Canadian investment outfit GreenBank to back development of cryptocoin

[digitalindustry]

they could be a sperm bank for all i care they will produce some technical gymnastics and wreck the economics like so many do - but the whole market is expanding that's the point, education also.

Yeah, I haven't invested a single penny in this nor am I so far intending to yet either.  I just thought it made an interesting post and shows where markets are heading.  I've read HSBC has been hiring bitcoin enthusiastic interns and at least one other major bank is doing so too.  So maybe a 'real' bank will follow sooner or later with their own attempt at some form of decentralised cryptocoin?

if HSBC are doing that its only for two possible reasons :

1. to try to "cartel" an existing idea -  (doomed to failure) ( i.e anything retarded and centralized like Ripple etc. )

2. Its plan D - (their world has effectively ended )


if you look at fairly recent news its more looking like plan D.

[matthewh3]

I think the likes of HSBC hiring Bitcoin enthusiastic interns is from the quote going round "To not have a cryptocoin strategy in 2014 is like not having an internet strategy in the late 1990's."  They know its not going away any time soon now while the network effect implies Bitcoin and cryptocoin usage in general is only going to grow.  So if you can't beat them you may as well join them.  Once Bitcoin and cryptocoin networks in general become large and valuable enough expect every bank to be involved in some form.  Major retail banks literally have a license to 'print' new money in the form of new digital fiat credit balances from issuing loans.  So that's why they haven't all rushed in so far.  As bitcoin market capitalisation is still tiny compared to the amount of money they all 'print' each year.

[Nxtblg]

Hey, thanks a lot for the link! Interesting that the "first public company to invest in the exciting world of Cryptocurrency" is one I can hop onto the subway, knock on the door and try to wheedle my way in to meet the shop's boss.

Hell, I can even wave around a stock certificate and say I'm a shareholder:
https://www.google.ca/finance?q=CNSX%3AGBC&ei=1A_JU_inOdTvqgG4r4DYDA

The stock looks all-but dead, granted, but at least it's not a pump stock. 9,142,460 shares outstanding according to the Website. Last trade 5 cents according to the big G., and out comes the calculator: C$457,123, or less than 750 BTC. Factoring in a rough currency adjustment, Greenbank Capital Inc. has about the (implied) market cap of GoldCoin.

Sounds like they're trying the "nice guy" pathway that CaVirtex is trying for. You know: we welcome regulation, we know crypto is under a cloud, we think adhering to mainstream norms is the best disinfectant, etc. etc. At a glace, it look like they've taken the outside-professional's inside-straight sucker bet - much like what the Royal Canadian Mint tried with "MintChip." I don't know much about cryptography, but what I do know says that "a solution by adding email, or phone identification to all GreenCoin transactions" is a potential red flag. If their "solution" involves monkeying around with the cryptography algos, it's an accident waiting to happen...particularly if it's closed source. On the other hand, if their "solution" is a wrapper around already solid open-source cryptography left untouched, it may not be.

tl;dr: Small-cap sucker bet unless demonstrated otherwise.

[So it looks like I won't be hopping on the subway to visit them anytime soon....]

[digitalindustry]

I think the likes of HSBC hiring Bitcoin enthusiastic interns is from the quote going round "To not have a cryptocoin strategy in 2014 is like not having an internet strategy in the late 1990's."  They know its not going away any time soon now while the network effect implies Bitcoin and cryptocoin usage in general is only going to grow.  So if you can't beat them you may as well join them.  Once Bitcoin and cryptocoin networks in general become large and valuable enough expect every bank to be involved in some form.  Major retail banks literally have a license to 'print' new money in the form of new digital fiat credit balances from issuing loans.  So that's why they haven't all rushed in so far.  As bitcoin market capitalisation is still tiny compared to the amount of money they all 'print' each year.

all essentially true - this just means "plan D"

credit creation is the reason the two systems are diametrically opposed to each other. 

[Spoetnik]

they could be a sperm bank for all i care they will produce some technical gymnastics and wreck the economics like so many do - but the whole market is expanding that's the point, education also.

Yeah, I haven't invested a single penny in this nor am I so far intending to yet either.  I just thought it made an interesting post and shows where markets are heading.  I've read HSBC has been hiring bitcoin enthusiastic interns and at least one other major bank is doing so too.  So maybe a 'real' bank will follow sooner or later with their own attempt at some form of decentralised cryptocoin?

if HSBC are doing that its only for two possible reasons :

1. to try to "cartel" an existing idea -  (doomed to failure) ( i.e anything retarded and centralized like Ripple etc. )

2. Its plan D - (their world has effectively ended )


if you look at fairly recent news its more looking like plan D.

that bank infuriates me big time !

shortly before some of their notorious drama i recently walked into my local HSBC branch and told the teller i was thinking about getting an account.
but i told the lady my credit is not that great and i wondered if they did any credit checks or anything.
and the lady and the two tellers eaves dropping beside her said NO there was no checks.
so i said ok fine lets book the apt to open an account..

i should add that they are a schedule one bank account in Canada and that means they have to give you an account by law !

I got in my appointment with some guy and he right from the start had this confrontational aggressive and snotty interrogation routine going.
he started by grilling me in utterly amazing detail what i got where i got it etc.
if i bought a pack of gum he wanted receipts for it basically.
after playing a long nicely for a while i stopped him when he said they had to run a credit check before i was considered for an account..
and said whooooah buddy ok now your getting ridiculous !
i told him for starters his attitude was vile and aggresive, unfriendly and condescending on the poor guy here
and further more he can't even run a credit check to see "if" i get an account because he "has" to give me one by law !
Ans he tried to play tough / cocky guy and he said he's allowed to do that and i laughed at him in his stupid fucking smug face and told him he is breaking Federal law
and when your ready, go run a long and get me your manager.

Then the two of them decided to sit there and play games with me and i reminded them the tellers told me NO CREDIT CHECK (before i made an apt.)
And i said they can't do it that it's illegal.. period end of story (even though the accounts manager guy tried to argue with me about it)
The dumb cow manager said ya i was right and i smiled at the stupid punk bitch accounts manager and give em a bit of a grin
She said.. BUT, we can deny you if we think your involved with criminal activity etc..
They never asked about criminal activity they simply asked about credit matters and told me to my face they were going to run a credit check,
then notify me later on if i was going to be awarded the prestigious HSBC basic account they offer..
So the Bank Manager i had just put in her place was trying to cover her tracks and makes excuses for breaking Federal Banking Laws with the "criminal angle".
NOTE: I have no criminal record and am not involved in any suspicious or illegal behavior.. nor did i do or say anything to give them that impression.

So after that the bitch bank manager then looked things over and said they can offer me an account that would have extreme restrictions
which didn't bother me much but she insisted that every single transfer would be require a $1 dollar transaction fee.
and at that point i had been there a while Trolling on these stupid little cocky faggots.
So i said "No thanks" politely with a smile *almost laughing at them and told them i will go half a block over to the Royal Bank now..
and i did.. and had no hassles of any kind like any other bank or branch i have used in my life across Canada.

So if they HAVE to run a check on you before they give you an account (by law) like the guy accounts manager said ?
Then how is it the girl Bank manager said she would give me an account on the spot right then ?
i caught them up in their lies and games  ..and illegal practices

Around then (Dec 2013) HSBC's reputation was growing because of account closures on small business all over
and i even seen another news story about them doing that again in my home town a few days ago !
They just closed the account of a Winery here.. They also have reputation of extreme banking fraud making the international news too.

I hope the Canadian govt. etc investigates HSBC and puts them all in jail ! ..they have screwed over so many people its insane !

..they don't want none of this !
I'll snap it off in their ass ..clean off 

Spoetnik sez, Don't fuck with FUCK™

[spud21]

I suspect how you get treated depends on if you get to speak to a decent member of staff. Years ago I was refused an account by a guy wearing a kipper tie. A few years later I opened an account at a different branch of the same bank without any hassle at all. The guy wearing a kipper tie probably just got off on refusing accounts.

[Spoetnik]

well the idea in Canada is banks classified as Schedule 1 have to by law give even a basic account to people.
This is to make sure banking is available to all citizens.. no matter how bad your credit is etc. (i think ?)

In my case i was pissed off i wasted my time going there and booking an appointment then having to come back and get the third degree
as a snotty employee treated me like shit with an attitude as he blatantly violated Canadian Federal law.

Had i gone to a Credit Union there would be no such requirements for them.
Few years back i went to one and they did a credit-check on me and promptly asked me to leave after seeing my credit score.
Talk about embarrasing LOL

HSBC is scum ..they deserve the harshest treatment available.. just Google search HSBC and you will see why.

And they learned not to fuck with Spoetnik 

Kind of off topic i know but.. it just goes to show what is and what is not a real bank matters !

HSBC's behavior doing that has extended to well respected business's across the globe.. by contacting EXISTING reputable clients and dumping them promptly.

banks are garbage.. all of them.

[matthewh3]

......................................................................particula rly if it's closed source. On the other hand, if their "solution" is a wrapper around already solid open-source cryptography left untouched, it may not be.

tl;dr: Small-cap sucker bet unless demonstrated otherwise.

[So it looks like I won't be hopping on the subway to visit them anytime soon....]

If they're aiming to go down the closed-source model like Vericoin are.  Then they're dead in the water open-source isn't just a buzzword and I think a lot of people underestimate what it inherently brings to security plus also to the wider developing cryptocoin space.  Also Vericoin are dead in the water for being PoS as PoS in it's current form is massively broken.  Anyway back on topic if they choose a decentralised mining algorithm like X11 or Cryptonight they it could gain a lot of supporters.  As every one who can mine can become a bagholder while nearly every bagholder is an evangelists for their coin.  Then another option would be to AuxPoW (merge-mine) with Litecoin or quite possibly with Darkcoin as the Scrypt hashrate follows Bitcoins in getting more centralised.  AuxPoW with Darkcoin might work quite well with XGC being all about pro-regulation with having either verified email addresses or verified phone numbers included in every transaction.  I think AuxPoW will keep a lot of the smaller altcoins from dying a complete death.  Using AuxPoW does not reduce a coins value lack of community and like of development does.  If they chose the Cryptonight hashing algorithm then they could AuxPoW with Monero.  Which again would work as good ying to their yang all being about privacy.  While Cryptonight is the most CPU biased hashing algorithm to date.  Although the main gripes then wouldnt be about hashing centralisation but about botnets.  Although I suppose to beat the botnet problem they could have a franchise of official pools which merged-mined with Monero where all pool members had to be verified.  As all transactions include either verified phone numbers or verified email addresses so they could exclude miners who didn't play ball.  While offering AuxPoW with the most profitable Cryptonight mined coin could make mining their coin a lot more profitable especially in the early days.  Plus the higher earnings that AuxPoW would bring would guarantee a much higher network hashrate so therefore a higher network hashrate which in turn means a more secure network.

[matthewh3]

http://www.greenbankcapitalinc.com/press-releases/greenbank-establishes-greencoinx-the-identifiable-crypto-currency/

GREENBANK ESTABLISHES GREENCOINX- THE IDENTIFIABLE CRYPTO CURRENCY

MAY 13, 2015 BY ADMIN

Toronto, Ontario, May 13, 2015 – GreenBank Capital Inc (CSE: GBC) (“GreenBank”) is pleased to announce that its 80% subsidiary GreenCoinX Inc (previously called GreenCoin Inc) has completed an 11 month development program to establish GreenCoinX, the world’s first identifiable digital currency based on the bitcoin blockchain protocol.
GreenCoinX is the only digital currency which requires identification before initiating a transaction, storing digital currency, or generating and mining digital currency. By requiring user identification GreenCoinX removes the anonymity which has created the largest barrier to widespread adoption of digital currencies. Identification discourages usage for illegal activities and facilitates the taxation of transactions.
There will be a finite maximum of 210 million GreenCoinX that can ever be generated between now and December 2160. There are presently approximately 130 million GreenCoinX in existence of which GreenCoinX Inc owns 60 million and the balance is owned by the development team, pre-beta testers, and pre-beta miners.

Overview

The lack of identification by other digital currencies makes them susceptible to be used for illegal purposes, and makes digital transactions difficult to tax. These concerns make global acceptance of digital currency much more difficult. GreenCoinX provides a solution by adding email and phone identification to all GreenCoinX transactions. Those intending illegal activities are unlikely to use GreenCoinX as they can be easily identified. Furthermore, global governments will be able to collect taxes based on GreenCoinX transactions, with country by country rules for each type of transaction.
GreenCoinX, which has XGC as its digital currency identifier, is flexible and modifiable such that the government of each country can decide what identification rules they require for a GreenCoinX transaction and what country specific taxes should be attached to each transaction. Additional parameters for further identification can be added on an as needed basis depending on the requirements of each country. GreenCoinX intends to commence negotiations with worldwide governmental authorities to establish the taxation and identification parameters that each country requires.
GreenCoinX identification is initially done when GreenCoinX software is downloaded for storing, generating or mining, and sending or receiving XGC. The user email and phone address are verified and stored on the blockchain of GreenCoinX as a transaction with zero value. The user has the option of sending or receiving GreenCoinX to a phone, email or GreenCoinX address. All websites transacting in XGC will have a verified GreenCoinX software client installed.

Future Development

GreenCoinX is in the pre-beta stage, wherein some features may have restricted functionality and some minor software bugs may still exist. To develop the beta version (the precursor to the final version to be released unless significant software bugs emerge), with any modifications and additional features desired by governmental regulators, will require (a) an expanded development program (b) additional verification servers to be located in multiple countries and (c) maintenance of the verification block chain. This will require additional investment in both hardware and software. Further investment will be required to obtain governmental co-operation in multiple jurisdictions. GreenCoinX Inc will approach worldwide governments and central banking institutions to facilitate multiple country tax requirements, establish country specific capital controls, and create a network of digital currency miners as well as retail users. Such activities will also require a further investment in marketing. GreenCoinX Inc intends to seek financial partners to take development of GreenCoinX to the next level.

Technical Attributes

GreenCoinX is an open source software program. Programmers can suggest changes and modifications to the code which can be accepted or rejected by GreenCoinX Inc. If changes are made to the software then an upgraded software version will be released by GreenCoinX Inc. To use GreenCoinX, registration is mandatory. After installation of the software, the user is required to be identified by providing email and phone information, which is validated by a simple code sent to the user and then verified. Alternatively, the user can use Remote Procedure Call (“RPC”) to get identified (RPC is a protocol that causes a procedure to execute in another address space). Once verified, the user will be able to use the full functionality of the software for adding GreenCoinX addresses to their digital currency wallet.
Specific tax rates can be set on a country by country basis, as can country border/capital controls. Taxes can be collected by the appropriate jurisdiction for every transaction. Governments will have specific templates that are exclusive to their country jurisdiction with different rules and rates. These templates will create tax deductions at the source of the XGC transaction, which taxes will be transferred to the respective governments’ GreenCoinX server. These templates will be created with the agreement of the government concerned, and will cover all transactions such as “Internal to Internal” and “Country to External” and “External to Country”.

Mining is performed by downloading the GreenCoinX software and using the host computer to solve an algorithm which when solved is rewarded with XGC. Mining is done to keep the XGC blockchain functioning and processing XGC transactions. When the XGC mining software accepts a transaction it is then broadcast and recorded on the XGC blockchain. When another miner accepts the transaction, that miner is rewarded with a voluntary transaction fee which is paid by the sender. Currently, standard computers can be used to mine XGC, however the reward for mining reduces over time and so as more XGC miners become active and the difficulty of solving the algorithmic equations increases, it is anticipated that specially designed computers are likely to be required to complete XGC mining transactions.
When XGC is mined or generated, the miners are rewarded with XGC and a new address is created and assigned to the XGC. A typical XGC address is 34 alpha-numeric characters in length, however users can use their email or phone address instead of this long code to send or receive XGC. This makes it easier for the XGC user to make transactions. The XGC user does not have to remember any XGC address, and just needs to know an email or phone address. The XGC addresses of the user and recipient will be pulled from the XGC blockchain.

Online retailers can receive XGC by publicizing their identified email or phone addresses on their website. E-commerce portals can easily get their website registered with GreenCoinX and start accepting XGC without any Application Program Interface (“API”) integrations. Unlike API integrations, which are used by websites to integrate payments of third party payment facilitators like PayPal, XGC can be accepted without third party involvement.

The pre-beta version of GreenCoinX can be downloaded for Windows, Linux and Mac OSX platforms from www.GreenCoinX.com .

Risks and Uncertainty

GreenBank has previously filed Material Change Reports on March 27, 2014 and on June 11, 2014 containing disclosures with regard to the risks of investing in crypto currency and a crypto currency business, including risks related to crypto currency networks, risks related to the crypto currency exchange market, and risk factors related to the regulation of crypto currencies, and such Reports are available on the GreenBank profile at www.sedar.com. Potential investors should consider such risk factors carefully before making an investment in GreenBank.

About GreenBank
GreenBank is a corporate finance investment business investing in Canadian small cap companies. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed a unique identifiable crypto currency. GreenBank owns significant equity stakes in Leo Resources Inc (CSE:LEO), Hadley Mining Inc (CSE:HM) and Zara Resources Inc (CSE:ZRI).

For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.

Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release.

http://www.greenbankcapitalinc.com/press-releases/greenbank-establishes-greencoinx-the-identifiable-crypto-currency/

[Nxtblg]

http://www.greenbankcapitalinc.com/press-releases/greenbank-establishes-greencoinx-the-identifiable-crypto-currency/

Overview

The lack of identification by other digital currencies makes them susceptible to be used for illegal purposes, and makes digital transactions difficult to tax. These concerns make global acceptance of digital currency much more difficult. GreenCoinX provides a solution by adding email and phone identification to all GreenCoinX transactions. Those intending illegal activities are unlikely to use GreenCoinX as they can be easily identified. Furthermore, global governments will be able to collect taxes based on GreenCoinX transactions, with country by country rules for each type of transaction.
GreenCoinX, which has XGC as its digital currency identifier, is flexible and modifiable such that the government of each country can decide what identification rules they require for a GreenCoinX transaction and what country specific taxes should be attached to each transaction. Additional parameters for further identification can be added on an as needed basis depending on the requirements of each country. GreenCoinX intends to commence negotiations with worldwide governmental authorities to establish the taxation and identification parameters that each country requires.
GreenCoinX identification is initially done when GreenCoinX software is downloaded for storing, generating or mining, and sending or receiving XGC. The user email and phone address are verified and stored on the blockchain of GreenCoinX as a transaction with zero value. The user has the option of sending or receiving GreenCoinX to a phone, email or GreenCoinX address. All websites transacting in XGC will have a verified GreenCoinX software client installed....

Ladies and gentlemen, meet the mainstream...