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Monthly Archives: March 2022
Robert Kiyosaki Says ‘We Are in Biggest Bubble in World History’ Warns Government Will Seize All Cryptocurrencies Economics Bitcoin News – Bitcoin…
Posted: March 11, 2022 at 11:35 am
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has made some gloomy predictions about the economy and the future of cryptocurrency. Besides warning that we are in the biggest bubble in world history, Kiyosaki has predicted that the government will seize all cryptocurrencies.
The author of Rich Dad Poor Dad, Robert Kiyosaki, has made several gloomy predictions and bleak warnings over the past couple of days.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
On Tuesday, he tweeted to his 1.8 million followers, Do you have a plan B?
The famous author proceeded to warn that we are in the biggest bubble in world history, citing bubbles in stocks, real estate, commodities, and oil. As far as the future outlook, he warned about hyperinflation and a depression. Kiyosaki tweeted:
We are in biggest bubble in world history. Bubbles in stocks, real estate, commodities & oil Future? possible depression with hyperinflation.
He then explained that his plan B is to be an entrepreneur. Specifically, stay out of [the] stock market, create own assets, [and] use debt as $, he wrote.
This is not the first time that the famous author warned about a depression. In December last year, he similarly predicted that a depression is coming.
Kiyosaki often tweeted blaming President Joe Biden, his administration, and the Federal Reserve for high inflation and destroying the U.S. dollar. Last week, the Rich Dad Poor Dad author advised investors how to profit from inflation and invest like a capitalist.
Until Tuesday, Kiyosaki had been bullish on bitcoin. He often recommended buying gold, silver, and bitcoin as a hedge against inflation
However, he tweeted Tuesday morning that he expects the U.S. government to seize all cryptocurrencies.
He explained that after President Biden signed an executive order regulating cryptocurrencies, the next step would be to launch a Fed crypto. After that, he believes that all cryptocurrencies will be seized and folded into the government crypto. Bye-bye bitcoin, he wrote.
Kiyosakis crypto prediction has been heavily criticized in the crypto community, with many people stressing that he should have waited to see whats actually in the executive order before speculating recklessly on it.
Many people think that President Bidens executive order is very positive for the crypto industry. Jerry Brito, executive director of D.C.-based think tank Coin Center, commented:
The message I take from this executive order is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society.
In addition, decentralized cryptocurrencies, like bitcoin and ether, cannot be frozen or seized directly within the network. U.S. Senator Ted Cruz recently described: One of the reasons why Im so bullish on bitcoin is because it is decentralized and not controllable.
What do you think about Robert Kiyosakis warnings? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Don’t Worry About Bitcoin Or Ethereum But These Cryptos Could Be Used To Evade Sanctions, Top US Think Ta – Benzinga
Posted: at 11:35 am
Brookings,an institute described as one of Americas most prestigious think-tanks, believes that law enforcement has a misguided perception ofBitcoin(CRYPTO:BTC) andEthereum(CRYPTO:ETH) as a way to evade sanctions.
What Happened:In areportpublished on March 7, first noted on Protos, the think-tank said that a persistent misconception has taken root among policymakers since cryptocurrencies branched into the mainstream.
Citing Bitcoin as a way around sanctions proves an inaccurate understanding of how the technology works, as per Brookings.
Although Bitcoin and related cryptocurrencies offer some anonymizing features, they are in fact highly traceable. In a series of recent cases, investigators have demonstrated how to use the visible and immutable ledger of decentralized blockchains to trace illegal transactions and sometimes even recover stolen funds, the report read.
Instead, policymakers should be concerned about privacy-focused cryptocurrencies likeMonero(CRYPTO:XMR) andZcash(CRYPTO:ZEC).
Monero uses privacy-enhancing technologies to conceal the identities IP addresses and identities of those trading tokens. These features give criminals a way to evade law enforcement and convert coins to cash, Brookings said.
Incidentally, XMR and ZECsurgedby 28.3% and 20.9%, respectively, on Wednesday outperforming BTC and ETH by a considerable margin.
Researchers also pointed to the use of decentralized exchanges (DEXs) as an area of concern for officials. Exchanges likeUniswap(CRYPTO:UNI) dont require users to comply with KYC laws, unlike centralized ones such asCoinbase Global Inc(NASDAQ:COIN) that comply withgovernment agencies requestsfor customer information.
DEXs are also not controlled by a single entity, which makes it difficult to police sanctions enforcement across these platforms.
Price Action:At press time, Bitcoin was trading at $39,170 and Ethereum was trading at $2,607. Both assets gained less than 0.50% in the last 24-hours.
Monero was trading at $171.98, down 1.49% over the last day. Zcash was trading at $153.12, up 8.84% over the same period.
Photo byKristina Flouron Unsplash
2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Don't Worry About Bitcoin Or Ethereum But These Cryptos Could Be Used To Evade Sanctions, Top US Think Ta - Benzinga
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Is This A Proposal To Incentivize Green Bitcoin Mining Or A Marketing Ploy? | Bitcoinist.com – Bitcoinist
Posted: at 11:35 am
The road to a green bitcoin continues. This time, its with an idea so wild that it just may work. It arrives via a whitepaper titled Greening Bitcoin With Incentive Offsets by Troy Cross and Andrew M. Bailey. Did they find a way to align the protocols incentives with the green bitcoin future some people want? Or are they testing the waters, thinking about selling a product that not yet exists?
Related Reading | What Did Musk, Dorsey, And Wood Say About ESG, Green Energy, And Bitcoin Mining?
A solid truth serves as the basis for the core thesis, abandoning proof of work is a non-starter. The assurances provided by bitcoins security model are battle-hardened and a key element of bitcoins attraction. But the authors also make promises that are hard to keep, bitcoins own inner workings can be used to engineer a financial instrument that eliminates its negative environmental externalities.
Can they? How would that work? Cutting to the chase, the paper proposes making ongoing co-investments in green mining to match bitcoin holdings so long as those holdings last. Why do the authors think thats a solution to the green bitcoin problem? Thats what were here to find out.
From the very beginning, the paper makes clear who its ideal public is. We begin with two assumptions. First, bitcoin is an attractive investment, environmental impact aside; second, carbon-intensive bitcoin mining is to be minimized. If you dont believe in those two statements, the paper is not for you.
The first part of the thesis is that holding bitcoin incentivizes mining, which may or may not be green. To prove that, the authors begin with facts, All mining revenue comes in the form of block rewards and fees. Currently, 328,500 bitcoin in block rewards are claimed by miners annually, while roughly 18,000 bitcoin are collected in transaction fees.
According to the authors, just holding bitcoin is not as neutral as you might think. What can appear to be inert (merely holding) is in fact an active ingredient in bitcoin price discovery and mining profitability. Thus, minings externalities are the indirect result of bitcoin ownership. Keep reading even if youre not following, it will make sense soon.
The second part of the thesis is that green mining disincentivizes mining. How? New green mining means faster block discovery, which makes mining difficulty go up, which drives up the energy and hardware costs required to mine a given amount of bitcoin, lowering the incentive to mine, and thus lowering emissions from mining.
Lets mix those two parts and the core thesis emerges:
This is the point at which what we give to the carbon-intensive miner with one hand (increased value of block reward through holding bitcoin) we take away with the other (increased costs to win a block reward through green mining).
And this graphic puts everything in perspective:
Youll have to go to the white paper for the precise mathematics. The operation isnt complex, and it involves the total of coins that havent been lost and each persons holdings. It arrives at a rough percentage:
If green mining had an expected net return of zero, we would recommend a quarterly co-investment in green mining worth .575% of ones bitcoin allocation. If green mining were profitable, as it presently is, then the investment required in green mining may be substantially less, perhaps .5%.
Needless to say, the part about the whole enterprise being profitable is a key part of the proposition. The economic incentives have to be there for this to work. To count on people investing in green bitcoin out of the kindness of their hearts would be a mistake. So far, mining with renewables is very profitable. And theres no reason to think that this will change anytime soon.
This is where the paper gets controversial:
Whats needed here is a financial productcall it a Green Co-investment Instrument (GCI)that takes as inputs: effective market cap, hashrate, fees, block rewards, the profitability of green mining, and the size of an investors bitcoin holdings.
Are the authors trying to create a new financial product? In the paper, they explore several possibilities on how the newly minted GCI could work. They assume that therell be competition, not just one GCI, and that people will choose the one that suits them better. Still, it sounds like theyre testing the waters and planning to develop the first GCI themselves.
Related Reading | What Green Bitcoin May Mean for the Crypto Mining Industry
We could be wrong, though.
The most important thing is, what do you think? Did their reasoning convince you? Did they solve green bitcoin or is their logic faulty? Would you partake in something like this? Are they really using bitcoins inner workings to engineer a financial instrument that eliminates its negative environmental externalities? Or are they just trying to sell you a new financial product?
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Is This A Proposal To Incentivize Green Bitcoin Mining Or A Marketing Ploy? | Bitcoinist.com - Bitcoinist
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Savvy Trader Peter Brandt Gives Bullish Bitcoin-Related Advice to Gen Zers, Here’s What He Says – U.Today
Posted: at 11:35 am
Yuri Molchan
Seasoned trader advises Gen Z on Bitcoin, crypto, including ADA, NFTs and stocks, explains why he is bullish on BTC
Old-school commodity trader Peter L. Brandt, who has been in the business since the 70sfor roughly 50 yearshas taken to Twitter to share some investment pieces of advice with people from Generation Z.
In particular, he mentioned Bitcoin andADA.
In one of his recent tweets, Peter Brandt shared several recommendations to Gen Z college students regardinghow to build their careers and manage their savings/earnings.
In particular, Brandt advises them to picka degree in a field where one can easily secure a well-payingjob and avoid student debt, if that is possible.
He also touched on the topic of investment, and this is where he mentioned the biggest cryptocurrency by market capitalization,Bitcoin. Brandt believes that Gen Zers should allocate most of their savings into BTC, as well as tostocks of solid companies and then just hodl them.
Keep buying and hope for cheap prices, he addedin the tweet.
A Twitter user asked Brandt how long he has been bullish on Bitcoin, and the seasoned trader answeredthat he has been bullish on BTC for years. However, he tries to be honest and sharenot only bullish signals when charts reveal them.
Curiously, in early March this year, Brandt tweeted that he was against "hodling" Bitcoin. He wrote that the asset has had four declines of roughly 80%,and hodlers had to wait for a 400%recovery to reach the previous all-time high.
In the thread, the trader received numerous questions from commentators. Answering one of them, Brandt wrote thataside from Bitcoin, he believes in stocks more than in cryptocurrencies, saying that "crypto is still unproven"and that he prefers quality stocks over it.
He recommends avoiding the majority of altcoins, as well as NFTs ("jpgs").
I am also very favorable toward rental income property. Between quality stocks and crypto I prefer quality stocks. Crypto is still unproven IMO. Avoid 8hitcoins and jpgs. Hope for a bear market so that stocks can be bought cheaply.
In particular, he slammed the native Cardano crypto token, ADA.
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Savvy Trader Peter Brandt Gives Bullish Bitcoin-Related Advice to Gen Zers, Here's What He Says - U.Today
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Thailand to expedite mailing of Favipiravir to COVID-19 patients – Thai PBS World
Posted: at 11:33 am
The National Health Security Office (NHSO) and the Rajavithi hospital are speeding up the mailing out of anti-viral Favipiravir medicine to more than 3,500 COVID-19 patients in Bangkok and surrounding areas who are unable to access the home isolation program.
NHSO Secretary-General Dr. Jadet Thammathat-Aree explained yesterday (Thursday) that the main reason that this group of patients have been unable to get help from the NHSO so far is because its 1330 hotline system has been so overwhelmed with calls from patients that they cannot get through, and existing isolation facilities are full, causing another problem, which is a backlog of waiting patients who have already registered for isolation facilities.
After being made to wait for help for several days, he said that many registered patients have tried to contact the NHSO again via the hotlines and other channels, further overwhelming the system.
Dr. Jadet said that the NHSO has already increased the hotline lines and more people have been recruited to answer calls from the patients. They have also sought help from private call centres to ease the workload at the NHSOs call centre, but still the hotline system is overwhelmed.
For the 3,500 plus patients who are waiting for help, he said that it would take about five days for the NHSO and Rajavithi Hospital to mail them the Favipiravir medicine, if their condition is not serious.
After having received and taken the medication, he recommends that patients stay home in isolation for about ten days.
Besides Favipiravir, the NHSO, in cooperation with the Department of Thai Traditional and Alternative Medicine and the Army Region 1, have distributed more than 40,000 sets of Fah Talai Jone herbal tablets to more than 900 communities in Bangkok, for distribution to registered patients who are yet to get a response from the NHSO.
These patients, he said, can approach their community leaders or public health volunteers to receive the herbal medicine.
The Ministry of Public Health has distributed Favipiravir anti-rival medicine, Fah Talai Jone herbal medicine and other drugs to more than 8,000 COVID-19 patients in the four days since the launch on March 4th of the out-patient medical service program, known as found, distribute, done.
Besides state and medical college hospitals, which have been providing out-patient medical services to between 200-300 patients each per day, he said that hospitals in provinces around Bangkok have also been instructed to provide similar services, via their acute respiratory infection (ARI) clinics, to accommodate as many as 18,000 patients who are yet to get access to help via the NHSOs hotline system.
Dr. Kiattibhoom said the out-patient service program has reduced the calls to the 1330 hotline system of the NHSO from about 70,000 to about 50,000.
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Thailand to expedite mailing of Favipiravir to COVID-19 patients - Thai PBS World
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Meeting highlights from the Pharmacovigilance Risk Assessment Committee (PRAC) 7-10 March 2022 | European Medicines Agency – European Medicines Agency…
Posted: at 11:33 am
COVID-19 Vaccine Janssen: small vessel vasculitis added as a side effect
EMAs medicines safety committee (PRAC) has recommended that small vessel vasculitis with cutaneous manifestations (inflammation of blood vessels in the skin which may result in a rash, pointed or flat, red spots under the skins surface and bruising) should be added to the product information of COVID-19 Vaccine Janssen as a possible side effect of unknown frequency.
Small vessel vasculitis can be caused by viral or bacterial infections as well as by medicines and vaccines. Generally, manifestations of the disease spontaneously resolve over time with appropriate supportive care.
PRAC has reviewed a total of 21 cases reported globally in the context of the latest summary safety report, including 10 cases consistent with the established definition of single organ cutaneous vasculitis (vasculitis affecting a single organ). For most of these 10 cases no other obvious explanation was identified; eight of these cases occurred soon after the administration of the vaccine.
As of 31 December 2021, approximately 42.5 million doses of the vaccine had been administered worldwide.
The PRAC will continue to monitor for cases of vasculitis and will communicate further if new information becomes available.
The PRAC has recommended that a warning for flare-ups of capillary leak syndrome (CLS) should be added to the product information for the COVID-19 vaccine Spikevax.
CLS is an extremely rare, serious condition that causes fluid leakage from small blood vessels (capillaries), resulting in rapid swelling of the arms and legs, sudden weight gain, feeling faint, thickening of the blood, low blood levels of albumin (an important blood protein) and low blood pressure. CLS is frequently related to viral infections, some blood cancers, inflammatory diseases and some treatments.
The PRAC assessed all the available data as well as all the cases of CLS reported in the Eudravigilance database after the administration of the mRNA vaccines Spikevax and Comirnaty.
The Committee concluded that there was insufficient evidence to establish a causal association between the two vaccines and the onset of new cases of CLS. However, the PRAC recommended the inclusion of a warning in the product information for Spikevax to raise awareness of the potential risk of flare-ups among healthcare professionals and patients. The Committee recommended this warning as some cases of flare-ups of CLS pointed towards an association with Spikevax, while the cases reported after vaccination with Comirnaty did not support such association.
Healthcare professionals should be aware of the signs and symptoms of CLS and of a possible risk of flare-ups in people with a history of CLS. Vaccinated individuals with a history of CLS should consult their treating physician when planning their vaccination.
In total 55 reported cases of CLS were reviewed, 11 with Spikevax and 44 with Comirnaty. Global exposure at the time of the assessment was estimated at approximately 559 million doses for Spikevax and 2 billion doses for Comirnaty.
As part of its advice on safety-related aspects to other EMA committees, thePRACdiscussed a direct healthcare professional communication (DHPC) containing important safety information for dexmedetomidine.
Dexmedetomidine: Increased risk of mortality in intensive care unit patients aged 65 years and less
This DHPC aims to inform healthcare professionals of the increased risk of mortality when administering dexmedetomidine in intensive care unit (ICU) patients aged 65 years and less, compared with alternative sedatives.
Dexmedetomidine is a medicine authorised for light sedation (a state of calm or feeling sleepy) of adult patients in ICUs, allowing the patient to stay awake and respond to verbal stimulation for diagnostic or surgical procedures.
SPICE III study was a randomised clinical trial comparing the effect of sedation with dexmedetomidine on all-cause mortality (deaths from any cause) with the effect of usual standard of care in 3,904 critically ill adult ICU patients in need of mechanical ventilation. The study showed no difference in the overall 90-day mortality between dexmedetomidine and alternative sedatives (propofol, midazolam). However, dexmedetomidine was associated with an increased risk of mortality in patients aged 65 years and less, compared with alternative sedatives.
The product information for dexmedetomidine is being updated with a warning describing the evidence and risk factors. Healthcare professionals are being advised to weigh these findings against the expected clinical benefit of dexmedetomidine compared to alternative sedatives in this age group.
The DHPC for dexmedetomidine will be forwarded to EMAs human medicines committee, theCHMP. Following theCHMPdecision, the DHPC will be disseminated to healthcare professionals by themarketing authorisation holder, according to an agreed communication plan, and published on theDirect healthcare professional communicationspage and innational registersin EU Member States.
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This Mumbai-based healthcare startup provides natural therapies to products all in one app – YourStory
Posted: at 11:33 am
Thirty-nine-year-old Avneet Bhatia is a true believer in natural healing. Hailing from an army family, fitness and sports were deep-rooted in the SOM, IIT Bombay alumnus.
At a certain stage in her life, Avneet adopted yoga and Ayurveda and found herself recovered from her ailments and completely transformed.She wanted to bring these benefits of natural therapies to more people, and eventually, she pursued a course for a year.
This initiative is like giving back to society. It can heal everybody, and more people find it accessible to find a brand they can trust to heal them naturally, Avneet tells YourStory.
Avneet Bhatia, Founder, NatureFit
Mumbai-headquartered NatureFit is an app-based digital platform that guides users towards natural therapies. One can opt from 15 therapies available, including Ayurveda, Homeopathy, Yoga, Dieticians, Physiotherapy, and Psychology, among others. Avneet says, these therapies come with no flyers or other binders suggesting no side effects.
The platform also has free health tools such as BMI Calculator, stress level, and Prakruti analysis, which tracks users sleep cycle, water intake, meals, exercise, and help them better know their health conditions.
Through its community platform Fitbook, NatureFit connects users with other nature cure lovers and health-conscious people in a fun and engaging way.
Users can create groups, share their views, take up challenges, and track their progress through the apps self-motivating health and progress tracking features, Avneet says.
Besides, NatureFit also provides 100 percent natural and herbal products in healthcare, food, grocery, beauty, and baby care segments.
Screenshot of the platform
The preventive healthcare startup available on Android and website has 3,000 doctors, 7,000 app installsand over 75 brands on its platform.
NatureFit will soon launch the iOS version of the app. As part of this launch, NatureFit is offering its users one-time free consultation with doctors and practitioners till April 1.
From April onwards, the startup will also charge a subscription fee to its doctors to use the platform. At present, it is free for all doctors.
The startup also providesB2B corporate wellness plans and has onboarded two clients with two to three more in the pipeline.
NatureFits B2C ecommerce platform has completed around 100 orders, clocking revenue of Rs 50,000. In the last two months, the startup has generated a revenue of Rs 15 lakh.
In the last few years, the Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) ministry has been seeing good growth. At present, over 7.7 lakh registered AYUSH doctors practice in India.
According to the Research and Information System for Developing Countries (RIS), its market size has grown 17 percent in 2014-20. Despite the slump in economic activity due to the pandemic in 2020, the industry is projected to reach $20.6 billion in 2021 and $23.3 billion in 2022.
Avneet says,The interest in these products was fueled by the recommendations from the Ministry of AYUSH to fight COVID-19. AYUSH signifies the combination of an alternative system of medicine, which was earlier known as the Indian System of Medicine.
Bootstrapped with nearly Rs 90 lakh, the healthcare startup aims to reach 30,000 doctors in the next two years. NatureFit is targeting one lakh app installs and plans to onboard 300 brands by the end of 2022.
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REASON GONE MAD: Reality overwhelms – theberkshireedge.com
Posted: at 11:33 am
I believe that taking periodic breaks from the news can promote mental calm and help renew your spirits. In this way, the anxiety and overstimulation catalyzed by the media may be minimized, and your body will function better. Dr. Andrew Weil, the bushy-bearded, alternative-medicine doc, proposing news fasts in his 1995 book Spontaneous Healing.
REGULAR PERSON: Whats unfolding in Ukraine is unbelievable. It happened so fast, its shocking and awful, and I cant stop watching the news and reading about it all day long. Im exhausted.
PERSON ON A NEWS FAST: What?
REGULAR PERSON: Its just horrible. The humanitarian crisis is heartbreaking, sometimes I just burst into tears. What if the war spreads across Europe? Or worse? Putin has nuclear weapons!
PERSON ON A NEWS FAST: What?
REGULAR PERSON: And I hope theres not another coronavirus variant anytime soon. Just as COVID starts to wane for now a terrifying war breaks out. Cant we get a break? Im not sure I can take any more. My neck is so stiff, I can barely turn my head.
PERSON ON A NEWS FAST (playing Sudoku): What?
REGULAR PERSON: And dont get me started on threats to our democracy. Can you believe these new voting laws in Texas, Georgia, and elsewhere? Creating confusion and designed to keep people from voting? All fueled by Trumps metastatic Big Lie about the 2020 election? Oh my god, look at my arm. Those hives werent there a minute ago.
PERSON ON A NEWS FAST (smiling at a beam of sunlight warming a kitten asleep on some laundry): What?
REGULAR PERSON: And now theyre banning books about sexuality, gender, and racism! And passing laws that could send teachers and librarians to jail. My mouth tastes like metal.
PERSON ON A NEWS FAST: What?
REGULAR PERSON: What?
PERSON ON A NEWS FAST: What?
REGULAR PERSON: And what if Trump is reelected in 2024? He just suggested bombing Russia with planes made to look like Chinese aircraft to start a war between Russia and China. This is a serious, dangerous time thats filled with unserious, dangerous people. I cant breathe.
PERSON ON A NEWS FAST (gazing at a vase of fresh-cut flowers): What?
REGULAR PERSON: And just this morning I read about the massive mental-health crisis in America, made much worse during COVID. Stress, anxiety, grief, loneliness, isolation, uncertainty, sleeping problems, and more. Our kids are suffering, were suffering, everyones suffering. I wake up from nightmares every night at 3 a.m. And why are my feet always cold?
PERSON ON A NEWS FAST: What?
REGULAR PERSON: And now a war thats broadcast 24/7, scenes of real-life violence played on infinite loop, delivered by the networks almost like entertainment, interspersed with commercials for Downy and personal-finance apps and restaurants serving all-you-can-eat chicken tenders. Its jarring to see war, entertainment, and commercials intermingled that way. Its like no one read Neil Postmans Amusing Ourselves to Death.
PERSON ON A NEWS FAST: What? Who?
REGULAR PERSON: In his 1985 book, Postman compared George Orwells 1984 to Aldous Huxleys Brave New World and, among other insights, concluded that weve become exactly what Huxley predicted: Orwell feared that the truth would be concealed from us. Huxley feared the truth would be drowned in a sea of irrelevance.
PERSON ON A NEWS FAST: Sorry, did you say something? I was watching people dance in sync on TikTok. Look at them go!
REGULAR PERSON: Uh, Mr. Van Winkle? Do you know that your long, white beard looks just like Dr. Andrew Weils long white beard? And that Ive never seen you together?
PERSON ON A NEWS FAST: Sorry, dont know anyone named Weil. Wait! Is he Dutch? Because the last thing I remember is drinking some liquor from a Dutchmans keg, playing a few rounds of nine pins, and then falling asleep under this enormous old tree.
REGULAR PERSON: Thats a lovely tree. Its an ash. I hope it isnt killed by the invasive emerald ash borer thats devastating trees across the Berkshires. Why cant I shake this dull headache?
PERSON ON A NEWS FAST (yawning): What?
Bill Shein doesnt have a bushy white beard, but over the last few weeks his hair has grayed at twice the usual rate.
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Intellia: One Patent Ruling Turns The Industry Upside Down – Seeking Alpha
Posted: at 11:33 am
Andrii Yalanskyi/iStock via Getty Images
The PTAB's ruling against UC Berkley turned the CRISPR space upside down. Sleepy biotechs such as Editas Medicine (NASDAQ:EDIT) became popular overnight (at least for a few days), while favorites like Intellia Therapeutics (NASDAQ:NTLA) and CRISPR (NASDAQ:CRSP) saw their shares drop. Pundits believe that NTLA and CRSP, who license CRISPR/Cas9 tech from UC Berkely, will need to negotiate a new license from the Broad Institute of Harvard and MIT. In a recent press release published last Friday, NTLA alluded to this prospect. However, NTLA will likely wait before seeking a new license until UC Berkley's appeal result comes out. It doesn't make sense to sign a license with the Broad Institute only for an appeal to reverse the verdict back in UC Berkley's favor. Second, there is uncertainty over the willingness of the Broad to license CRISPR/Cas9 tech, at least in certain areas, given its contract provisions with EDIT. For example, NTLA and EDIT have hemoglobinopathies programs targeting Sickle Cell Disease "SCD" and Beta-Thalassemia Major "TDT." The Broad Institute/EDIT license contains provisions that limit the Broad institute's ability to license CRISPR/Cas9 for products under development by EDIT.
I expect NTLA's management to talk down the long-term impact of the ruling, similar to UC Berkely, which stated that it still maintains 40 foundational patents, aside from the thirteen covered by the verdict. However, I believe that our previous investment thesis is no longer valid, and while I continue holding NTLA shares, my speculative trade has become more uncertain.
NTLA projected leadership in the CRISPR space, with an aggressive pipeline that seemed to mirror an entrepreneurial spirit, manifested in its flagship ATTR investigational drug, the first in-vivo therapy targeting liver cells. Promising clinical data from the ATTR program solidified this image, outpacing competitors such as CRSP, whose in-vivo liver programs are still in the pre-clinical stage. EDIT chose a more trodden path, focusing on well-studied areas, namely hemoglobinopathies and ocular diseases, two popular choices in the industry due to ease of delivery and established literature, increasing chances of clinical trial success.
However, the recent ruling unveiled weaknesses around its technological prowess. For example, NTLA's strategy for treating genetic diseases mirrors limitations of CRISPR/Cas9, contrary to what Dr Jennifer Doudna and Dr Emmanuell Charpentier led us to believe, depicting CRISPR as an ultimate tool for gene editing. Many scientists now think that gene treatments will take multiple forms and technologies.
NTLA-2002, NTLA's latest program to enter the clinical stage, is one example. Hereditary Angioedema "HAE" is caused by a mutation in the SERPING1 gene, leading to deficiency in the C1 inhibitor protein and a subsequent buildup of bradykinin. Instead of fixing the SERPING1 gene, NTLA-2002 aims to knock out the kallikrein B1 gene, the DNA responsible for producing bradykinin to achieve a biological balance. Another example is NTLA's NTLA-2001 program. Instead of fixing the mutated TTR gene, the investigational drug completely knocks it out, solving the problem of ATTR accumulation but causing problems around vitamin A deficiency, reducing the number of times its edge over alternative therapies. Gene knockout is also the industry's strategy to treat SCD and B-Thal. Instead of fixing the root of the problem, the companies created a gene treatment to knockout a different gene to increase the production of fetal hemoglobin, which also reflects the nascent stage of the in-vivo programs.
Moreover, NTLA is not the first company to deliver genetic material to liver cells. Alnylam (NASDAQ:ALNY) developed Onpattro, which temporarily silences the TTR gene breaking down its mRNA. Similar did Ionis (NASDAQ:IONS) when it created Tegsedi. These two therapies also use Lipid coating to deliver the drug, similar to NTLA-2001, which licenses the Lipid Nanp Particle "LNP" tech from Novartis (NYSE:NVS). I believe these technological limitations restrict the valuation of NTLA.
From a financial perspective, the recent ruling casts uncertainty over how much NTLA will have to pay for a CRISPR license if UC Berkley loses its appeal. Beyond patent disputes, each of NTLA's programs has its unique commercial prospects, influenced by many factors, including disease prevalence, severity, availability of alternative therapies, and convenience to patients and physicians. bluebird bio's (NASDAQ:BLUE) failure to commercialize Zynteglo and ABECMA in Europe -the latter now owned and marketed by 2seventy (NASDAQ:TSVT)- gives a somber warning that clinical success and regulatory approval don't mean commercial success.
I believe that NTLA's two in-vivo programs targeting liver tissue have enough prevalence to achieve commercial success. Other alternative therapies with less efficacy and convenience generate millions to other biotechs. For example, Shire (private British biotech) generated $699.3 million from Cinryze, a C1 inhibitor for the treatment of HAE, in 2018. Unlike NTLA-2002, Cinryze is a life-long medicine costing $350,000 annually. Given that NTLA is a one-time treatment, NTLA's management will be able to negotiate a higher price if and when NTAL-2002 is approved.
NTLA-2001 also makes commercial sense, albeit not as much as NTLA-2002, ruefully for Regeneron (NASDAQ:REGN), NTLA's partner in NTLA-2001( NTLA runs NTLA-2002 independently). As mentioned above, NTLA-2001 could be very profitable. Alternative therapies such as Onpattro generated 120 million in Q3 2021, translating to $480 million annually. NTLA-2001 is also more convenient as a one-time therapy compared to Onpattro, a life-long treatment administered periodically in a clinic through an IV, a process that takes hours. However, the amount insurance companies will be willing to pay is limited, given that ATTRv is also mostly diagnosed in mature individuals (Median age at diagnosis is 62). These dynamics will factor in the pricing of NTLA-2001 if and when it is approved.
The nature of NTLA's therapies as one-time medicines could have implications on its long-run profitabilities. Although revenue might spike initially, revenue will depreciate as the patient pool starts to dry out in the long run. Eventually, NTLA-2001 revenue will be proportional to annual incidence, which is pretty low.
NTLA's other clinical-stage programs are ex-vivo therapies in Hemoglobinopathies and acute myeloid leukemia. Novartis is leading the SCD program, funded by the Bill and Melinda Gates Foundation, which procured NVS to create an affordable SCD therapy in developing countries where the disease is most prevalent. BLUE's effort to commercialize Zynteglo failed because of production cost and the concentration of B-Thal in developing nations that cannot pay for Zynteglo, which BLUE priced at $1.8 million per injection. Notably, European National Health Services also refused to pay. Hopefully, NTLA and NVS will succeed in creating a low-cost SCD therapy, which could help market the therapy given the crowdedness of the field. Almost all CRISPR biotechs have hemoglobinopathies programs, namely SCD and B-thal, and all main CRISPR biotechs use the same strategy; increasing fetal hemoglobin. Thus, price differentiation could be a critical factor for marketing.
NTLA's Acute Myeloid Leukemia "AML" program has a high commercial potential, given the limitations of current therapies, high death rates, and difficulty in treatment. In 2020, more than 20,000 new cases were diagnosed in the US. The company only recently received acceptance for its IND and began screening for trial patients. Investors should expect the first data in the first half of 2023.
NTLA stood out from the crowd with a differentiated pipeline with a market image as an entrepreneurial force in the CRISPR space. However, the current PTAB ruling revealed weaknesses in its IP portfolio, and it appears that its technological prowess is overrated.
I don't believe NTLA will outperform the market this year. Investors should expect volatility until the CRISPR/Cas9 license issue is sorted. I expect management to talk down the effect of the ruling during Barclays Global Health Conference scheduled for March 15, 2022.
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Ukraine Aid Package Boosted to $14 Billion | The Fiscal Times – The Fiscal Times
Posted: at 11:32 am
Good Tuesday evening and Happy International WomensDay! Lets jump right in, much as we might want to take a briefdetour to discuss the NFL's big Russell Wilson trade:
Government funding expires at the end of the day on Friday. Withthe deadline rapidly approaching, congressional negotiators andstaff reportedly spent Monday night and Tuesday trying to finalizea sweeping $1.5 trillion spending package covering the rest of thisfiscal year along with an emergency aid package for Ukraine andadditional pandemic funding.
The Ukraine aid package has grown to a reported $13.6 billion,up from an initial White House request for $6.4 billion and a laterrequest for $10 billion. "The money is expected to boost keyprograms at the Pentagon, State Department and other agencies, sothat they can better deliver military assistance, help defendagainst cyberattacks, respond to food insecurity in the region andshore up other NATO allies in the face of any further Russianaggression," The Washington Posts Tony Romm reports.
The Covid-19 funding, meanwhile, has been scaled back to $15billion, about half what the Biden administration initially saidwould be needed and a third less than the $22.5 billion theadministration later requested. The funding has shrunk asRepublicans questioned the need for additional pandemic spendingand demanded better accounting for the trillions of dollars alreadyapproved for public health and other coronavirus relief efforts.The additional funding reportedly may be repurposed from pandemicrelief funds approved for cities and states as Republicans haveinsisted that any new spending be fully offset.
Congressional leaders reportedly still hope to unveil thelegislative text of the spending package on Tuesday, givinglawmakers hours to review the massive package ahead of a plannedWednesday vote in the House. "Were almost done. Were going tovote tomorrow," House Appropriation Chair Rosa DeLauro toldreporters said. "Its not going to get delayed. Were going to votetomorrow."
Lawmakers also look to punish Russia: The race to passthe massive spending package comes as the House is also set to voteon a related bipartisan bill to further crack down on Russia afterits invasion of Ukraine. That legislation would ban the import ofRussian energy, enable the Biden administration to imposeadditional sanctions and tariffs on Russia and seek to expel Moscowfrom the World Trade Organization.
In a letter to colleagues, House Speaker Nancy Pelosi (D-CA)said the legislation would further isolate and weaken Russia whilealso representing a show of support for President Bidens effortsto hold Russian President Vladimir Putin accountable for "hispremeditated, unprovoked war against Ukraine."
Republican lawmakers also expressed support for the bill, whichwould also have to pass the Senate. "I think theres more at stakethan just the cost of gasoline," said Sen. John Cornyn (R-TX),according to The Washington Post. "I think its an importantmessage to send, so despite the presidents actions, I would liketo see Congress pass a law."
Whats next: Time to pass the omnibus is running shortgiven that House Democrats are schedules to leave town Wednesdayafternoon for their annual policy retreat in Philadelphia."Hopefully the House sends it to us tomorrow," Senate MajorityLeader Chuck Schumer (D-NY) said Tuesday. "We can then move it andcertainly pass it before the midnight Friday deadline."
House lawmakers sounded confident Tuesday that theyd be able toget it done, though House Majority Leader Steny Hoyer (D-MD)reportedly warned his members Tuesday that they may need to comeback on Friday if the Senate were to make changes to the package orrun into delays that required a stopgap bill to prevent agovernment shutdown. Senate Republicans have threatened to blockspeedy consideration of the omnibus, demanding votes on a proposalto defund the Biden vaccine mandates and a more detailed fiscalanalysis of the spending package.
The bottom line: Lawmakers broadly expect to meet theirdeadline. Democratic leaders signaled that more funding wouldlikely still be needed for both Ukraine and the pandemic
"This is a step that were taking to inflict further pain onPutin. But there will be costs as well here in the United States. Isaid I would level with the American people from the beginning. Andwhen I first spoke to this, I said defending freedom is going tocost -- its going to cost us as well, in the United States.Republicans and Democrats alike understand that. Republicans andDemocrats alike have been clear that we must do this."
President Biden, announcing an executive order toban the importing of Russian oil, liquefied natural gas andcoal.
Biden had been hesitant to block energy imports from Russia,mindful of the economic reverberations the move could have and,perhaps, the political pain that could accompany record gas prices but made the decision to do so after facing bipartisan pressurefrom lawmakers and consulting with U.S. allies. Biden said thatsome European allies, which are more dependent on Russian energy,may not follow suit. The European Union said it planned to cutimports of Russian natural gas by two-thirds.
Biden blamed Russian President Vladimir Putin for rising U.S.gas prices. "Im going to do everything I can to minimize Putinsprice hike here at home," he said.
A new Wall Street Journal poll found that 79% ofAmericans said they favor a ban on Russian oil imports even if itmeans higher energy prices.
The federal budget deficit totaled $475 billion in the firstfive months of the 2022 fiscal year, the Congressional BudgetOffice said Tuesday in its monthlybudget review.
Total receipts between the beginning of the fiscal year inOctober 2021 and February 2022 came to $1.8 trillion, CBOestimated, while total outlays came to nearly $2.3 trillion.
Receipts are up by $371 billion this year compared to the sameperiod last year, driven in large part by higher individual incomeand payroll taxes, which rose by $313 billion. Corporate taxreceipts were also higher, by $28 billion, as were customs dutiesand excise taxes. Total outlays are down by $201 billion on ayear-over-year basis, driven in part by a $139 billion decrease inunemployment compensation.
Spending on servicing the debt increased by $31 billion, or 22%,as the Treasury paid more in interest on inflation-protectedsecurities.
Overall, the deficit so far this year is considerably smallerthan the one recorded in the pandemic-scarred years of 2020 and2021. Last year, the deficit was a bit over $1 trillion in thefirst five months of the fiscal year, or about twice as large,while in 2020 the deficit came to $624 billion by this point.
House Speaker Nancy Pelosi (D-CA) on Tuesday highlighted a newanalysis that shows that a proposal by Republican Sen. Rick Scottof Florida to have all Americans pay at least some federal incometax would end up raising taxes on more than half of allhouseholds.
"In every state across the country the hardest working familieswould shoulder huge tax increases but more than 40 percent oftaxpayers living and working in Mississippi, West Virginia,Arkansas, Louisiana, Alabama, Kentucky, Oklahoma, Georgia, NewMexico, South Carolina and Florida would see their tax billsskyrocket," Pelosi said in a statement.
The analysis of Scotts proposal was done by the liberal-leaningInstitute on Taxation and Economic Policy, which looked at theeffects of the plan on taxpayers in each state. Crucially, the analysis assumes that, under Scotts plan,low-income taxpayers would lose the refundable tax credits providedby programs such as the Earned Income Tax Credit or the Child TaxCredit, up to the point where they have some tax liability. Thisisnt spelled out in Scotts plan, which provides virtually nodetails, but ITEPs Steve Wamhoff says it follows from theproposal. "The only possible interpretation of Sen. Scottsproposal is that everyone who has negative federal income taxliability under current law would instead have federal income taxliability of at least $1," he writes.
Under that assumption, ITEP found that individual tax billswould rise by more than $1,000 on average for the poorest 40% ofAmericans, once the value of lost tax credits is taken intoaccount.
Scott has said that his proposal would not apply to seniors orthose who are not "able bodied," but those clarifications left itunclear how the plan would have all Americans have some "skin inthe game," as the senators plan put it.
Pelosi said the think tanks analysis shows the sharp contrastbetween the parties on fiscal policy: "While Republicans plan tosqueeze Americas hardest-working families with higher tax hikesand try to rip away their health care, Democrats are still hard atwork to pass legislation to further lower everyday prices, fightinflation and cut taxes for middle-class families, paid for byfinally making giant corporations and the wealthiest pay their fairshare."
For their part, Republicans have distanced themselves fromScotts proposal. Although the Florida Republican defended his planin a Wall Street Journal op-ed last week, Senate Minority Leader MitchMcConnell (R-KY) bashed the proposal, saying that while he does notplan to release a GOP agenda, under no conditions would Republicanssupport a tax hike.
Sen. Ron Johnson (R-FL) said Monday that while he agrees with"most of" Scotts proposed agenda, he recognized that some thingswould have to change presumably including the idea of raisingtaxes on millions of low-income households. At the same time,Johnson said Republicans need to make it clear what they plan to doif they win power in the coming elections. Johnsons idea is a bitof a throwback to the glory years of the Trump presidency: "Forexample, if were going to repeal and replace Obamacare I stillthink we need to fix our health-care system we need to have theplan ahead of time so that once we get in office, we can implementit immediately, not knock around like we did last time and fail,"Johnson said.
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Ukraine Aid Package Boosted to $14 Billion | The Fiscal Times - The Fiscal Times
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