Dev: Hi guys, we hope that you are all well. Please find our May update below.May 2
https://mylinx.io/news/may-2018-update/ May Update:
Payment Integration: Unfortunately we have to announce that our first scheduled Linx payment retail integration has been delayed. Of course this comes as a disappointment for us as we're sure it does to you too. We have uploaded a press release from Traxsource below explaining the situation. Here is a transcription :
April 30th, 2018
Due to the increased work load involved in our ongoing store upgrades we are not in a position to integrate the Linx payment system on May 1st as planned.
We are extremely disappointed to announce this news, as both sides have put so much time & effort into making this happen. It goes without saying that we will continue to offer our full support to the Linx project & the team behind it. We hope to be able to bring this project to fruition at a later date.
Brian Tappert Traxsource Managing Director
The platform : As you will no doubt be aware recent guidelines and regulations in the protection and handling of personal data is changing the way web based platforms operate. API access to some of the biggest social networks is now being restricted among other things and this has caused us to rethink a few major aspects of our own platform.
Although we firmly believe the new data regulations are a great thing for end users, it has also resulted in changes to some of the features that were originally incorporated . Our original schedule for the roll out of the platform was in stages. First we would introduce a fully functional baseline system and then start adding more features over time. After much discussion, we have now agreed that we need to deliver a much more ambitious platform from the get go. One additional aspect of the resdesigned platform is that we will now be including an audio upload and streaming service which will allow artists and musicians to showcase and sell their music directly (using Linx of course) from their profile page.
We are very close to completion and will notify beta testers as soon as we comfortable with the new model so you can put it through it's paces before release.
Block halving : Welcome news for long term holders is that in around 36 days the Linx block reward halves for the first time since our blockchain launched. This will reduce the block reward from 50 to 25 Linx, dramatically slowing down the amount of freshly minted Linx released every day. You can monitor the countdown to halving at the following page : https://mylinx.io/halving
Source and Wallets : The team is currently working on a completely updated version of the Linx source code which implements many of the latest developments in blockchain tech. iOS and Droid wallets will follow the release of the new source. As we're sure most of you are already aware, Linx wallet support is already available for iOS and Android in the excellent Coinomi app : https://coinomi.com
Lastly, although the unexpected delay in our first retail integration was not the news we’d hoped to deliver to you today, we hope that finally knowing who the retailer is will go some way to easing any concerns you may have had about the validity of the Linx project or the abilities of our team. Although we have had to adjust the schedule of our roadmap our goals for Linx remain unchanged. There is a ton of exciting things happening behind the scenes but we remain reluctant to speak about them until they are ready to be realized. In light of the current situation we hope that you will understand the reasoning behind our position on this. For those that are uncomfortable not knowing what's coming, we totally understand and trust you will use your best judgement with regards to any Linx holdings you may have.
If you have any questions about anything ask away and we'll do our best to address them where possible here in the slack channel.
Dev: Hi guys, before we address your questions we just want to say that the reactions to the news yesterday from the community both in here, on Telegram and on Twitter has left us somewhat deflated. We knew the delay wasn't going to be well received but we hoped that you would see that the delay was not of our making, and see the positives in revealing the name of our partner and also realise that we have been completely straight with you from the start. Instead we watched some of our "supporters" calling us scammers, some even insinuating that we dumped ahead of the announcement. Neither could be further from the truth. Emotions were running high yesterday. We wanted to let everybody have their say before we responded to anything. With that said, onto some of your questions and comments...May 15
User: "Some of us are holders and miners from june. We deserve more @linx team" Dev: We appreciate your frustration John as we are feeling exactly the same. Months and months of work on the payment system took priority over everything else as we knew it was going to be a massive coup for the project integrating with one of the most reputable dance music retailers in the world. The amount of work involved set us back with everything else. Remember, we don't have millions of dollars raised from an ICO to just employ an army of people to get this done. All we can do is assure you that nothing has changed from our perspective, if anything our vision, especially for the platform, is bigger now than we first anticipated. We totally appreciate and respect people like yourself that have been with us from the start and shown real support for the project and we hope that your faith in the project remains.
User: "Unfortunately devs probably knew for quite some time that this wasn’t happening today and used their recent hype to dump their bags." Dev: Not true. For those calling us scammers or liars or insinuating that we have dumped our supply, we suggest that you save yourself the anxiety and exit now without looking back.
User: "if there was an exchange they would have mentioned it" Dev: Check out the guidelines and rules for listing on any of the larger exchanges.
User: "its been 1 year with nothing to show for it at the moment" Dev: Not true and extremely insulting.
User: "you don't give us enough information" Dev: Yes this is a valid point, but we did tell you how we planned to operate from day one. If we felt we could tell you things and they wouldn't be used as hyping weapons we would be much more forthcoming. The last thing we wanted from this project was a lot of hot air out there and a community getting progressively angered by promises of things to come that are yet to materialise. Yesterday, when we did say something, we watched as people from the crypto community publicly attempted to rubbish our project to our retail partner. Yes, against our better judgement we have made some statements, in good faith, regarding our roadmap along the way to address some of the constant questions raised from the community. The reason we never wanted to say anything prematurely is hopefully blatantly obvious now. We fully understand the never ending cycle of hype and fud that the cryptoscene thrives on, but we told you from the start that we were not going to do that.
User: "Since the first partnership didn't go through for now, could you tell us a bit more about the future business strategy of linxpay? Will you release the retail or consumer software to public?" Dev: Absolutely. We weren't planning to release this until the retail version was out there but yes, the consumer version will be fast forwarded now for sure. Work on the platform is currently taking priority, once that's finished this will be next. Think of it like an alternative to the paypal model. It will be as simple as registering an account and making a simple API call to start accepting Linx on any website or blog.
User: "Why set deadlines at all if it's not set in stone with Traxsource." Dev: We didn't. We agreed a deal with Traxsource in 2017. The timelines for integration were chosen and subsequently postponed by Traxsource for valid and unavoidable reasons. The 'set in stone' date of May 1st was their choice as was made clear in our previous announcement.
User: "please tell us about new exchanges." Dev: We have submitted, and are still actively submitting exchange listings. That's all we can say right now. We know that's not exactly what you want to hear but it's the truth.
User: "Good luck finding a link to that "press release" anywhere, likely fake." Dev: It's probably a good idea to wait and see next time before you accuse us of being fraudsters. The press release was entirely Traxsource's idea. They are fully aware that this further delay from their end might hurt our reputation and this is the last thing they wanted to happen. They have supported us from the start. The music industry is extremely fluid and unfortunately full of unexpected circumstances that often cause delays.
User: "reveal the identity of the devs please" Dev: If you are unable to trust us without knowing who we are then this isn't the project for you. There are plenty of crypto projects with photographs and linkedin accounts for you to invest in. We have our reasons for wanting to remain anonymous which we'll explain a bit more in the following answer.
User: "Could you provide a valid business reason why being anonymous is a good thing for Linx?" Dev: Sure. Has the anonymous nature of Bitcoin prevented it from being adopted? Charlie Lee recently stated that he will eventually pull away from the Litecoin project as he doesn't feel having a public head for the project is a good thing. We feel exactly the same way. Any project should thrive (or fail) based on the project, and not who is behind it and what they say or do. Also remaining anonymous allows us to poole our enormous resources without interference from the crypto community. For example - this was tweeted directly to our retail partner yesterday "@traxsource we have some developers who will build and deploy a working product. No need to work with @linXcoin".
User: "scam exit today?" Dev: No.
User: "So they've dumped everything" Dev: No.
User: "Why release the name of the partner? if the deal was still on you would keep the name hidden for competitive advantage" Dev: Do you think that this was the way either us or Traxsource wanted to announce this integration? Can you imagine the fallout if we had simply said that there was another delay without telling you anymore? We had no choice but to reveal the name and we are massively disappointed that we had to do it this way.
User: "The fact that you didn't begin the marketing is a problem" Dev: Yes it is a problem but we couldn't. The marketing of this integration is a joint venture between ourselves and Traxsource.
User: "obviously this is a huge disappointment for you guys, as I can't even imagine the man hours you've put into this project." Dev: Yes this is a massive disappointment for us. We have been working towards this since last year. Other aspects of the project were put on the back burner as this took priority. It's the last thing we wanted or expected and has put us behind schedule several times now, not to mention also delaying other aspects that were tied to the release of this integration. We are now having to adjust our strategy to fit the situation which is not easy when we've been working to said strategy for over a year.
User: "Also if items have changed it would be good to provide fans with more realistic + achievable timelines" Dev: Although we completely understand, and in another situation would totally agree, this is something that we will not be doing. Once bitten... From here on out we will only talk about things that are imminent. That way there is no room for disappointment on either side. We feel this is the only way to proceed and maintain credibility in the current climate.
User: "thank you for this good partnership" Dev:Thank you for again being one of the few that has actually picked up on what a big achievement this is. From the very start we asked you to trust us and for those that have, hopefully we've been proven worthy of that trust.
User: "The team must show more respect for investors" Dev: We haven't received a single penny of investment from anybody.
User: "If they didn't care about crypto community and communication at all, why give all those promises they knew they couldn't 100% deliver?" Dev: The failure for this to happen on the announced dates was not our call, we were 100% ready.
User: "So no milestone has been accomplished" Dev: If pairing up with one of the biggest retailers in our industry and thereby opening Linx up to an entirely new and significantly large audience is not a milestone then nothing we do is ever going to be good enough for you.
User: "The "store upgrade workload" reason sounds bullshit." Dev: It's not. We know the reasons for the latest delay and they are 100% valid.
User: "I think the regulations gave them cold feet" Dev: That is not the reason, see answer above.
User: "I firmly believe that Linx will have its chance to show itself to the world, and maybe it will not take long". Dev: Thank you for the vote of confidence, so do we! We wouldn't be doing this if we didn't :)
User: "The fact is the awareness of this project is only maintained by the community." Dev: Do you really think Traxsource agreed to partner with us because of the Linx community?
User: "If you are really so confident, please at least show us some proof so we can trust?" Dev: Very confused by this question, this seems an impossible ask.
User: "technically, maybe it would have been better for the devs to simply just keep the project closed as they once mentioned" Dev: Agreed.
User: "Keep in mind that there seemed to have been a NDA between linx and their partner" Dev: A fact that most other people haven't picked up on and yes, you are correct. It's not just Linx that needs to keep plans under wraps for competitive edge, our partners do too.
User: "Take a closer look at Traxsource instead and what a quality business it appears to be." Dev: Exactly. Anybody who knows anything about our market knows how big a deal this is. Maybe it would be useful for some to go back and read what Linx is all about.
User: "I just hope that the devs won't lose the motivation to achieve what they had planned". Dev: No we won't. Of course we would benefit from less criticism and more support from the community though :)
User: "I can't speak for everyone but personally as an EDM fan I truly want to see the project become reality and would love to help make it become a reality in any way I can". Dev: You are exactly the kind of person that we hoped would get behind the project and we value your support.
Dev: We have only covered a handful of questions here but it is clear that 2 of the biggest concerns you have relate to communication from us and listing on more exchanges. We will look into making both of these matters a priority going forward. We appreciate that there are some of you that have been with us since the start and we wish this recent announcement had been different for you as much as for ourselves. The last thing we wanted to do is let anybody down. It's especially hard when things are beyond our control as they were in this instance. We'll ensure that a repeat of this situation doesn't happen again by only releasing information on things that are imminent, no big lead ups.
We also hope that our answers to some of your questions do not come across too rude or dismissive, as that is really not our intention, but it is really important that we are quite blunt in our answers to avoid any misunderstandings.
In closing we just want to say that we are very encouraged by the support and activity in the community run Telegram channel especially. Please don't think that we don't care about, watch and value your support in the community channels, we most certainly do.
Dev:Hey guys,May 21
Hope you're all well.
To address one of the issues brought up recently we are going to be posting progress updates and answer some of your questions every week or two from now on. Any questions you have can be posted in any of the Linx social groups and we'll pick a few and answer what we can.
Progress Updates :
-- Exchanges: As you are all no doubt aware the space has changed a lot over the past few months and many exchanges now only seem to be interested in ERC20 tokens that have raised significant funds from an ICO - and therefore can afford the substantial listing prices that some centralised exchanges are currently charging. We have some options on the table but we would really like to hear feedback from the community as to which exchanges they would prefer to see us spend the money on.
With that said we are totally prepared to follow the listing fee route with exchanges that still offer this option (fewer and fewer of them around it seems), but as mentioned above we would like to get some feedback from you guys before we proceed as we need to choose wisely. We want to ensure that there is a bigger marketplace for Linx traders but at the same time we don't want to see pump and dumps.
We have already submitted listing applications to several of the big exchanges but we have no further details to report at this time.
We've also begun adding Linx to voting systems on exchanges that offer this feature. Here is the voting link for SouthXchange - https://www.southxchange.com/Home/Vote - the Linx voting address is 16bt2DWHh2hxzgjK31sCifiLuUcvQaUFti if you want to support this listing. If there are any exchanges in particular that you would like us to add please let us know.
Although this is not ideal right now we believe that the future is going to be much brighter as more and more people move towards decentralised exchanges. We most certainly will be adding Linx to as many of these as possible as soon as the updated Linx source is released. The updated source fully supports DEX requirements.
-- Platform: We implemented some exciting tech this week on the streaming side of things. Beta testers will get to try it first and once we're happy that the platform is ready to launch we'll be able to tell you about it. Yes this is secretive but for good reason. We are not trying to sell anything based on this information, we're just keeping you in the loop while building something new and fresh. The last thing we need is somebody trying to copy our ideas before we've had a chance to release them. All things going well we should be in a position to give you a timeframe for the beta release in the next update. If you are wondering why you can't see any activity on our github for anything to do with the platform it's because it's all being done on our own self hosted private gitlab repository. At some point in the future we may open this repo up for community contributions, but for now it's strictly an in-house affair. Just because you can't see what's happening doesn't mean we're not busy beavering away :)
-- Retail Integration: No further news on this at the moment, please see the statement from Traxsource if you are unaware of the current situation.
Please get your questions in for the next update, we're listening :)
Wishing you all a fantastic week and, as always, thank you for being #LinxHeadz!
User: can you expand even a little on the music streaming platform?
Dev:Sure, the streaming part is just one aspect of the platform. It will enable artists to self-distribute. It can be used to simply showcase their work (think Soundcloud etc) or it can be used as a direct-to-fan sales platform utilizing instant purchases and downloads. It can also be used as a secure private distribution platform, for example - a producer or band sending out demo's to record labels. The labels will be able to play the track but the public will have no access or even knowledge that the track exists.
User: Regarding the exchanges and fees: can you elaborate on what options are on the table?
Dev:We'd rather not for the simple reason that once we start naming exchanges it opens up the doors for potentially negative responses aimed at said exchanges, remember this is all being discussed in a public forum. But more importantly, we don't want to lead the conversation. Right now the addition of new exchanges is more important to you guys than it is to us, so we'd rather hear what you want without trying to steer the debate in one direction or another.
Thanks for the suggestions of exchanges so far, please keep them coming.
Dev: Hi guys, please find some responses to your recent comments, suggestions and questions below. Team Linx
User: "wish we had more info about the payment system" Dev: As mentioned before, we spent months building a highly customised version just for Traxsource. As well as being a realtime payment processing engine it also includes a fully detailed customer management and tracking system including accounting and refund processing. It's incredibly simple to install on a retailers server and it is also completely self-hosted. It doesn't rely on, or even talk to, any of our servers. It only requires one live encrypted node (that doesn't even have to be localised) to connect to the Linx blockchain and a server with a valid SSL certificate to operate. It will convert several different FIAT currencies into Linx on the fly based on the current average exchange rate and includes weighting options for the retailer to cover any potential price swings. It's a fully automated system that creates unique user accounts for each customer and tracks their purchase history - it can even offer automatic discounts based on this. It fully integrates with any existing customer database or accounting system that a retailer may already have. It has several levels of security built in including anti-fraud mechanisms. It has a complete user management system whereby the sysadmin can grant varying levels of restricted access to company employees. It truly is a one click solution for any retailer that wants to start accepting Linx on an existing store and a fully functional out of the box customer management system for those wanting to open an online store from scratch. What was once a simple payment processing engine has evolved into a beast of a system unlike anything else out there in this space for sure.
User: "Do you feel the current developers can handle the workload required? Any plans to expand the linx team in the near term?” Dev: It is a lot of work, and the unexpected delays haven't helped at all, but it's important that these early stages of the platform are completed by the core team as they understand the full vision. Yes, we absolutely plan to expand the team once the platform stage is out of the way. We are actively looking for a dedicated lead iOS Dev, (if anybody in the community has suggestions we are all ears). We've already got people waiting to go with regards to the music PR side of things, we've had them from the start.
User: "new exchange suggestions" Dev: Many thanks to all of those that have put forward their suggestions of potential exchanges. We have been making applications where relevant. Some exchanges have already got back to us with offers of listing fees. Once we hear back from all of them we'll review the situation and decide where to go from there.
User: "Bittrex" Dev: We have already re-submitted Linx for listing on Bittrex. When we originally submitted it last year, the circulating coin supply was too low. At the time they required at least 10% of the total supply to be out there, this wasn't the case back then, but it is now. Please keep in mind that if Bittrex does decide to list Linx we will not be able to talk about it.
User: "TradeOgre also is free and good coins are being added there" Dev: Linx has been submitted for listing on TradeOgre.
User: "Dex exchanges" Dev: We will be submitting to many of these as soon as the updated source code is released. There are BIP's in the updated source that are required for DEX listings.
User: "what about the exchange you said you had?", "why aren't you talking about that?", "they have also made irresponsible announcements such as that they had 1 definite and more pending exchanges" Dev: We have definite options on the table to pay for listing Linx. We are not going to disclose what exchanges these are until, and if, we decide to actually go with any of these. This was the primary reason why we asked for your opinions.
User: "starting a community fund to cover exchange listing fees" Dev: Thank you, this is true community spirit and let's us know how much you care about this project being successful! Hopefully this won't be required but it's good to know that some of you have got our backs in this respect :)
User: "there's something fishy going with big buy orders", "looks like insider trading", "somebody knows something" Dev: As mentioned above, we have submitted Linx to several exchanges. It's possible that any of these could have decided to get some supply prior to a potential listing, but if that is the case we certainly wouldn't know about it.
User: "linx kiosk and linxtalk.org" Dev: Neither of these are anything to do with us.
User: "They abandoned the project for the moment. No roadmap,no news about exchanges, no news about the integration with TRAXSOURCE, no real dates when they communicate Only promises. I think they did on puropose to let the price go down" Dev: Categorically not true. Why would we want to kill the value of our own project and upset the entire community at the same time? We’d lose all round! If anything, it's posts spreading FUD like this that could be having negative effects on the price. Of course it's your right to say whatever you want if that's what you believe, just don't expect anything positive to come of it if you do though.
User: "sometimes I think they are professionals and they know what they do, other times I think they are naive and lacking in experience", "i think they are just to slow for crypto business", "I feel like the project is being run by arrogant musicians rather than business folk with common sense", "honestly I dont think we can expect anything from Linx" Dev: How are these comments at all helpful or constructive? Insulting our project management, our team's characters' and our abilities has no value and is nothing more than that - throwing insults. Not only is it unhelpful but it’s irresponsible to the rest of the community. These forums were set up for supporters of the project. Please remember that they are also accessible to any potential exchange or business partner. Anybody that uses these forums to simply slag off the project and the team are undermining all of our efforts and the efforts of the rest of the community to move the project forward, not to mention the negative effects comments like this will have on new members joining.
User: "They have said many times their least concern is the investors" Dev: Of course we are concerned that people have put their faith and trust in us and we aim to deliver, but if you want us to make a choice between working on making this happen or spending our time posting pointless updates to keep speculators happy the work will win every time.
We all win when we achieve what we've set out to do and then you guys start shouting about how great it is and inviting people to see for themselves. We've taken onboard the valid criticisms about the lack of communication and are actively rectifying that.
User: "You don't have to do things just to tick them..." Dev: So you want us to lie then? Wrong project.
User: "I doubt linx really want to avoid the crypto community and not understand the importance of community support, but their stance is that they only want hype when the hype is supported by fact. After being burnt by their own mini-hype they are even more conservative in leaking info now." Dev: 100% correct. It has never been our intention to cut the crypto community out, if that were the case we would have just got on and done our thing without even bothering to tell anybody about it until we were ready to go.
We are all too aware of what "community" can sometimes mean in the crypto space. We know there are many of you that support our vision and are very excited, as are we, about what we are trying to achieve, but sadly this doesn't ring true for lots of others. We're not naive, we know a lot of you are here to make money and then move on to the next thing. That's absolutely fine, but don't get that confused with "community support". What we have tried to do from the start is minimise the hype/fud that "communities" rely on as our goal for this project is much more than to just be another coin sitting on an exchange. We are building something that we hope will revolutionise the way assets change hands in our industry (the music business). This is why we haven't subscribed to the same tactics that some other crypto projects use. We know we have something here and we believe we can make this happen. We don't need, or want, people shilling the project based on future promises. We brought this project to the crypto community to give those of you that liked the sound of what we are planning the chance to get involved and support it early. We knew we were a way off from realising most of our goals which is why we haven't hyped it yet.
User: "hard questions require harder answers" Dev: Couldn't agree more, let's do it!
User: "1. Rapidly improve the entire approach to communications and remove all previous lead dev arrogance.” Dev: Communication criticisms have been taken on board, hence the regular Q&A. Lead dev arrogance? What is your reason for this comment? Please expand.
User: "2. List the coin on many many more exchanges immediately (Use dev fee if needed and discuss community raised funds).” Dev: As mentioned above, Linx has been submitted to many exchanges and the community raised funds issue has also been addressed.
User: "3. Hire more team members (actually use the dev fee / no man is an island)." Dev: So you'd like us to dump our dev fee on the exchanges to hire some more people? What do you suppose that would do to the price and confidence in the project right now? Is this really what you want us to do? We are managing this project responsibly. As explained above, we will expand our team when needed.
User: "4. Set out a new clear product roadmap that is achievable, and stick to it. This is just software, break it down and get it out there.” Dev: We have a roadmap. This isn't just "software". We are talking about opening up the crypto space to an entirely new market here. The marketing and branding of this project is just as, if not more, important as the "software".
User: "5. Stop creating more hidden sub projects / idealistic dreams, this will hurt the overall brand and project long term, if the mic cable gets pulled out again inadvertently.” Dev: You mean like issuing a new roadmap?
User: "6. Think about strategy, security and data privacy, way in advance (GDPR re: linx social platform api usage - should have seen that a mile off).” Dev: Security and privacy have been utmost in our thinking since day one. It's one of the reasons we created Linx in the first place. It's also why we shut down our web wallet. With regards to GDPR we have been fully compliant since the first line of code was typed. What we couldn't account for was how the big social platforms were going to limit, or in some cases entirely lock down their API’s due to GDPR. We've had to make adjustments based on ongoing changes being made to these platforms, as will any other platform using API’s in this way. As mentioned in the last Q&A this has actually pushed us in another, much bolder direction than we first anticipated. It's just going to take a bit longer to realise it.
User: "7. Release the new 2.0 source code and talk about it with your community." Dev: The new source is coming and there will be a full update about what's changed when it's released.
User: "8. Do more Q&A’s." Dev: Hello :)
User: "9. Listen to and work with your community (crypto or otherwise) there is much intelligence in mass. Do not ever alienate them again, these are your fans, holders and miners, keeping your network secure. Without them, this will be doomed to the bedroom.” Dev: We are well aware of the importance of the miners that secure the network. We chose a POW algorithm to ensure that Linx could involve the entire crypto scene. We also value the support of the community when it's real support or valid criticism, and not just bitching because their planned pump and dump didn't pay off. As you can see, we will happily address any valid question or criticism. But we're not going to pander to people that are simply insulting us.
User: "10. Keep positive." Dev: Why would we not be positive? It does wonders for our team moral reading comments from our "supporters" about how useless we are, it really encourages us. Seriously though, If you really mean this and want us to keep positive then you the community can help with this. Insulting us, spreading FUD & general negging is not the way to help with positivity.
|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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