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Something like this that opens up investment and collaboration opportunities for everyone was what i imagined when i first stumbled upon the crypto-craze back in July last year. Of course I was naive and unaware of the scams and extents to which people will go to fool others out of their money..Lol, its crazy how convincing and legit they sound. Coming to this project, looks like i am one day too late for a contribution. Its such a shame that this idea hasn't gotten more traction yet. What are your plans on this Ben? Have you been into talks with investors personally? From the counter on the website, it seems that there is still some way to go. If there is an extension of the Feb 15th deadline, it'll be good to know. Also, the project should probably be more widely marketed to the old community in here. Funding for well-intentioned projects may also be one of the reasons that we need bitcoin champs about which i started a discussion here in the Ivory tower. Hi amishmanish, First of all, thank you for your support! Yes, in fact we did extend our fundraiser. It now ends on March 31. We're going to do everything we can to bring people's attention to our project and some of the ways it can be a real benefit to the community as a whole. I am reaching out to some investors as well as a few others that I might be able to get to cover our organization on their blogs and news sites. We just updated our website to move more towards "operating" than just a fundraising site. That will continue as we get more momentum. I had an unexpected project fall in my lap in the middle of January from a past client that lost the only member of their staff that knew how to fully operate the system, so I spent some time documenting how to operate and maintain it and training the replacement person. I was still engaged with BTRIC but under the circumstances felt it was the right thing to do given that they'd reached out to me with a bit of urgency (it's a system that runs payroll taxes for a pretty large healthcare business, and they had filing deadlines of January 30). I'm now able to devote full-time effort into spreading the word and getting BTRIC going, hit the ground running. I believe in BTRIC and the things we're going to accomplish and know that many others see the need for and the benefits of an organization like it. "Marketing" this type of organization is a little different from a traditional ICO because of it's nature, but I'm going to reach out to everyone I can to spread the word. Most people are very enthusiastic once they understand what we're about, which is great because I'm really enthusiastic about BTRIC and our potential. I am going to check out your thread about Bitcoin champs. There are a lot of ways that the community can support each other with all of the amazing things that are taking place. It's great to connect with someone that shares this vision. Best regards, Ben |
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As the thread subject mentioned, I strongly believe the KYC documents requirement from the ICOs will open up a new area of scam to the world, much larger than the ICO itself.
Reason 1:
The basic idea of crypto currency is de-centralization and anonymity. I understand that ICO will have to comply with the regulatory requirements, but isn't it directly challenging the basic idea of crypto currency? If KYC is required for every ICO, then the whole idea of de-centralization and anonymity is gone. The ICO requirement should be the other way around. Means, every ICO should provide a proper KYC documentation to the public so that investors can be assured that they are not dealing with a bot or a child operating from his home computer.
Reason 2: (this is a big threat)
KYC means "Personally Identifiable Information" and it is a very serious level of data. Most of the governments have a very stringent rules against the breach of PII data, especially in USA. The SSN numbers of USA residents are traded in darkweb for $5-$10 each based on the details available. While most of the ICO owners are not identifiable to public (linkedin and FB profile can't be considered as valid here), they can secretly open up a secondary market for PII data, that will provide them an extra layer to their income. Most of the ICOs are not compliant with the infosec policy of many countries. No one is sure, what is going to happen with their data. It leads to a much larger future scam.
Reason 3:
It provides a big opportunity to the ICOs to deny the bounty hunters from their payment even after their promotional efforts. I am not sure we have already encountered some of these, but I am sure it will happen in future. I have seen no ICO bounty thread mentioned anything about the KYC requirement. There is no upfront communication. However, they may come back saying that KYC needs to be done before the bounty rewards can be released. That's complete miscommunication and cheating. If the ICOs can be upfront on their KYC requirement (which they are not), only bounty hunters and investors will join who can fulfill the requirement. The campaign managers needs to be upfront in this matter.
*While I don't know what needs to be done in order to regularize the first two reason, the third reason can be solved via upfront communication. Please share your thoughts.
This is something I've been thinking about because it's a real problem. I have some ideas but there's no perfect answer to the situation. Here in the United States we have legal requirements for Know Your Customer / Anti-Money Laundering / Countering the Financing of Terrorism. I certainly understand the reason we have these regulations in place, but when you apply the same principles as used in legacy banking and finance to the world of crypto assets, new problems emerge: - How do you know the ICO is who they represent themselves to be?
- How do you know the ICO is going to safeguard your PII? They could be careless and it could be stolen through a hack, or they could be malicious and sell the information or use it directly to steal your identity. Sad to think about, but some of the ICOs are full-out scams.
- What happens to your information if the ICO fails, shrivels up and dies?
- How do you still comply with the legal requirements while implementing a trust-free model?
The answer I come up with is to have a trusted party conduct the KYC and make attestations to ICO issuers. But, I don't like that idea because it has a point of centralization that could abuse trust. So, I'm thinking about a decentralized way to do it. Potentially something like, go through the KYC gamut with your primary exchange, be that Binance or Coinbase, etc., and then they would be able to issue some type of credential that ICOs would accept as KYC verification without having access to all of the information directly. Potentially even non-exchanges could provide this as a service. If done properly, you as a user would be able to approve what information they are able to access, on an ICO by ICO basis (or any other entity that was using the system, for that matter). Somewhere in this concept a user would have to place trust in someone, someone must actually perform and verify KYC, so I figure the best place for that trust to be the exchange they already have a relationship with. Facebook has something like this in how they implement third-party app permissions (as does Android). They have a basic permission that allows them to get basic information, and then if the app needs more information, like your social graph, or the ability to post, etc. it's another "confirm/decline" decision for the user. I think something like this could be the way to go, but it needs an open standard on conducting the due diligence as well as a software interface to accessing the information. It's an idea that's been in my mind as something that we should look at through BTRIC Institute. I believe if done right it would reduce fraud. Best regards, Ben |
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Where to go now everyone is referring to coin, cryptocurrency.
But to understand it, to see its potentials, that is a process of experience and studing.
Do not rush to evaluate altcoins are too high or too low. But give it a piece of time in life ... Prove all.
i think that is for medium city and more... in my village, 99% people don't now about altcoin ... and if they ask to me, very difficult to make them understand about cryptocurrency I agree, in many places in the world people do not know about Bitcoin or altcoins. Even here in the U.S., they may have heard of it but certainly don't understand very much about it. There's great introductory material out there if someone wants to learn more about it. My organization is going to pull that together and run some educational campaigns. Some focused at policymakers, but many for the general public. It's important for people to understand the benefits of moving to decentralized systems, especially for finance. Slowly we will help people to understand how society will be reshaped around new constructs, and the gatekeepers will be banished, relegated to the dustbin of history. Best regards, Ben |
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It would be much more profitable to sell slowly, so the only scenario where someone would sell that much quickly is if they desperately needed cash right away, like if there a really amazing black friday sale and they wanted to buy 10,000 refrigerators.
Of course, if you bought 10,000 refrigerators, you'd need a house large enough to fit them all. So they could build some sort of skyscraper mansion. Oh, and not to mention the beer. That's a lot of beer. In a normally operating market, it makes sense to sell your positions into strength. Flooding the market with a panic sell will absolutely crash the price, be it Bitcoin, bonds, or any other asset for that matter. Supply goes up, demand remains fixed and actually is slightly falling due to the seller leaving the market, prices go down. Then momentum trades kick in which causes further selling. I've traded stocks and futures (not Bitcoin futures) on the long and short side. I always preferred being long. Best regards, Ben |
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He probably only had experience programming in windows and with GUIs. Bitcoin 0.1.0 was a Windows only, GUI only application.
This sounds plausible to me. Back in the Flintstones age, I used Windows servers for years because Windows was used in the medialab where I trained as well as by my first ICT employer. Sometimes it’s more practical to use a crappy platform you know than a better one which you’re previously unfamiliar with  I agree, especially if what you're making is electronic money. Stick with what you know well because the probability that you'll screw something up on the platform you don't know as well is much higher than the chance that 3 letter agencies are going to mess with your creation (especially back when Bitcoin was 'born'). Once the source code was published (I don't know if that was right from the jump or a little later), it is open to the world for audit/review/porting to other platforms. It is hugely important to "know what you don't know" and defer to the expertise of others in those areas and/or increase your knowledge and competency in that new area. As we see from the spectre/meltdown vulnerabilities, there will always be weak points, possible vectors of attack, in any sophisticated system that are essentially outside of your control. Do the best you can with what is in your control and a development process that favors continuous improvement will serve as a feedback loop driving further refinement. From what I can discern of Bitcoin's early days, it was pretty good out of the gate, but it's certainly improved in many ways since it's inception. That will continue. That's one of the great things about technology, continuous improvement, especially in open source projects. Best regards, Ben |
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2) I want this currency to have a fixed circulating supply. Does this mean that my coin should not be mineable? (I don't really know how mining works). Any recommendations? Tokens developed on any platform are non-mineable. I think that answers your question - you are developing a crypto "on a platform" so thats not mineable. However I am not really sure if this is 100% correct. I believe I have seen mineable ERC20 tokens on the Ethereum blockchain. Yes, I have, here's an article I remember reading: https://lightrains.com/blogs/how-to-create-mineable-erc20-tokensI don't know about mineability on other chains. Seems like there would be major downsides to a minable token that has a dependency on an underlying currency. Best regards, Ben |
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I think stablecoins, such as what Tether claims to be, are potentially very useful as a "flight to safety" during volatile trading (though I would argue that being pegged to a fiat currency isn't exactly "safety"). However, though I haven't looked closely into the situation with Tether, I have read a few different analyses that do potentially raise concerns. I believe that one of the most important factors that a stablecoin can offer is full and complete transparency of its reserve holdings. Regular audits are essential to maintaining the level of confidence and trust that one seeks from a resilient store of value, in particular, one that is supposedly backed 100% by assets. Any opaqueness always raises suspicion, but in the case of a crypto asset that is marketed based on a 100% asset backing, it becomes even more concerning. Best regards, Ben |
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I consider Bitcoin to be anti-banking, not anti-government.
Government itself was not always as intertwined with the banking system as it is today. In some ways, Bitcoin could be seen as their way out of the private central banking trap.
In many ways, the bankers are really more powerful than the governments that they lend trillions of dollars to. It's, of course, very much a symbiotic relationship. However, the shackles will one day be broken. That which cannot go on forever will not. Bitcoin and crypto assets are a huge part of breaking that paradigm. The banks know it, and there is no way around it for them. Technology does not go "back in the bottle". Their only hope is to have it regulated in such a way that it makes it hard for the small to compete with the large. You see some of that going on in crypto bans in various countries. It's not going to last though. Once crypto reaches a certain market penetration, market forces will cause these bans to be lifted.
However, in the larger scheme, other applications of consensus-based distributed ledger technology could be threatening to the current notion of democratic governments. For example, consider liquid democracy. Or even a more limited form of liquid democracy that I've been thinking about lately. There is nothing today that is stopping a candidate for public office from declaring, "I will vote on every issue based on how my constituents tell me to vote through a smartphone app I will make available to voters". This smartphone app could allow you to choose, for each issue, "yea" or "nay". Further, the app could allow you to delegate your vote to someone else with the app, for specific topics/bills to different people. You could let your grandmother cast your vote on issues relating to Medicare and your college kid vote on issues about student loans, for example. This is the future of democracy. And while it's not enshrined in the Constitution that is must be done this way today, there is nothing that forbids it, either.
If a candidate was running for Congress and made such a pledge, I'd probably vote for them. I think it would be better to try this out on a state/local level first, but it's an interesting way to think about the future of society. All made possible because of Satoshi and the people on this forum that believed in Bitcoin when it was worth pennies.
In summary, we are living through a unique opportunity in history. Not only that, but by being here, on this forum, we are truly a part of making history.
Best regards,
Ben
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For the BTRIC Founding Donor Token (BFD), We have EtherDelta in process. We are also working on other exchanges and want to seek feedback from our donors as to their preferences. Some of the exchanges we are talking with require that we not discuss them by name (and also sign an NDA) until the listing is active or they reserve the right to ban the token. Do you have particular exchanges that you believe are essential? We want to be responsive to our donors.
Hi All, Please note that there are some reported issues with the integrity and/or business practices of the new operators of EtherDelta. It now appears that ForkDelta, newly-created, apparently in part, because of these issues, is a better initial choice to allow BFD holders to trade the token. We are interested in any feedback from the community about this. BTRIC will monitor the situation and will provide updates in advance of any listings. If you have any questions about this or anything else, please reach out. Best regards, Ben |
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In an ever-increasing world of opportunities, the list of scamsters increase too. This makes life a little trickier for true product-based companies to present fact based opportunities. Lest us not try nevertheless.
Not having finalised our ICO yet, crypto and ICO's does provide for business growth where traditional capital-raising entities such as stock exchanges requires projects not less than R500,000,000 to R1b ($45m - $100m) before enabling listing.
Quite a few profitable business opportunities exist below this threshold. Also keeping in mind that micro-enterprises are the main economy drivers and by far the biggest employer.
In this regard cryptocurrency and ICO's opens up the illiquidity of traditional bankers and stock exchanges through double income generators being both investment in the project itself and through crypto trading.
In my opinion an alarming many coins are traded without a second leg, being security in tangible assets, in whatever form. In this regard we wish to join the ranks of other "asset backed " projects, ICO's and business' offering greater peace of mind with such backing.
Scamsters are common criminals lurking everywhere, yet among the darkness in which they prey, we on the other hand wish to be also ray of light, giving hope and financial reprieve for as genuine investors. This can be achieved in the crypto environment.
The thing about ICO/ITO's that is a major factor here in the United States is securities law. It's an issue that needs to be addressed through regulatory changes, because right now the SEC seems to pick and choose which ICO's are legal and which are violating the law. They are applying standards, but the main test used, SEC vs. Howey Co., is itself not always clear in the ICO/ITO paradigm. Asset backed ICO's can also potentially involve regulation by the CFTC depending on the nature of the asset backing the coin/token. The organization I am working with right now, Blockchain Technology Research Innovations Corporation, considered forming as a for-profit business incubator. Instead, we decided to form as a non-profit 501(c)(3). Not only does that potentially make a wider pool of funds available (such as government grants into DLT, etc.), but also we can form for-profit businesses as each of the projects we incubate becomes ready for market. They can raise funds as an ICO or in whatever way makes sense for that project (of course, subject to the laws that apply to the jurisdiction of the business). We offer our donors a token that will reward all holders with some value from each project that completes the incubation program. (THOUGH I STRESS it is not an investment. The rewards that are given to donor supporters of projects will be made by those projects and not by the non-profit directly.) We believe this is a good model for emerging technology businesses to follow in the United States (at this time), because the nature of R&D on emerging technology is a tax-exempt scientific research activity. Plus people that participate in our IDO get a full tax deduction, which especially if contributing cryptocurrency, can significantly reduce their capital gains taxes. For example, if done correctly, a person that bought 1 BTC for $1000 USD, and then contributes that to charity AS BTC can deduct the full fair market value of the contribution as of the time/date they made the contribution. In addition, projects that have already formed as businesses but that contribute funds to performing research for their projects by a 501(c)(3) can claim the R&D tax credit for the full value of the contribution to the non-profit. This can allow you to cover costs that ordinarily would not be eligible to be included in the scope of the R&D tax credit, such as certain overhead costs. Over the long-term, we hope that complicated structures like this are not needed for most businesses in the field and that regulatory clarity will enable innovation in the US jurisdiction. The founders of BTRIC have experience in federal government advocacy and will be working to shape the regulations, so our industry is not "shaped by the regulations". Best regards, Ben (DISCLAIMER: I am an MBA, not a CPA or lawyer, and this doesn't constitute legal or tax advice but is for informational purposes only. Consult with your own lawyer and tax professional for information specific to your circumstance.) |
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overall I agree with this idea,make a better world. but with non profit project,is that possible? i mean that we need make a little profit to make a project continuity.
but beside that i really agree with this project. good luck
Thank you gloomyz! Yes this is the part that is easy to misunderstand. There is ongoing rewards for those that hold BFD Tokens.Our structure of a 501(c)(3) charity that creates businesses was carefully thought through in consideration of applicable laws and regulations. The businesses that BTRIC creates will NOT be non-profits, they will be completely separate businesses. The non-profit is the business incubator. Basically, the incubator exists in order to create better ICO/ITO offerings. I think we've all seen a good amount of half-baked ICO/ITOs. That's one of the main things we are trying to improve. When projects complete the incubation process, they'll be top-shelf ICO/ITO offerings, fully investment-grade and ready for rapid growth. The reason to be a BTRIC Founding Donor and contribute to the BFD Token fundraising campaign is because BFD Token holders will be rewarded in some way by each project that emerges from the incubation program. Oh, and the tax deduction doesn't hurt either. Hope this explains how it works a little clearer. Best regards, Ben |
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The most detailed ANN I have ever seen, you must have a clear strategy to contribute to the crypto market. Waiting for your internet 3.0 and your ICO.
Thank you MrSpasybo! We put a lot of thought in how to deliver value to our token holders over the long-term. Having spent much of my professional career managing non-profit organizations, I knew the hybrid-model of incubating projects inside the non-profit and then divesting them as separate business entities will be a clear advantage to our token holders, especially with benefits for each project to launch. We have three projects described in the white paper and hope to be able to announce a few more during this launch fundraiser. Thanks again for your feedback! Best regards, Ben |
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Hi All,
A number of people and businesses have asked about the utility value of the BFD Token on an ongoing basis. Though it was discussed in the whitepaper, the value of the BFD Token itself was not conveyed as clearly as it could have been. Our organization is a hybrid 501(c)(3) that divests businesses as separate entities when they've completed incubation, so it is structurally a little different from ICO or ITO offerings you may be accustomed to.
To make this clearer, and to explain the value of being a BFD Token holder more clearly, please note that the following has been inserted into our announcement thread as well as the white paper. If you have any questions, please feel free to PM me or contact me as shown in the first post on this thread. I am available to discuss any aspect of BTRIC and the BFD Token fundraising campaign.
Best regards,
Ben
Ongoing rewards for BFD Token holders (revised on January 18, 2018)
In addition to being listed as a Founding Donor on our website and in our promotional materials (if you choose), BFD Token holders receive an additional, ongoing benefit.
An important benefit for holders of BFD Tokens is that they will be rewarded in some form by each project that completes the BTRIC Project Incubation Program. For example, when we issue the “BTRIC Coin” (working name) token or cryptocurrency in the second quarter of 2018, all those holding BFD Tokens at the time/date of a “snapshot” (to be announced in advance) will receive a grant of BTRIC Coin. You can read more about that in our white paper.
However, this is not limited to the issuance of our “BTRIC Coin”. Every project that completes incubation and is divested from BTRIC as a separate business will have a publicized “snapshot” date/time. All BFD Token holders as of that time/date will receive some benefit from the business that graduated from the incubation program as a separate business. In this way, you are rewarded by every project that completes the Project Incubation Program for being among the first to support our organization. One of the conditions for acceptance into BTRIC’s Project Incubation Program is that the project agrees to provide some reward or benefit to donors to their project, which specifically includes all BTRIC Founding Donors.
Because the projects vary in their business models, and will also vary in the jurisdictions they do business in, this reward will vary from project to project. It could include (subject to applicable regulatory and legal requirements):
• Credits for use of their product or service;
• Free “not-for-resale” products;
• “Airdrop” coins or tokens;
• Buyback of coins or tokens; and/or
• Equity in the newly-created business.
By getting on board now as a BTRIC Founding Donor, you will receive benefits from each project that completes the BTRIC Project Incubation Program for as long as you continue to hold BFD Token. If you transfer your BFD Token, the benefits will be given to holders of BFD Token as of the next “snapshot” time/date.
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but the impulse behind computer-generated currency is revolutionary: to take the production and control of money away from government. This is often said, but rarely true. Governments of most of the main currencies (e.g. Euro, Dollar, Yen) have little input in the decision making structure for monetary policy. Central banks are typically independent of government with private owners. They are, absolutely. However, technology gives us the opportunity to change that paradigm. Not overnight, but it can happen; actually, has begun to happen. Governments are often at the mercy of these private central banks as well. |
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Thx ranochigo, that helped.
But there seems to be a problem with this SD card. I tried to copy the blockchain onto my Pi and after a few Gigs it started complaining that there is not enough space, even when Linux said that more than 200gb where available...
Did you partition it? Also, you didn't buy it on eBay did you? |
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The craze for cryptocurrency can be explained by a host of factors: the allure of getting rich quick; the attraction of off-the-grid accountancy for malefactors like tax evaders and drug dealers (though Bitcoin is traceable); the glamour of the new. Despite blockchain currencies’ wild volatility thus far, I’d still posit that the more underlying attraction is to a reliable store of value. Bitcoin investors may not recognise their motivation as such, but the impulse behind computer-generated currency is revolutionary: to take the production and control of money away from government. Source: https://www.spectator.co.uk/2018/01/why-cryptocurrencies-are-the-answer/ |
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