I tend to agree with you. While there are some areas of economic activity that I think could definitely benefit from little to no regulation, this seems to be one area that could benefit from at least a light touch of the regulatory hand. I included Deloitte's arguments because they are an important perspective, and one that I would hope regulators would consider before implementing the type of draconian regulatory regime some would no doubt like to see in place.

Good regulation that is well-balanced could help to inspire more confidence in the industry, while also helping with any perception problems that currently exist. There is a happy middle ground there that can allay any fears that crypto will facilitate crime in ways that dollar bills and euros cannot (silly fears, we know, but ones that exist nonetheless), and at the same time provide the industry with the type of peace of mind it needs to continue to innovate and grow.

So, yeah - I'm with you on that 100%.

I printed off articles and posted them on every telephone pole within ten miles of my home - by my count, that's hundreds of entries. Should I send you photographic evidence and GPS coordinates for each posting... or is that not how this works?

Sounds like the sharing is catching on, which is a good thing to get the word out there. Great job to all.

I hold my Dnotes

Guys,

I hope you all are doing well!!! Also, tell Smokey hello for me, Smokey!!!!!! :-) and Joe, Hey Joe!!!!! and send my best to Alan. Ok, I was over reading the in the forum at CryptoMoms and KristinaHD had asked if there was any word in regards to PayServices and it appeared to be submitted a month ago and from the best of my knowledge it did not look as though the question had been answered. I copied my answer that I submitted for posting to KristinaHD in the DNotes Section under PayServices. Here is what I submitted below;

@KristinaHD,

I was just reading about CryptoMoms and I came across your question. Lionel Danenberg (CEO/Owner of PayServices & Son of Willy Danenberg) said this when I asked him if I could go to the DNotes forum and give everyone an update;

"Tell them that we have 52 coins running on our system (Including DNotes) and that we are able to handle transactions in those 52 coins and that the site is already live and that in the following days we will be launching a beta of our exchange platform, not yet the cards (Butterfly Effect Citizen Account Activation Cards | ATM Cards) That will take another few days but we're very close as now the coins are running and the system is capable of handling transactions."





We have since had to go through every coin testing them because each coin has a different transaction fee which we are in the process of doing now. I have been involved since March at some point or another. Its been a very long project but rewarding at the same time by sheer accomplishment. Lionel wants to represent 400 CryptoCurrencies of value soon which all will be instantly convertible into each other or 130 Fiat Currencies and 19 Complimentary Currencies (Like frequent flyer miles) accessible through computer or 4 different smartphone application downloads in 23 different languages. Should soon be considered the largest Multi-Value CryptoCurrency Exchange in the World. I would say we are a lot closer than we were last time I addressed the DNotes forum.



BTW- There is an amateur short film documentary that has been made. It features a short intro to Bitcoin, a short intro to EmerCoin (With short interview of the EMC Developer) and a short into PayServices.com (with a short interview with Willy Danenberg of PayServices Inc.) and a short intro to DNotes (with a short but very nice interview with Alan Yong) which has been entered into the Bitfilm Festival and as far as I know it was accepted. The Bitfilm Festival starts on 10/31/2015 in Berlin, Germany and then goes on a World Tour with the final viewing in Buenos Aires on Dec 19th where the voting (People Vote with BitCoin) is talked and a winner will be announced in each of the 2 categories A. Short Film/Documentary (up to 10 Minutes) B. Regular Film (60 Minutes or more)  This looks like it could be some exposure for PayServices and DNotes regardless of its amateur status.

Film: https://www.youtube.com/watch?v=Xsh1wlbRQWQ

~NorCal

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Bravo, Aria. Bravo. Lol. The ransom article made my day. Gotta love the counter bounty approach. I hope they get him.

There is a great article out today on teaching law enforcement agencies about bitcoin.


"Bitcoin Groups and Law Enforcement Unite to Form Blockchain Alliance"

A group of digital currency companies and organizations, as well as a number of US law enforcement agencies, are establishing a new public-private forum in a bid to foster communication and education between the government and industry stakeholders.

Dubbed the Blockchain Alliance, the initiative is being spearheaded by Coin Center and the Chamber of Digital Commerce, with support from a range of companies including: BitFury, BitFinex, BitGo, Bitnet, Bitstamp, Blockchain, Circle, Coinbase, CoinX, itBit, Kraken, Noble Markets and Xapo. The Alliance will also draw support from several bitcoin developers and the MIT Digital Currency Initiative’s Brian Forde.

Government agencies and departments already taking part include the US Justice Department, the Federal Bureau of Investigation, the Secret Service, the Department of Homeland Security, the US Marshals Service and the Commodity Futures Trading Commission. More agencies, including international ones, are expected to join in the months ahead.

Jason Weinstein, the former US Deputy Assistant Attorney General named to the board of BitFury in March, will act as the group’s first director.

Primary goals

Both Coin Center executive director Jerry Brito and Weinstein suggested one of the primary goals of the initiative is to help change the perception that bitcoin and digital currencies are “a currency for criminals”.

To do this, the Alliance will maintain a mailing list through which law enforcement officials can ask questions, host regular conference calls and, potentially, produce larger gatherings that bring industry members and government officials together.

Brito explained:

“Essentially it’s a public-private forum that’s going to make it easier to have a single point of contact with law enforcement; for people in the bitcoin industry, academia, developers, to have conversations about law enforcement on the bitcoin blockchain, to ask questions and to answer questions.”

Weinstein cited the companies involved as the main impetus behind the initiative’s formation and direction forward.

“The most critical thing here is that this is being driven by the industry,” he said. “This wasn’t LE coming to us and saying ‘Help us’, this was the industry going to law enforcement and saying, ‘Let us help you’.”

Forum function

Weinstein went on to stress that the Alliance’s function isn’t to help law enforcement conduct investigations into the industry. Rather, he characterized it as a forum for “high level conversations” that focus on the broader trends of the technology and how it’s being used in the world today.

In a statement, Chamber of Digital Commerce president Perianne Boring said the initiative will help spark discussion between the industry and law enforcement.

“It’s no secret that bitcoin has perception issues, which is a roadblock to mainstream adoption. Having an open dialogue with law enforcement and policymakers will help reduce anxiety about this transformative technology,” she said.

http://www.coindesk.com/bitcoin-groups-and-law-enforcement-unite-to-form-blockchain-alliance/

Doesn't seem like a good idea not to have any physical money at this point, cryptocurrency aside, I would rather store my physical dollars in my safe rather than being required to have it entirely in the bank and controlled by government.

An interesting article:  http://cointelegraph.com/news/115452/sweden-to-become-worlds-first-cashless-country

Competition is a good thing. Being a "me too" is an easy thing to do. On balance we are a tough act to beat because of the fundamental philosophy of our willingness to do more.  

In my opinion, the State of Bitcoin is okay. No major surprises. It certainly has not been doing as well as we all would have wished. Again, nothing new to me, but it is a sad fact that VC funding for pure currency play has been drying up.

The typical “me too” phenomena continues. The key word is now “Blockchain technology.”  No doubt, the emerging Blockchain/FinTech industries will be massive and a few will do very well. DNotes will be a major player but we are taking our time to ensure that developing a viable business model with the right strategy is as vital as the technology itself.  


5 Facts from the Q3 2015 State of Bitcoin Report

Grace Caffyn (@GCaffyn) | Published on October 20, 2015 at 16:56 BST

Last week saw the release of CoinDesk's latest State of Bitcoin report, which gives a quarterly snapshot of the digital currency ecosystem.

Q3 was marked by a shift towards bitcoin technology's use in non-financial applications, for example settlement. Both startups – with products like itBit's bankchain – and large financial institutions – who are now investing in blockchain companies – drove this rhetoric.

Here, we've collected a few interesting tidbits you might have missed from the report – which weighs in at 87 slides.

You can view the report in full or check out CoinDesk's previous State of Bitcoin reports.

1. Trading and volatility are back up
Last quarter, bitcoin experienced an uncharacteristic period of calm, with a peak-to-trough percentage of 20%. This zen didn't last, however, as Q3 saw this figure rise by 13% (Side 12).

While it's still on the lower end of the volatility spectrum (Q2 2014 recorded a peak-to-trough percentage of 84%), the quarter did see a boost in trading (Slide 13).

In the latter part of Q2, monthly trading volume had been between 5 and 6 million bitcoins. In August, it exceeded 10 million bitcoins – the first time since April.

2. But investment is down

While traders were putting more cash on the line in Q3, investor interest actually fell.
VC investment in bitcoin companies dropped 41% from $145m to $85m – the lowest total of the last four quarters (Slide 30).

Despite large rounds from Chain ($30m) and BitFury ($20m), the average deal size also fell from $10m in Q2 to $6m in Q3.

This could be a seasonal slump, following a larger VC trend that slowed 5% in Q3.
However, the 2015 year to date total ($462m) is more than double that for 2014 (Slide 26), while the total invested in bitcoin startups ($921m) nears the billion dollar mark (Slide 27).

3. Despite the hype, no $ for emerging markets

Though emerging markets have been touted as the most likely places bitcoin could succeed, they have been the biggest losers VC-wise.

The Bitcoin Market Potential Index (BMPI), which tracks factors such as technology penetration and financial repression (Slide 54), ranks Argentina, Venezuela and Zimbabwe in the top spots.

In fact, 40% of markets in the BMPI's top 10 are in Sub-Saharan Africa, while 20% are in Latin America.
However, the State of Bitcoin shows there was no VC investment in African, Latin American or Middle Eastern startups in Q3 or Q2 (Slide 32).

It's no surprise that the US and Canada come top for VC investment, receiving 75% of all money in Q3 – nearly triple the rest of the world combined.

In addition, North America and Europe (which comes second in Q3's VC funding) are the destinations with the most bitcoin-accepting businesses (Slide 53).

4. Merchant interest slumps, again

While transactions (Slide 44) and wallet numbers (Slide 45) continue to rise, they don't paint the whole picture.

The two biggest merchant processors, BitPay and Coinbase, saw growth among new merchants halve in Q2 (Slide 48).

It appears last quarter's boost of 12,000 merchants may have been an anomaly, with numbers now plateauing at 6,000 per quarter – the same for Q1 and Q2.

BitPay announced it would cut staff in an effort to "reduce costs" and "better align with the pace of growth" in the industry (Slide 47). It is no longer offering its free tiered product.

Revenues are slowing too, at $190bn they are only up $2bn from June 2015, Q2. Companies, such as Expedia (Slide 49), say purchases taper off after time.

Those who appear to be holding fast during the slump are best geared to bitcoin's Millenial demographic.

5. New York's Bitlicense divided opinion

Q3 also saw the official deadline for bitcoin companies applying for New York's Bitlicense, in order to serve customers in the state.

The regulations, which had been on the boil since 2013, proved divisive for the community.
By today's count, some 22 companies applied for the license – with Circle the first to get it – while 15 others ceased operations in the state.

Many who left cited the large legal costs involved, $100,000 by Bitstamp's estimates, while others framed their withdrawal as a political statement, a backlash against what they termed 'overly invasive' guidelines.


Source:  http://www.coindesk.com/5-facts-from-the-q3-2015-state-of-bitcoin-report/

Same here, many politicians may not understand the impact of crypto's in a meaningful way. My recommendation would be to treat it sort of like an executive summary about crypto specifically for politicians.

This is good news for digital currency.

With China accounting for 80% of the global bitcoin trading volume, it was only a matter of time before the country’s own authorities paid heed to the cryptocurrency.China flag

In a recent publication on October 13, the Cyberspace Administration of China (CAC) has, in no uncertain terms, claimed that we have entered the “post-Bitcoin era,” and “Can no longer ignore its revolutionary changes” despite people thinking bitcoin and block chain technology is or was not stable.

The publication began with the CAC taking note of the deeming of bitcoin as a commodity by the United States Commodity Futures Trading Commission (CFTC). It also added that although the recommendation of third-party bitcoin transfers be included in banking regulations remains a proposal at this stage, such an endeavor “will promote economic regulation of electronic money.”

The CAC also believes in the promise and potential of bitcoin’s underlying technology – block chain. The translated text reads:

“Block chain provides a decentralized [technology] for various industries [such as] finance, including [a way] to establish information verification.”

The authority points to Europe which is currently seeing an increased investment and interest from banks and financial institutions towards block chain and cryptocurrency.

“Recently more and more attention to the technology of traditional financial sector,” the publication adds. “For example, according to the European Banking Association (EBA) in the latest report, the block chain technology with lower costs, improve product supply and improve the speed potential.”

I'm not sure at what point in time voting became synonymous with the right to complain??    Perhaps we no longer passionately believe in what a certain party is doing, and only vote for them because they will do the least amount of damage compared to the alternatives.

The Liberal party won yesterday with an unexpected majority government, so the people of Canada obviously were wanting a change.  I haven't been able to find anything on what their views are on cryptocurrency, so they may be good candidates for an accurate education on it. 

This is very helpful information and it won't go to waste.  One of the benefits of CryptoMoms, is that we can collect similar topic stories, news, and stats, and when we have an argument to make, everything is at our fingertips.  Bonus!

So, what is it going to be?  "Governments Recognizing the Value of Cryptocurrency", "How To Talk Crypto With a Politican",  "Winning Over The Government", or ...suggestions??

Speaking of government, today is election day in Canada.  I have done my civic duty, and now have the right to complain for four more years.   Hopefully the winning party has the good sense to recognize the enormous potential of this industry.