Category Archives: Altcoins

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 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.

The 2017 Roadmap for PoSWallet

Just came across the PoSwallet roadmap for 2017. These guys are accomplishing big things. If this is your first time hearing about PoSWallet, it is an online group cryptocurrency staking wallet. Basically users pool together their proof of stake cryptocurrencies and PoSWallet stakes them in a group wallet and distributes the staking rewards to the members for participating. This is a really great way to stake multiple cryptocurrencies without tying up tons of system resources. Now instead of running a wallet for each POS (proof of stake) coin you have, you can just hodl them in your PoSwallet account and still enjoy the earnings. They currently host wallets for close to 100 different proof of stake coins.

I’ve been following this site pretty much from the beginning. I’ve watched it’s user base and platform both grow considerably. Their most recent upgrade is an on site cryptocurrency exchange for trading. Now you don’t even have to transfer your coins to an exchange, and you can trade them right on the site. I came across their roadmap for 2017, and I have to say it looks pretty impressive.

Dev roadmap for 2017 PoSW

PoSWallet roadmap for 2017

These guys are accomplishing big things, not to mention best ICO offer I ever bought into! If you’re interested in learning more about this project, you can check out these two interviews I did with the lead dev awhile back. The first link is about the PoSWallet coin, and the second one is about the staking wallet. This has been a really fun and interesting project to follow:

The Dood Interviews The Lead Dev Of POSwallet!

Interview With PoSW coin.

Interested in opening a free staking wallet, here’s a referral:

https://poswallet.com/sign-up.php?referral=TheDood

Interview: Rekt&Hodl Shitshirts for shitcoinz.

rekt and hodl designI thought we could welcome 2017 with a fun light-hearted interview. I recently met Rekt&Hodl on twitter and thought it was a fun and interesting project. I sent a DM asking for a quick interview, they agreed, so for my first interview of 2017, I introduce you to Rekt&Hodl

BitcoinDood – Thanks for taking the time to answer the questions in this interview. I have to say I really enjoyed looking over some of the designs you’re creating. Could you tell the readers a little about who you are, your brand Rekt&Hodl, and your relationship to Rekt&Hodl?

Rekt&Hodl – Hey, Bitcoin Dood, thanks for offering us the opportunity to be apart of your story by letting Rekt&Hodl Designs tell our story: Shitshirts for Shitcoinz 🙂 Firstly it’s based out of New Zealand, operating on the more humorous side of the crypto-space as a small startup and lover of Alts / $BTC and the icons and people in the overall community.

The brand itself is reflection of the troubles and idiosyncrasies cryptotraders go through trading altcoins. And some of of the “troubles” by their nature can be an absolute piss-take, especially in hindsight, and I try to play on that.

As a trader myself I’ve experienced firsthand some the lessons crypto can teach you or take from you. This game can be a bi*ch or you can grab a 20 bag, it’s a fickle beast, your either making $BTC or slowly getting rekt over a slow period of time – or fast. And this can put in a position to either sell at a loss or Hodl and prey for a recovery.

That’s when I started to think of the two individual ‘processes’ as a single cycle: you get Rekt and then you HODL —- Rekt&Hodl and I thought that was pretty interesting, and at the time I thought it would be kind of funny to put it on a shirt, and here we are, having a laugh.

It’s great way to deal with a not so ideal situation. Either that or you can start hurling abuse about who is to blame, but that generally gets you nowhere. But, A statement on a T- Shirt though – that’s a classy way to express the grunge of any coins community that they may be feeling at that time (its Rekt&Hodl’s position to capture that and put it on a shirt – I call it “Capturing Culture”).

BitcoinDood – We originally met via a tweet and you turned one of my parody designs into a t-shirt which I thought was really great. These T-shirt designs are a brilliant idea for altcoin enthusiasts with a sense of humor. You obviously have a sense of humor when it comes to crypto trading, was that your sole inspiration for starting Rekt&Hodl, or do you just do it for the LOLZ? Are there other motivating factors behind the designs?

parody startcoin t-shirt

Startcoin or startcon!

Rekt&Hodl – It’s the culture! I think the culture within the trading community is absolutely rich with cool cats! There are social media icons out there that can naturally put together some interesting and catchy slang words. I was reading a tweet from Barry Silbert (or Shill-Bert, as others have said) and he was talking the “wide – lexicon” within the crypto trading community and I completely agree with him. A lot of our clothing designs are directly sourced from the community, be it: Telegram, tweets, memes or great content shows on YouTube – SHOUT OUT to ShitcoinTalk! I think these guys are part of the motivational factor for putting Rekt&Hodl together. If these guys in the grassroots of crypto trading can have a blast discussing their pump and dump campaigns, we too could have a “calculated laugh” in this space. That show, taught me the community is stacked full interesting cats that know their stuff, and that was a real catalyst going forward.

This space is always pumping with hype or rekt episodes throughout each various coin and their associated ecosystem; and being able to tap into that is possibly the most fun part of putting the designs together. In some respects there is a lot to learn from each design – they keep you informed and up-to-date with the latest issues with coins and issues, or hindsight views of ICOs – my personal favorite for inspiration.

BitcoinDood – I think some people are a little too light hearted about altcoins and others take them far to seriously. The Dood, he stands somewhere in the middle.I often find the humor in some of these markets and have tweeted in the past that sometimes FUD ANNS on bitcointalk are almost worth the bad investment because the FUDDERS remarks make you laugh so hard you end up forgetting about the bad investment you made in the first place. How has the project been received from other crypto enthusiasts on the net? Have you received any negativity from butt hurt traders who may not appreciate the humor in what you’re doing or has everyone been pretty positive for the most part?

Rekt&Hodl – Oh man – I couldn’t agree with you more. Some of what the FUDDERS have to say about there bad investments will make you fall off your seat! It can be like watching a slow motion comedy show, and at times, you cant help but agree with them. I think it’s kind of a good to have FUDDERS; it can keep a coins hype cycle in perspective, as sort of reality check.

So far, its mostly been meet with farts and giggles, some of these designs are a complete reflection of what a community is saying, we just jog it down. The crypto community itself is an accepting community and they can be more down for a laugh than any others on the net. I put together a design for a nonexistent coin “Gerber Baby Coin” with an image of Ross Gerber on it and he thought it was hilarious, mentioning it in a tweet. That was a design concept originally started on ShitcoinTalk, and carried on through by members on Bitcointalk.org. There is a lot of laughs to be had in crypto and a lot of cats wanting to have a good time.

BitcoinDood – I’m guessing you must be an altcoin enthusiast yourself. How did you get involved in cryptocurrency? Are you a trader, miner, investor, dev?

Rekt&Hodl – For me, it started when I was watching a report on CNBC discussing the price of bitcoin; which at the time was over $1000 back in 2013. Reminiscent of what we are seeing now, and it all just started from there. I did some reading and watched a few videos, and spent some time figuring out what the heck it is and where it fits in world. At the time I was out of work and had plenty of time to take in an understanding of the philosophy behind bitcoin, which resonated with me; I think mostly because I was reading a lot of Ron Paul books at the time – and those ideas meshed together, somewhat.

But, mostly I’m an investor and enthusiast. I hodl pieces in all parts of this game.

BitcoinDood – You’re currently posting your designs to sites like abphy and snaptee, any plans on starting a small website and taking this to the next level? Have you considered OpenBazaar or Peerhub?

Rekt&Hodl – Wow – honestly, I had no idea it was being posted on abphy 🙂 news to me LOLZ. Well, I’m definitively trying to keep the approach to the market as liquid and organic as possible, and what I mean by this is, that I’m trying to integrate it seamlessly into my day-to-day living – well online living. By using mediums such as twitter, instagram, facebook and snapptee, they allow me to design and market each product at the drop of a hat; and I kind of like that. I’ve operated blogs and such in the past and the costs and time involved can add up; it isn’t to much – but its enough to command a bit your time, and currently, the operation is free, mobile and integrated.

I haven’t considered OpenBazaar before, but after taking a quick glance, it could be on the cards – no fees, yes please!

BitcoinDood – It looks like you’re currently focusing on t-shirts. Have you considered expanding the product line to mugs, pins, hats etc..?

Rekt&Hodl – I think going forward, growing organically, I don’t know what is next in terms of product offerings. I’ll wait for the market to present an opportunity, and pounce. I like throwing stuff out to the wind, and if it comes back to slap me in the face with something, it’s all for the best.

BitcoinDood – I really like what you’re doing and wish you the best of luck in 2017. Do you have anything you want to add about Rekt&Hodl that wasn’t already covered in this interview?

Rekt&Hodl – Thanks Bitcoin Dood; only to say – yes I have been rekt and I generally just Hodl this sh#t – a common strategy I’m sure 🙂

BitcoinDood – So I always end each interview with the same last question. Where do you see cryptocurrency going in the future. Any thoughts or predictions for the future. If you had a crystal ball and could see the future of bitcoin and cryptocurrencies in general, what do you think you would see?

Rekt&Hodl – I think mainstream adoption of crypto in our day-to-day living would be great. A lot of people I talk to about crypto don’t have a clue what I’m saying or whats being put together by innovators in the space, its a shame really. But, I make an effort to preach bitcoin, blockchains, in a more humorous way; it helps people engage with what it is. IRL I talk to co-workers about it as a Nigerian scam, it helps break the ice and opens the door for more serious conversation on the matter. But, if i had a crystal ball – I WOULD LONG EVERYTHING THAT BALL HAS TO REVEAL! A crypto trader has got to make a living.

BitcoinDood – Hey, thanks for taking the time to answer these questions. I’m really looking forward to seeing your future designs and watching your brand grow. Happy New Year from The Dood, and wishing you a prosperous 2017 for Rekt&Hodl.

Rekt&Hodl – Thanks Dood – R O C K O N 2 0 1 7 !

https://www.facebook.com/RektandHodl/
https://twitter.com/RektandHodl/
http://abphy.com/user/rektandhodl
https://snaptee.co/t/b3avt/?r=fb&teeId=b3avt

Disclaimer: Rekt&Hodl have many different designs for various coins in the altcoin space. I really liked the Startcoin designs and used them in this post. The Dood has the utmost respect for the Startcoin community, but sometimes we just have to laugh a little when an investment goes south! For my true thoughts and opinions on Startcoin, checkout this post here.

Interview with Belacoin Ambia Fund

small belacoin logoBitcoinDood – Hello, and thanks for taking the time to do this interview. Could you take a moment and introduce yourself, and tell the readers a little about who you are and your relationship to the BelaCoin project?

Ambia Fund – We are the Ambia Fund, a private cryptocurrency investment group. Our intention is to seek out early-stage cryptocurrencies and cryptocurrency-related projects that have strong potential and could go much further with some professional funding and guidance. BelaCoin has been our inaugural investment, and since we have yet to find a lead developer, we have had to take a strong hands-on approach in leading BelaCoin.

Our focus is to build up BelaCoin well so that it fits into our own cryptocurrency project: BelaCam. While we do not own the BelaCoin blockchain, BelaCam is a privately owned cryptocurrency startup. As with traditional venture capital, we can have a successful exit if BelaCam gets acquired by a large tech player or in the unlikely but possible event of a BelaCam IPO. We own 100% of the equity of BelaCam, so that is where our investment is likely to provide returns.

BelaCam relies heavily on BelaCoin, so for us to have success in BelaCam, we must first bring BelaCoin to the level of a successful cryptocurrency. The more valuable that BelaCoin is, the more valuable BelaCam is as well. This is important because this creates our incentive to act in the best interest of BelaCoin. If BelaCam gets acquired by Alphabet, Facebook, Microsoft, or some other tech company, then BelaCoin’s success will then be in their best interest and control. This is where we would step aside and let the tech powerhouse continue to lead and advise BelaCoin.

BitcoinDood – If I’m not mistaken, this project has been around for a little while. Originally started back in 2014 as Bellacoin with two L’s, I remember researching it a bit, and then for whatever reason it just dropped below my radar. I always thought it looked like an interesting project though. Could you tell us a little about what’s been happening with this project, and the sequence of events that have happened since 2014, leading to the present day and the current development of BelaCoin?

Ambia Fund – The original Bellacoin was started by Kris Borodiansky as a charity coin. He had difficulty getting traction, but he built an awesome altcoin wallet for Bellacoin that was one of the most advanced of the time. The coin was taken over from him as he fell into the background, and it ended up in the hands of a user named @androidcryptogames, the man behind Bellachess. We saw an active community and strong potential for Bellacoin, so we reached out to both Kris and @Androidcryptogames before we took the lead of BelaCoin.

We have repeatedly tried to get Kris to rejoin the coin that was once his, but he is happy letting it go. He’s currently doing impressive and admirable things with Neoscoin, although we have let him know that he is still welcome back on the BelaCoin project. Bellachess is still a running and independent project as well.

With the approval of both people above, we have revived BelaCoin. First, we changed the name from Bellacoin to BelaCoin and gave it a new logo. Then, we assembled an advisory team that will help guide our lead developer, whenever we find one. The wallets that Kris coded were no longer working on newer computers, so we sourced help to fix that. The BelaCoin community has grown incredibly fast and strong as well. The 210+ members of our slack (join here: http://BelaCoin .herokuapp.com) are active and insightful supporters. With the http://BelaCoin.org/invest initiative launch and our white paper release in late December/early January, we will be almost done with our work on BelaCoin and ready to pivot our focus towards finishing BelaCam.

BitcoinDood – Researching this project I came across your BellaChess app and I have to say I absolutely love it. Ironically, I was looking for a decent chess app . The Dood is an average player at best and I was looking for an app with different skill levels. That’s exactly what BellaChess provided and I even earn a fraction of BelaCoin for each game played. For any chess players out there, I highly recommend this app, its really cool.

Now it looks like the next app to be developed is BelaCam, which will be an Instagram type app offering BelaCoin rewards for users. Could you talk a little about BelaCam, what it is, and what users can expect from the app? Also, please explain a little about the BelaCoin rewards for using the apps and how BelaCoin ties into the app platforms.

Ambia Fund – In BelaCam, users post photos and receive BelaCoin each time that their photo is ‘liked’ by someone else. The amount will be determined by the donor in the form of a micropayment of BelaCoin. BelaCam is an indirect competitor of Steemit; whereas users in Steemit reward writings and blog posts, BelaCam users reward photo posters in a similar manner. As we discuss in a later question, it is perhaps a more direct competitor to less-established Yours Network and Synero.

While blockchain social media platforms like Steemit have shied away from the idea of micropayments with the belief that they simply cannot obtain the participants, The Ambia Fund operates with a much different mentality. We understand that nearly all ideas are deemed impossible before someone shows them that they can and will happen. This is the same situation for micropayments.

Additionally, as noted in the question, the BelaCam platform is inspired by Instagram. We are targeting only visual media such as pictures and brief videos. This focus is part of one of the huge appeals of BelaCam: simplicity. It is also the huge factor that will propel BelaCam above other styles of blockchain social media. Users will be confronted with a familiar interface and a very straightforward method of both rewarding and being rewarded for the content they share. Ideally, it will feel just as passive and natural to scroll through one’s feed rewarding miniscule amounts of BelaCoin to other users as it would clicking “like” on their pictures. The reliance on micropayments eliminates the need for complex crowd-voting systems such as those used on Steemit, sometimes confusing and deterring users from participating.

With this being said, BelaCam is designed to be the simplest style of all the blockchain social media platforms to-date. By utilizing a proven and attractive model, we doubt we will encounter much trouble reaching success.

BitcoinDood – According to your website it looks like BelaCoin is currently being ran by an advisory board of some well known names in the cryptocurrency and altcoin trading space. Tell us a little about the advisory board and what each member brings to the table?

Ambia Fund – The Board of Advisors was sourced to guide whomever the lead developer will be. The current members of the Board of Advisors are @Notsofast, @Dum, and Trevon James. They all possess unique talents and experiences so that the lead developer will be able to draw from a diverse field of advice.

@Notsofast has great trading and investing insight that he has gained over years of experience. @Dum created a cryptocurrency radio show, so he has had in-depth looks into other altcoins. With all this, he has learned a lot about what makes a great cryptocurrency. Trevon James is quite experienced with social media, possessing over 20,000 followers on Twitter and receiving over 100,000 YouTube impressions each month. He knows a lot about gaining exposure and getting social media traction, so his guidance in those areas will be helpful to the incoming developer.

BitcoinDood – According to the website the project is being backed by the AMBIA Fund. What exactly is the AMBIA Fund and how does it tie into the BelaCoin project?

Ambia Fund – The Ambia Fund is a private investment group that funds early-stage cryptocurrency projects with real potential. Our activities are similar to those of venture capitalists, except we take a more involved approach. When there is a hole in the BelaCoin project, we fill it. If we do not have the skills to solve something, we source the best people who can. That’s how we redesigned BelaCoin’s logo, gave BelaCoin a top-tier website, and fixed the Windows and Mac wallets.

For our BelaCam startup, we needed a cryptocurrency that we could mold to fit our project perfectly. The past 6 weeks have been spent making BelaCoin strong and well-rounded so that it serves BelaCam. The side effect of this is that now BelaCoin is now a great, newly-updated cryptocurrency, ready for further development and expansion.

BitcoinDood – The BelaCoin website currently states that you’re looking for a lead dev for the project. For anyone that might be interested in this position, what is your team looking for, what will be expected of the dev, and how can eligible parties contact you to apply?

Ambia Fund – We need someone who can take on a strong leadership role to maintain BelaCoin while we focus our resources on finishing BelaCam. The lead dev must be able to assume a non-anonymous role and should have relevant experience working with other coins. The developer will be tasked with leading BelaCoin forward, updating the BelaCoin code, and maintaining the wallets. We need someone who will be as passionate about BelaCoin as we have been.

We do not necessarily want a developer who will work for us; rather, we need someone who will work with us. The developer will be the face and leader of BelaCoin with the responsibility of making executive decisions. To put it frankly, it needs its very own Vitalik Buterin.

If you think you can fit the role, please email us at mail@ambiafund .com. If you pass our vetting, we will nominate you as the lead developer. Then, the BelaCoin community (over 210 in our Slack channel) will collectively decide whether to confirm or deny the appointment.

BitcoinDood – BelaCam looks like it’s going to be the crowning jewel of this project. Do you guys currently have a road map in place? What can altcoin investors considering this coin expect as far as development and a BETA release of the app?

Ambia Fund – Our users can expect a roadmap for the BelaCam project to be released in the first few weeks of 2017. Early testing of the platform will commence around that time, with beta versions being released shortly after. We have the site pretty much made; all that’s left is to do design work and add the BelaCoin user transfer functionality.

BitcoinDood – I was pretty impressed with this project as I researched it. Both the apps and coin look like some really interesting tech. Do you have anything you would like to add that hasn’t been covered in the previous questions? Any special features or exciting news you want to share?

Ambia Fund – The Ambia Fund, specifically through the BelaCoin project, is asserting itself as a constructive and positive force in the cryptocurrency world that will better the knowledge and power of widespread groups of users. We are introducing several initiatives that will help to kickstart this facet of our campaign.

The first of these projects is the BelaCoin Invest Initiative, launched on December 21st. We are giving $500 to three separate entrepreneurs with business ideas that integrate BelaCoin. This should draw some of the best minds in the cryptocurrency community to the BelaCoin blockchain and create an additional 3 businesses or services that use BelaCoin.

Additionally, we will be discussing further scholarship programs for students and grants for other deserving individuals. The BelaCoin Invest Initiative is the main campaign to close out 2016, but we plan to announce further grants in early-mid 2017, coinciding with BelaCam news releases.

BitcoinDood – It looks like 2017 is already gearing up to be a very “disruptive” year for social networking and social media platforms. We’ve seen the well received introduction of the Steemit project in 2016. Synereo seems to be off to a rocky start, but looks like it could be an interesting project in 2017. I believe Yours Network is planning some type of release in 2017 as well. With the release of BelaCam we will also have an instagram equivalent for the cryptocurrency space. Do you have any thoughts on how these cryptocurrency incentive platforms are going to shape the future of social networking and social media? Do you think this will be extremely disruptive tech to platforms like Instagram and Facebook when users realize they will be able to get paid for their content?

Ambia Fund – Social media and other online services change the way we communicate more and more everyday. Before we know it, we will find ourselves in a world absent of things like digital cable and newspapers that used to deliver information from source to sink. The trend that humans exchange more information

regarding news, entertainment, etc. over social media as opposed to TV or press is growing at a burgeoning rate. Coupled with the expansion of hot sectors like subscription based streaming services, old methods of information exchange are beginning to fade.

Each day that humans spend more time scrolling through Twitter, Facebook, and other networks in search of useful information, the power of this new form of information exchange is solidified. Whether they know it or not, humans are engaging more frequently in “peer-to-peer” systems than ever before. Humans care more about the opinions and approval of their coworkers, family, and other random peers than those of news sources in some cases, leading to a new hierarchy of information exchange. This decentralization of information, from news sources and authorities to the users themselves, goes hand-in-hand with the overall principles of the cryptocurrency movement. This changing mentality is a principle that will allow BelaCam to succeed.

The next inevitable facet of this decentralization trend is providing a way for the new leaders of information, such as the influential mass-followed users of social media, to be monetarily rewarded for their services. This has been the mission of most blockchain social media so far because the work that content creators do is a part-time or full-time creative occupation worthy of monetized rewards. Depending on the specificity of their subjects and their popularity, their outreach can span across the world and into the minds and hearts of millions of people. Millions of users, following a wide variety of content creators from all subjects are have the potential to participate in the micropayment system that BelaCam will employ. The BelaCam project will be able to connect these leaders to their followers, empowering both parties to fully engage in interaction and information exchange that will encourage an ever-growing, self-sustaining social economy. The principle notion is that popular and productive content creators deserve to be paid for their content, and we are strong believers that their followers will reward simple, streamlined micropayments to encourage their favorite creators to continue to create.

Regarding our relation to other social blockchain platforms, paradoxically, we are all working together through competition. Cryptocurrencies are a collaborative community above all else, however it is natural that the best systems survive this formative period and carry forward our growth. Active projects such as the Yours Network, Synero, and other lesser known projects like alexandria.io from FlorinCoin all have their benefits and promised features that could form popular platforms. However, one thing is certain that differentiates us from most of their operations: we are not seeking a holistic social media platform (text, music, pictures, etc.). Also, with regards to Steemit specifically, we likely do not envision ourselves directly competing with their already established and commendable project. Although they do feature some photos shared on the site, they are integrated within text-based blog posts. This being said, we are likely to compete more with holistic platforms like Yours or Synero as BelaCam provides a simpler way to be rewarded by sharing creative content.

As far as being disruptive to Facebook or Instagram, this is the full intention. The incentive to get many likes on Instagram is mainly driven by a human’s desire to feel important. At BelaCam, users can get that same desire satisfied while also earning money. It’s simple: BelaCam can reward users more than Instagram and Facebook can. Although we understand that personnel at these giant companies are certainly aware of cryptos, it is intriguing that they have not been more interested in incorporating a system like ours. Regardless, BelaCam will prove show the effectiveness of a monetarily incentivized photo sharing platform.

BitcoinDood – Thank you so much for taking the time to answer these questions. I end every interview with the same last question. Could you share any thoughts, predictions, or probabilities of where you see cryptocurrency in general heading in the future?

Ambia Fund – For The Ambia Fund, the idea of cryptocurrency is much larger than BelaCam, social media, or even online payments. It is a true economic revolution that transcends the boundaries of politics and nationality, despite being relatively young. Whether you are a libertarian supporting the movement to combat big government, or an immigrant who needs desperately to send money back home, cryptocurrencies are for you. Their ability to unite is largely what makes them so beautiful.

The development of Bitcoin and its integration into society can be viewed as commendable a collaborative feat as the completion of the Human Genome Project, or the construction of the Internet itself. In less than a decade of existence, Bitcoin and cryptos have undergone extensive tests of trials and tribulations that nearly suppressed the idea permanently. However, thanks to the resilience of the human ingenuity, we have continued to push for a better system and a better world. This undying spirit to enlighten others, to show them that there is a better way to do finance and furthermore, a better way to live life, will allow cryptocurrencies to find their own large niche in the world.

By first entering the small niche of cryptocurrencies for social media, we are simply playing our small role in the overall transition to decentralized payments and information. We have surveyed the emerging market of cryptos and observed a gaping hole for this specific industry. Bigger groups like Decentral and developers of other niche projects like Syscoin are all doing their own parts to help mankind accept cryptocurrencies in a variety of ways. After all, it will take the entire community to further propel cryptocurrencies into mainstream tech and finance.

With this being said, we have designed The Ambia Fund and its subordinate projects to be pioneers in this inevitable transition into the future. We are the most adamant believers in what cryptos can do for all of humanity. Through our projects, we are recruiting others to also believe in us and the movement. Our group is doing all we can to help cryptocurrencies create a modern, united world in which humans are truly free to use their money, talent, and knowledge.

BitcoinDood – Thanks so much for taking the time out of your busy schedule to do this interview. The Dood really appreciates your time and wishes you and the entire BelaCoin team the best of luck on this project and all your future endeavors. Thanks for sharing the BelaCoin story with me and my readers.

To find out more about the Ambia Fund and Belacoin, you can follow these links.

http://www.belacoin.org/
http://coinmarketcap.com/currencies/belacoin/
http://www.ambiafund.com/investments/
http://www.ambiafund.com/Upload/Belacam.pdf <— white paper
https://bitcointalk.org/index.php?topic=1373100.0
https://twitter.com/BelaCoin