Interview With Philip Lima From CoExistCoin

Bitcoin Dood: Thank you for taking the time to do this interview. For many of my readers you need no introduction, I believe this is your second or third time being interviewed by The Dood. For the new readers could you please tell everyone who you are and your relationship to CoExistCoin?

Philip Lima: Hey Hey. Thanks for having me back. It’s always great chatting with The Dood. For those that don’t know me, I am Philip Lima, founder of CoExistCoin. Back in October of 2012, there was a destructive hurricane that wreaked havoc where I live on Long Island, N.Y. It took years to rebuild many towns that are by the water even though there were millions upon millions of dollars donated to help people in need to get their lives back together. March of 2014, I was doing work for an old customer at his location. I couldn’t believe 17 months after this storm, the area was still in bad shape. I asked how come nothing was done with all the money people donated. Where did all this money go to if not to help people rebuild homes and local shops? He gave me a look and said “Phil. Those charity organizations are full of crooks. No one really knows where that money is going. Good honest orgs at best give 25% of what’s donated to where and what they intend to” I was shocked and furious. I thought of the donation my wife and I gave with the intention of helping our neighbors.  Now at this time I was already aware of bitcoin and litecoin. And dark coin was just being released (who later changed to DASH). I was researching blockchain technology realizing this was going to change the way the world does digital transactions. That is when I got the vision of creating a cryptocurrency with the intention to help the less fortunate.

BitcoinDood: I’ve always thought CoExistCoin was an interesting, well intentioned project. Can you tell the readers a little about CoExistCoin and what you hope to achieve with this coin?

Philip Lima: When creating CoExistCoin I had multiple things that I wanted to accomplish. One was to create a system in which people can see if charity organizations are abusing donated funds. We know with using cryptocurrency we can follow funds wallet to wallet using a block explorer. The block explorer that we currently use have so many functions, you really can envision an in depth accounting program. Using Blockchain tech those accounting numbers cannot be changed or compromised. It’s there for all to see. Another issue that I still to this day is getting donations. It is very hard for a lot of people to donate money, even if they wanted to. What if we had a payment system much like PayPal, but fueled by blockchain currency and those transfer fees goes to charity.  PayPal charges around 3 bucks to make a transaction. Credit cards charge businesses transaction fees. Imagine a worldwide payment system where the fees are used to help humanity instead of going to greedy corporations and bankers. This is my life goal. To create a charity organization and a financial instrument to help change the world.

BitcoinDood: You guys are currently going through a coinswap and are moving to the Waves Platform. What was your main reason for switching over to the new Waves platform?

Philip Lima: Multiple reasons made this decision easy for me. It is hard and costly to have a cryptocurrency on multiple operating systems. Large scale it is even harder with our old source code.  CoExistCoin was struggling to have this available to all.  Only windows and Linux users had access to COXST. New users were frustrated with updating nodes and waiting anywhere from 6 hours to a full day to completely download the full blockchain. We had an app on google play. It took 2 full charges on my google tablet to download the blockchain and after that it was clunky. The IPhone app was not available and iOS wallets were very costly to run and maintain. Another factor I had to consider was the responsibility I had to investors. Our old source was a POW/POS system. X11 algo has become very easy to mine. Daily mining rewards were being dumped in the markets drowning our value. No one was happy with this and interest was dwindling.  No one is interested in losing money.  I was considering either going to go through the grueling process of trying to get investors and coders to rewrite a better source algorithm or maybe give up on my dream. Shortly thereafter I was approached to consider on moving our blockchain over to the WAVES platform.  This move I realized after much research cured the problems that I was having. WAVES creator and CEO said he wanted a charity foundation on his platform.  “A” as in one. This move was offered with no cost to us.  My prayers were answered. I don’t know if you believe in fate Dood?4But I know I was meant to make this project a reality after this opportunity was offered to us. It’s like the universe wants us to succeed to help humanity.

BitcoinDood: For anyone that may not be familiar with it, could you tell us a little about Waves Platform, what it is and how it works?

Philip Lima: WAVES is a decentralized blockchain platform. It uses a lite client wallet where one does not have to download the blockchain. Most of us know the rigors of that.  The network handles up to 1,000s of transactions per second that can be paid in CoExistCoin, Waves, BTC, USD and EUR. The platform has many other tokens and fully license and compliant gateways with many more to come. WAVES platform also includes a true peer to peer decentralized Exchange.  WAVES plans to have non turing complete Smart contracts by the 4th quarter of 2017.

BitcoinDood: Does this add any new features to CoExistCoin? How does the new platform benefit CoExistCoin users?

Philip Lima: The very first thing is that it is available to use on all iPhone and android apps as well as all other operating systems. The wallet is hassle free and easy to use. CoExistCoin original code was a mixed POW/POS X11 algorithm. The entire blockchain had to be downloaded by the user. A huge issue that we found is that after many POS payments the wallet would slow to a crawl. Each POS payment was sent to a new address within the wallet. Combining any wallets would cause the wallet to seize up because each block could only hold 900KB. Waves alleviates all these problems. Any updates WAVES makes, we also get the update. So when the smart contracts are available on WAVES, it is available to CoExistCoin. One can see how this was a no brainer move for us. With all the future integrations that is in the works, I am very excited for our future. I struggled and worried so much trying to keep up with the tech, that I had no time to get to what the real purpose of CoExistCoin was created for, to help and empower those in desperate need of everyday survival.

BitcoinDood: The coinswap has been going on for awhile now. I guess users can swap directly from their Waves Platform wallet or they could do a manual exchange. What has it been like working with the new platform? If someone asked you if switching over to the platform was worth it, what would you tell them at this stage of the game? Has it been a fairly decent experience?

Philip Lima: The swap began on June 27th. A developer of WAVESGO set up the migration service on their site. If you have COXST in a QT wallet (windows and Linux) you can use the form to automatically exchange old COXST for new COXST that shows up right in your WAVES wallet. I set up a manual exchange page and doing swaps for those that have COXST on exchanges. There are some cases of people having stuck wallets, like iOS wallets or just weird things. They can send the wallet.dat file to me and then I auto swap it for them.

Working with the people at WAVES has been better than expected. They are great people that help with whatever is needed. Their community is big and dedicated in making WAVES and everything associated with it succeed. Using the WAVES platform has been easy and care free. Switching over to the WAVES platform has been worth it. There is small percentage of people that do not like change or they are not computer savvy at all. CoExistCoin brought new people in the crypto world. Their intention was to help people. Not learn how to use a QT wallet. Swapping over has been so easy with almost no issues. Issues that were reported ended up being user error or one simply had to delete cookies and cache in their browser to use the auto migration service.  I’ve had no negative complaints about COXST in the WAVES wallet. The only people that stand to lose anything are the miners dumping COXST onto exchanges.

BitcoinDood: How long do users have to swap their coins to the new platform and where can they get the info to do it? (feel free to post any links you want relating to instructions, wallets)

Philip Lima: The swap ends on 7/14/2017. After that I will send all swapped old COXST to a burn address. I have had confirmation from 2 of 3 exchanges that they will delist the old CoExistCoin, helping kill that blockchain. You can find info for swap at  http://coexistcoin.com/swap  or if you have COXST in a  synced QT wallet you can go directly to http://www.wavesgo.com/CoExistSwap.html

BitcoinDood: Well, exciting times indeed. I just wanted to touch base with you real quick and see how things were going. Do you have anything you want to add about the new coin, or the Waves Platform that hasn’t been covered in the interview?

Philip Lima: Yes. I would like to add that with this migration it is easier now to accept donations and keep track of what the foundation is doing, as is one of our goals. That is to be fully transparent. Anyone can deposit usd, euro or btc right into one’s own wallet, and then send it to the foundations wallet. There anyone can watch these funds through the block explorer.

WAVES platform is dedicated to being compliant and legit in the financial world. This is so very important to us. Last week the WAVES CEO visited and signed a memorandum strategic partnership with Deloitte. Deloitte provides international audit, consulting, financial advisory, risk management, tax and other services to select clients. I believe WAVES will lead the future of cryptocurrency and I am so happy to be a part of it all.

BitcoinDood: What type of rolls do you think these new token platforms will play in the future evolution of cryptocurrency?

Philip Lima: These tokens platforms ultimately will add on and off gateways for centralized fiat to enter a decentralized world where the individual is their own bank and unshackled by anything but the free market. With CoExistCoin if you want to help provide clean drinking water to a tribe in Africa, buy a well and the person installing it is paid a world away in 2-3 minutes. That well can essentially begin being installed tomorrow, without passing through two or three banking systems, various regulatory agencies and bureaucracies all taking their part, for 10% of the money to arrive 6 months later to the people in need.

BitcoinDood: As always, I have to end each interview with the same last question. Where do you see cryptocurrency heading in the future?

Philip Lima: Cryptocurrency is going to be the real democratic vote of the future. Do we all take back the right to decentralize our finances, or do we keep abiding by the rules of multibillion dollar banking and finance corporations that are owned by private central banks?  The future is ours.  Are we autonomous citizens or are we owned by the decisions of generations past?

Thanks so much to Philip Lima for taking the time to answer The Dood’s questions and share his story. If you’re interested in finding out more about CoExistCoin you can check out the links below.

http://coexistcoin.com/
https://coinmarketcap.com/currencies/coexistcoin/
https://bitcointalk.org/index.php?topic=1083647.0
https://twitter.com/CoexistCoin
https://wavesplatform.com/

 

The Dood Interviews, Brian Innes Attorney.

legal, blind justice

BitcoinDood: First off, thanks a lot for taking time out of your busy schedule to answer these questions. I’m really excited about this interview. I’m just a trader, and have an extremely basic understanding of the legalities of cryptocurrency so it’s really exciting to talk to someone from this sector of the industry. Please excuse my basic terminology when asking legal questions. This topic can get pretty confusing for the average guy, and The Dood’s about as average as they come 🙂

BitcoinDood: To start with, could you please take a moment and introduce yourself, tell us a little about who you are and what you do?

Brian Innes: My name is Brian Innes. I am attorney practicing in Utah. My practice focuses on business and real estate transactions. I am also working to develop an expertise in the legal issues surrounding blockchains and cryptocurrencies.

Before starting, I need to make the following disclaimer. This interview does not constitute legal advice and should not be relied on by any person. This interview is designed for general informational purposes. You should seek advice from your own counsel, who is familiar with the particular facts and circumstances of what you intend to do and can give you tailored advice. No attorney client-relationship is created, nor is this intended to be attorney advertising in any jurisdiction.

BitcoinDood: From a lawyer’s perspective, what are your thoughts on Bitcoin and cryptocurrency in general?

Brian Innes: From a legal perspective, it feels like we are in uncharted territory when it comes to cryptocurrencies and blockchain legal issues. Current laws and regulatory frameworks are not adequate to address all of the challenges and issues raised by cryptocurrency and blockchain technology. These laws and frameworks will need to evolve to deal with these new challenges. Also, as a contract attorney, the potential for disruption of the legal industry by smart contracts is something I am watching with interest.

BitcoinDood: How did you first get involved with cryptocurrency?

Brian Innes: I first heard about Bitcoin a number of years ago. At the time, I didn’t really see the usefulness of Bitcoin and other cryptocurrencies. It wasn’t until I learned about blockchains that the light turned on. Once I understood the potential use cases and applications for blockchains, I became really interested in cryptocurrencies.

BitcoinDood: From a legal standpoint, what is bitcoin and cryptocurrency? Is it money, a commodity, a security, some sort of financial instrument? What legal category would cryptocurrency fall under?

Brian Innes: One of the first things I learned in law school was the answer to the nearly every question asked by a law professor is “it depends.” I think that’s applicable here. Depending on the context, a cryptocurrency or blockchain token could be any of the above. Some people are purchasing blockchain tokens to use as money, some are purchasing blockchain tokens like gold or another commodity, some are purchasing blockchain tokens as a store of value and others are purchasing blockchain tokens as investments in the same way they would a security. Depending on the applications and uses of a particular token it could be any or all of the above.

BitcoinDood: A really touchy subject in the cryptocurrency space is regulation. For an industry that was basically started by a group of self-proclaimed crypto-anarchists, “regulation” is a dirty word. I see the eventual regulation of cryptocurrency as inevitable. Overall, where do you see regulation heading in the future? What type of laws do you think we can expect in the future and why?

Brian Innes: Regulation of blockchain tokens is difficult, among other reasons, because of their hybrid nature. Tokens and currencies with different properties will likely need to be treated differently. There can’t be a one size fits all regulation scheme for all cryptocurrencies, any regulations will need to be flexible enough to account for the difference between currencies and their uses.

I think the regulation we will see first will be in the securities law arena. The frothy ICO marketplace has already attracted and will continue to attract people looking to make a quick buck by using blockchain tokens to perpetrate pyramid or other fraudulent schemes. Many ICOs are also looking very much like securities offering. Even the term ICO is confusingly similar to the term IPO, which is a securities offering. It’s not even just fraudsters that are running afoul of the law. There are legitimate ICOs out there that likely have violated securities laws. Any securities offering must be either registered with the SEC or exempt from registration. Any ICO that is deemed to be a securities offering must be registered with the SEC. Failing to get this approval or having a valid exemption to rely upon can result in serious consequences. The registration process is designed to protect investors by requiring the promoter of an offering to provide sufficient disclosures for an investor to make an informed decision. I expect the SEC to step in at some point and reign in ICOs.

BitcoinDood: We’ve seen many states begin to pass “cryptocurrency laws”. New York has the BitLicense, and I know a few other states have passed laws, or are in the process of drafting laws. Many cryptocurrency businesses will not deal with individual states for legal reasons. How can a small business or start up protect themselves from state by state compliance issues?

Brian Innes: I think the first step is for the business owner to do as much research as possible on their own to learn what potential laws and regulations apply to their business. The less jurisdictions the business owner is conducting business in, the easier it will be to keep up with compliance issues. The next step would be to hire an attorney with expertise in the area.

BitcoinDood:  It will probably just be a matter of time before federal regulators get involved and draft additional legislation. My understanding is federal law, supersedes state law. What types of laws do you think the government will try to enforce with cryptocurrency, and would federal regulation straighten out a lot of the issues with state by state compliance?

Brian Innes: I agree with you. I think it’s a matter of when not if regulation comes. The SEC seems to be the organization most likely to take the lead with respect to cryptocurrency regulation. Federal securities laws do preempt state securities laws, but there are also in some circumstances additional rules and regulations imposed by state regulators that must be followed.

BitcoinDood:  So we’ve covered state law and federal law, but cryptocurrency is a global phenomena without borders. Cryptocurrency is decentralized, without a single point of failure. For instance bitcoin miners all over the world keep the bitcoin network up and running. There technically is no way to stop bitcoin unless you shut off every mining rig around the globe. For example, if you cut off the Chinese miners, then the Venezuelan miners, Brazilian miners, and all the other global miners are now keeping the network running. Based on that fact, many argue that any regulation is unenforceable. What do you say to those people who think regulation is unenforceable? Are they correct or delusional?

Brian Innes:  Coordinated international regulation would be difficult if not impossible to accomplish, but countries could definitely regulate (to some extent) the purchase and use of blockchain tokens in their own countries. In the United States, for example, the SEC could bring blockchain tokens under their purview and prohibit ICO organizers from selling blockchain tokens to any unaccredited investors in the United States without appropriate disclosures. Some blockchain token ICOs already restrict purchases from US citizens because they don’t want to deal with US securities laws. The decentralized and autonomous nature of cryptocurrencies makes it difficult for regulators and lawmakers to catch up and decide what do. Existing law is likely inadequate to deal with cryptocurrencies and will need to change and evolve to meet this new challenge. Because of the international nature of cryptocurrencies, governments will have a really tough time trying to shut cryptocurrencies down entirely. Also governments that try and overregulate cryptocurrencies run the risk of falling behind the times and other countries that are friendlier toward cryptocurrencies. Another area of potential regulation is with banking. If the US government wanted to discourage cryptocurrencies, they could make it difficult for banks to handle cash from cryptocurrency trading.

BitcoinDood: If an investor gets caught up in a blatant ICO scam, do they have any legal recourse? What can they do?

Brian Innes: I think it would be exceedingly difficult to have any meaningful recourse. Finding the promoter, suing the promoter, obtaining a judgment against the promoter, and collecting on the judgment, would be difficult but not impossible. Because of these risks, investors need make sure they’ve really done their homework before purchasing tokens in an ICO.

BitcoinDood:  Anyone that’s been involved in altcoin trading for any length of time can see there’s all kinds of insider trading and market manipulation going on in this industry. I’ve seen several pump groups on twitter and different social groups. Most of these groups select a coin, pump up the price by buying large amounts of the coin while hyping it up on social networks, then when it reaches a certain price they dump the coin back into the market driving down the price. Are these groups legal? Wouldn’t this be considered inside trading? Should participants in these groups be worried?

Brian Innes: This type of conduct is definitely illegal under existing securities laws. Pump and dump schemes are common with thinly traded stocks and are heavily scrutinized by the SEC. Doing the same thing with cryptocurrencies doesn’t seem to be any different to me. People engaging in this conduct could be subject to both criminal and civil actions. I would be surprised if the SEC isn’t already aware of and investigating these types of schemes.

BitcoinDood: Cryptocurrency and taxes. As far as I know there really isn’t a tax code that deals with cryptocurrency. Most people in the industry want to pay their taxes, but don’t even know where to begin. I asked my accountant about it last year and she was at a complete loss. Do you have any suggestions on how cryptocurrency traders should be handling the taxes on their gains and losses?

Brian Innes: The IRS has provided some guidance on taxation of cryptocurrency: https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance and https://www.irs.gov/pub/irs-drop/n-14-21.pdf. For tax purposes, my understanding is the IRS treats cryptocurrency like property and not foreign currency. That means someone selling goods or services that are paid for in cryptocurrency must pay taxes on the value of the currency on the day received. Gain on cryptocurrency is also taxed. The tax treatment depends on whether the cryptocurrency is held as a capital asset or not. Cryptocurrency held as a capital asset is given capital gains treatment. Cryptocurrency that is not held as a capital asset is given ordinary income treatment. With respect to mining, the miner is required to recognize the revenue at fair market value on the date the coin in mined and appreciation would also be subject to additional tax.

BitcoinDood: The Dood really appreciates your time, thanks so much for answering these questions. I ask all my interviews the same last question. Where do you see cryptocurrency in general, heading in the future?

Brian Innes: I am really bullish on the future of cryptocurrency. I do expect some measure of price correction in the future, but long term, I think the outlook is positive. The potential of blockchain is limitless and I think people find some amazing ways to use it.

BitcoinDood:  If people want to retain your services, how can they get in contact with you?

Brian Innes: Anyone interested can follow me on Twitter at @blockchain_law.

Thanks again to Brian Innes for taking the time to answer The Dood’s questions. Please remember nothing here, in this post, or on this website is meant as legal or financial advice. Please seek a duly licensed professional for such matters. Thanks for reading, and happy trading everyone!

Interview With Sergey Nikitin of xcoins.io

xcoins logo

Sergey Nikitin has about twenty years of information technology experience. He holds a BS, Computer Science degree from UCSB and an MBA degree from UCLA. After graduating, Sergey was recruited to work at Microsoft. He later formed a software development outsourcing business. Sergey is passionate about cryptocurrencies and believes that they are the future of money. He wants xCoins to ultimately become a one stop shop for all cryptocurrency needs.


BitcoinDood: So what exactly is xcoins.io? I get the impression that it’s an exchange, but you guys are doing things a little differently. Could you explain a little about how xcoins.io works, and what separates you from other exchanges like say Coinbase or Gemini?

Sergey Nikitin:  xCoins is the leading destination for instant access to bitcoin . XCoins is one of the qucikest and easiest ways to get bitcoin and has one of the highest paying affiliate  programs in the world that pays in bitcoin.

We are different in two ways:

  •  From the client’s perspective, we are quicker and we accept payment methods such as credit cards and even PayPal.
  • From the business model perspective, we are a marketplace as opposed to an exchange. In other words, we do not sell bitcoin. Instead, we have users, who provide bitcoin to other users.

BitcoinDood:  Getting set up on an exchange in the U.S. can be a daunting task. Do customers have to get verified before they can use the service? How does your verification process work, and after signing up, how fast can a user begin buying and selling?

Sergey Nikitin: It takes about 30 minutes for first-time users. The subsequent transactions are instant. If you’re signing up for the first time at xCoins, you will need to upload an ID and a selfie while holding your ID with xCoins and the date written on a piece of paper.   This is then sent to our approval team that does a detailed yet rapid cross-check of necessary information.  While the speediness of our verification system is a huge advantage for new users and something very valued at xCoins, we do take security very seriously, and make sure we only approve individuals that have passed our verification criteria.


BitcoinDood: Reading over your faq, your company accepts major credit cards, as well as ACH and PayPal. Many bitcoin exchanges are leery about dealing  with credit card companies and PayPal out of fear of chargebacks where the customer disputes the charge and the credit card company refunds their money. Does xcoins.io protect its users from the chargeback problem? Also, are there any benefits the customer might receive by using their credit card?

Sergey Nikitin: The main benefit of using a credit card or PayPal is that it is possible to get bitcoin instantly, as opposed to waiting a few days for ACH (bank transfer).

The core competency of our company is mitigating the chargeback risks. In fact, we are so confident that our users, who provide bitcoin, will be protected from them that we even have a profit margin guarantee, which means that we will reimburse a user out of our pocket, if his/her profit margin falls below 50% with us. No one else in our industry or anywhere else for that matter offers anything similar.


BitcoinDood: OK, lets say I’m a first time user. I sign up on xcoins.io, go through the verification process and decide to buy some bitcoin. Could you give us a brief summary of the process?

Sergey Nikitin: That’s the great thing about xCoins!  It’s super easy and convenient.  You enter the amount of bitcoin you would like to receive and then our alogrithm does its magic.  The bitcoin instantly appears in the user’s wallet, after he makes the payment.  Simple as that.  The ease and convenience of getting bitcoin is what xCoins is known for.


BitcoinDood: From what I read, the selling process seems a little different than the average exchange as well. I logged into the site and didn’t find an order book with buy and sell walls like most exchanges offer. Could you explain a little about how the selling process works and might differ from other exchanges?

Sergey Nikitin: That is correct.  xCoins is not an exchange, we are a Peer to Peer Marketplace.  Users can give their bitcoin to other users and receive a high premium of 15% for each transaction.


BitcoinDood: I see your exchange also  offers a referral program. My readers and
I are always interested in ways to earn extra bitcoin. How exactly
does the referral program work? Do you payout in bitcoin?

Sergey Nikitin:  You can earn money in three different ways. They can refer borrowers, lenders, or other affiliates (also called sub-affiliates) to the site. The commission is calculated as percentage of the xCoins loan origination fee, which can be 5% or higher of the transaction amount. Commissions are paid instantly in bitcoin to the xCoins wallet, and all affiliate commissions are paid for the lifetime of the customer. All you have to do is  sign up for an xCoins account to start referring clients. It only takes a few minutes. No approval needed.  Then you just refer users, and once they place a transaction, you receive the commission!


BitcoinDood: Well that covers just about all my questions. Thanks for being the
first exchange to be interviewed by The Dood. I really appreciate your time. Do you have anything you want to add that wasn’t already addressed in the interview? Any company news, promo offers or special features we haven’t talked about already?

Sergey Nikitin: Glad you asked!  Now we have an ACH Payment method in select states, which allows getting bitcoin for only 1.5% fee. User can also instantly add their bank account payment method!


BitcoinDood: I always end my interviews with pretty much the exact same question. Cryptocurrency is a fairly new industry that seems to be growing by leaps and bounds every day. If you had a crystal ball in front of you, what do you think we would see in the future for
cryptocurrency in general? Any thoughts, predictions, or trends you could share about the future of cryptocurrency and the direction the industry may be heading in?

Sergey Nikitin: Sure. We will see significant changes in many aspects of our lives because of cryptocurrency and blockchain technology in general. Banks will lose the monopoly on financial services. The financial services will become peer-to-peer, such as lending for example. There will be less financial fraud! Bitcoin is irreversible, plus there will be smart contracts. There will be less other type of fraud, as important information, title deeds for example, can be stored on blockchain. Finally, all goods and services will be cheaper in the future because of cryptocurrency, as it has smaller processing fees and there are no chargebacks. So, the technology will profoundly benefit everybody.  We are living in an exciting time.


Thanks to Sergey Nikitin for taking the time to answer The Dood’s questoins. The Dood wishes him and the entire xcoins.io team the best of luck on this project and all their future endeavors.

If you’re interested in finding out more about xcoins.io you can check out their website here.

https://xcoins.io/

Disclaimer:

The Dood is currently not affiliated with xcoins.io in any way. I may become involved in the affiliate program sometime in the future.  Please do your own due diligence before sending money or bitcoin to any company. The Dood has never used this service. I met the xcoins team on twitter, we got to talking and they agreed to do an interview  If you currently use xcoins.io or have in the past, please feel free to comment and tell us about your experience. Thanks for reading and happy trading everyone!

Interview With Roberto Durazzi From The “I Love You” Token.

I Love You graphic

“I Love You” LOVE an ERC20 Ethereum Token

I recently came across this project on twitter and thought it was a really interesting project and novel use of the ERC20 Ethereum token protocol. I requested an interview and the founder Roberto Durazzi took some time to answer some questions from The Dood. This was a really fun interview to do, and I’m looking forward to watching the growth and development of this project in the future.
BitcoinDood:  Hello and thanks for taking the time to do this interview. Could you please take a moment and tell the readers a little about who you are and your relationship with the “I Love You” LOVE project?

Roberto Durazzi: My name is Roberto Durazzi, I’m the founder and developer of “I Love You” Token, I’m web developer, graphic designer, video maker and drone pilot.

BitcoinDood: I Love You bills itself as the first “Proof Of Love” cryptocurrency. Your ticker symbol is LOVE.  Could you explain a little about “I Love You” or LOVE and the concept of POL or Proof Of Love and how it relates to your token.

Roberto Durazzi: “I Love You” token tries to exploit the romantic market while promoting love between people without any borders. PoL is a play on words that seeks to capture the attention of people who are already related to the concepts of PoW and PoS. We say “Send LOVE to your loved ones. They can hold them or sell them, that’s proof of love!” because the value of cryptocurrency tends to increase over time especially if you believe in LOVE. Sending LOVE tokens to our loved ones is a way of saying “I Love You”, to say this it is enough to send them one token, but in addition we try to give another utility to our currencies, as is the merchandise trade related to the subject of LOVE. The project is in a very early stage but we hope to create a world-renowned brand and sell products such as floral bouquets, jewelry, candies, chocolates among others. The ideal would be to have our own store and accept LOVE token but the product trade with cryptocurrencies is something that has not yet been popularized. So we can start selling our LOVE products in stores that receive FIAT and most popular currencies like Bitcoin. If we managed to distribute our products in retail stores our project would be a success and this in turn would give a lot of value to our token.

BitcoinDood: I Love You is an ERC20 Ethereum token. For the most part, this is a fairly newer protocol. For those that may not know already, could you explain the basics of what an ERC20 token is and why you chose it for the “I Love You” project?

Roberto Durazzi: Ethereum platform is based on smart contracts, this smart contract have functions, the most important functions on ERC20 standard are: totalSupply, transfer, transferFrom, balanceOf, approve, allowance and the Transfer and Approval event. ERC20 tokens would represent any kind of digital assets, currencies or what you want. The ERC20 standard makes the assets more easily interchangeable and ensure they can work with Dapps adhering to the same standard. Token holders are still in full control of their assets at all times. The token contract adhering to the ERC20 standard can keep track of who owns how many tokens at any given time.

We chose Ethereum ERC20 because the Ethereum platform has great potential and is now second in importance after bitcoin, we say: “Send LOVE through ethereum blockchain, it will be there forever…” and this is what we believe, regardless if we continue the project or not, LOVE tokens will continue to exist and will continue to be exchangeable in the ethereum blockchain.

BitcoinDood: There are multiple token protocols available now. Was there a reason you chose ERC20 over some of the other token protocols like NXT or CounterParty?

Roberto Durazzi: We think Ethereum platform is a revolutionary blockchain and will continue to be number one in smart contracts. At this time the ethereum market cap is more than half the bitcoin market cap and is very likely to exceed it in the future.

BitcoinDood: So what would be some use cases for sharing and sending LOVE over the Ethereum blockchain?

Roberto Durazzi: Its use is not different from other currencies, its main characteristic is that you can tell the other person that you sent LOVE! It’s a way to show you how much you love them.

BitcoinDood: I Love You is a really new project. Where do you see this token heading in the future. Could you share a little information on your current roadmap plans?

Roberto Durazzi: Well, we only have a month that we deployed the contract, we just wanted to have a token to show love and nothing more, but in a short time we have come up with many ideas with which we can give it a lot of strength. Right now we are in a stage of “proof of concept” selling very small amounts of currency to early investors and interested people through cryptoderivatives.market decentralized exchange and we are looking for a strategic partnership that allows us to take the project to the next level.

We still have 99.9% of the currencies in our power, which is why we are not yet listed on coinmarketcap.com, our plan is to make a 5% tokens pre-sale for early investor or for a partner investor to raise funds for our advertising campaign and thus be able to make a successful 64% token crowdsale. 1% will be given in airdrop, 7% for project team and 23% will be reserved to be sold in case the value of the currency goes up much. LOVE tokens has 1 decimal user-friendly fraction with a total supply of 21 million (bitcoin symbolic quantity). If the value of each fraction becomes very high we have deployed other ERC20 tokens such as Kisses (KISS), Likes (LIKE) and Stars (STAR), all with 1 decimal fraction forming what would be Fun Token Group, this will be a big project to come.

BitcoinDood: Going through the BitcoinTalk Ann I noticed a lot of plans for merchandising. I seen a lot of talk about LOVE toys, candies, even a debit card. What are your plans for merchandising, and how will the coin tie into all this?

Roberto Durazzi: We think LOVE branding will give value to our merchandising and merchandising branding will give value to our token as in a symbiosis. We want the use of LOVE tokens to be a very fun experience that creates engagement with our users.

BitcoinDood: I know you’re currently listed on a couple different exchanges and getting voted on to be added to even more. How can readers get LOVE? What exchanges are you currently on? Any way people can get free LOVE, faucets, rains, air drops, bounties?

Roberto Durazzi: The easiest way to get LOVE is to send ETH to the cryptoderivatives.market contract and this will refund the tokens plus the ETH change in case it’s over.

BitcoinDood: That’s about all I have for questions. Is there anything that you would like to talk about that hasn’t been addressed in the interview?

Roberto Durazzi: Many cryptos like bitcoin or ethereum has many decimal fractions which do not make them friendly with the common user. I Love You token has just a single decimal fraction, this allows sending LOVE and half (1,5 LOVE) or half LOVE (0,5 LOVE) for example. I think FUN TOKEN GROUP will be a very interesting proyect too, but first I must focus my attention on I LOVE YOU and then continue with FUN TOKEN GROUP.

BitcoinDood: I ask all my interviews the same last question. Where do you see cryptocurrency in general heading in the future? Any thoughts, predictions or possible trends you see for the use of cryptocurrency in the future?

Roberto Durazzi: I have received a great acceptance since in principle, the comments of people interested in the project have not stopped arriving. We believe this will be one of the most successful tokens in the ethereum ecosystem. There are things that are in process and that I can not advance, but I feel very optimistic about this project.

Many thanks to Roberto Durazzi for answering The Dood’s questions. Best of luck to you  and the entire “I Love You” project community. This looks like a really fun and interesting project to follow.

If you would like to follow this project, or want to find out more about LOVE you can follow the links below.

Dealing With A Possible Crypto Bubble.

Thought this guy made some great points about dealing with a potential cryptocurrency bubble. I really don’t know if we’re in a bubble or not right now, it could just be the beginning of mass adoption and growth, but it never hurts to diversify and cover your own assets 😉 LOL. Anyway, some great points made in this video.

Here’s the comment I left on the youtube page:

Great points… It’s all about hedging. As the old saying goes, “Never put all your eggs in one basket”. Diversify, hedge profits, and create a balanced portfolio with crypto, stocks, precious metals, and don’t be afraid to cash out for a little good hard cash. You can always re-enter the market at another time.