| | submitted by blockologist to btc [link] [comments] |
 | submitted by BitcoinAllBot to BitcoinAll [link] [comments] |
Finally. Copay malware also out of the wallet list in bitcoin.org[–]jimmytruelove [score hidden] 11 hours ago
What's this?? What CoPay malware?? I use CoPay I'm worried[–]blurrech[S] [score hidden] 10 hours ago
The only mention of malware on that page is a duplicate issue. Supporting one side or other in a proposed hard fork does not make a wallet malware.[–]jimmytruelove [score hidden] 10 hours ago
This is needless scaremongering. The BCH fork proved the resilience of the blockchain to minority forks - when the 8% not backing segwit2x become a minority chain, everything will be fine.
Can you explain in layman's terms what's wrong with CoPay?13057123841 [score hidden] 10 hours ago
I have 3 wallets on their desktop and iOS client with a not small amount of BTC...
I tried reading through the link above but unfortunately I don't understand.
Come November they won't be running Bitcoin.SpeedflyChris [score hidden] 10 hours ago
You're assuming that the non-2x version of Bitcoin will be considered the "main" version come november. At present a significant part of the hashrate is slated to leave.13057123841 [score hidden] 9 hours ago
That doesn't matter.L.O.L.
https://www.reddit.com/btc/comments/6u8zp1/blockstream_theres_no_upgrade_just_some_companies/I am really surprised that paleh0rse isn't banned on /Bitcoin yet, that guy kept telling the truth over there at North Corea, salute, my friend.
Blockstream: There's no upgrade, just some companies leaving to make an altcoin.
This is what they call "some companies":
Bitcoin Scaling Agreement at Consensus 2017
The group of signed companies represents a critical mass of the bitcoin ecosystem. As of May 25, this group represents:
58 companies located in 22 countries
83.28% of hashing power
5.1 billion USD monthly on chain transaction volume
20.5 million bitcoin wallets
Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.BitGo’s Mike Belshe, Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith and Shapeshift’s Erik Voorhees all signed the statement.
Regulatory capture is a form of government failure that occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or political concerns of special interest groups that dominate the industry or sector it is charged with regulating.[1] When regulatory capture occurs, the interests of firms or political groups are prioritized over the interests of the public, leading to a net loss to society as a whole. Government agencies suffering regulatory capture are called "captured agencies".In this scenario, we have 2 groups colluding to capture the regulatory capabilities of bitcoin. Bitcoin works by having separate groups working in harmony to the economic benefit for themselves and for the network and its owners/participants.
"Under a SegWit regime, attacks against the Bitcoin network COULD WORK - because the economics of the system would be changed. Rather than illicit activity being DISCOURAGED, it would be ENCOURAGED under SegWit." ~ Dr. Craig Wrighthttps://np.reddit.com/btc/comments/6ibhzx/under_a_segwit_regime_attacks_against_the_bitcoin/
"SegWit's Anyone-Can-Spend bug opens up a huge new attack vector. Instead of a 51% attack reversing a few transactions, ALL SegWit transactions can be stolen. This incentive GROWS as SegWit is used more. Over time cartels are incentivized to attack the network rather than secure it." ~ u/cryptorebelhttps://np.reddit.com/btc/comments/6ibf7y/segwits_anyonecanspend_bug_opens_up_a_huge_new/
Great comment by ForkiusMaximus on how a 51% attack under segwit is amplified so that instead of reversing a few transactions, it will instead damage a huge part(if not nearly all) of the ledgerhttps://np.reddit.com/btc/comments/6hqa7w/great_comment_by_uforkiusmaximus_on_how_a_51/
New to Bitcoin? And the scaling debate? Travel back in time and read this CENSORED and REMOVED (you can't even Google it) post: "Is the real power behind Blockstream 'Straussian'?"https://np.reddit.com/btc/comments/6dx1i0/new_to_bitcoin_and_the_scaling_debate_travel_back/
Most SegWit signaling is coming from the shady mining operation BitFury. BitFury has deep ties with banks and with the governments of the US and (former Soviet Republic) Georgia. BitFury wants to destroy Bitcoin anonymity by attacking mixing. And BitFury founder Alex Petrov worked for Interpol??https://www.reddit.com/btc/comments/6hfhzc/most_segwit_signaling_is_coming_from_the_shady/
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimitedhttps://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/
Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.BitGo’s Mike Belshe, Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith and Shapeshift’s Erik Voorhees all signed the statement.
 | submitted by iTradeBit to u/iTradeBit [link] [comments] https://preview.redd.it/ii98cyuwnjx11.jpg?width=960&format=pjpg&auto=webp&s=3ddb3486c6029b6cb76c5ae2d2eecdf1576aad68 ✅Overstock and Bitsy to Launch Their Bitcoin Wallet Next Week The beta version of the Bitsy Bitcoin wallet will be available to download, for free, from the 12th of November. The platform is owned by the bullish U.S. retailer, Overstock. While initially making a name for themselves as an e-retailer, U.S.-based Overstock has shifted gears to focus more on blockchain technology and virtual currencies. 🔸Inclusion of Pro-Blockchain Gibraltar Minister in DC Panel Positive Sign for US Regulation The Gibraltar Minister for Commerce, Albert Isola, has urged the DC Fintech Week panel to ”collectively strive towards fintech excellence” while sharing his views on regulatory competition in the blockchain industry. The inclusion of a well-known pro-blockchain speaker on the mainstream panel discussion is a promising indicator for the future of the technology in the US. 🔸Scalability: A Big Obstacle for the Cryptocurrency Ecosystem 31st of October, 2018, marked a landmark for cryptocurrencies – it was the tenth anniversary of the Bitcoin whitepaper, meaning cryptocurrencies have turned ten years old. A lot has been achieved over the past ten years – but there are many goals which have been left unfulfilled. This is particularly in reference to the issues of scalability and adoption, problems which continue to haunt the cryptocurrency ecosystem. Scalability is a problem which wasn’t really envisioned in the early days of cryptocurrencies. 🔸Nakamoto’s Colleague, Donor of BTC 15,678 Says Bitcoin’s Survival ”No Question” Jeff Garzik, a close colleague of Satoshi Nakamoto, said that although Bitcoin may not have reached its original goal of being used as a private currency, there is ”no question” of its survival. Garzik, who until 2014 was the third largest contributor to Bitcoin’s code, was responsible for giving away a developer’s bounty to encourage more workers onto the software in the early days of the currency, around seven years ago. He donated 15,678 bitcoins of his own funds, valued at over USD 100 million in today’s prices. 🔸BitMEX to Settle Contracts using Bitcoin Cash ABC After BCH Hard Fork With the Bitcoin Cash (BCH) hard fork date quickly approaching, plenty of cryptocurrency enthusiasts are anxious as to how many crypto exchanges will support the event. We have had the likes of Binance, Coinbase, Ledger and BitMEX announcing their plans to handle the hard fork. In the case of the latter exchange, the team has just announced additional information as to how the platform will support the hard-fork on the 15th of November. 🔸Bitcoin Could Reach $250k by 2023 Says Tim Draper The cryptocurrency investor and billionaire Trim Draper said that his Bitcoin price prediction for the next years remains solid. Draper believes that Bitcoin is going to reach $250,000 dollars by 2022. Although the market has been in a bear trend in 2018, he confirms this Bitcoin (BTC) price prediction. 🔸Shapeshift’s CEO about Vitalik Buterin: “Ethereum Is Better Because He’s Involved.” In a short conversation with Ran Neuner, host of CNBC’s Crypto Trader, Eric Vorhees, CEO of ShapeShift shared his views on the future of cryptocurrencies and blockchain technologies. |
 | If you happened to read my previous post, you would know WeChat group chats plays a phenomenal role to connect the Chinese crypto circle. The night of July 12th, a unique interview took place in one of those WeChat groups. You may even say the first of its kind. submitted by ox3tv to u/ox3tv [link] [comments] On the one end is my friend Matthew Roszak, co-founder and chairman of Bloq; on the other, there are 499 women--all of them blockchain entrepreneurs and journalists from different parts of China. I worked as the host of the event. Questions were collected from all members in advance. During the next hour and half, we discussed with Matt his experience as an investor, his insights on the future of blockchain, and the launch of his latest project, Metronome. https://preview.redd.it/m1o89yit3cd11.png?width=350&format=png&auto=webp&s=3203cb1edb87872caf7a7468e19fc6fd07d1d86f Here is the complete interview. I have tried to keep it as close to the chat history as possible, though minor tweaks were made for easier reading. Enjoy! Matt: So cool to be here -- and talk about my favorite subject in the world :-) Bianca: It is my favorite subject as well and glad to do this with one of my favorite people in this field. Matt: I am so thrilled you asked me to be a part of this special chat -- ever since you produced that blockchain documentary, your star has been rising higher and higher -- congrats Bianca! I see so many amazing women entrepreneurs on this channel -- super impressive! Bianca: Many incoming questions. We have selected a few. First of all: You’re an experienced blockchain investor. How did you start investing in cryptocurrency? By contrast, what’s your view on the future of Wall Street? Matt: When I started out I was so inspired by bitcoin -- it was a true innovation, an invention (on the scale of a Nobel prize for Satoshi) and became a social movement. https://preview.redd.it/ea30tjsv3cd11.png?width=350&format=png&auto=webp&s=77a71ff0c873ced7e782c7e5759d9fbec3e63b74 I initially invested in bitcoin, then invested in over 20 companies in the blockchain space -- bridges, roads and tunnels -- think wallets, exchanges, miners, payment processors, software layers, etc. -- that helped me create a mental roadmap on this space back in 2012/2013. More importantly, I met some of the most amazing entrepreneurs in this ecosystem -- folks like CZ at Binance, Ted at Xapo, Charlie at Litecoin, Bobby at BTCC and even my co-founder Jeff Garzik. My co-founder Jeff is a rare bird -- he worked on the Linix kernel with Linus Torvalds (creator of Linux) -- and worked on the Bitcoin kernel with Satoshi -- these are two of the most important open source projects in history -- so grateful to have him on my team and as my dear friend… I hosted dinners in every city I traveled to -- about 20-40 people -- that helped me build great relationships and guide my thesis in this space. I thought Wall Street/institutional investors would have been in crypto more substantially by now -- there is very little institutional money in our space -- the infrastructure to accommodate them, namely custody platforms, is being built however not in the format nor risk tolerance they are comfortable with -- that will change and we will see a lot of money flowing in by the end of this year with 2019 being a breakout year for institutional adoption. Bianca: You participated in the first ICOs. What are the lessons you learned from those experiences? Matt: I originally was a bitcoin maximalist -- I was lucky to change that thinking as it would have made me miss other networks like Ethereum, Qtum EOS and many others -- this space is a movie, and not a static picture -- the innovation is rapidly developing and it creates unprecedented opportunities for entrepreneurs and investors. Another key point is that I am an investor, and not a trader -- so I buy and hold for the most part -- and that discipline has served me well. https://preview.redd.it/oy765oi04cd11.png?width=350&format=png&auto=webp&s=c29c40c6633f7a6c04bf9d1a36aab7bf39c13109 Bianca: Compared to bitcoin or ETH, what are some innovations of Metronome? Matt: From a tech standpoint, Metronome (MET) is an autonomous network -- meaning there is no author or founder influence or control on the code since its launch -- autonomous networks will be some of the most powerful and valuable networks in all of crypto -- they are also very hard to build as we saw first hand with the DAO, which broke ETH in half -- that project was way different, very complicated and poorly built, hence it's fate -- but getting autonomous networks right is in many ways a key part of this decentralized future we are all building and investing in. The other key tech component is that MET is the world's first cross-chain crypto -- meaning MET is born on Ethereum but will be able to move to any other EVM (Ethereum Virtual Machine) -- think ETC, QTUM, RSK/BTC, etc. -- like a boxcar on a railroad that you can move to another track -- this creates a new dimension and relationship between the user and MET where you self govern where your MET resides -- we even called our whitepaper an Owner's Manual :-) I do not think people will be moving their MET around from track to track, but from a longevity and durability standpoint -- it has staying power even if ETH or any other underlying rail goes away in the future (as you can move it). So we created MET as an expression of many years of watching the crypto space and believed there was room for more innovation. The other thing that I am proud of is that the proceeds from the auction didn't go to a foundation or a company, they went into code (a smart contract) -- and all that smart contract does is provide liquidity and price support to the MET community through a decentralized exchanger -- all engineered for the benefit of the MET users/community. https://preview.redd.it/gtn3zeu24cd11.png?width=350&format=png&auto=webp&s=08239f7dda379e731db99b5da3fc68bfa564aa8d Bianca: Talking about the auction, Metronome used the descending price model during Initial Supply. Did you observe a lower auction price (for instance, due to buyers using bots to do last-minute biddings), thus bringing fewer funds to the pool than you had expected? Matt: The auction raised about $12MM USD in proceeds during the most difficult week in crypto in 7 months -- we are very proud of the fact that the network launched, the system works, and there were no security issues -- the future is incredibly bright for Metronome! Most other projects raise money and launch several years out -- MET was made alive at launch! -- again, very difficult to build and create these systems -- I am so proud of the team! Bianca: What are the differences between working at private equity and crypto investment? How do you normally evaluate a blockchain project? Matt: OMG sooooo different -- private equity (and even traditional venture) and crypto are two different planets. The common denominator in how you approach people in PE or VC or crypto is people -- you always back people -- no whitepaper or product roadmap is going to build themselves. We are in the early days, so great people are raising lots of money with just a whitepaper -- pretty soon the bar will be raised to ensure projects have a working product/protocol -- the bar will raised even further to have users and utility and metrics on that network. With the total crypto market cap of $250 billion, we are still in the stone ages for crypto -- we have a lot of building and adoption ahead of us -- feels like early Internet or early mobile days -- big fun ahead! https://preview.redd.it/av8sxmu44cd11.png?width=350&format=png&auto=webp&s=4c9f925974372f126dadb4c545a436a241dde879 Bianca: Vitalik just commented “I definitely hope centralized exchanges go burn in hell.” What’s your take on centralized exchanges such as Bitfinex, Binance, and Fcoin? Matt: Oh boy, good question -- well I think we are watching the evolution of all of this -- we need certain infrastructure to get from A to B in crypto adoption -- even centralized exchanges and wallets -- they are not for everybody but serve an important purpose and address a market need for folks that have no clue how to manage private keys. In the exchange space I love watching innovators like CZ and team at Binance -- they created an incredible platform, with a tokenized model that many are trying to emulate -- imitation is the greatest form of flattery ;-) they also have a strategy on how to construct a decentralized exchange. So if you are not innovating and looking to decentralize, your business model may be at risk in the future -- however decentralized applications like this are hard to build and rely on infrastructure and tech that has not been built or not ready for prime time -- decentralization is a journey. https://preview.redd.it/jbyfe7l64cd11.png?width=350&format=png&auto=webp&s=54fdc23caa27b1fac15e0d3770282a03b87bb5e4 Bianca: Many governments are tightening on crypto regulations. Where do you think the government policy on crypto can go? Matt: Historically technology innovation has always outpaced regulations -- we are seeing that play out big time in crypto. I am inspired by what Singapore, Switzerland, Malta, Barbados and other countries are doing to attract projects and innovation to their boards in our industry. Lots of jurisdictional arbitrage is playing out -- countries smell the crypto ;-) and want to bring jobs, innovation and investment to their borders. This happened before with online gaming, hedge funds, etc. -- however with crypto, these networks can be trillion dollar blood vessels of value. Bianca: Given the current market situation, what suggestions do you have for investors, entrepreneurs, and service providers? Matt: Never has a technology frontier like crypto had the potential to impact power centers like Wall Street and Silicon Valley -- that is and will continue to be tested with crypto. MONEY = POWER (old adage) MONEY = TECHNOLOGY (with crypto) TECHNOLOGY = POWER (new adage) https://preview.redd.it/suyc16f84cd11.png?width=350&format=png&auto=webp&s=7a4a906d87a9d519569f60ed3e2ef37f0d265de6 Bianca: Any story you can share when you sent bitcoins to Clinton and Branson? What were their attitudes towards crypto and blockchain? Matt: Several years back bitcoin was so abstract to people outside of our industry -- I used to always keep a physical bitcoin on me to use as a conversation starter -- I love the Kialara physical bitcoins -- they are works of art and exposes a cool reaction when I give them to people -- the physicality always helps in a discussion over dinner or a drink -- gives tangible to the intangible ;-) I was fortunate to meet some great people and try to open their minds to this new technology frontier -- I gave bitcoin to: Richard Branson, Bill Clinton, Steve Wozniak, Robin Wright and many more -- Branson is an inspiration for me in how he conducts business and gives so much back to society and the environment. Bianca: Last question from the group member: do you think the market value of many digital coins will return to zero? Matt: My sense is that about 90%+ will go to zero -- I think BTC and ETH will continue to do very well as they are the two "gateway cryptos" for new money (institutions) coming into this ecosystem -- that logic will spread to the top 10-20 large and mid-cap cryptos -- speculative network effects will kick in -- we are still in the investment and speculative phase crypto (like it or not) -- once there is real utility, transactions and throughput, we will see which networks wil remain for the long haul -- the potential here is tens of trillions of value -- we have a long way to go… https://preview.redd.it/6kwrwjja4cd11.png?width=350&format=png&auto=webp&s=b91c4a9be963b771ac8879ef8da9ac4b2343bd95 Bianca: Before you go, would you like to share your feelings today? Do you have any other words for the ladies in the 499 WeChat Group? :) Matt: Once more, I am so honored to spend time with you all -- super impressed by the women in this group -- this is the best time to build, invest and be a part of one of the most important societal shifts in history! |
| Submissions | Comments | |
|---|---|---|
| Total | 1000 | 53623 |
| Rate (per day) | 33.50 | 1780.26 |
| Unique Redditors | 466 | 5134 |
| Combined Score | 118969 | 219877 |
Generated with BBoe's Subreddit Stats
| 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 github.com |
| 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 bitcoin.org 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 bitcoin.org and bitcoin-qt. I have no idea if they would like us to help manage bitcoin.org, since we just launched yesterday. |
| If the decision makers for bitcoin.org 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. bitcoin.org 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 Bitcoin.org? | What do you mean? Like if Jeff Garzik made cool software that would help the Bitcoin world but didn't release it at bitcoin.org 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 bitinstant.com. | |
| 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. |
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