Better Business Bureau: Crypto Scams Are ... - Bitcoin Insider

Tesla Purchased With Bitcoin - Business Insider

Tesla Purchased With Bitcoin - Business Insider submitted by NSLbot to NSL [link] [comments]

Survey Responses Are IN!

I want to thank everyone who replied to our survey! Your feedback is extremely valuable!


Here are the results and how they're helping shape our direction.


What goals would you like to see us accomplish? What's most important to you in how this Quadriga situation ends?

This was an open-ended question and the answers varied widely (and there was definitely a lot of responses which mentioned multiple goals). Here's a summary:
The justice theme has been entirely overlooked by what we're doing. Discussing the idea on the Quadriga Uncovered Telegram group, it was determined that there was definite interest in a potential letter-writing initiative. One possibility would be sending letters to the RCMP to request the exhumation.


Is there any part of our initiative which confuses you?

Almost universally, there was no mention of any confusion.
The feedback we did receive:
Please feel free to reach out on Telegram and Reddit if there are any further questions!


Is it more important to you that we focus on (a) helping victims of Quadriga recover, (b) educating more people about Quadriga and other exchange fraud, or (c) preventing future exchange fraud events like Quadriga?

Of the first or only choice picked, 70% chose (a) helping victims of Quadriga recover, while 30% chose (c) preventing future exchange fraud events like Quadriga.
(a) was mentioned in 80% of cases, and top choice in 70%.
(b) was a second choice in 30% of cases and mentioned in 35%.
(c) was mentioned in 65% of responses and top choice in 30%.
The educational portion of our initiative was seen as the lowest value. We are floating the idea of replacing the Education goal with a separate Justice goal, which is composed of letter-writing and other advocacy to help speed up any potential criminal investigations.


What bothers you most about Canadian cryptocurrency exchanges?

The responses varied widely. Here's a selection:
There is clearly a lack of satisfaction.


Should preventing events like Quadriga focus more on regulatory reform (working with regulators) or trying to create change through setting the example on one exchange and go from there (similar to how "Tesla" has electrified vehicles)?

Overall summary:
Pressing forward on both fronts appears to make the most sense.


Would you rather have the recovery run inside of a for-profit exchange (sort of a marketing/promotion idea to push people onto a safer exchange) or as an independent group of affected users pushing for our own interests (working with the safer exchange and other businesses potentially similar to a labour union or political advocacy)?

The end result:
We will be working to run this independently, however working closely with our partner exchange as a joint project (and it is definitely a promotional tool for them).


If given the choice, would you prefer (a) $20 cash each year for 10 years (slower recovery with full choice), or (b) your choice of $200 worth of discounts on products/services that are donated by small businesses which you could use this year (faster recovery with less choices)?

60% indicated a preference for (b), and 40% had the preference for (a). There is clear interest in focusing on both, which will push the fastest and most flexible recovery.


Affected users have a liquidation option which allows non-victims to purchase their tokens on the exchange. How do you feel about charging non-victims a small fee (5 cents per token) that is split between funding the project and a pool for affected user payout?

50% expressed outright support for the idea. Below are more detailed responses and comments:
At the moment this has not yet been agreed upon by the partner exchange.


Have you discussed the project with anyone else who lost funds in Quadriga? What kind of feedback are you hearing?

40% said they've discussed it. 40% have not. 20% didn't answer (or it was hard to understand). Some of the responses:


Many affected users have strong privacy concerns and shame regarding what happened to them, such that they are even hesitant to share basic details. What do you feel is the best way to build trust and openness among the affected user community?

Here are some of the replies:

Notes: Percentages rounded to the nearest 5%.


Thank you very much for everyone who took the time to respond! We will continue to study your answers as we move forward!
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

How to succesfully Invest and Basics

This was written for a different group /stocks it got deleted so hopefully this time it works !
Disclaimer
I dont want to sell you or recommend anything ! Just my expierence and little help so enjoy. If you want to ask me anything feel free, I try so answer everything.

This article is meant to be a small guide that helps you to find your way. Its based on my experience and knowledge, I gained throughout the years. Iam by far no professional. Iam just a guy who loves to invest. If you are new and have few grands to invest this article might help you.
My motivation to write this article was because when I turned 20 I got a small loan of 1 milli.... just few grands from my parents plus the savings I made from working. For me it was clear that I want to invest them. I always liked the idea making money and not really working for it! (Spoiler its kinda true and kinda not)
So I sum up few steps which will helped me to orientate and maybe help you to make your first investement
Step one 1. Where I can Invest?! You can basicly invest in everything. They are infinite options but I just cover up few topics.
They are 5 investments I would like to adress.
  1. Stocks.
    1. Real estate
    2. Options
    3. Start-ups
    4. Krypto n+1. art, old cars, drugs?! (Don’t do or sell drugs pls!)
Stocks (my fav.) I love stocks. I love understanding what the company’s plans are and where they are heading.
They are 3 different types of investment strategies.
  1. Short term (daily) That’s usually daily trading. That means you invest and sell on a daily basis. If your not a expert it can frustrating and the chances that you will lose is high. Many people forget that you have to pay taxes and fees so even if you for example invest 1.000 and sell for 1.050 within 20 min. You will have to pay some fees and taxes and with luck, you are where you started. It only makes sense when you invest a lot, otherwise it makes no sense and to be honest I don’t know any person which makes profit with it.
Difficulty: Hard
Stress Lvl: High
Risk: Medium/High
Profit: Usualy bad
Investement: Medium
  1. Mid term (6month – 1 year+) You buy some stocks for a longer period of time and hope it will go up soon.
This investment is much easier and less risky than short term. You see a stock going up and up so you invest 5k and hope you can ride a little on this upwards trend. Its fairly easy but you have to keep an eye on the market. A good example is VW it dropped because it has some Image problems. Thats a chance to invest! It will most likely to recover because its the biggest automarker in the world and it did. It happend 1000 times and normaly big companies dont fail they are exception but without risk you dont get anywhere
Difficulty: Medium
Stress: Medium
Risk: Medium
Profit: Good
Investment: Low
  1. Long term ( 1-2years – 10 years+) Means you want to invest for a long time you are not only interested in making a quick buck but making a slow and steady progress. You are not interested if the stock goes up or down but you are more interested how much divendend they pay. Usualy they go up very slowly but steady. A good example for this type of stock is Royal Dutch (shell) it has ist up and downs but compared to other stocks ist stable. The dividend is 6% which is insanly good no other big company will pay you that every year. You invest 10.000€ and get every year 600€ which means a holiday for free. Also the work is very little, you only have to check the stocks every few weeks/month You wont get rich but its better than having it in the bank.
Difficulty: Easy
Stress: Low
Risk: Low
Profit: Low
Investment: Low-Medium
Before you invest check the company read the news and get a good overview. I have to admit Iam a fanboy at heart. When a stock of one of my fav. company’s has potential and it does make sense to invest it feels like buying tickets for my favorite Rockband. You support and cheer them on and if they grow you grow with them. BUUUUUUT don’t get my wrong never buy stocks just because you like the company or they have a cool name.
All in all Stocks are a great Investment!
Real Estate
If you want to invest in houses it’s a very save and profitable investment but it depends on your area and country you are coming from. In Germany most objects are overpriced right now so it wouldnt make any sense to buy some. In generell the more money you have the better. They will will be much more people who can afford an cheap flat/condo than the other way around. So expensive objects are better! The optimum is always a shitty apartment in a very good area. Also buying objects in bad areas cause lots of trouble with tenant. Crazy families who refuse to pay, messy people etc. this can end in a stressful situation so beware of that.
If you are already rich af than buy propreties
Example
I went once to an auction and most apartments are sold for double the estimated value. It would take ages (20+ years) to get your investment back. So beware of your market situation.
Difficulty: Easy
Stress: Usualy low/medium
Risk: Low
Profit: Medium
Investment: High
Options
Options are basicly betting that a stock with go up or down. You can bet on nearly everything. You can make lot of money very quick and lose everything even quicker. For me option trading is gambling with few extra steps. The difference is you can lose more than you invest. They are cases where people invest 1000€ and lose -120.000€ because suddelny the market changed.
If you have gambling problems and tendency to gamble this is absolutly not for you. You can see here (in the forum) lots of bad examples where people going full YOLO on something and lose a ton of money. They save up a little, invest in something even more risky and lose again.
I know a friend who makes good money from it but he has a clear head and read many books about this topic he uses software to analyse the situation and everything and he admits that sometimes he doesnt understand what happend. Of course options are not the devils tool but I like to be the voice against it. The truth is in the middle.
Iam a person who likes to understand what am I doing. After reading and learning about it, for more than a year I was more confused than before. It is probably because Iam to stupid for it, so I gave it up and moved on. Options are not for me
Difficulty: very hard (at least for me)
Stress: high
Risk: low - very risky
Profit: It can be everything
Investment: low
  1. Start-ups
Start-ups are also a great business opportunity. I was lucky enough to invest once a little bit into a upcoming company from my firend. He showed me his company and the plans for the future. I already helped him with few shows and stuff so I knew how everything worked.
The biggest bullshit I ever saw are the analyse prediction of the future sales. During the last few years I saw few of them and they all predicted that the company will make an absurd amount of money. It looked like high cool project all shiny and with big numbers. To be honest I dont even know who pay these people to make such bullshit predictions, seriously.
(as you can see I love talking from my life so forgive me my dear)
Long story short I still invested because I understood their model. They existed and already made great progress. I made 50% profit in 3 years. I am still very happy and greatful to had such good chance to invest and would do it again.
They biggest question is how do I find such chances ?
Tell people you are intersted to invest maybe a friend of you will start an company and you can invest or help you to find such a opprtunity. I went to many start up meetings and talk about a lot with my friends. They dont want to hear it but I tell them anyway and if there is a chance they will call me.
Few Tipps:
- Look for already existing companys
- Most companys give you a very good inside look before you invest! If not watch out they hide something.
- Try to understand what they are doing and where they are heading
- Look what the will offer you for your money!
Difficulty: Medium/hard
Stress: Medium/low
Risk: Medium/High
Profit: Good/Very good
Investment: From Low to high
  1. Krypto
Boy oh boy where to start. I heard to many experts saying yeah krypto thats future boyyyyyy I invested everything BOYYYYYYY and in few month I will be rich BOIIIIII. I heard this story so often that Iam allgeric to it now. This irregulated mess based purly on speculations wasnt anything form me. I didnt invest a cent into it and had lots of chances when bitcoin was 300-500 €. It didnt simply fit into my portfolio. It had no function for me. You could pay for your drugs in the deep web and some hipster pizzerias accepted it but in generell it had no function. So investing into kryptos is just speclutions it has no real fundation what I like.
My friends who invested early made a ton of money but all the people on the Hypetrain crashed.
Difficulty: I dont know
Stress: Depends how much storys you make about it on Instagra´m
Risk: Over 9000
Profit: It can be everything from super high to low in just few days
Investment: What ever you want, if this is still to expensive for you, make your own coin and hope some Idiot buys it!
Now you know my knowledge ehh more like my opionen on few things now its time for……. Step. 2. Get a rough overview
Back than I didn’t know where to start so I asked everybody for advice like parents, friends , my parents friends, banks, forums, news etc. and got very different results.
Friends and family can be a good source of information how they did it. Of course often investments are impossible to repeat because they are 20 years ago but they can give some good advice. Its nice to hear few cool stories.
Example
Royal Dutch shell hast wo different stocks. One based in england (B) one Dutch version (A) (explained very simple, not 100% accurate). If you purchase Royal Dutch (A) you have to pay a 15% withholding tax that you wouldnt when you buy Royal Dutch (B).
Banks
Banks are terrible to ask. I always had shitty experience. The lured me into meetings, only to sell some shitty investment models from which they make some good money of me or some stupid insurence. They are not interested in your loses or profits they are interested to sell you the next stupid investement from which the make money. They never keep their promises and if you loose they will cheer you up and show their new hot investement and so on and so on until you loose and they drop you.
My mom works kind of in the finance sector and you wont believe home money older people lost ton of money because of this. I also found few very shady investements opportunities who would be illegal but I wont get into detail cause I dont have 100% proof for it and I also dont want to get in any trouble. As you can see Iam not big fan oft them and do not recommend!
News/charts/indexes/Forums
For me charts & news works the best. It’s easily so see what’s going on and gives you a great overview. The chart showed that a stock dropped 5%?! Good! Read the news/forums and find out what is going on! It’s that easy you don’t need 15 monitors and crazy software to understand what is happening. Dont make it to complicated! Have an easy overview about the market which you would like to invest.
Example
My parents invested around a year ago alot in Tesla. It was before Model 3 was released. Tesla had no expierence in mass production and it was clear (at least to me) that they wont have an easy start. They still made no profit and it was the first step to play with the big boys. Back than the Tesla stock was way over 300€ and it was based a lot on speculation and hype. It couldnt live up to they hype and dropped ≈ 30% - 35%.
  1. Few points & strategies
No Emotions
Never ever let your emotions guide you. Stocks are not based on a stomach feeling or any other emotion. Dont invest just because you like Elon Musk or Apple or anything. If I have a the chance to invest into one because the timing is right. Always make sure you know what you are doing. When it can wait a day, sleep a night about it and be sober! You can get sucked up into this world you will start giving a shit if you lose one grand and start digging deeper and deeper and lose sense the value of it. Stay sober and now when you have to stop.
Making losses
It will happend and dont freak out !
They are two options how to handle it and it depends on few things.
  1. Sell them, you see the ship is sinking and their no possibility you can save it than sell it, It hurts but better early than it is to late. Or you find a better possibility to invest for example a start up than its also fine.
  2. Keep it! Turning a Short/Mid-term investement into a long-term investement. Check first if the company will recover from it. For example the VW stocks dropped a lot due it scandal few years ago but it was clear that they will not go bankrupt so after a while they recover from it. Technically the market will grow infinite so after every crash they reach new heights, if you can wait that long the chances are high that you will make some profit and do not lose any money. Maybe the profit will be small but better than losing everything.
Diversity
Dont put all your eggs in one basket but also dont but every egg in a different basket. Have a good mix that you can still have an overview about your investment. Dont depend on one investment something bad can always happend. Having a good mix is important some investments will go up and few will go down. Its rearly that everything will crash (expect crises). So you can sell the good one and keep the bad ones until they go up.
Scams
Online
Stick to the basics! They are a ton of scammers online who want to show you a way to make fast money. Its mostly some MLM (multi level markting) aka Pryamide sheme, some buying and reselling some stuff from China or some weird option trading platform where pay in and your money is gone in 5 min without any trace o fit (no chance getting it back)! The Instagram advertisment is so ridiculous and I feel stupid mentioning it but hey if it wouldnt work they wouldnt exist. So please dont be this guy….
Offline
I really wanted to invest and have an own start-up. I met many people and visited countless seminars. Few of them offered me to invest but it was a mostly a mess. Onced I got fooled. A friend and I meet a person who had a start up for social media. We had some meetings restaurant he paid everything for us and looked very legit. I worked 3-4 month in this start up 3-4 hours a day, even on weekends for free. Only later to find out I was the only one working in it. (My friend pulled out very early cause he wanted to focus on his PhD) They rest oft he Team did absolute nothing! All the money the company generated was based on my work. They didnt make a lot of money but around 600-800€ a month. The founder spend all the money on vacation and stuff. I never got anything. They wanted to sell me 10% of the company for 15.000€. I always said I need more inside infos, which of course I never got. So I pulled out and they went mad and threaten me to sue me. I feel to this day ashamed that I trusted them and didnt saw it.
If you want get into something like this make a contract dont rely on handshakes people will tell you everything and wont keep it. I learned it the hard way
Be open minded
I met enough people who dont want to share with me their portfolio because they are scared that I will steal something from them. Its stupid! Talk to as many people als possible about your investment. Some amazing things can happend. I meet to many great people because of that and with some I share a 5+ years long friendship maybe we dont share the same ideas but I leanred a lot of it and sometimes I made some profit because of it! Be open !
Prediction & graphic lines
When I did my first Investment (it was gold) I read every morning every article about it I could for at least a solid year. Every monring 20 min Thats rouhly 120 hours. Thats time I will never get back. It was wasted time. The news/articels predicted everything. It was a rollercoaster. I believed it in the beginning because it was new to me. It really messed me up and I spend way to much time overthinking. Its fine to see a prediction but the more extreme it is the more it will never happend.
Also the trendlines are mostly worthless. I read so many people talking about the 50 day trendline or the 200 day trendline. It only idicates if a stock goes up or down but people interepte everything into it. “Oh yeah you can see the restience at 12.50 if it will drop below everbody will sell“. The next day it dropped and nothing happend. Dont believe everything in the internet. (lol)
Keep it simple
Dont make it to complicated you can have the best infos and charts and everything in the world and still lose everything. So dont make it to hard for yourself.
THE MOST IMPORTANT ADVICE
No depts
Dont take a credit just because you know a great investment. No matter how much you could earn DO NOT TAKE A CREDIT. This can not only ruin you financily but also your family and your whole life. This is no joke! Make no depts.
DO NOT MAKE FUCKING DEBTS!
My Strategy
It is a mixture of long term and mid-term stock investments. Its very easy I invested in:
Before I buy some
- Royal Dutch because of the high dividend
- Deutsche Bank when the hit nearly a all time low hoping to recover (still hoping ☹ )
- Lufthansa because they bought few airlines and hopefully will grow but its not (thanks Greta !)
- Tesla because they are low and made some good deals for the future. (update, sold it and made 30-35% in 6 weeks)
Am I rich or making a lot of money?! Hell no! But Iam making enough to pay for my holidays and few extras. I am patient enough to sit out bad times. I never sold anything with loose and I want to keep it that way. I like having a clean record.
Thanks for reading and feel free to ask my everything.
submitted by Ostblocktricker to howto [link] [comments]

The Regulatory/Legal Environment

Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article.
Cryptocurrency Regulations across Major Countries
Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble.
This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry.
Canada
Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA)
There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test).
The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well.
If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan
Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies.
China
The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading.
China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework.
“ “The United Kingdom & European Union
Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders.
The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money.
This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries
Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies:
-Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore.
Countries with the most stringent and negative cryptocurrency regulation:
-Venezuela. -South Korea. -India. -Russia.
Did you know?
It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan.
Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA
Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement.
The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law.
On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain.
Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe
The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways:
-Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved.
-Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state.
This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws.
The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””.
The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2
Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association.
The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home.
Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets.
There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain.
Country-by-Country Cryptocurrency Adoption
Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption
Estonia
Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”.
As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange.
This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world.
Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment.
This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption
The United States of America
The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs.
Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape.
Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology.
For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption
Denmark
When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies.
Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark.
With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption
Sweden
Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time.
Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations.
Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption
The Netherlands
The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City.
There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands).
The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay.
The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption
Finland
Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin?
Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy.
Canada
Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”.
Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences.
There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption
United Kingdom
The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment.
It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US.
In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption
Australia
The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts.
The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”.
The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency
Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return.
Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations.
Belarus
Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley.
The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry.
“ “Taxation and Cryptocurrency
Portugal
Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains.
The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation.
From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal.
China
China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment.
But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency
Netherlands
Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime.
Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective.
Germany
Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too.
Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product.
Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO
Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed.
Estonia
This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem.
The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO
Singapore
Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO.
The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system.
Where to Base Your ICO
Slovenia
Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business.
Switzerland
Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general.
Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co
Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
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DisruptED TV Magazine features Dr. Christopher Nagy

A Case for How Disruption Leads to Innovation

By Dr. Christopher Nagy @DrCNagy

Dr. Christopher Nagy
The year 2007 created a tsunami of disruptive technologies that now impact how we work, study, live and play. In 2007, according to Tom Friedman in his latest book Thank you for Being Late (2016), the world experienced the greatest inflection point in history, and as a result, today’s world is forever changed due to those technological advancements in 2007. Key technologies were launched in 2007 that set the stage for the technology revolution we are experiencing today, and to a great degree, in the delivery of education.
Consider that in 2007, the Apple iPhone was introduced for the first time and Intel created non-silicon chips for the first time to increase speed and processing. Both Facebook and Twitter were launched while Google purchased YouTube in 2007. In that same year, the Android processing system was released and Amazon set the stage for digital media with the launch of the first digital Kindle book. Companies such as Airbnb started without any real estate and IBM Watson was introduced for the first time setting up the initial phase of the artificial intelligence era.
The 2007 technology acceleration created new applications to learning. A case in point, this past year, my administrative team and I introduced for the first time, drone technology as part of our pre-engineering program where students before graduating high school now sit for the test to be certified FAA drone pilots. We also introduced virtual reality as part of our welding, auto body painting and Law and Public Safety career programs. As a benefit of these technologies other than significant cost savings realized due to a decrease in product waste, we are seeing an increase in non-traditional students enrolled in these programs once thought of as gender specific — the fear factor having been removed. Furthermore, as part of our three-year strategic technology plan, we have embraced a digital learning environment that now includes the Google classroom, Google Suite of collaboration, digital books, web-based programs such as Soundtrap, a competitor to Apple’s Garage Band as well as a host of social media channels that now capture innovation in and outside of the classroom. Furthermore, we are launching this summer, a Future Ready Institute for professional learning that will create opportunities for staff be certified in technology applications.
According to Friedman (2016), as the world becomes more interdependent and complex, it becomes more vital than ever to widen our view on the world and our lives and to synthesize more perspectives given that no one-size fits all. To this point, technology venture capitalist Hemant Tanjeja in his latest book, Unscaled (2018), addresses the economies of unscale which is a process to unpack or unravel prior economies of scale achieved only by very large companies. With the help of new artificial intelligence technologies, emergent innovators can now compete against the giant companies. In fact, the small companies are now in a position to gain the scale of big companies by renting part of the big company platforms gaining scale almost immediately.
Another example of this shift in scale can be applied to many schools where there is unused space. I am proposing that we look at our schools, assess the availability of unused space and ask how we can create incubator spaces to rent to small companies. Depending on the size of school district and resources, the small companies could gain scale almost immediately that otherwise may take a small company five-years to build. A benefit to the district in addition to revenue in this incubator example is the creation of a pipeline of real world internships or externships for students to apply what they have learned to inhouse company innovations.
The world today is driven by accelerations in technology, globalization, climate and geopolitics all interacting along a continuum simultaneously. This is illustrated by Nicco Mele’s seminal book The End of Big (2013) where he very astutely makes a case where the internet and social media make the proverbial David, the new Goliath. Supercomputers that were once only seen at IBM can now be carried in the palm of our hands as smartphones. Connectivity, immediacy and timeliness across continents, time zones and across cultures with the assistance of smartphones have been able to disrupt corporate boards and in other cases, bring down nations or mobilize a large group of people to demonstrate or protest.
ll we need to do is look at the work of Erik Qualman whose Socialnomics 2018 (YouTube) and his book Socialnomics (2013) identify key suggestions to navigate the social media age while highlighting the ten largest populations in the world. Interestingly enough, seven of the top ten are not focused on land masses such as China, Russia or the USA, but rather on people and how they are connected to one another. Among the largest populations are social media companies like Facebook, Twitter, Tencent, YouTube, Instagram and Linkedin. Depending upon the number of social networks individuals are enrolled, the degrees of separation move closer to three from six according to Niall Ferguson (2017). The world actually gets smaller the more connected we become. Ferguson also notes in his seminal work The Square and the Tower (2017) that social media companies tend to place followers in silos according to people of similar interests. This plays a major role for personal and professional lives. Today, students typically spend around five hours a day on social media. This presents an opportunity for educators to leverage that interest and seek to value social media as an interactive and informative tool that enhances the classroom experience.
The disruptive nature of technology places each of us in a position where we cannot afford to be content with the status quo or we become technologically and educationally obsolete. Futurists such as Jim Carroll and Gary Marx indicate that within a few short years, our resumes will reflect a list of discrete skills sets and credentials we have earned rather than list of jobs and degrees. Companies are interested more on problems to be solved and what skill sets are brought to their business. Some days, we feel as though we will never get to the top of the elevator because as fast as we go up, so too do technology and societal challenges.
The disruptive power of innovative technologies has also affected fields such as healthcare and social and emotional wellbeing. Recently across the nation, we celebrated in the month of April, Autism Awareness Month. Technological advancements in research noted by such neurologists as David Perlmutter in his book Brain Maker (2015), has bridged the gap between genetics and the environment whereupon the introduction of probiotics within the study of gut microbes has shown promise to reverse some of the symptoms of autism. Or in the area of exercise science and neurology, Zach Schonbrun’s book The Performance Cortex (2018) has shown how neuroscience is redefining athletic genius. Even looking back at the recent marriage of Prince Harry to Meghan Markle, the royal wedding ceremony reflected a significant shift in the normal pomp and circumstance protocol to a more modern and inclusive approach, another sign of the changing times and innovation.
Technology is also driving big changes in industry. Tesla the maker of electric cars, rockets and solar panels is seeing stiff competition as technologies become more readily available, prices for products go down. Who ever thought that Amazon would buy a grocery store chain named Whole Foods. Pilot programs are being run by UPS and Amazon with drones to deliver packages. Cell companies are looking to satellites to deliver signals to desolate areas. Companies such as Uber and Airbnb own no real estate or companies like Alibaba or Amazon own no inventory but are in the business to make connections. In recent years, Bitcoin has taken the financial world by storm. The technologies will necessarily change how financial institutions function. We have also witnessed seismic geopolitical changes be it in North Korea, China and Russia. In the end, these changes reflect this disruptive phase which has become our new normal.
When addressing my staff at the beginning of this school year, I noted that there are three ways to look at our world and our work and how we navigate within them, namely, to think inside the box, think outside of the box or look where there is no box and create a new pathway. I encouraged my staff to choose the latter for it encourages risk taking, innovation, entrepreneurship, engagement and creativity.
The world is generating more information and knowledge than ever before thanks to Moore’s Law and big technological advancements. This has a disruptive nature on our lives as educators and business men and women and necessarily changes how we think, work, process and play. As we look back to 2007 with an eye toward the future while navigating the present, we are challenged to embrace the changes technology present us and seek to be judicious, nimble and agile enough to grow personally and professionally as a result.
Ferguson. N. (2017). The square and the tower. New York: Penguin Random House, LLC.
Friedman, T. L. (2016). Thank you for being late: An optimist’s guide to thriving in the age of accelerations (First edition). New York: Farrar, Straus and Giroux.
Mele, N. (2013). The end of big: How the internet makes David the new Goliath (First edition). New York: St. Martin’s Press.
Perlmutter, D. (2015). Brain maker: The power of gut microbes to heal and protect your brain- for life (First edition). New York: Little Brown and Company.
Qualman, E. (2013). Socialnomics: How social media transforms the way we live and do business (Second edition). New Jersey: John Wiley and Sons, Inc.
Schonbrun, Z. (2018). The performance cortex: How neuroscience is redefining athletic genius. New York: Penguin Random House, LLC.
Taneja, H. (2018). Unscaled: How AI and a new generation of upstarts are creating the economy of the future (First edition). New York: Hachette Book Group.
Dr. Christopher Nagy is a superintendent of schools for the Burlington County Institute of Technology and the Burlington County Special Services District. Dr. Nagy is a member of the Burlington County Workforce Development Board, Burlington County Chamber of Commerce Board of Directors, is an author of a book and many articles, is an adjunct professor for doctoral program and is a guest presenter. He may be reached through Twitter @DrCNagy or on Linkedin at https://www.linkedin.com/in/christopher-nagy-08949516/
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AMA with Tezos on ARK slack

boldninja
All welcome @breitwoman (Kathleen) and @rawzeee (Ross) from Tezos.com - today they will answer any of your questions regarding their upcoming project
breitwoman By way of introduction, I am Kathleen Breitman, the CEO of the company which created Tezos. I am tag teaming this with @rawzeee, who works for the Swiss Foundation which will be responsible for running the crowdsale later this month. Ross will handle crowdsale-specific questions.
rawzeee Hello! Greetings from Zug!
jamiec79 :wave:
breitwoman Very jealous of Ross right now, Zug is gorgeous
techbytes Welcome.
rawzeee I saw a man playing an alphorn in front of UBS today. Most Swiss thing I could've imagined possible.
arkvader Greetings from far far away....
tranzer Hi Tezos! I have 1st question, by the looks of it Tezos will be in OCaml right? Why did you decide on OCaml? Are there any advantages over other languages?
mike Hi Kathleen and Ross, good to see you.
moobox hello Tezos people
breitwoman @tranzer great question. we wrote the protocol in OCaml. It was a confluence of a few things... Pragmatically, we found a great team with an emphasis on OCaml based in France and Arthur (CTO) is a French national so it was possible to work with them pretty seamlessly. On the technical side, OCaml is a great PL for writing code that can later be formally verified. Security and consistency of execution are two principles we tried to optimize for and OCaml lends itself well to those goals. See also section 1.4: https://tezos.com/static/papers/position_paper.pdf (edited)
dr10 hello tezos
breitwoman howdy all!
dr10 How would you shortly & easy-to-understand sum-up the advantages of TEZOS to magazines and non-crypto people?
tranzer What consensus system will you use? Like PoS or some hybrid? Will there be any rewards for signing blocks?
breitwoman My TL;DR runs on two talking points -- Tezos is a new blockchain that aims to create a robust governance model by allowing token-holders to come to consensus on protocol upgrades but also preserve rules over time by using mathematical proofs. Unlike previous blockchains, it can deploy upgrades to the network in an elegant and seamless way.
@tranzer we have our own POS algo. We have nominal inflation in the protocol to incentivize participation.
dr10 So in easy words, Tezos is built to easily adapt to any technic innovations?
breitwoman @dr10 yes, it was borne out of the first alt coin craze when everyone deployed a new token to instantiate even the most marginal improvement
dr10 okay
breitwoman Tezos wants to preserve network effects while keeping pace with innovation
dr10 Your whitepaper has very tech-heavy language. So I'd like to ask questions that are stupid and simple. :smile: What are the three crypto-currencies that are most similar to yours and yet why is Tezos different?
breitwoman Yeah, the position paper is more accessible
dr10 yeah i've read them all
breitwoman 1. Decred. Though they don't push automatic upgrades and they can't introspect on the protocol. 2. Dash. Though they also don't push automatic upgrades, can't introspect, and I think their funding model is a little backwards. 3. Ethereum has a lot of similar technical goals but no formal, on-chain governance model. We made our protocol with a bigger emphasis on formal verification and security.
someonesomeone Hi guys!
dr10 thank you! and hi someone :smile:
In your position paper you state "Tezos truly aims to be the last cryptocurrency." No matter what innovations other protocols produce, it will be possible for Tezos stakeholders to adopt these innovations" - Can Tezos implement any future innovations within its code? Wether its a new programming code, artificial intelligence or implementing big data of anything?
i wondered about that
i am a no-coder so I dont grasp everything
tranzer How much do you aim to raise in your ICO will there be any minimum or maximum? Will it be normal proportional auction or fixed price per token?
breitwoman @dr10 obviously limitations to anything that a blockchain can do... it can't solve poverty or hunger, but we made the code with a very modular design that allows for a lot of flexibility
someonesomeone @breitwoman do you plan on doing a smartbridge with Ark? Or any other partnerships with them? :wink:
dr10 yeah but I am wondering about future innovations like artificial intelligence, if that can somehow be implemented.
breitwoman @smartbridge good question. I like Ark but I'm not familiar enough with what they're up to... open to all sorts of things though!
dr10 My theory is that these future innovations will be interconnected by cryptocurrency
breitwoman @dr10 So, our CTO is a bona fide expert in AI and he doesn't think there are a lot of synergies with AI and blockchains
dr10 What is block target time? What is transaction speed? How many confirmations are needed? Couldnt see that / find that... maybe I oversaw :smile:
breitwoman but we'll keep our eyes peeled
dr10 okay
someonesomeone @breitwoman cool. Ark is doing a great job from what I can gather and I am pretty sure that I will also invest into your ICO, since your project also looks very interesting
breitwoman @dr10 I think that's all referenced in the white paper, which was recently updated!
soporificprose Can you answer Tanzer... I have same questions.
breitwoman That's a good question for @rawzeee
dr10 okay, maybe I oversaw. I have read them all. no problem
In your Whitepaper you state "Bitcoin, Ethereum, Cryptonote, etc. can all be represented within Tezos by implementing the proper interface to the network layer." Does this mean you try to interconnect all those cryptocurrencies? (edited)
breitwoman @dr10 we're targeting 1 minute between blocks. We haven't set a blocksize yet, but we'll her on the side of caution at first. It's better to raise the blocksize through the amendment mechanism once we are confident in the network's throughput.
jakethepanda Will users be able to issue asset tokens and build on top of Tezos?
breitwoman @dr10 no, that's more like Cosmos... a different but cool project
dr10 ark is doing that too
:smile:
rawzeee There is no minimum or maximum, though if only a few million were raised stakeholders would be asked whether or not they wanted to offer another TGE (Token Generation Event) to newcomers. Fixed price of 1 BTC to 5000 XTZ (tezzies), plus a descending bonus from 20% to 0% in 5% intervals every 400 BTC blocks. The entire TGE lasts 2000 BTC blocks. tranzer How much do you aim to raise in your ICO will there be any minimum or maximum? Will it be normal proportional auction or fixed price per token? Posted in #trading_altcoinsToday at 7:12 PM
dr10 I didnt find on that one, or didnt look too deep. What are the references of you and your team members? On what projects did you work before?
breitwoman @jakethepanda yes, they will but we think it's a better idea to propose those features that you'd find in an appcoin as a first class citizen
rawzeee Yes, was typing the answer up! It's posted now. soporificprose Can you answer Tanzer... I have same questions. Posted in #trading_altcoinsToday at 7:15 PM
breitwoman @dr10 I'm a pretty open book... I've worked in finance at a hedge fund and a VC, then in consulting... Arthur worked in high frequency trading for many years at places like Goldman and Morgan. Our developers are very academic
dachshund what type of role/influence do your initial investors (polychain, etc) have in the overall governance of the network, if any
dr10 What is the Payment for ICO? Paying in ETH or BTC or any other and how much will one Token cost?
breitwoman Technically, none. We sold a nominal amount of tokens to a large group of people. They have the same status as any other participant but got a slight discount over the crowdsale price for tying up their capital for several months.
techbytes that include Tim Draper?
breitwoman I solicit their advice a lot though... it's a really savvy bunch and I was a one-woman band on the operational side.
raolin Hey Kathleen - has your team given anymore thought to the post ICO mission? Roadmap? Additional team expansion?
soporificprose Are they restricted from selling for a certain length of time?
breitwoman no
@raolin check out our outline at the end of our presentation https://www.tezos.com/static/papers/Tezos_Overview.pdf
tranzer How much was sold to those pre-ico funders?
breitwoman All in here guys: https://www.tezos.com/static/papers/Tezos_Overview.pdf 612k at an avg 31% discount
rawzeee I listed the BTC ratio above. It's 1 BTC for 5000 XTZ (tezzies) plus a bonus or lack thereof based upon time periods. If you choose to use fiat Bitcoin Suisse AG who is administering the TGE (check their rates and your jurisdiction) they will peg it to BTC. Ether is pegged to BTC and will be accepted at the median (from Poloniex, Kraken, and GDAX) of the last three trade prices utilizing the ETH/BTC pair before the timestamp of the Ethereum block at the time of contribution. It’ll be offered on a best-effort basis and for convenience. If you want certainty contribute with Bitcoin. Otherwise you accept the risk that the exchange rate you'll get may not be precisely what you see on the screen at the moment of your contribution. You may also use other coins via ShapeShift. (edited)
dr10 you will hit poloniex, kraken and gdax?
when?
rawzeee That is referring to the peg of ETH to BTC.
all XTZ are pegged to the BTC price for the TGE.
dr10 ah ok
rawzeee I'm an acronym storm over here!
dr10 Is there already some plan or future business relationship with merchants, exchanges or anything that Tezos could be used as a payment method? Anything you want to share already?
dachshund What were your considerations when deciding to make the ICO un-capped? Any concerns regarding the impact there could be on the price once this starts trading (i.e. no price discovery)
breitwoman @dr10 we've been talking to two exchanges for several months. I'm pretty confident Tezos won't have trouble on that front. I have two partnerships in the works that I'm excited about but shouldn't discuss yet.
soporificprose Curious whether pre-ICO investors paid with BTC or fiat?
breitwoman @dachshund it's primarily about fairness and distribution.
ryano Are you familiar with BOScoin? They once were also using ocaml not sure if they stuck with that. Any comments on the benefits relative to each other
breitwoman @soporificprose fiat
dr10 Can everyone that holds a Tezos token vote on a proposal? Do they have to pay or temporaily lock in the Tokens? How does it work? It sounds like everyone can vote directly, right?
ryano Also i thought Tezos was using delegate proof of stake is this no longer or never was the case ?
breitwoman @ryano that's news to me. I have not gotten a straight answer from them on any technical questions
rawzeee The reasoning for the uncapped TGE here is that the platform is almost entirely done (not an ICO for a white paper) and it is desired that a robust network is built rather than a few fast fingers buying up the entire TGE in minutes or hours. This is particularly important given how governance will work on Tezos.
breitwoman @ryano we are using delegated proof of stake, @dr10 that means you can delegate your responsibilities to someone else if you don't want to be an active participant
dr10 I see
What is the Prediction Market about that you want to implement regarding "Futarchy"? I didnt get that right away
mike Tezos form of DPoS looks very similar to proxy voting, like Liquid Democracy.
breitwoman @mike yes, it is
good catch
soporificprose So their 30% discount was based on the price of BTC at that point? That would make it a much bigger actual discount yo current BTC to 5,000 TZE
breitwoman @soporificprose pardon? no, it was all denominated in dollars
the sale is denominated in BTC
mike I want to add that to Ark at some point as well.
dr10 What is the practical advantage to decentralized, atomated upgrades - compared to lets say Litecoin's Segwit Process?
breitwoman @dr10 yeah I'd read this piece from Robin Hanson first http://mason.gmu.edu/~rhanson/futarchy.html ... but basically you'd run a predicition market with a prompt like "What do you think would be the best feature for Tezos" with many choices and whatever gets the popular vote would be implemented.
dr10 And this predicting/voting will happen inside the wallet?
mike ryano has some very interesting ideas on ranked voting. Have you looked into ways to combine ranked with proxy voting?
breitwoman @dr10 we think defaults matter. upgrading protocols is cumbersome in existing blockchain implementations and it causes stasis
tranzer Is wallet and whole network already developed (since you said platform is ready) ?
sibars @rawzeee Sorry newbie question: Can you please explain in details how the TGE will work on day one?... I download the wallet fist, send you my BTC and then you send me the Tezzies?
breitwoman @mike not closely. we think our first implementation, a straight vanilla two phased vote, is too simplistic. I'd like to discuss more sophisticated mechanisms if you've thought them through!
I know Arthur loves him some futarchy but I'm not as big of a fan
mike that would be a great discussion, look forward to exploring voting systems with you. we plan to try them on bridged chains which can be run as experiments.
breitwoman @mike that's awesome
dr10 xD
Tezos focusses also on faster smart contracts as I understood, right?
breitwoman @dr10 more secure, not necessarily faster
dr10 okay
breitwoman our smart contract language, Michelson, was created with formal verification in mind
mike That named after the Michelson of Michelson-Morley Interferometer? (edited)
dr10 And it uses ZeroCash as privacy mechanism? Or the whitepaper only compared to it and you use something different? I couldnt identify that
breitwoman @mike you got it! https://en.wikipedia.org/wiki/Albert_A._Michelson Wikipedia Albert A. Michelson Albert Abraham Michelson (surname pronunciation anglicized as "Michael-son", December 19, 1852 – May 9, 1931) was an American physicist known for his work on the measurement of the speed of light and especially for the Michelson–Morley experiment. In 1907 he received the Nobel Prize in Physics. He became the first American to receive the Nobel Prize in sciences. (177kB)
dachshund is there something similar to "gas" in tezos that controls for computation of each program, or how do you get around that?
rawzeee @sibars No worries at all. There is a dedicated TGE site (register for updates at www.tezos.com). It'll guide you through the process. You'll generate a paper wallet (easy click through) with seed words. You can save it to a drive and/or print it (probably most secure). You'll verify your wallet number and password you created to generate it, then make your purchase to your wallet #. You can then verify it and make sure it's reflected in the wallet. It'll be simple and easy with a nice interface.
breitwoman @dr10 not yet but Zooko is an advisor and we have spoken about integration. we are more interested in STARKs, the next gen of zero-knowledge
dr10 I see
breitwoman @dachshund yes, we have the concept of gas as well
dr10 I guess you already answered that:
In your Whitepaper you say: Crypto-currencies suffer from the same fate as smartphones which are incompatible with one another; they derive their value from a network effect, or the number of users who have given it value. - ARK will connect all Crypto-currencies by SMARTBRIDGING. Can you imagine working with ARK Smartbridge in your protocol aswell?
yeah you did :smile:
sibars @rawzeee Thanks :)
dr10 More secure Smart Contracts, automatic upgrades in a DPoS model. Any other main focusses or any other attributes you want to innovate or improve compared to other cryptos?
tranzer So will Tezos offer assets on their blockchain like ethereum?
breitwoman @dr10 well, I think that covers the main talking
@tranzer we can, but we think it's more powerful to integrate at the protocol level
dachshund how has traction been within the developer community? I imagine there isn't a limitless pool of developers with the required technical expertise, so you must be expecting to take away from other networks?
mike This is a good overview as well, for those who haven't seen it, https://tezos.com/static/papers/Tezos_Overview.pdf (edited)
geops This all sounds great. The only thing that bothers me is the 1min block time. That seems like a step back compared to modern blockchains. Any goals to improve that?
breitwoman @dachshund we have a very powerful core team. we think our choice of programming language was a good magnet and filter effects. we haven't sourced from other blockchain communities
@geops yeah, that's all pretty flexible
tranzer What is your budgeting plan if you get like 20m how long will that be for? 5 years? More?
geops If you look at integrating with ARK smartbridge tech, you'll sure get lots of investors from here :slightly_smiling_face:
breitwoman @tranzer we go over this a bit in our recent presentation: https://tezos.com/static/papers/Tezos_Overview.pdf
check out the second to last page
tranzer Yeah I'd like to see that as well geops, @fixcrypt is amazing developer from what I have seen so far
breitwoman @geops yeah, totally something we should explore. we're a small team so any partnerships or serious integration have been tabled for later
But I like the idea of ARK and I like what I've seen... so very open to this!
tranzer Must say I like what I'm hearing here will definately invest a few btc
dr10 yes me too
geops definitely good ideas
breitwoman Cool, glad to hear it!
dr10 I think the future of blockchains will be in partnerships too
tranzer dr10 I think so as well that is why I invested in ARK in first place too much competiting and too little cooperation (in other projects) (edited)
rawzeee Hooray! Happy y'all may participate in the TGE.
geops maybe you guys should sit down with @mike and @fixcrypt and discuss possible future collaborations. (edited)
mike Yes, I like the vision laid out by Andreas Antonopolis of many thousands or more of specialized tokens and chains for different applications.
tranzer OK so last question from me that 20% bonus will be for entire 400 first BTC blocks when you start?
jacob breitwoman: Quadratic voting might work for Tezos (http://ericposner.com/quadratic-voting/) ERIC POSNER Quadratic voting Glen Weyl has uploaded a new version of his paper, Quadratic Voting (written with Steven Lalley), to SSRN, which now includes the completed proofs. Quadratic voting is the most important idea for l… Dec 30th, 2014 at 3:57 PM
breitwoman good question for @rawzeee
rawzeee @tranzer yes, indeed!
breitwoman @jacob yes, that's something we've considered
mike Glad to see you have Johann Gevers on board, is he active with the foundation?
breitwoman we didn't want to be prescriptive with v1, so we made it very easy to understand
rawzeee So there is about two days to get that bonus. Then 15% for the same period and so on.
breitwoman @mike yes, he's the director. and he's awesome. total mensch and very philosophically committed to our project
rawzeee I actually had a meeting with Johann today in Zug.
mike Really like Monetas, glad to see there doing well, and the creation of the Zug crypto environment is fantastic.
breitwoman @mike we went through a lot of ups and downs while developing Tezos. basically nobody cared about us for a while, until the DAO basically. Johann always encouraged us to keep going.
yeah, the crypto valley is a brilliant concept
rawzeee It's pretty magical.
tranzer You living there?
breitwoman @tranzer I'm US-based
rawzeee I'm just here for awhile. Also US-based.
nikandro Hi all, sorry if this has already been discussed, but have you spoken with any exchanges about adding Tezos?
breitwoman @nikandro yes, but it's a pretty convoluted process
one nice thing about tezos is that exchanges can act as delegates, which creates great incentives
nikandro Do you expect to have any clarity on that prior to the ICO?
tranzer How can exchanges act as delegates?
breitwoman not sufficient to make an announcement but it's really not something I worry about
techbytes really. Than perhaps Poloniex will add tezos. :slightly_smiling_face:
breitwoman @tranzer you can assign your validation to an exchange's address
nikandro While im interested in developing more than anything, I also understand that trading is a good tool for price discovery, which is critical.
ryano You shouldn't have any trouble getting on an exchange and would be a low priority area to spend your energy while in development
breitwoman they have to volunteer of course @nikandro of course, completely agree. Arthur was a market maker on Wall Street for 10 years
he thinks about this... a lot
@ryano that's what I've heard but people like to be assured that the token will have a marketplace, which is reasonable
It does take a lot of energy and I've been lagging on that front
Security and legal concerns were priority #1, we can iterate and grow the team pretty rapidly after the sale
Having the Foundation build out and assume responsibilities for promoting the protocol will be much better than my one woman band :slightly_smiling_face:
mike I'd expect Bittrex no problem.
jakethepanda First alt-coin you bought?
mike mastercoin
nikandro Sorry to push the matter, but does this mean there will be no marketplace for Tezos after the ICO?
breitwoman @nikandro apparently there will be a futures market running
mike they can't announce if they did - exchanges have NDAs disallowing coins from announcing, leaving it up to the exchanges.
djselery lol, even if they had an exchange lined up right now they probly couldnt talk about it
nikandro @djselery , right, and I'm not asking for specifics, just wondering if implementation is in the pipeline.
breitwoman @nikandro it is
insofar as we have had many conversations/back and forth and its been very positive
I can't say much else other than it's a cumbersome process
nikandro Okay, thanks @breitwoman
jakethepanda I'm sure Tezos will be on an exchange. I don't think that's even an issue.
nikandro @jakethepanda I agree, I was just inquiring about the timeline and I think @breitwoman cleared that up. Many thanks.
jakethepanda @breitwoman Pizza or Sushi?
breitwoman @jakethepanda that's relative to location. In NY, I prefer pizza. Everywhere else, sushi :slightly_smiling_face:
rawzeee ^ good answer.
jakethepanda Tesla or Mercedes?
mward So @breitwoman 5000 TEZOS = 1 btc?
and 20% discount for firat 400 btc raised
dachshund will you be growing the team in NY, is mostly based in europe?
nikandro For sure! In brooklyn, I do the dollar slice ride. Bike around to each vendor that sells dollar slices. yay, pizza!
breitwoman To drive? Mercedes. Tesla's still don't have the handle I like :slightly_smiling_face:
@dachshund they're based in Europe, primarily but I don't have any plans to leave the US
sibars by the way, who designed the Tezos logo?
rawzeee @mward no. 400 is the BTC blocks mined for the first bonus period; it's a time thing. But the ratio you've cited is correct. And then the bonus rate decreases by 5% every 400 blocks until 2000 BTC blocks are mined. (edited)
breitwoman It's a character we found by looking through some libraries. I think it's a TZ symbol from a language that uses that combination often
mward @rawzeee when will it start?
rawzeee Though not a discount. It's a bonus.
May 22nd at 6am UTC.
mward thank you
breitwoman Hey guys, I have to hop on a call in a little. 2 more questions and I'll have to wrap this up!
moobox I don't have a question but i wish your group bon chance or however the French say .
tranzer So little women in here stay a little longer :sob:
ryano Thanks for hanging out and answering questions!
jakethepanda Thanks @breitwoman
http://slack.tezos.com/
breitwoman @moobox vielen dank
@tranzer haha, I'll be back!
moobox salutes like Benny Hill
rawzeee The subreddit is where a lot of discussion happens too: https://reddit.com/tezos reddit tezos.com • tezos reddit: the front page of the internet
techbytes Great AMA session. Thanks for stopping by and answering all the questions. Good luck on the project and I look forward to investing.
breitwoman @ryano thanks for having me! and the very cordial convo
boldninja @breitwoman thank you for taking the time for this AMA - I was just lurking, but all what I would ask was answered. I wish you all the best with ICO and I hope ARK and Tezos cooperate in the future.
breitwoman Thanks guys! Yeah, feel free to bolster our Reddit
mward Aurrevoir!
dr10 thank you very much :smile:
rawzeee Yes, thanks much everyone! So long!
breitwoman @boldninja great to hear it!
@dr10 thanks for the solid qs, really appreciate it
dr10 np :smile:
mike Thanks for stopping by, both of you, and taking the time to chat with us.
look forward to participating in Tezos.
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