get it from ~ Active Plasma Generation. The blue hue is the visible proof of the SOEG engine operating at perihelion. It’s the "engine glow" of a magnetofluidic drive generating high-energy plasma to achieve maximum thrust efficiency.

Compare:
- Natural comets (Hale-Bopp, NEOWISE, 67P, Etc.): Usual Yellowish-red dust scattering.
- Expected for 3I/ATLAS at 1.36 AU: Reddish-orange thermal glow.
- Observed in 3I/ATLAS: Distinct “Blue” plasma fluorescence.

This isn't subtle.

This is the difference between reflected sunlight and an active thruster firing.

5.5 ~ Convergence of Evidence:

Let's put it all together.

The Self-Optimizing Ejection Guidance (SOEG) Model is not speculation. It’s not wild theorizing. It’s one of the only frameworks that coherently explains:

✅ The early arrival— non-gravitational acceleration without natural explanation.

✅ The missing 5.5-billion-ton debris cloud — controlled thrust with minimal mass loss.

✅ The Ni(CO)₄ industrial signature — engineered propulsion chemistry.

✅ The blue plasma glow — active ionization system visible during perihelion.

✅ The statistical impossibility — phase-locked stability beyond natural variance. (pending verification)

However each piece of evidence, standing alone, is anomalous but potentially explainable.

Together, they form an interlocking pattern that demands a technological origin.

But then there’s the Silence.

Venus conjunction: Still offline.

This is not incompetence.

This is recognition.

THEY know something we’re still calculating.

December 19, 2025: 3I/ATLAS reaches closest approach to Earth at 167 million miles.

“If the calculations are correct, the 5.5-billion-ton debris cloud should be impossible to miss. Every telescope on the planet will be watching.”

All of this new information scheduled to be released should definitely include the following: High-resolution spectroscopy, morphological analysis, particle environment data and MOST CRITICALLY the astrometric parameters that will confirm or refute our SOEG model’s predictions.

“If the A₂ parameter shows phase-locked stability, the SOEG model is confirmed.”

Conclusion:

The Numbers Don’t Lie. The orbital path was not set by gravity alone. The acceleration was not powered by ice. The chemistry was not natural. And the timing is not “coincidental.”

3I/ATLAS is a message written in orbital mechanics, plasma physics, and industrial chemistry—a message we have “74 days” left to fully decode.

The mathematics are clear.

The predictions are calculated.

We don't have to speculate about what it is.

We just have to (wait) for the complete data packet to arrive.”

And when it does, one of two things will happen:

Either the natural hypothesis survives (unlikely, given the evidence). Or we confirm what the numbers have been screaming to us since October are TRUE.

Something pushed it. Something controlled it. Something arrived exactly when it needed to.”

Or The A-parameters will lock.

The plasma signature will confirm.

The debris cloud will be absent.

And the institutional silence will make perfect sense.

Because you don’t announce a discovery like this through a press release.

You announce it through a “Calculated Strategy.”

Analogy Conclusion:

The orbital path was set by laws that were not known,
For where the starlight failed, a force was subtly sown.

No dust and ice, but Nickel in the plume’s blue gleam,
A pulse of hidden power, of controlled, forgotten dreams.

The A-Parameter locks, The true secret of the sphere,
The Simultaneous Truth arrives, When all the numbers are near.

— Earth Exists

Additional Reference & Data Source Links 🖇️:

EARTH EXISTS Documentation:
- [Previous article. 35 Days of Silence — 3I/ATLAS]

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BlackRock Is Manipulating The Price Of Bitcoin👀

Blackrock possess a strategic depth that goes far beyond initial appearances. When the general market perceives selling and traders respond with emotion, these major players are often operating on a much more profound level. They adeptly identify and leverage every available mechanism to influence market dynamics. Their power isn't in direct control of the asset, but in understanding how to move the market without ever taking direct ownership.

What entity has become the most prominent corporate champion of Bitcoin ($BTC)?

It's the one with the massive treasury holdings, known as Microstrategy.

 

However, the major strategic challenge lies here: the size of their Bitcoin position is fundamentally linked to their external financing, typically in the form of debt.

This reliance on significant debt creates an inherent vulnerability—a dependence on creditors and shareholders. When an entity's position is highly leveraged, that dependence makes them susceptible to market manipulation or strategic pressure from external financial forces.

When a highly leveraged corporate holder of a significant asset (like $BTC) faces external financial stress, that pressure inevitably transfers to the asset itself.

Blackrock's goal isn't to induce a market crash, but rather to establish a dominant position and control.

Any substantial sale of major cryptocurrencies like $BTC or $ETH initiated by Blackrock, can be interpreted not as routine trading, but as a deliberate effort to manipulate market sentiment and pricing.

Blackrock is deploying a sophisticated combination of tactics: they simultaneously generate market volatility through strategic sales of the asset ($BTC) while accumulating shares in key corporate holders (the stock symbolized by $MSTR).

The deeper intent is to leverage this equity stake to direct the corporate strategy of the highly leveraged Bitcoin champion.

With a sufficiently large ownership percentage, this influence becomes highly effective. The resulting market power is therefore a function of both manipulating price movement and controlling corporate policy.

Is Microstrategy (the company represented by the $MSTR stock) vulnerable to this kind of pressure? The evidence suggests yes.

A substantial stake held by Blackrock grants them effective leverage to influence and manipulate the company itself.

When the company's shares experience a significant decline, the leadership is often compelled to take action, potentially buying back their own stock. This action is driven by the fact that falling share prices directly intensify financial and market pressure on the entire organization.

If the stock of Microstrategy continues a sustained decline, lenders will inevitably begin to re-evaluate and revise the terms of existing loans. This is a critical point of failure for the entire strategy.

The fundamental operational model of this corporate champion works like a closed loop:

  • It secures debt financing (taking loans) to acquire $BTC.

  • Alternatively, it issues new equity (selling shares) to acquire $BTC.

Crucially, the ongoing interest payments on this substantial debt are often managed by the mechanism of issuing even more shares, creating a continuous cycle of dilution and reliance on a high stock price.

A major consequence of rising leverage is the escalating cost of borrowing, requiring Microstrategy to source even larger amounts of capital.

The most straightforward solution—to issue and sell more stock—proved to be insufficient.

In fact, the situation worsened: the company’s recent attempt to raise funds through a stock offering did not fully sell out. This failure directly resulted in a significant liquidity shortfall, hamstringing Microstrategy’s ability to meet its financial obligations and continue its asset acquisition strategy.

And the ultimate shock came when Microstrategy—the very entity that vowed it would never liquidate its holdings—began to sell.

These weren't insignificant trades; the sales were valued at billions of dollars.

The key question now becomes: Does this sudden, massive reversal signal the imminent collapse of Microstrategy, or is it simply a necessary, albeit drastic, maneuver of 'business as usual' under extreme duress?

There appear to be two primary strategic objectives behind Blackrock's calculated moves:

  • Scenario A (Direct Dominance): Blackrock aims to neutralize its most prominent competitor (the corporate Bitcoin accumulator) in order to seize the title as the largest holder of $BTC.

  • Scenario B (Indirect Control): The institution’s goal is to establish absolute market control and influence, preferring to leverage Microstrategy to execute the most aggressive or politically difficult actions.

The outright financial destruction of Microstrategy is highly improbable. Such an action would trigger a severe market crash that could take years to fully repair.

The far more intelligent strategy is integration and control.

Under this model, Microstrategy remains operational, while Blackrock secretly dictates strategy. This allows Microstrategy to absorb the market blame for any necessary but controversial manipulation, a classic and often dirty tactic used by high-powered financial entities.

In the immediate future, the market will continue to exhibit strong reactions to the strategic maneuvers of Blackrock.

When they execute sales, it instantly captures headlines, is aggressively amplified by the media, and causes fearful retail traders ('weak hands') to panic and exit their positions.

Every decrease in price that results from this panic directly translates into a superior entry point for Blackrock. This clearly illustrates that the current market environment is driven purely by emotion, making it a survival game reserved only for those with the strongest resolve.

In the long run, the nature of $BTC will likely shift, moving away from its original ideals of being completely free and decentralized.

The vast majority of the available supply is projected to become highly concentrated within a small number of major corporations and investment funds.

Consequently, the price cycles will no longer be reliably tied to events like halvings or popular narratives. Instead, they will be driven primarily by government and central bank policy decisions, overarching macroeconomic conditions, and the internal political maneuverings of the world's most dominant funds and corporations.

Blackrock's goal is not to eliminate $BTC; instead, they are focused on constructing an elaborate system of control around the asset.

Microstrategy (the stock symbolized by $MSTR) remains a powerful tool, but it now operates under terms and directives that the company's leadership no longer fully dictates.

Since direct command over the decentralized asset is impossible, control is established through strategic influence over the largest corporate and fund custodians. Moving forward, Blackrock will be the primary entity determining the market's trajectory.

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A Request for NASA to Release Scientific Data on 3I/ATLAS

During my recent podcast interview with Joe Rogan (accessible here), I had mentioned the unfortunate circumstances, under which NASA had not released for four weeks the images collected by the HiRISE camera onboard the Mars Reconnaissance Orbiter. These images were taken on October 2–3, 2025, when the interstellar object 3I/ATLAS passed within 30 million kilometers from Mars. The images are extremely valuable scientifically because they possess a spatial resolution of 30 kilometers per pixel, about 3 times better than the spatial resolution achieved in the best publicly available image from the Hubble Space Telescope, taken on July 21, 2025 (accessible here and analyzed here). Whereas the Hubble image was taken from an edge-on perspective since Earth and the Sun were separated by only ~10 degrees relative to distant 3I/ATLAS, the HiRISE image offers a sideways perspective, valuable in decoding the mass loss geometry and glow around as it approached the Sun.

The delay in the data release was argued to be the result of the government shutdown on October 1, 2025. Nevertheless, conspiracy theorists suggested that it may have to do with evidence for extraterrestrial intelligence in the HiRISE images. When asked about it, I suggested that the delay is probably not a sign of extraterrestrial intelligence but rather of terrestrial stupidity. We should not hold science hostage to the shutdown politics of the day. The scientific community would have greatly benefited from the dissemination of this time-sensitive data as astronomers plan follow-up observations in the coming months.

Joe Rogan suggested that I contact the interim NASA administrator, Sean Duffy. The following day, I corresponded with congresswoman Anna Paulina Luna regarding a related formal request from NASA. Following our exchange, Representative Luna wrote a brilliant letter to NASA’s acting administrator Duffy.

We all owe a debt of deep gratitude for the visionary support displayed by Representative Luna to frontier science through her letter, attached below.

Avi Loeb is the head of the Galileo Project, founding director of Harvard University’s — Black Hole Initiative, director of the Institute for Theory and Computation at the Harvard-Smithsonian Center for Astrophysics, and the former chair of the astronomy department at Harvard University (2011–2020). He is a former member of the President’s Council of Advisors on Science and Technology and a former chair of the Board on Physics and Astronomy of the National Academies. He is the bestselling author of “Extraterrestrial: The First Sign of Intelligent Life Beyond Earth” and a co-author of the textbook “Life in the Cosmos”, both published in 2021. The paperback edition of his new book, titled “Interstellar”, was published in August 2024.

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