The Logicoins Resort Project
US presidential candidate Rick Perry has stated he supports “regulatory breathing room” for digital currencies such as bitcoin.
In the interview, Perry roundly denounced perceived issues in the financial system, stating:
“Wall Street should not be left off the hook for their bad behavior … instead of them being punished, it was the average American who paid the tremendous price. The fact of the matter is, to be quite frank: we got screwed.”
With the remarks, Perry joins fellow Republican presidential hopeful Rand Paul in his support for the technology. Paul announced in April that he would accept bitcoin for campaign donations.
Perry announced his candidacy in June following a failed bid for the Republican nomination in 2012. The 65-year-old Republican candidate previously served three terms as governor of Texas, a state that has long been less restrictive in its approach to digital currency regulation.
For example, in April 2014, the Texas Department of Banking was one of the first state-level regulatory bodies to issue guidelines to the industry. Former Texas congressman Steve Stockman was also one of the earliest advocates for the industry in Washington, first lobbying in 2014 to stop proposals such as New York’s BitLicense.
Bitcoin Press Release: Over 2 years old, CryptoBullion is pleased to announce an unprecedented Proof-of-Stake-Participation algorithm and expansion into emerging Chinese markets. Designed to be rare and valuable, less than 1 million CBX are in circulation, with a variable annual interest rate of over 2% for stakers.
FLORIDA, USA / July 29, 2015 / CryptoBullion (CBX), launched in June of 2013, is an exclusive cryptocurrency with less than 1-million units in circulation (21 times more rare than Bitcoin). CBX has successfully completed its distribution phase and has reached the planned stage where its money supply grows by 2% per year. This economically sound annual increase mirrors the supply fundamentals of precious metals, positioning CBX as the “platinum” alternative to Bitcoin’s gold, the “Digital” Precious Metal as it is known. It is how this 2% interest is distributed that sets CBX apart from all other cryptocurrencies.
Relentlessly striving to make CryptoBullion the most appealing cryptocurrency, Team CBX is dedicated to keeping CryptoBullion on the leading edge of cryptocurrency technology. In line with its mission, Team CBX has announced the start of development work on the innovative PoSP (Proof-of-Stake-Participation) algorithm to replace the existing Hybrid PoS/PoW. The implementation of PoSP (accompanied by a detailed technical white paper) will coincide with a new release of the ‘CBX Vault’ wallet software. This updated Vault will also feature chat functionality (via IRC) and a full Chinese translation set, as Team CBX is gaining interest from emerging Chinese markets with the assistance of their new Chinese liaison.
PoSP will maximize network security via a pay-for-work policy that operates using a highly energy efficient alternative to Bitcoin’s Proof-of-Work (PoW). PoSP will insure that a 2% annual interest rate is always paid to the network, regardless of how many CBX are being staked at any given time allowing for a considerably higher interest rate to be awarded to those staking their CBX (consistently running the CBX Vault software).
So what does this all mean for both the savvy and curious CryptoBullion investor, today, and in the future?
“These developments will galvanize a stronger and more united community while attracting new members through innovation. CryptoBullion will provide a low cost of entry and fair-pay-for-fair-work structure that is welcoming to any individual who desires to participate. Compensation will encourage decentralization by rewarding individuals to take control of their finances, while removing the paradigm of competition with mining farms and pools that have monopolized and centralized Bitcoin and other cryptocurrencies” – Team CBX.
PoSP version 1.0 and the new CBX Vault are projected for release in Q4 of 2015. CBX is currently priced at a very attractive rate, relative to its future potential, and available at several exchanges including Cryptsy.
To learn more please go to: http://cryptobullion.io/
To trade Bitcoin with CBX please go to: https://www.cryptsy.com/markets/view/CBX_BTC
For latest news follow CBX on bitcointalk: https://bitcointalk.org/index.php?topic=951753.0
Name: Chris ‘elambert’
Email: [email protected]
City and Country location: Florida, USA
This press release is for informational purposes only. The information does not constitute investment advice or an endorsement by Bitcoin Magazine or BTC Media, LLC. Bitcoin Magazine does not certify the accuracy of the above information provided by CBX.
About Bitcoin PR Buzz:
Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.
Bitcoin Press Release: US Based HashingSpace Corporation Announced it has been uplifted to a higher reporting status on the OTC Market. HashingSpace will now be listed as OTCQB: HSHS. HashingSpace provides scalable datacenter and technology infrastructure for the global adoption of Bitcoin including Bitcoin ATMs and hosted ASIC mining.
WENATCHEE, WA / July 29, 2015 / HashingSpace Corporation (OTCQB: HSHS), a company focused on the global adoption of Bitcoin, announced today that it has officially been uplifted to a higher reporting status. HashingSpace will no longer be listed on the Pink Sheets and has been moved to OTCQB status.
HashingSpace Corporation submitted all the mandatory documents and has successfully met all of the initial requirements to receive this upgrade. The upgrade became official on July 23, 2015.
“We are pleased to learn that we have been upgraded to a higher status,” stated Terry Taylor, Chief Financial Officer of HashingSpace. “This upgrade reflects on our plan to bring better value to our shareholders. This shows that we are current in our SEC compliance reporting and will undergo an annual verification and certification process. Providing accurate information to our investors is a top priority.”
Included in our new OTCQB designation will be real-time level 2 quote display. Quotes can be found at www.otcmarkets.com
Weekly OTC Market Reports summarizing the activity in our security will be available.
All company information, including stock trading, filings, and market data related to the company, is reported under the new upgrade, OTCQB: HSHS.
HashingSpace Corporation’s business will provide a wide range of services to include:
· HASHHOSTING Servers fully managed and specifically set-up for ASIC MINING
· CLOUDHASH Cloud mining servers that can be rented with full hashing power
· HASHMINING Our own Mining Farm
· HASHATM Owner and operator of Bitcoin ATM machines
· HASHWALLET Bitcoin consumer wallet for bitcoin banking and transactions
· HASHPOOL Public Stratum and P2Pool (Web/IOS/Droid)
· HASHTICKER Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)
· HASHVAR A wholesaler of Bitcoin servers and Bitcoin ATM machines
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace’s high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin
mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visit http://www.hashingspace.com or call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company’s current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information please visit: http://www.hashingspace.com/
5042 Wilshire Blvd. #26900
Los Angeles, CA, 90036
855 – HASHING (427-4464)
Email: [email protected]
This press release is for informational purposes only. The information does not constitute investment advice or an endorsement by Bitcoin Magazine or BTC Media, LLC. Bitcoin Magazine does not certify the accuracy of the above information provided by HashingSpace Corporation.
About Bitcoin PR Buzz:
Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.
The post Leading Global Bitcoin Adoption, HashingSpace Corporation Uplifts to the OTCQB appeared first on Bitcoin Magazine.
Microsoft New York and MIT Media Lab presented a 70-minute report called #Blockchain4good this week.
Speakers included Brian Forde, MIT Media Lab director of digital currency and former senior technology adviser at the White House, and John Paul Farmer, director of technology and civic innovation at Microsoft. They led discussions on using the blockchain for fraud-free voting, storage of identities, response to natural disasters and a public ledger of properties such as land.
Other speakers, including Chelsea Barabas, Ann Sim, Ryan Shea and Peter Kirby, focused on introducing the blockchain’s capability to decrease the amount of money spent annually on identity theft and records.
Sim, from international design and consulting firm IDEO, introduced the idea of frictionless transfer, wherein people around the world could donate small amounts of bitcoin for day-to-day tasks or to fund public/nonprofit organizations.
This summer, IDEO hosted a thematic incubator called Bits + Blocks Lab focusing on trust, transactions and participation. Six teams and 25 design entrepreneurs worked together to create various prototypes targeting different applications of the blockchain. Some of the prototypes on frictionless transactions included donation tug of war and image unlocking app through donation.
The main application that these teams and IDEO have looked into is creating a transparent voting/complaint system to develop more efficient civic infrastructure. Sim proposed that by using the bitcoin blockchain, citizens will be able to instantly report on improvements needed for public infrastructure and match government funds to allocate budgets accordingly.
This digital interaction between citizens and the government will create a transparent and unforgeable request-recovery system for public infrastructure. Furthermore, citizens would be able to track public funds of cities and even countries to check whether government funds are being allocated properly, and whether the budget is being distributed to various projects.
Sim introduced an idea called The Dandelion, which was proposed by Princeton University students who identified a park that needed a playground structure.
“Students planted a Dandelion with petals that have addresses on them. As people donate small amounts of money, the image of the playground started filling in, and the very block was being visualized,” explained Sim.
Blockchain for Identity Storage
Bitcoin blockchain-based passcard identity Startup Onename co-founder and CEO Ryan Shea led the discussion on how blockchain could be used to store identity and solve identity problems.
“There are billions of people around the world that do not have access to government-issued I.D. documents. This includes 25 percent of African-Americans in the U.S., hundreds of millions in India and refugees around the world,” Shea said. This is the result of the inefficient manual operation of governments and includes a long list of places where identification is needed, such as bank accounts, housing, government benefits and voting, he said.
All government identifications, such as passports and driver licenses, currently are delivered in a physical form. They are all printed, laminated, sealed and covered manually, which requires a lot of human labor and money to sustain.
“Approximately $25 billion (USD) are lost annually due to identity theft,” Shea said. “That’s because we don’t have a very good way of authenticating who you are, and relying on these physical documents and personal identifiable information.”
The blockchain, however, allows anyone to record data on transactions, which is unforgeable and transparent. Therefore, it is cost-efficient and time-saving for both the producers and the citizens.
For example, if a person were asked to show his personal identification documents in the middle of the street and the information is stored on the blockchain, he/she can simply go onto a platform that decodes blockchain information and show the identification quickly.
Photos courtesy of Digital Currency Group Inc.
The post Microsoft and MIT Explore Unique Applications of the Bitcoin Blockchain appeared first on Bitcoin Magazine.
The Respect Party is a left-wing U.K. political party founded in 2004 as an offspring of the Stop the War Coalition, opposing the Iraq War. The Party has been compared to “anti-establishment” political parties such as Syriza in Greece and Podemos in Spain.
Galloway, a controversial politician who appeared in the Big Brother reality show in 2004, joined the Respect Party after having been expelled from the Labour Party.
The Felix Online interview covers many topics of interest to London residents. Galloway is determined to “run Uber out of town” and formulates radical proposals for solving social issues.
“On the housing area for example, we intend to purchase any house that is unlived in for a year to tackle the prevalence of hundreds of thousand of properties in London that are not actually being bought as houses but bought merely to park mainly foreign money beyond the reach of their own regulators and media and so on, and this is simply unacceptable,” says Galloway.
In foreign policy, Galloway supports the Palestinian side of the Israeli-Palestinian conflict and is “a strong supporter of Europe and strong opponent of the way that Europe is currently run.” On immigration, he thinks that London is a great city because it’s a multicultural city in which the minorities are now the majority.
Galloway’s Mayor’s Chain will be especially interesting to Bitcoin Magazine readers.
“I’m going to put the entire £17 billion budget online in real time in blockchain and this will allow the public in to see exactly what’s coming in and exactly what’s going out, and where it’s going to, and make representation about it,” says the London mayoral candidate.
In the proposed plan, every detail of the budget approved by sessions of the council would be logged on a special blockchain called the Mayor’s Chain. The rule would be that if an item is not registered on the Mayor’s Chain, it doesn’t exist and cannot be paid. This would ensure that everything is fully transparent from the start.
“So for example if the mayoralty transferred today 50,000 pounds for such and such a service, members of the public instantaneously can say, ‘I know that that same service could be provided much more cheaply,’ and we’ve identified that we can make very substantial savings in the budget, perhaps 900 million pounds saving, just by public participation,” says Galloway. “So we’d be the only government in the entire world whose entire budget was transparently online and influenceable, and I think it might just set a trend.”
Galloway may be a controversial politician, and he might not have much chance of becoming the next mayor of London, but his Mayor’s Chain proposal seems a real killer app that could – and should – be adopted by cities and nations worldwide. The citizens could look up all bids, contracts and expenses on a public tamper-proof blockchain, vote on proposals for the allocation of public funds (perhaps via small token payments from registered addresses), and spot corruption and inefficiencies immediately.
It would be a real, disruptive, world-changing killer app.
The post London Mayoral Candidate Wants to Track £17 Billion City Budget in Real Time on the Blockchain appeared first on Bitcoin Magazine.
As Bitcoin usage grows worldwide and attracts the attention of more governments and regulators, the complexities of ensuring compliance across different jurisdictions become greater and greater. Many quickly growing Bitcoin startups struggle with this issue and lack the knowledge base to ensure that compliance is sufficient.
Taking it a step further, even if local regulations in an area are relatively lax, operating a financial services business without a bank account can prove tremendously difficult. And due to the fact that Bitcoin businesses are considered high risk and banks operate very conservatively, obtaining a local banking partner can be very difficult.
“If we look at what’s going on the U.K., the country is very laissez-faire with regulation, but the banks won’t work with the Bitcoin companies because their risk levels are much lower,” one NY-based Bitcoin executive said in an interview with Bitcoin Magazine.
Vogogo is a risk-management and payment processing specialist that has taken the approach of integrating their technology to the back-end of bitcoin companies technology, enabling the Bitcoin companies to operate with a level of risk management and compliance that the banks find appropriate. By gaining access to the banks through Vogogo, Bitcoin companies can then offer their users around the world better options to conveniently and quickly convert fiat money into digital currencies and back again.
The San Francisco-based exchange Kraken announced that it would be entering Canadian borders in a partnership with Vogogo.
“We see a lot of opportunity for Kraken in Canada and we’re counting on Vogogo’s expertise in risk management and payment processing to make it possible for Canadians to move their dollars safely and efficiently to and from Kraken,” CEO Jesse Powell said in a prepared statement.
In addition to Kraken, Bitstamp also partnered with Vogogo to help it expand into both Canada and the United States.
“Bitstamp has partnered with the risk management and payment processing specialist Vogogo to support its expansion into the U.S. and Canadian markets. This will allow our customers to explore a revolutionary new technology in a safe and compliant manner,” said the Bitstamp team in an announcement on their blog.
Vogogo Speeds Up Market Penetration
The value for both Kraken and Bitstamp: Vogogo already has the technology, the team, the know-how and the necessary partnerships with traditionally risk-adverse banks. To attempt to develop these requirements on their own would have taken Kraken or Bitstamp a significant amount of time and resources with no guarantee that they would have ever has found success. Consider how long it has taken any bitcoin exchange to get a bank behind it.
“We’re excited, but perhaps more importantly, we are focused on working with Kraken and playing our part in enabling and accelerating their growth. We will continue to provide secure, effective and compliant access to global banking and payment networks allowing Kraken to look forward and focus on being the very best at their business,” said Vogogo CEO Geoff Gordon in a statement announcing the Kraken partnership.
It is very hard to run a business without a bank. By partnering with Vogogo, Bitcoin companies that are going to increasingly come under the auspices of regulators will be able to more rapidly get their operation rolling due to the relationships Vogogo has. Further, they’ll be able to get funds into their exchanges much more simply.
“We’re looking forward to providing fast settlement and liquidity that will enable the Canadian market for bitcoin and Bitcoin businesses to flourish,” said Kraken’s Powell in a statement. Faster market penetration allows for that.
The post Bitcoin’s Largest Publicly Traded Company Bridges Gaps to the Banking Industry appeared first on Bitcoin Magazine.
It wasn’t just regular consumers who were able to benefit from the much-anticipated Amazon Prime Day. Purse.io, the escrow service that connects users with bitcoin to users with Amazon gift cards, saw a significant amount of growth leading up to the big day.
“We had the highest number of new users in a single week,” Andrew Lee, CEO of Purse, said in an interview with Bitcoin Magazine. There were a total of 2,145 new users during the week.
However, the people weren’t just signing up and then forgetting about the website. Instead, they were actively participating on the site, purchasing goods. What surprised the team, though, was that it wasn’t just prime purchases that people were making.
“There was a lot of hype around the Prime Day event, but when we look at the specific orders, users didn’t just order necessarily prime deals but whatever they needed to buy,” Lee told Bitcoin Magazine.
All told, Prime Day was a success for Purse. During the week, there were a total of 1,050 total transactions made on the site. On Prime Day itself, approximately $24,000 was spent on the site.
How Purse.io Works
One of the benefits of bitcoin is that it is money for the Internet. The problem for many users is that Amazon does not yet accept it. Purse enables a trusted exchange where a user with gift cards is able to exchange the value on those cards for bitcoin.
And there is a lot of available money on gift cards. According to a New York Post article, $44 billion has been left unused on gift cards since 2008. And that number is continuing to grow. There are billions of dollars of unused Amazon gift cards.
Purse enables the user to sell their gift cards for bitcoin, usually at a discount anywhere from 5 percent to 50 percent. These gift-card holders buy an item for the bitcoin holder. The bitcoin is then held in escrow, and when the purchase is completed and the item is delivered, the bitcoin is released to the gift-card holder.
Purse has become quite a success among bitcoin users. According to Lee, more than $500,000 is transacted on the website each month, with more than 45,000 users spending more than $2 million through the site over the past year.
Purse Going Forward
Purse announced Tuesday a series of changes to its platform, including a complete redesign and a new shopping cart to enable the easy addition and removal of items. These moves are an effort to increase the likelihood that people will use bitcoin to make purchases.
“Bitcoin commerce needs to make economic sense for everyone involved in a transaction. It’s only a matter of time before we see large retailers, such as Expedia or Overstock, exit Bitcoin. They have already cited low usage,” said Lee in a blog post titled Bitcoin Commerce is Broken. “We’ll be introducing solutions [that] will allow consumers to spend bitcoins at any merchant with a discount, and a whole lot more.”
The post Purse.io Sees Record New Users and $24,000 in Purchases on Amazon Prime Day appeared first on Bitcoin Magazine.
American Banker’s second annual digital currencies conference was also its first to put an equal emphasis on the emerging opportunities posed by bitcoin’s distributed ledger, the blockchain.
The idea that conversation around the technology has altered drastically in the last year was first noted by American Banker editor in chief Marc Hochstein in the event’s opening address. The talk proved forward-thinking in its praise for the promise of more expansive and experimental use cases for the blockchain while acknowledging that bitcoin, as its first application, had kickstarted a new wave of innovation.
“I’m not going to opine on the price, I’m going to talk about bitcoin, because the idea of it has made me a better editor at American Banker,” Hochstein said. “Bitcoin has cast everything that came before it in a new light.”
This tug-of-war between ideologies shaping the technology’s development was on display most prominently in the event’s early offerings, including a solo speaking slot by Eris Industries co-founder Preston Byrne and a panel featuring Symbiont’s Adam Krellenstein, Digital Currency Group CEO Barry Silbert and author Tim Swanson.
The most interesting talks centered around the still evolving question of whether private blockchains pose a threat to public ledgers like bitcoin, or if they are simply another evolution of the technology specialized for more specific use cases. Still, most panels sought to showcase the technology’s place in conversation surrounding larger concepts affecting the financial industry, such as digital identity, data security regulation and recordkeeping.
Representing incumbent banks in this conversation was BNY Mellon managing director Cheryl Gurz, who spoke on a panel meant to highlight future use cases for blockchains. Gurz shed light on the difficulty of mediating a conversation between enthusiastic technologists and sometimes critical economists while trying to uncover whether the technology can offer solutions.
“We shouldn’t just be listening, we should be challenging. We should be in the conversations with the regulators. So much is being assumed that we’re going to do, so much is driven by others.”
Still prominent was conversation about bitcoin as a currency and its price against the dollar, though some panels and speakers touched on its potential use case in areas where financial services have yet to permeate.
Masters began her talk by addressing the opportunity she saw in distributed ledger technology as well as the personal journey that led her to get involved in its development.
While she said not every “cool technology” could be a catalyst for change and that real barriers toward wider adoption would prohibit short-term adoption, Masters was effusive in voicing her belief that the blockchain and distributed ledgers pose a significant opportunity.
“It should be fairly obvious that the addressable market for this technology is absolutely gigantic. We’re talking markets that are measured in the trillions, not the billions. However, there are real frictions that exist, like the cash that we use is fiat cash and resides in bank accounts and not on digital ledgers.
Echoing comments raised in a recent article penned by executives at technology consulting firm Accenture, Masters also went on to note some of the more specific questions that she feels need to be addressed, such as how the industry should move toward standardization and deal with property titling issues.
Overall, Masters seemed keen to present a unifying message to the audience, suggesting that the best course of action for the industry is to work to understand the issues faced in the traditional financial industry.
“We need to be communicating with the existing legacy of financial infrastructure. It’s important that we’re respectful of that existing infrastructure, it works today and it has to work,” she said.
Elsewhere, Masters addressed questions from the crowd, with one attendee posing a hypothetical situation designed to test the limits of permissioned or private ledgers. In this case, Masters was asked how a Venezuelan bank might interact with a permissioned ledger.
In response, she issued one of her first public comments on the bitcoin blockchain as a subset of the larger innovation, stating:
“I’m not making claims that the bitcoin blockchain has no useful purpose.”
This friction surrounding the idea that certain parties in the industry are attempting to separate bitcoin’s speculative currency from its digital ledger again created sparks in the panel including Krellenstein; Silbert; Swanson; and New York Law School’s Houman Shadab.
It was perhaps Swanson and Silbert that served as the polar opposites around which the conversation pivoted, with Silbert emphasizing the expected high future price of bitcoin and Swanson revisiting his published work critiquing the cost efficiency of the bitcoin network when compared to tokenless blockchains.
“If you’re doing a public network, maybe the only way to do that is a token. But if you’re working with known entities on a private network, you can have contractual obligations to secure this network,” Swanson explained.
He went on to relay an anecdote in which he suggested a bank had asked him whether it would be liable if it was involved in a transaction where the validating miner was perhaps operating in a country sanctioned under US law. Swanson suggested that, with the bitcoin network, answers to questions like this still remain too unclear.
Silbert took the opposite approach attempting to galvanize audience interest in bitcoin by appealing to the speculative value associated with its tokens. His remarks suggested he sees a potential outcome where bitcoin is propelled past alternative blockchains as the use of its network could create new wealth for users.
“You didn’t buy bitcoin because you were trying solve issues with loans, you bought it out of greedy speculation,” Silbert said. “You have a financial incentive to see bitcoin succeed.”
In the midst of these disparate voices was Shadab, who successfully translated the debate into a moderate stance. Shadab argued that blockchains should be seen as transaction platforms that can be designed to offer certain advantages and disadvantages.
Shadab was also agnostic in his view on the bitcoin network, adding:
“These problems can be solved, but there are technological issues that you all will need to deal with it. Is it a token-based blockchain or a permissioned blockchain? As bitcoin grows in size and as transactions grow over time, some of the benefits of bitcoin, low-to-marginal transaction fees, may disappear over time. So there’s trust tradeoffs.”
Elsewhere, Swanson raised eyebrows with his typically confrontational approach to the panel session, suggesting that industry firm ShapeShift was perhaps providing a “money laundering service” due to its approach to regulation.
Perhaps best known for its colorful public messaging, distributed ledger startup Eris Industries made a splash with a confident presentation by co-founder Preston Byrne.
Byrne offered what may be some of the first public details on the project, revealing it intends to focus on smart contracts that use code to move and manage digital assets on a blockchain, thereby eliminating the need for a token.
Byrne claimed Eris is already working with “several tier-one banks”, all of whom he says are interested in its centralized approach to the technology. “Decentralization doesn’t work within existing legal paradigms. It causes more commercial problems than it solves,” he argued.
Instead, Byrne sought to assert that the true innovation behind bitcoin was that it had created new database efficiencies, effectively merging a database with its log. “Bitcoin is a very successful piece of software, but it’s just software,” he said.
Byrne also gave insight into the trajectory of the company, which he said built a decentralized Reddit and YouTube in 2014 to prove the data processing capabilities of blockchains.
Still, he stressed that centralized alternatives to public blockchains like bitcoin could possibly be faster today while solving problems for enterprise clients.
“There are no network effects for a database, you’re serving a market,” he said. “Blockchain technology is better now than it was six years ago. You can get confirmations in a block in two seconds. They work in private segments, not necessarily decentralized ones.”
The clearest insight into the evolving debate over the technology’s development was perhaps provided by the day’s final panel, which focused on its impact in financial markets.
Dominick Paniscotti, associate vice president of enterprise architecture at Nasdaq, provided the session’s highlights, discussing how bitcoin only “scratched the surface” of the potential of bitcoin as a technology.
He told the crowd:
“You start off with this, ‘Oh it’s a digital currency, should we put up a bitcoin exchange? Could we trade spot bitcoin? We can set up an exchange any time we want to trade bitcoin, the power is to identify this person. I can identify that I sent something to someone and then everyone can look at it and say yeah that occurred.”
Paniscotti went on to suggest he sees bitcoin as being one of a number of competing blockchains, ones that are better optimized for other needs.
Symbiont co-founder Mark Smith and Digital Asset Holdings CMO Dan O’Prey also provided insight in the difficulty of delivering technology to institutions such as Nasdaq, speaking about the “long sales cycle” and lack of education that is holding back efforts.
“When you’re walking into the door and explaining what is bitcoin, you have maybe a year, a year and half sales cycle,” moderator Brendan O’Connor, CEO of Genesis Global Trading, said. “When you walk in there and you’re talking about utilizing bitcoin with this wallet provider, and you start having these kinds of questions, you know they’re giving it more serious thought.”
Smith went on to talk about how the emphasis on the blockchain as a technology had opened more doors to enterprise institutions, concluding:
“The naming of this conference tells you a lot.”
Russia’s media watchdog has told Zuckerberg Pozvonit, a tech news site, that it must delete or edit a bitcoin-related article it published two years ago.
According to Global Voices, Roskomnadzor – the Kremlin’s executive body responsible for controlling and supervising media and mass communications – issued a notice today stating that, if the news source did not act within three days, access to the website would be blocked.
Vyacheslav Tsyplukhin, who publishes Zuckerberg Pozvonit spoke about the Roskomnadzor’s notice on his Facebook profile, noting that the outlet usually refrained from publishing material of a political nature.
His status suggested the article would remain unaltered:
“We haven’t discussed the issue collectively yet, but I maintain the position that we don’t have to delete anything. Let them close the website, and then let them explain to our 1.8 million readers, and to the industry, what is going on.”
This is not the first time Roskomnadzor has taken a stance against bitcoin-related online content.
In January this year, the media watchdog blocked access to various bitcoin websites in the country, including bitcoin.org, a community site sponsored by the Bitcoin Foundation; bitcoin.it, a wiki project about bitcoin; Indacoin exchange; and BTC.sec, a bitcoin news site.
A few months later, BTCsec.com and Smile Expo – a Moscow based event company which hosted its second bitcoin conference in December last year – testified in Sverdlovsk Regional Court as part of a complaint against the government’s decision to block access to their domains. The websites won their case and access was subsequently reinstated.
The news also follows Russia President Vladimir Putin’s first ever public comments on digital currencies during a live TV broadcast. Speaking to Russia 24 during an educational broadcast, Putin voiced his support for the Russian Central Bank in its exploration of technology.
“We do not reject anything, but there are serious, really fundamental issues related to its wider usage, at least, today.”