Jon Matonis Live Bitcoin News

/r/CryptoCurrency - Invest Smart - Guide, Resources, Links, and More!

Hello everyone!
Thought I'd make a post of quick startup content and compilation to get you started into smart investing. I hope you all like it! Here it goes:
Google and twitter is your best friend. (To a certain limit)
Click "News" tab, and search the cryptocurrency you are researching. Go for something reputable like CNBC, Forbes, and so on for better accuracy but also use your wise judgement. For example there are some very good cryptocurrency and blockchain focused websites. The key is to find the few that get news out fast and non-bias. If you not a certain website constantly bashing a specific cryptocurrency that has held a high marketcap for longer than 6 months, clearly there is favoritism going on. Lets continue.
Click "All" tab, and search the keywords in the following format:
I find many people don't know about this but if you scroll the tabs (webs, news and images) to the left; you will see search tools. Sometimes it helps to sort it by dates and play around between one hour and 24 hours.
If you want the news first, many organizations that operate in the crypto field use twitter. Using the same keyword formats above in twtter is very beneficial. Alot more useless info but sometimes it pays off to take the time to go through it. Personally, after searching I like to use the "latest" tab.
Here are some twitter accounts worth following, and would be beneficial to your investment solutions:
I did not post any twitter accounts that might be reputable but have had major negative controversy or viral issues in the past. You might also notice some twitter accounts are missing such as contributors and founders. I have nothing against those accounts. Some are very reputable accounts (that I think are amazing individuals), however the OP requested specific requirements in the post. I cannot guarantee that all the twitter accounts above are not bias, but I did my best to list the least bias twitter accounts. Outside of this post, I do recommend following some founders, contributors, and exchanges! You can easily find them by participating in there community.
Please remember that quality research and due diligence go beyond just twitter. Be patient and spend quality time researching. Less time planning equals less profit or less chances of profiting. It takes one minute to place a buy or sell order. It also takes one minute to lose 99% of your holdings. It should not take you one minute. Patience.
submitted by golden-china to CryptoCurrency [link] [comments]

Q&A 26.09.2018

1. How many market makers now? Can we get any projections on exchange growth over next 6 to 9 months?
The number of market makers is variable as anyone can be a market maker and offer their quotes. We have 2 to 4 market makers quoting larger amounts plus a variable number of smaller traders. Exchange growth projection is a very speculative measure as it also depends on overall crypto market activity. We expect to grow 10-15% per month at current market conditions and double to triple that pace once we have launched payment products with our E-money company.
2. Do we have TRON, KIN or WAN in the next future on Globitex? Uldis, are there any plans to list new coins in the near future? Maybe like some huge platforms like tron, kin etc. I think KIN would be cool, it’s ether based and will be a huge success.
Our positioning is in the mainstream monetary crypto to fiat space. We are constantly evaluating adding additional coins and will announce new listings shortly before launching.
3. Is there an exact date for nexpay integration yet?
We will not give exact dates for new product/feature launches up to shortly before the launch. The integration completion is still scheduled for Q4.
4. Is Globitex attending any partnerships in the future?
If I understand the question correctly, Globitex is already working with and will make new partnerships in the future. Partnerships will also be announced at launch due to commercial reasons.
5. So what events have Globitex actually presented at since the new ownership of Globitex? I haven’t seen one. You guys have been on twitter saying your attending events but have you presented Gobitex?
Our Co-Founder Jon Matonis is regularly presenting at various conferences on different topics. If you mean events where Globitex would have paid promotion, we are in the selection process of such events.
6. Any plans changing your ticker symbol to avoid those irritations?
No. We are very content with the GBX symbol as it is a perfect reflection of our brand.
7. Which is the next pair to be listed?
Same answer as a couple of questions before. Our positioning is in the mainstream monetary crypto to fiat space. We are constantly evaluating adding additional coins and will announce new listings shortly before launching.
8. Didn’t you guys raise millions? Why are you guys talking like your making an exchange out of a garage? You guys have the funds to make it happen, well you should still have the funds. Do we have the eth wallet address to confirm this?
Globitex retained a significant portion of assets in ETH since the ICO which has made us more vulnerable to market vagaries. We have been responsible with the ICO proceeds and have consistently maintained at least a 12-24 month runway for ongoing operational expenses. It will continue to be the policy of the company to retain a certain percentage of corporate assets in cryptocurrency.
We have been consistent in our communication that we will not be disclosing details about our assets due to security and commercial reasons. Our asset structure is significantly more diversified than one ETH address.
9. 1. Can you buy banner on coinmarketcap ( may be only 1 day ) and plus listing on CMC ?
9. 2. What about google context PR ? Yandex context ? (word “buy bitcoin”.....and other )
9. 3. What about articles on reddit, trutnodes, cointelegraf..?
9. 4. What about Pr in YouTube , twitch ?
9. 5. What next legs in PR Globitex ?
9. 6. Has GBX converted eth into fiat? Can you provide an evidence?
We will not comment on specific marketing activities as there are tons of things we can and plan to do. Your suggestions are always welcome and will be evaluated. As a general principle, we invest marketing budget in positive ROI activities, which would rule out some of the suggestions listed in the question.
Regarding the ETH conversion into fiat – I will repeat the answer from the question before. We have been consistent in our communication that we will not be disclosing details about our assets due to security and commercial reasons.
submitted by globitex to u/globitex [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

Some of the most notable news and events over the past year:
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submitted by BitcoinChronicler to btc [link] [comments]

General info and list of exchanges for Digital Asset Exchange Token (DAXT)

About DAXT The Digital Asset Exchange Token (symbol: DAXT) is BlockEx’s ICO. It is a utility token in which allows holders access to buy ICO tokens on BlockEx Markets ICO Market on a pre-sale basis before the public at large.
In order for you to buy ICOs on a pre-sale basis, you must pay 2.5 percent of the notional purchase amount in terms of DAXTs. For example, if you wanted to buy €100 worth of ABC tokens you must pay 2.5 DAXTs in conjunction with the funds. The Pot Allocation System automatically calculates and adjusts each individual’s token allocation proportionate to the total funds received relative to the token supply available. Therefore, the DAXT guarantees token allocation tokens listed on the ICO Market.
Interested? Here is How to Buy
DAXT is now available on secondary market at
Our Team Adam Leonard
Aleks Nowak
Ronald Martin
Alex Kotenko
Dan Starr
James Godfrey
MD Capital Markets
Edd Carlton
Head of OTC Trading
Dotun Rominiyi
Head of Product
Andrew Perkins
Director of Finance and Structured Products
Biser Dimitrov
Brokerage Technical Director
Advisors Eric Benz | Linkedin
Eric has over 10 years of experience working in and around Financial Technology. He has delivered innovative SaaS systems for some of today’s biggest institutions around payments, identity, and banking infrastructure. Eric has been in the Blockchain space for the past few years and has been responsible for helping build some of today’s most exciting Blockchain businesses. He is currently Managing Director for Cryptopay, which has been one of the longest running bitcoin exchanges, merchant processors, and pre-paid bitcoin card issuers.
Paul Kim | Linkedin
Paul Kim is a 15 year gaming executive having served companies such as GoPets, ZAM Network, and Gazillion Entertainment. He was the CEO of Xfire, the world’s largest gaming community site with over 24 Million registered users and then COO of Oomba, a cutting edge SaaS based Tournament platform. He has taken his extensive background in game based virtual currencies and ecosystems into the world of Blockchain. Having advised on a number of successful ICO's such as Paragon, Blockex and Academy, which collectively raised over $120M in total token sales. He was a Senior Advisor at DNA and currently the Managing Director of ICO’s at Blockchain Industries, a publicly listed company focused on Blockchain businesses (BCII) Trent McConaghy | Linkedin
Co-creator of the BigchainDB scalable blockchain database, its public network IPDB, and for IP on blockchains. Previously, he spent 15 years designing distributed AI systems to help drive Moore’s Law.
Jon Matonis | Linkedin
Founding Director of Bitcoin Foundation. Chief Forex Dealer; Director of Interchange VISA, CEO Hushmail, Senior Derivatives and Money Market Trader Sumitomo Bank, Director of Financial Services VeriSign. Roger Ohan | Linkedin
30+ years of experience in Financial Services. CFO at Wilberfoss Inc. Non-exec director of multi $Bn hedge fund. Former MD, Citco Fund Services (UK) Ltd. Former MD, Chemical Bank (now JPMorgan Chase).
Scott Walker | Linkedin
Serial Entrepreneur, Early Internet CEO, 2012 Invested in BTC, ETH, EOS, and many others. One of the most knowledgeable crypto investors in the sector. Jean Louis Jamin | Linkedin
30 years of private banking experience in Switzerland, Luxembourg, Malta & London. Previously Managing Director BNP Paribas Fortis, CEO Banca Intermobiliare di Investimenti e Gestioni, Managing Director Bank Degroof
submitted by icoinformation2020 to DAXT [link] [comments]

Let's get to the bottom of the alleged iOs ban

I'm curious to learn the real story behind the alleged Apple bitcoin ban.
Jon Matonis from Forbes wrote an article a year ago, which I think is a bit speculative. But more importantly it's not actionable. Just waiting for Apple to change their mind once Bitcoin becomes mainstream is boring. :-)
The Blockchain app update message from March 13 2012 (version 1.9) says "Removed wallet functionality". But now it seems the wallets are still there. Did they sneakily or accidentally reintroduce them? They also have a Cydia version for jail broken devices. From the source code it seems that it enables the "deposit" button and also tells the server that it's running Cydia so it can present different functionality.
Another wallet app was BitPak. It disappeared from the store and the author has moved on to other things.
In both cases they were rejected because Apple wasn't sure if it complied with all regulations in all countries. According to the author of BitPak, Apple refused to specify which regulations in which countries might be violated. It must be great when you have the power to decide who has the burden of proof :-(
MtGox has an Android client and refers users to Cydia to run their iPhone client on a jail broken device (which is a bad idea if you care about security). I don't know if they've attempted to go through the Apple review process, if they got rejected and if and how hard they tried to appeal.
The Coinbase iPhone app does not support payments. Again it's unclear if they tried and got rejected for the same reason.
Are there any other (would be) iOs apps that allow payments? I'm not talking about web apps.
It would great to get some clarity on this issue, in particular: * know if all 4 apps were rejected for the same reason and have at least tried to appeal the decision (and the relevant dates) * ask Apple if they are willing to specify which countries and which regulations they are worried about. At the very least get them to name 1 country and 1 regulation and a promise that they'll keep feeding us other regulations that they are worried about if we deal with that specific one. * compile our own list of potential legal issues, ideally supported by referring to any known (threat of) legal action that has taken place on Android
Coinbase, MtGox and Blockchain all have more functionality in their apps than just payment. If they push this issue further, it will at the very least delay their ability to ship regular updates for those features. This is because you can not ship another update to your app if you are in the middle of an appeal process.
A good way to tackle this issue is to try and submit a new Bitcoin wallet app with the all-or-nothing goal of getting the app approved with payment functionality included. I'm interested in doing that, but for the moment I don't have time to build it from scratch.
I'm based in The Netherlands, so after an initial rejection the first thing I might try is to release it in the Dutch App Store only, since I understand that legal system a lot better than the US and Apple knows that the Dutch government is unlikely to fine Apple without warning.
submitted by provoost to Bitcoin [link] [comments]

Vessenes, Matonis to resign from Bitcoin Foundation Board of Directors

I have learned that leadership changes are now imminent at the Bitcoin Foundation. Chairman Peter Vessenes and Executive Director Jon Matonis will be stepping down from their board seats prior to the scheduled end of their terms. Although an exact timetable for their resignations remains unclear, I believe these two seats will be filled during the already-planned special elections to replace founding board members Charlie Shrem and Mark Karpeles this April.
It does not appear that Vessenes or Matonis are accused or suspected of any improprieties related to their relationship with Mark Karpeles and Mt. Gox. Instead, they seem to have both recognized the need for the Foundation to clean house in order to revitalize its image in the coming months. If this is the case, Vessenes and Matonis should be applauded for their services to Bitcoin to date and for their humble decision to help the industry overcome the serious damage that has been done with the failure of Mt. Gox. New professional leadership is needed to rebuild confidence and focus on the future.
At this time, it remains unclear whether Matonis will also step down as the Foundation’s Executive Director, or remain committed to that role for the time being.
This marks a watershed moment for the industry. Gox is dead. BTC-e remains a black hole. Four of the Bitcoin Foundation’s seven directors have or will soon resign their positions. Merchants and consumers are (and should be) skeptical of the consumer protections and financial and technical safeguards currently in place at cloud wallet companies, currency exchanges and other Bitcoin services providers.
There are enormously talented individuals who will be vetted and nominated for the new board of directors in the weeks to come. I for one look forward to electing the next crop. After a horrific week, Bitcoin’s future is finally looking a little bit brighter.
submitted by twobitidiot to BitcoinMarkets [link] [comments]

[uncensored-r/CryptoCurrency] /r/CryptoCurrency - Invest Smart - Guide, Resources, Links, and More!

The following post by golden-china is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link: CryptoCurrency/comments/74qcy2
The original post's content was as follows:
Hello everyone!
Thought I'd make a post of quick startup content and compilation to get you started into smart investing. I hope you all like it! Here it goes:
Google and twitter is your best friend. (To a certain limit)
Click "News" tab, and search the cryptocurrency you are researching. Go for something reputable like CNBC, Forbes, and so on for better accuracy but also use your wise judgement. For example there are some very good cryptocurrency and blockchain focused websites. The key is to find the few that get news out fast and non-bias. If you not a certain website constantly bashing a specific cryptocurrency that has held a high marketcap for longer than 6 months, clearly there is favoritism going on. Lets continue.
Click "All" tab, and search the keywords in the following format:
  • Research cryptocurrency
  • XYZ integration
  • XYZ hedge funds
  • XYZ released
  • XYZ listed
  • XYZ added
  • Accept XYZ
I find many people don't know about this but if you scroll the tabs (webs, news and images) to the left; you will see search tools. Sometimes it helps to sort it by dates and play around between one hour and 24 hours.
If you want the news first, many organizations that operate in the crypto field use twitter. Using the same keyword formats above in twtter is very beneficial. Alot more useless info but sometimes it pays off to take the time to go through it. Personally, after searching I like to use the "latest" tab.
Here are some twitter accounts worth following, and would be beneficial to your investment solutions:
I did not post any twitter accounts that might be reputable but have had major negative controversy or viral issues in the past. You might also notice some twitter accounts are missing such as contributors and founders. I have nothing against those accounts. Some are very reputable accounts (that I think are amazing individuals), however the OP requested specific requirements in the post. I cannot guarantee that all the twitter accounts above are not bias, but I did my best to list the least bias twitter accounts. Outside of this post, I do recommend following some founders, contributors, and exchanges! You can easily find them by participating in there community.
  • Check the cryptocurrencies official Twitter account and sub-reddits. Also, I can proudly say that this sub-reddit (/CryptoCurrency) is full of information and great people ready to help. Keep in mind when you're using social media's don't just fall for FUD (fear, uncertainty and doubt; in other words complete horse crap). Do some background research if the source is unreliable when using social media as a research tool.
  • Once again news websites that are generic such as Business Insider, Forbes, Fortune, CNBC, and so on. In terms of crypto generic news check out Cointelegraph, CryptoNinjas, CryptoCoinNews, CryptoInsider, and CoinDesk . If you're the type that likes news-feeds, you can try CryptoPress.
  • Follow all the main exchanges twitter accounts. Following them on twitter will keep you notified of any technical difficulties so you can avoid panic. Also they sometimes announce upcoming or newly integrated cryptocurrencies.
  • Cryptonaire is by far the most reliable source for cryptocurrency forecasts. Obviously always do your own due diligence and research; the site itself indicates that. Also if you do not feel confident about a new or low volume cryptocurrency target, be sure to check their verified section to avoid scams. In my experience they have not conducted any research on ICO's because they care about lowering their viewers risks more than anything. For the last year or so they have been working on their full web app launch, so its worth subscribing.
  • BitcoinTalk has a Altcoin Announcements section; it's worth looking for your target on their as well. However if the user is not reputable, than the source is unreliable.
  • CoinMarketCap should be bookmarked! It is a table of all the crypto default ranked by marketcap. If you care more about day to day, volume, and percent change then check out WorldCoinIndex
  • Read the whitepaper and determine which organizations and/or people will use it. Find out the population of the potential consumer. After that, do some reading into the consumer. Are they lenient on blockchains? Are they in need of a pivot that cryptocurrency / blockchain could be the wealthy game changer for the organization?
  • Check out the 'Community Info' section on this sub-reddit. They have a list of links to resources that can help you.
  • If you are the type that invests in ICO's, be sure to check for information about the foundation outside their site. Also find a real address, email, phone number, asset/secerities filing and so on. The more the better.
  • I cannot emphasis this enough, but get yourself a hardware wallet or even a secure computer to store all your assets! That is the only way you actually own your cryptocurrencies!
Please remember that quality research and due diligence go beyond just twitter. Be patient and spend quality time researching. Less time planning equals less profit or less chances of profiting. It takes one minute to place a buy or sell order. It also takes one minute to lose 99% of your holdings. It should not take you one minute. Patience.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

[Informational] [CC0] Wright and Wrong

Craig Steven Wright

Australian software enthusiast Craig Steven Wright, also known as CSW, born in October of 1970, is notable for making an unsubstantiated claim to be Satoshi Nakamoto in May of 2016.


It is known that Craig Wright is definitely a software enthusiast. He volunteered as an unpaid computer science lecturer at Charles Sturt University and paid to complete various technical certification tests: a GIAC certification in Compliance and Audits, a GSE Malware certification, and a GSECompliance certification.
Craig has claimed to have a doctorate in computer science, although when contacted Charles Sturt University made a statement to the contrary. CSU further went on to contradict his characterization of his employment there, clarifying that the position he had previously referred to was an unpaid volunteer role.
Craig has often referred to himself as a doctor in software contexts, but his only doctorate claim that is not questioned is that of a theological doctorate with a thesis relating to creationism.
Over the years Craig Wright has been mentioned in relationship to various marginal activities. Craig helped create a casino in 1999. In 2004 he was convicted of contempt of court and sentenced to 28 days in jail. Craig maintained his innocence, but the charges were held up on two separate appeals.

Bitcoin Claims

In recent years Craig has been mentioned in relation to a questionable deal in which his company claimed $54 million in tax rebates from the Australian government that were earmarked to reward tech industry investment in Australia. The circumstances around that substantial rebate have been called into question, by the Australian authorities and others. There remains a distinct lack of information as to whether the rebates were warranted.
Craig Wright claimed that his claimed government monies were to be used in relation to a Bitcoin related supercomputer project his company Cloudcroft was creating, in partnership with the well known computing firm SGI. His company circulated a signed letter on SGI letterhead declaring the partnership. But when asked to confirm the partnership directly, the SGI Chief Operating Officer denied any involvement with the project. He went further, stating that SGI had never even had any contact with Cloudcroft. No proof of the Cloudcroft supercomputer's existence was ever published.
In December of 2015, Craig Wright's house was raided by the Sydney police in a tax investigation relating to tax rebates. Part of the claims of this tax rebate related to Bitcoin: it was claimed by Craig that he had a large amount of Bitcoin in the makeup of his investments, but no proof of these assertions was ever made available.
Craig was in fact listed as a MTGox customer on leaked customer reports published in 2014, but only purchasing Bitcoin and after a large media blitz where buying Bitcoin was becoming increasingly well-known. By the leak's numbers Craig spent about five thousand dollars to acquire fifty coins, losing fifteen to the MTGox collapse. This raised a question, why would someone holding over a million bitcoins worth hundreds of millions of dollars spend thousands of dollars over a long stretch of time to buy fifty more?
In December of 2015, around the same time as the heated tax investigation into the veracity of Craig's Bitcoin investment and holding claims, unsourced rumors started to suggest that Craig is Satoshi. If he were Satoshi, it would have given great credence to his tax related claims of large Bitcoin related holdings and investment. Some of these rumors find their way into public stories published by news outlets, but no credible evidence is found, and some evidence that is produced seems to have been fabricated to mislead people into misinterpretation.

Satoshi Claims

It was revealed by Andrew O'Hagan in the London Review of Books that Craig had been working with some business associates on the assumption of his secret Satoshi identity. Craig privately claimed, but never showed proof, to many people that he was Satoshi, and had arranged a high stakes business relationship to create a large series of Bitcoin related patents in a very large multimillion dollar deal. As an advance on the anticipated profits, Craig was offered large sums of money, which he spent lavishly on ostentatious cars and clothing, to the chagrin of his business partners.
After 2015, the story died down due to the disproven evidence and dead-end leads. Craig and his partners, with a professional PR company, began to contact news outlets about publishing new evidence to his Satoshi identity, promising them a valuable story on very specific terms. Craig demanded that all involved sign non disclosure agreements and then go to meet him in a rented conference room to validate his claim. He demanded that only a computer produced by his assistant is used to cryptographically sign his proof, a computer that the verifiers are not allowed to keep for an inspection. Craig further demanded that he be allowed to add a modifier of his initials to a signing statement. The signing tool used was the Electrum Bitcoin wallet, but Electrum developers reported no UK IP downloaded the verifying software signature file that would confirm the software's legitimacy.
The entire setup of these in person proof sessions was created in a suspect way, leading experts to believe that an in-person proof could easily have been stage managed and faked. The reason stated for the careful controls was to avoid early release of the proof, however this could have been done in a remote way using a method of cryptography where Gavin could have been able to receive a personal proof of a signature that he would still be unable to use to publicly prove to the world was real. It's possible that Gavin was unaware of this cryptographic method, but then the lack of knowledge would imply that Craig and everyone involved in the proving sessions were not very qualified in cryptography related subjects. Gavin has previously stated that he is not a cryptography expert.
As part of his proof, Craig also reintroduced some of the fabricated evidence that surfaced during the December rumors. To counter the critics who pointed out the uselessness of the evidence, he produced and quoted verbatim a supposedly third party report substantiating the evidence and personally and separately attacking the people, mainly Greg Maxwell, who called into question the veracity of the evidence. The report in question was sourced from a paid technical evidence consulting agency located in the same city as Craig. This agency, with no known connection or published history with Bitcoin, addressed the unrelated Bitcoin Core project quite specifically and negatively, with views consistent with Craig's previously stated views. The writing style of the report, Craig's ability to repeat it verbatim, and the geological proximity and nature of the firm publishing the report suggested his close involvement with its creation. Although he printed and passed around the report to reporters, Craig did not disclose any relationship with the formation of the report.
In May of 2016 Craig Wright lifted the embargo on the story and declared himself to be Satoshi, with a lengthy blog post about how he could cryptographically sign a statement to prove he is Satoshi. At the top of his post he added a statement to sign stating that he is Satoshi, encoded in an unreadable machine format, as would be fed into the signing process he then went on to describe. At the end of the post describing how to derive a cryptographic signature from a statement, he quoted a cryptographic signature which could be run through the described signature verification to show that it is Satoshi's signature. However the signature at the end of the post did not sign the statement at the beginning of the post. Instead it was a well known and completely unrelated old signature from Satoshi. This fact left unstated by Craig was soon discovered by fact-checkers who referenced the signature against Satoshi's previously known signatures.
Given the missing evidence and suspicious circumstances and history, his claim was widely called a scam, although Jon Matonis and Gavin Andresen maintained their positions, despite the evidence of malfeasance. Gavin did express surprise at the lack of public evidence, implying that he was previously led to believe that the evidence would be public and inspectable beyond the confines of the fixed private demonstration. Even so, when pressed Gavin demurred from backing off his claim. Gavin also does not mention any separate evidence that he said earlier he would demand, such as private correspondence that only he and Satoshi would have been privy to.
One point of skepticism mentioned by evaluators of Craig Wright's published works is that there are no commonalities found between his writing style and that of Satoshi Nakamoto's published works. Even trivial style choices like choosing double spaces after every period, a signature of Satoshi's, was absent from Craig Wright's writings. Suspiciously, after this point was widely mentioned, Craig Wright started going out of his way to add multiple spaces after his periods in his HTML blog posts. HTML by default does not visually display redundant white-space, but Craig added special default override code to force its display.
After the ensuing the adverse reactions to his claim, Craig Wright contacted the press and put out statements to the effect that he would produce compelling public evidence, as previously was tacitly promised. He claimed to have evidence that would put to rest any remaining doubt with an extraordinary new proof. He asks Gavin and BBC reporters to send funds to Satoshi's known addresses, so that he can send it back. However as the time ticks down on his promise, he backs out, with a nonsensical and wandering statement about being worried to provide actual proof.
Gavin and the BBC's money was never returned to them.
submitted by pb1x to writingforbitcoin [link] [comments]

[Table] IAmA: IAM Peter Vessenes, Executive Director of the Bitcoin Foundation. AMAA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2012-09-28
Link to submission (Has self-text)
Link to my post
Questions Answers
Most proponents of Bitcoin seem to believe that there will be a point where one coin exceeds a value of $100 or even $1000. Sure, that is definitely possible and I can accept that it may happen one day. However, since each coin has this intrinsic potential value.. why would anyone spend them on trivial stuff like food now? How can you spend something that you believe will continue to grow in value effectively to infinity? That seems like a fair complaint to me, in general. In practice, and as opposed to Krugman's thoughts on the matter, we have many thousands of happy Bitcoin transactors, I think people like to spend their bitcoins with others, give them away, and use them for things. I do know some Bitcoin businesses that try never to spend their coins. That said, we have had some periods like last year where EVERYBODY wished they'd spent their coins.. To my mind volatility is a worse 'evil' than being deflationary. As I said above, I think most government economists wish an inflationary currency (and many bitcoiners hate this, and talk a lot about how much they hate it), but I think there's definitely a place in the world for a deflationary value system. An interesting thought experiment for you -- if you forked the Bitcoin blockchain and changed issuance so that it tracked say, USD or USD/EUR inflation rates for issuance, would it have the same uptake or not?
Every once in a while I hear stories about security breaches including 240,000 bitcoins that went missing the other month. How do you ensure security of account holders funds? The practical security aspects of running Bitcoin businesses are a REAL need, and it's something we want to help on with advice, and possibly opt-in certification at some point. I say more about this elsewhere in the AMA.
Furthermore, most sites I've came upon that sell goods seem poorly managed and difficult to use. Is there a Bitcoin equivalent to sites like Ebay and Amazon? Re: bitcoin site usability -- I agree, it's often terrible! I'm not sure why this is, except to say that bitcoins make transacting online so easy that even people who can't afford a designer can do it.
A: How does the intrinsic non-fiat nature of the currency affect its susceptibility to market fluctuation? I.E. Better or worse stability than fiat currency? So far, because market cap is so low, (Roughly $100mm of value), Bitcoin exchange rates are highly susceptible to people pushing it around. This is really tough for everyone. There are a bunch of businesses that might not be viable until you have some exchange rate certainties that extend beyond a short (one day-ish) window.
B: What can be done to improve the resistance to massive fluctuations in value stemming from exchange market manipulation or normal use? There are some macro-economic things that could be done, like exchanges publishing all trades to a central area, and implementing locks if prices rise / fall too suddenly, but those all have their own effects to consider. I think the fundamental thing to do is help Bitcoin acceptance and uptake grow, increasing the size of the pie until there are a much smaller number of parties that could push the price around.
C: Is there anything that can be done to the standard to improve stability or is it all up to the markets to implement safeguards? So, we all do have a part in that stabilization for sure. There's also the angle of creating whole supply chains that are bitcoin denominated -- paying our staff in Bitcoins only is an attempt to work on that angle.
What do you say to people that claim Bitcoin is nothing but a pump-and-dump pyramid scheme designed to benefit it's creators? That they're sitting on a huge pile of bitcoins obtained by them before the currency was made available to the public when mining was far easier then dumping huge batches of Bitcoins destroying the price over and over again to enrich themselves and fuck everybody else? And that they get more chumps into the system to inflate the price again, by going around the internet and promoting Bitcoins as an alternative currency rather than a complete fraud? This borders on the troll-ish, but I will say that the Bitcoin network autosizes coin generation based on how many people wish to do it. That is, people opt in to make the coins and secure the network. Nobody is forced to.
Is the Bitcoin Foundation a non-profit, tax-exempt organization in the United States? Who among the directors and the board has experience running a non-profit? Why is the ED also a member of the board? How does the ED have the time to run the organization given his obligation to CoinLab? Why haven't I seen any of the involved parties at either of the last two Bitcoin conferences? Can we get somebody who isn't a white male involved? We're a 501(c)6, Washington DC Nonprofit.
I have experience launching a non-profit, hence my job.
ED's typically get a salary and work full time at the job; we didn't know if we'd have budget to pay someone who could operate such a thing, so we went with this structure. I anticipate that I will step down from being the ED at the earliest moment we know we have someone better to do it; running CoinLab is plenty of work for me.
Our assistant director Lindsay Holland is not a white male.
In general, Bitcoin is a white male sausage-fest, though. I urge you and all Bitcoiners everywhere to work on changing that.
What is the future of bitcoins? Do you think they will ever make government-issued currency obsolete? I don't know the future of Bitcoin, but I hope that I and the Foundation are a part of it!
I don't believe Bitcoin will ever obsolete a government currency, but I only speak for myself when I say that. Bitcoin is a fascinating and novel technology with a HUGE number of potential benefits to the world, so I'm into it. I don't see a government wishing to cede control of its currency to anything like the technocratic / consensus model that Bitcoins are governed by, though.
That said, I do hope that Bitcoins will be able to help people in areas of the world that need better money features. Mpesa is a great example of something that helps Kenyans (and people from a few other countries) by changing how money is used. Bitcoin has the potential to help people like that, all over the world, whether or not the 'market' is large enough in that country.
I personally think that sort of thing is SUPER exciting.
Could you describe the bitcoin foundation for me? Sure! It's a trade organization, member-driven. Its goal is to promote, protect and help standardize Bitcoin. Our initial goals are to provide funding for the core development team, run a 2013 Silicon Valley Conference, and create some opt-in certification methods and best practices for businesses dealing with Bitcoin.
Join us.. :)
Standardize? I can tell you hate our goals, so I won't spend a long time trying to convince you. But, I will say that businesses often need a long, secure timeframe to make investment decisions, and they need to have some sense that what they work on or invest in will be roughly similar at the end of their investment to the beginning.
Why do you want to "standardize"? For instance, imagine ebay deciding to take bitcoins. The person-hours to get that done inside ebay are staggering to imagine, from wallet scalability issue to accounting treatments, refunds, ... It would be a major endeavor.
What gives you that authority? It would be great for bitcoin if ebay took bitcoins. Seriously great, but they can't right now until they feel there is some generally stable path going forward.
Why is the core development team so deserving of funding when they can't even make a decent client? You might hate everything about that, and that's cool. I urge you to go ahead, fork the code, advocate as much as you like for something else. Bitcoin's free, both the protocol and the software. Nobody is stopping you.
Is there any legal action to be done if someone steals your bitcoins? Yep, if you're in the US, file a police report, and call FBI Cybercrimes division.
As an individual member of the Bitcoin Foundation, what do I get? Any perks or privileges? Email aliases, voting rights, a newsletter, etc? Or are these memberships mostly a way of providing financial support to the foundation? The bylaws are up now, so you can read in great detail what the organization will provide its members: Link to
In short, though, rights to vote people on / off the board of the Foundation, soon access to private forums, probably discounts to the bitcoin 2013 conference, happiness at supporting the dev team.
I would like to provide email aliases, we've got Patrick and Jon working on any possible gotchas there, though.
Many aren't taking bitcoin seriously because of the security issues some have had. What steps are you taking to legitimize this currency? Like Jeff says below, I would distinguish between fundamental protocol security and security practices.
Bitcoins fundamental protocol security seems pretty good at this point; I'm sure we'll all be keeping an eye on that quite intently into the future.
Practical Security has been, largely, terrible in the Bitcoin space for most businesses, Mt. Gox perhaps excepted. The amount of work it takes to secure 80 byte strings that may be valued in the million dollar range is non trivial. Think securing missile codes as to the level of security needed.
Many bitcoin businesses can't afford (or don't wish to) this sort of security. I'm hoping we can provide some tools and pointers for these businesses and their users to help people understand what they're getting into when they transact with a bitcoin business, and what their risks are.
The Bitcoin Foundation Membership (VIP) fees are definitely disproportionate. Why? Are we now heading for a two-tier bitcoin community? We got requests from large supporters to make a more expensive membership tier. I'm slow, but not so slow that I said 'no'.
I'm slow, but not so slow that I said 'no'. - So you said 'YES'? Someone said "Please make higher corporate member fees: Linux Foundation Top Tier member fees are $500k. Your plan is too low."
I said "OK, Thank you for that advice. We should do that."
Is the foundation primarily focused on US or also europe and the rest of the world? Right now Jon Matonis is considered our "Europe Expert" on the board. There's a huge amount of work to do just in keeping track of how Bitcoin is categorized and regulated around the world. I would expect the Foundation to put some time and energy into helping with that process, but it's not our first goal.
What would you or the Fundation do if the government declares Bitcoin ilegal? Advocate that such a thing is silly, unenforceable, and counterproductive.
Thats no answer to the question. Have you got any plans for the "unthinkable"? That really is what I would do. What do you suggest?
What are your thoughts on transparency of the foundation? How much revenue is there and how it is spent, will that info be public? We're aiming to be highly transparent. I proposed today that we publicize our cold wallet public keys so that people can check our balances. This got pushed back a month while we work on some logistics. I will follow up about this, though. I think having auditable books from day one is really cool.
What are your thoughts on fiat currency? I love it and wish more of it. I'm totally grateful that nations have standardized and created currencies for their people, so that I can travel and buy stuff without worrying about the reputability of a local bank when I go to exchange my money.
I read something recently about a Bitcoin based debit card system. How is that coming along? I don't know, but I want one! The Foundation would like one, too. We are trying to run the Foundation with only Bitcoins, so it would be nice to fuel up a debit card for some expenses.
Create an opt-in certification process for Bitcoin businesses. How will you be going about this? What will certification entail? TBD, But I am imagining that businesses could vet their processes and procedures against a set of published standards, pay for an audit, and then be able to help their users understand what level of security they provide, e.g. "Bronze certification -- the site could be trusted with 50 bitcoins of stored value per person."
Does the foundation intend to have control over and thereby over the main distribution channel for Bitcoin-Qt? We're a member organization. Some of our members do have access to and influence over and bitcoin-qt. I have no idea if they would like us to help manage, since we just launched yesterday.
If the decision makers for and bitcoin-qt want us to help out in those areas, I wouldn't mind. I don't think either of those things is super strategic to helping Bitcoin right now; there's more need for messaging and some financial security for the core team, and the other stuff we said we're going to work on this year. and -qt publishing don't seem broken to me or risky right now.
Given that Mt Gox has a (rightfully deserved) place on he board, what steps can and will you be taking to ensure that independent exchanges are encouraged and not ignored? Also what steps, if any, can and will you take to ensure the public that the commercial interests of those on the board do not conflict with the decentralised ideals and paradigm of Bitcoin itself? I don't know how we'd encourage or ignore exchanges, since everyone is welcome to join.
I do think this individual / corporate angle is at the heart of the Bitcoin, though; it's got a lot of parties that care about it, passionately. Some are investing millions of dollars. Some are tirelessly advocating for Bitcoin. Many sit around and troll and waste people's time.
I guess that partly we expect our board members will act with integrity, and that if they aren't representing the needs of their member class, they'll get replaced with someone who will.
I also don't know how we would, practically, decentralize Bitcoin, even if we wished such a thing. I don't think anyone on the board thinks Bitcoin is doing badly. We're all really excited about it and want to help. I personally believe if corporations (a small group or just one) ever provably controlled Bitcoin, they would become vastly less appealing and useful. So, we're on watch.
Not as on watch as a paranoid bitcointalk forum troll wants us to be, but we're on watch.
Why do you require a real name and real address, when bitcoins core values are to be anonymous? The Foundation's core values include openness and transparency. I think the Bitcoin anonymous thing is overblown and a bit of a myth, by the way. Every bitcoin transaction links two addresses; often people can be determined from those addresses.
At any rate, we wish to make sure you can't stuff the ballot box during voting, and we wish civil productive discourse among our members, so we need real names and addresses.
If you just want to support us without joining, you can always send money to our vanity donation address: 1BTCorgHwCg6u2YSAWKgS17qUad6kHmtQW.
What is the current, largest obstacle when it comes to wider Bitcoin adoption? I think Bitcoin adoption is growing nicely. There seems to be a sort of stair-step function where people figure out something new and broadly appealing to do with them, and it makes a big jump. I expect we'll see that many times over the next five or ten years.
Doubts about the network's scalability, uncertain status about its legality or something else? Bitcoin's brand seems bad to me; mostly the highly publicized exchange attacks worry people. It's too hard to have a secure cold storage wallet for even a very smart individual. I'd like to see some of those things improved.
Does Bitcoin have any plan to combat criminals using the currency to purchase things on online black markets? I can't speak for Bitcoin, but the Foundation has no criminal combatant plans. We do want our members to use their real names and promise that they only engage in activities legal in their jurisdiction, though.
That's mostly just a way of us saying who we want to hang out with, and expressing some community values we think will help our organization be a success.
Did you expect for the Bitcoin concept to explode as it has? I sort of did, but I definitely didn't put my wallet behind that explosion. Sigh.
Also, where do you see it going in the future? I talk elsewhere in the AMA about what I'm hoping for Bitcoin.
Will the foundation be sponsoring Bitcoin software outside of What do you mean? Like if Jeff Garzik made cool software that would help the Bitcoin world but didn't release it at would we try and help him?
The answer is yes.
I.e., the Foundation would provide a service with recommendations such as wallet security for an exchange, but I don't think the Foundation should be in the business of "certifying". Yeah, there's an interesting set of questions there about certification. I would LOVE to see a certification that brought with it the ability to be insured against loss and theft. Think how nice it would be for an exchange or wallet business to be able to offer that insurance. That said, I don't know of any bitcoin company that has such insurance yet. I think we have some work to do vetting out the processes and procedures, and then some sales and relationship work with insurance companies first. At any rate, we won't be stumping up security for certified companies through the main Foundation corporate vehicle ever. But I think the membership will want to discuss what a good set of next steps is toward that goal, if we're all sold on trying to make it happen.
What's the advantage to using bitcoins over government issued currency, basically why should I invest my $US in bitcoins? Some people have ideological preferences for Bitcoins money issuance scheme.
Some are nerds, and like it for nerdy reasons.
Some just like being able to pay whom they choose when they choose.
Some deal with payment infrastructures that are scary (Paypal freezes are scary), or slow (wiring money in and out of small country central banks is REALLY slow).
Also, they're neat.
How does it feel to know that a kitten wearing a top hat has more upvotes than you? That kitten is so damn cute. I spent some of my AMA time going "AWWW"
How will you try to keep BIG businesses from buying their way into "THE" Bitcoin Foundation? Bitcoin is inherently free, it's peer to peer, it can be forked, it's not controlled by the Foundation, especially one that's one day old.
So, I look forward to large donations from BIG businesses. We will use that money to further the Foundation's mission. Our members will, no doubt, be highly engaged in discussions about what to do with large donations. I'm looking forward to it.
What is your opinion on Canada's new digital currency, "Mint Chip"? How does this affect Bitcoin? I don't know much about it, but I think it's cool from what I do know, (and is it technically flawed? I don't recall). I'm all for money system experimentation, as you might guess.
You are starting to get increased media/congressional notice. Are you at all worried about being shut down and prosecuted like E-Gold was? Who is we? The Foundation is a member organization, nothing else.
There are some bitcoin exchange operators that actively flout the same AML laws that got the E-Gold founders in trouble.
There are some that try hard to do the right thing, jurisdiction by jurisdiction.
Personally, I don't worry about the ones trying to comply, and I don't transact with the ones flouting the laws.
Why do you have different vote classes, is one class worth more then another? Corporate members vote their seats, Individual members vote theirs.
Anecdotally, there are fewer corporate members, so a corporate membership vote has a greater proportional influence over a board seat than an individual membership.
so a corporate membership vote has a greater proportional influence over a board seat than an individual membership. - So there may be poll when votes of both classes come together? Like asking ALL members to opt out changes to the source code? I would be stunned if we voted on source code, ever. I don't think anyone thinks that is in the remit of the Foundation.
Pragmatically, the dev team is one arm of bitcoin source code governance, and miners are the other, since they can refuse to work with code changes they don't like if they do it in bulk.
The board meets often, and should be listening to its constituents; sign up as a member, and then mail your appropriate rep. As a sample of what we discussed today: "Should we do an AMA? Who will get member signup confirmations out? Can we publicize Patrick's bylaws yet?" were the scintillating topics of conversation.
Will I be getting an e-mail with receipt for my payment confirming my membership subscription? Yes, we are ACTIVELY working on it. Apologies.
What's the dev's payroll? TBD, now that we know what our member signups are.
I don't know if we'll release payroll or budget numbers outside the membership -- something we have to discuss.
What power does this foundation have over Bitcoin? Why did you make Satoshi the founder without his permission? We have no power over Bitcoin whatsoever.
I think we felt a foundation that didn't somehow acknowledge Satoshi would be a bit churlish, like ignoring Linus completely while making the Linux Foundation. Satoshi is, as always, free to participate as he/she chooses.
Has there been a growth in algorithmic trading of Bitcoins in the past year? If so, is that growth in algos added stability to the Bitcoin Market? I have no idea. But I'm curious about this too!
Why hasn't (almost) anybody heard of you before today? I keep a low profile. Until yesterday. Also, I gave up on the forums a long time ago; not productive enough for me.
That was very informative, thanks. Not that hard to grasp when somebody spells it out. The reason you do it is to provide a second element of value to a chain of transactions; the first element of value is consensus -- what everyone else says happens.
Is there a reason for doing this? Or just a way to pace the grinding nature of mining bitcoins? The second, arguably more powerful one is provable computation time spent on creating the consensus. So you can look at a set of bitcoin transactions and say "Ah ha, that had roughly [say] $1mm worth of computation time put in to securing and validating it! I believe it's safe to consider my $55 transaction secure."
Just out of curiosity, do you have any idea how many people have applied so far? Yep. We'll release end of first-month member numbers in 29 days. :)
How does one go about buying bitcoins? Probably the fastest way is to ask a friend who has some.
Next would be to use a service like Link to
How long are terms for each board member? Two years.
Will the Bitcoin Foundation promote a Vulnerability Reward Program ? I would like to see that, but I think the first things to do in terms of importance are on our published list.
Will the funds for a permanent memberships be put into an endowment, or will they be spent immediately? We haven't discussed it. Budget discussions are next couple of weeks, now that we have our heads around some numbers.
We also have to discuss if the foundation wishes to go long bitcoin, or instead spend to its annual budget. All TBD; if you have opinions send them on to your member reps.
I'm curious about this too. I'm not sure I understand how they work entirely. Maybe somebody could Explain like i'm five... Totally. They are confusing; it's a truly novel solution. Essentially it mixes something non-intuitive and magical-seeming (public key cryptography) with something very hard to imagine a solution for (distributed timestamping among non-trusted parties).
We will be seeing the concept extended out into a number of technology arenas over the next 25 years I imagine. It's an incredibly powerful solution-space.
I spent maybe an hour on the wiki reading the FAQ and everything, and it still makes references to "blocks" and "mining blocks" and those that mine have the option of transaction fees.. and I'm still not really sure what is happening. Yep, like I said. I've been thinking hard about them for two years, I have a cryptography background, and I still have 'a-ha!' moments weekly, at the very least.
There are a couple pretty good bitcoin explanation videos out there, but I'm not up to date on what the best one is. Maybe someone helpful can post a link.
After establishing support for food and shelter for Gavin, will there be opportunities for other bitcoin developers to apply for grants - maybe for specific implementations or features desperately needed. I'd love it. I think Gavin will be working out the specifics of what we want to do. I'd LOVE to see money put into a huge test suite, personally.
Thank you for furthering the effort of Cryptocurrency, I have written several policy papers in this arena, and look forward to the day where the deep web stigma is removed from the currency. Thanks FapNowPayLater! We genuinely appreciate the support.
Last updated: 2012-10-02 22:30 UTC | Next update: 2012-10-03 04:30 UTC
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“When we finally see XBT given approval by the ISO, I think that will be a tremendous buy signal for bitcoin.” Jon Matonis, Founding Director, Bitcoin Foundation. You can view this video and ... "Creo que va a ser una gran señal de compra para Bitcoin, cuando por fin veamos al XBT recibir la aprobación de la ISO". Jon Matonis, Director Fundador, Bitcoin Foundation Puede mirar este video ... The excerpt from the Kaiser Report talking to Jon Matonis talking about about the BitCoin system of a peer of peer decentralized electronic money system. Episode 118: GoldMoney's Andy Duncan talks to Jon Matonis of the Bitcoin Foundation who is also a contributor to Forbes Magazine. They discuss Bitcoin's latest price spike and whether crypto ... The Monetary Future is a leading economics blog at the intersection of free banking, cryptography, and digital currency. Jon Matonis is a Founding Director o...