The Law and Business of Bitcoin and Other - NYU

Princeton Joins NYU is Teaching Bitcoin Classes in 2015

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NYU Professors Look to Start Class on Bitcoin and Cryptocurrencies

NYU Professors Look to Start Class on Bitcoin and Cryptocurrencies submitted by hajuugu to Bitcoin [link] [comments]

NYU Mining Bitcoin for New Class - "can use bitcoin to explore Milton Friedman’s orthodox monetary policy and the role that human judgment can or should have in determining policy."

NYU Mining Bitcoin for New Class - submitted by hywong to Bitcoin [link] [comments]

NYU Mining Bitcoin for New Class

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Writing an argumentative paper on Bitcoin for NYU writing class.

I am going to argue why Bitcoin is a legitimate alternative form of currency as opposed to why it is not. I study/read about Bitcoin almost everyday (so I know a lot already), but it would be awesome if this community could help highlight some controversies for me to utilize in my argument. I am a bitcoin believer, but for the purpose of making a good argument, I need all you bitcoin haters (with logical/rational reasoning) to hit me with your arguments (like you have any... hehe). Arguments FOR and AGAINST... commence! (links to sources would be awesome)
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Princeton Joins NYU is Teaching Bitcoin Classes in 2015

Princeton Joins NYU is Teaching Bitcoin Classes in 2015 submitted by moon_drone to BetterBitcoin [link] [comments]

NYU Professors Look to Start Class on Bitcoin and Cryptocurrencies

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College Education Resources

Not a complete list, but somewhere to start
United States
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Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.

Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.
Ariel Ling, co-founder and COO of BitMax, has shared her thoughts on the current state of digital assets and what to expect in the next years, what retail investor should take into account when buying any cryptocurrencie and the key factors that drive the value of the token/coin.
Ariel Ling, BitMax COO
Why, when and how have you started your crypto journey?
I started my crypto journey at the beginning of 2018 when my long-time friend, the co-founder and CEO of BitMax.io, Dr. George Cao “pulled” me out of the traditional Wall Street and asked me to join him in launching this exciting venture. Three main drivers are 1) to learn more about blockchain technology and its transformational applications in different industries; 2) to leverage in-depth traditional finance expertise to improve overall crypto trading and exchange market structure for better efficiency and transparency; 3) to have a chance to work with a talented and driven team who share similar vision, passion and conviction to build a top global digital asset trading platform as well as a wonderful organization from good to great!
If your friend will ask you: should I consider cryptocurrencies as investment opportunity? What will be your answer? Will you recommend any specific digital asset?
Coming from traditional finance perspective, I would explain my thoughts process from three angles — 1) types of crypto or digital assets as the foundation for understanding; 2) whether they, are more for short-term trading or mid-term investment 2) what are elements for investment valuation and decision-making so our friends can assess and make decision for themselves.
First, in general there are three types of digital assets:
  • Major currency / coin-type like Bitcoin, ETH, XRP, Litecoin, etc. and stable coins;
  • Security-type tokens representing some equity or debt rights of underlying projects;
  • Utility tokens for usage on specific blockchain platform or network.
Each type represents different type of opportunity and risk.
Second: is digital asset good for trading or investment? due to the nascent nature and very short history of market development with most of retail investors’ participation and lack of proper regulatory framework globally, there are quite some market manipulation, speculation and fraud activities in the current market, causing significant volatility and investors loss across all types within very short period of time. This made it very hard for any investors to assess the real valuation and momentum drivers behind those large swings. So at this point, I would think with its high volatility and risk, digital asset in general is more of very short-term trading product than investment vehicle. From liquidity perspective, major currency/coin-type will have more market depth across exchanges, hence more suitable for short-term trading-focused strategies.
Third, from traditional investment perspective, it is critical to assess digital asset investing from valuation and fundamental perspectives, such as business model, future growth, economic return vs. person’s risk tolerance and investment objectives. For major coins, especially Bitcoin itself with its longest history among all the digital assets, have started to provide certain payment function similar to fiat currencies in certain countries. Hence, there are more interesting dynamics to the Bitcoin investing based on one’s view of Bitcoin usage over mid-term horizon and the relative valuation vs its production (mining cost) especially with the price down to 3,500–3,650 USD. For security-type or utility tokens, the performance over short-to-medium term really comes down to combination of intrinsic value of underlying blockchain projects and token economics. Similar to Internet in 1990s, blockchain technology projects are still at the early stage of development and looking for meaningful and applicable use cases to bring real economic benefit from the economics and business model perspective, so it becomes very difficult to apply traditional finance valuation and assess the real intrinsic value of those projects. Recent market crash has brought many of those tokens down to near zero value. So the investment in those tokens are extremely high risk and everyone should be really careful and prudent in the evaluation of any specific projects for the decision-making and risk protection.
What is the story behind BitMax? Who are the foundefounders? When it was founded?
Q1 2018, Dr. George Cao and I founded Global Digital Mercantile (GDM), global operator of digital asset platforms, including BitMax.io based on Singapore for overseas markets and North America’s trading platform aiming for the first half of 2019. BitMax.io started public beta testing mid July, 2018, and was officially launched later mid August. On November 18th , we launched our mining mechanism, the industry very first transaction-mining & reverse-mining mechanism, which has made us the industry leading third-generation cryptocurrency exchange — after first generation of traditional exchanges like Binance, Gemini, Coinbase, etc. and 2nd generation of transaction-mining ones like FCoin, Bitthumb, etc.
Just a quick introduction of my partner. Dr. Cao studied Computer Science in the University of Science and Technology of China, and earned his PhD degree from the University of Chicago. Dr. Cao was the Founder and the Chief Investment Officer of Delpha Capital Management, LLC., New York, specializing in trading equity, ETFs and commodity future products in all major exchanges across the globe. He is also the founder and managing partner of Whitestone Investment Group, a New York based venture fund that invests in a large variety of startup companies that are in the high tech, fintech, big data and medical area. Before founding Delpha Capital, Mr. Cao worked at the Equity Division of Barclays Capital in both the New York and London offices. During that period, he oversaw equity electronic trading in the U.S., European and Asian markets. Prior to Barclays, he researched and traded U.S. equity as a Portfolio Manager at Knight Capital Group.
For me, I have built more than 18-year extensive experience in strategic planning, business development, financial risk management and regulatory implementation across major trading asset classes (Equity, FX, and Fixed Income) at several top global banks. Previous to jumping into digital asset trading, I ran USD liquidity and investment product for top financial institutions and corporate clients at tier-one global investment bank. Before that, I ran US Broker Dealer as COO and head of Business Development for Germany 2nd largest bank. Earlier from 2007 to 2012, I was global equity trading COO across Lehman Brothers and Barclays Capital, building out trading franchise and market making businesses globally. I have four degrees — graduated top of class from Nankai University with two Bachelor degrees in Finance and English Literature and got my MBA from NYU and Master of Mass Communication from University of Georgia.
Where is Bitmax located? Are you a distributed team or do you have an office to work together? How many people work for Bitmax?
Our global team of 50 members are based off two main location — New York with 20 members, including all the founding members, and Beijing with 30 members.
Would you be so kind to introduce briefly the core team members?
Both George and I are very proud of our 10-member founding team. Similar to us, they are all from Wall Street top firms like Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and top high-frequency hedge funds with deep experience in the fields of financial engineering research and development of large-scale quant trading infrastructure. Our educational background span across multiple prestigious institutions including Columbia University, University of Chicago, Carnegie Mellon University, and New York University in the United States, as well as Peking University and Tsinghua University in China. So one special thing about BitMax.io is that very few exchanges in the crypto trading space are built by solid team like ours with strong traditional finance mindset and trading background.
You’ve started BitMax during market downtrend in pretty competitive environment. What is your value proposition? Why traders should switch to BitMax?
I think BitMax.io is actually very special in this market, and our team is very proud of what we have built in the short period of six months. There are at least three reasons I think traders should chooseBitMax.io:
  • It’s our real-word professional trading experience and expertise;
  • It’s is our platform, resilient, high volume quantitative-trading platform;
  • It’s is our top-quality customer-centric strategy.
First of all, as I mentioned in the last question, architected by a group of Wall Street veterans, BitMax.io builds upon the core value of blockchain, transparency and reliability, and delivers high-quality client services and trading experience through its innovative trading platform.
Second, our quant-driven tech platform. Our development members were all from high frequency and quantitative systematic trading shops. They definitely make sure the platform was resilient and it can actually handle billions of volume during the design and build. The platform resilience and scalability were fully being tested when we launched the transaction mining and reverse-mining. The first day, we actually had, within the first 24 hours, the trading volume of 1.6 billion in notional; and our system didn’t flinch, didn’t slow down, and didn’t shut down. This is very rare in any of today’s exchanges where you can frequently see the slowdown, the crash, and very slow user responses, especially with transaction mining exchanges.
Third, what we are extremely proud of and all the users can see, is our 24/7 customer services built upon the core Wall Street client-centric concept. Besides our customer support team who never sleep, George actually stands behind the platform almost 24/7 answering questions from the customers, seeking solutions for their issues, and providing the most responsive customer service for the entire crypto trading space.
BitMax CEO, George Cao, is often seen in official Telegram group answering different questions.
We constantly remind our team: customer first. When we design a product, when we launch a system, and when we look at user needs, we all look from customers’ perspective, from how we can protect the users. When we look at primary listing, we only select the high-quality projects because we want our users to have the best investment and trading experience on BitMax.io.
Are you satisfied with the current results of BitMax? Is transaction mining model giving expected volume? What is the % of traders using this model?
We are very pleased with current business development and delivery results from client acquisition and trading perspectives.
On the business development side, we completed the global setup for both 50-member team organization and comprehensive legal entity structure from Asia to North Americas in 2018, which laid down foundation and paved way for 2019 business expansion especially with US.
Since our platform launch in mid Aug, we successfully started Industry FIRST transaction mining and reverse-mining exchange and built out the most active global communities and users within four months in the bear market, with registered users more than 95k; average daily active traders more than quadrupled since the start of transaction mining; average daily trading volume of $465mm through the month of January and February in 2019. Those are extremely promising under this tough market condition.
From the composition of trading volumes, there are two parts — transaction mining which grows exponentially; second is organic, the regular trading which has experienced healthy increase as well because of all the listing activities and all the incentives we have. The regular trading takes about 5% of total trading volume, which is very good for an exchange which was launched in August and running right into the bear market.
What are the key factors that drive the value of the token/coin?
From traditional finance /investment view token economics is really a balance act between business / economic model and exchange market force, driven by three factors: intrinsic value and sustainability, supply and demand, and liquidity and depth.
First, from a traditional finance perspective, we need to look at the intrinsic value, the economic valuation behind a project. How does this project make money? Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base for future growth? For example, our exchange business model is very simple. We are exchange; People trade on our platform. The more they trade, the more transaction fee the exchange collect — the revenue source. The exchange will last when people keep trading on the platform and the transaction revenue generated covers the operating cost of running an exchange.
Second, it is the supply and demand of token on the market — who will buy and for what purpose; who will sell and under what scenarios. For major currency coins like Bitcoin, people might buy and sell for potential investment or use in actual payment processing. For other types of token, it is more driven by short-term trading pattern and profit taking. So it is extremely important to set up certain token mechanism to support the equilibrium of supply and demand like how Central Banks manage the supply of currency in circulation through monetary policies.
Third, when the market force comes in, it comes down to the liquidity and depth. Exchange is about liquidity and market depth. That means there has to be enough of trading volumes at each pricing level for each token. For BitMax.io, we have very sophisticated market making model that is similar to Designated Market Maker model of New York Stock Exchange. We focus on providing liquidity and maintaining a fair and orderly market for those token listings who agree to engage our market making services.
Every exchange is looking for good projects in order to become a premiere market for this new asset. Can you name some projects that impressed you recently (even if you are not discussing possible listing with them)?
BitMax.io has strict listing requirements in order to identify high-quality projects for our users. Very proud that we have listed five industry star projects in the last several weeks, with more in the pipeline. All of them have the following attributes that made them successful — viable and profitable business model, growing user bases, strong community support, and comprehensive funding sources.
One of the shining examples is European project named LTO Network listed mid Jan. Its price has been steadily rising since then, as more and more people get to know their business model and more project support comes into the market place to buy the tokens — It uses blockchain technology to streamline a lot of legal processing for one of EU governments, which is very easy to understand its economic value from a revenue perspective. This is simply what people need to see eventually, clean and clear from business economic model perspective.
Let’s imagine a crypto market in 5 or 10 years. Can you make any prediction what the market will look like? What customers will expect from exchange in 5–10 years?
Based off my long-time experience in traditional trading, especially how equity market evolved last twenty years, I would imagine maturing market structure and entrance of institutional investors are key mandatory and healthy development of digital asset market.
First, As the market develops and expands globally, traditional institution participation is a must, in order to upgrade and strengthen the overall market structure and maturity, making it more transparent and resilient, and most importantly enabling the real broad-base adoption of digital assets. Most institutional investors, such as mutual fund, pension fund and other financial institutions, hold the majority of world investment assets, not individual retail investors. Only when those big guys join the market, will there be real revolutionary improvement and expansion of the digital asset just like any other financial markets.
Second, I would expect the market to become more structured with major building blocks for transparent trade life cycle processing and separate risk analytics supporting services. Current crypto trading market is very fragmented with exchanges taking on different roles of trading, wallet management, custodian, etc. Also the lack of clear and consistence regulation on market structure has led to many aspects of market inefficiency — inconsistent liquidity and depth, wide spread, high transaction cost, high volatility, speculation, etc. This definitely hampers the broader adoption of digital assets from institutional investors.
Forward looking, multi-tier structure under some level of regulatory framework with clear guidance is required for future maturing market. Similar to security market, there should be at least three layers of different and independent roles: the role of broker dealer to handle the client relationship with good KYC/ AML processes, retail clients, other financial institutions, blockchain players and to take client order as agent or dealer; the role of exchange to focus on listing and trading — liquidity provision and order matching; the role of clearing house to provide clearing and settlement and custodian on custody of assets with proper control and independence. It is very clean and clear with good check and balance in place.
What are the key challenges for 2019?
During our 2018 business planning, we clearly view 2019 to continue being full of challenges with market uncertainty from both asset price and valuation as well as regulatory development globally. In prep for that and further growth of our platform, we have laid out the following four main strategic objectives and they are all well underway:
  • To launch North America trading platform for high networth and institutional clients. With North America being heavily regulated market, there are two aspects of our plan — First is to leverage a trust structure to facilitate the major coin trading with fiat, and the second is broker-dealer license application with potential for securitized tokens pending regulatory guidance in place.
  • To enhance BitMax.io platform and reach global top-tier exchange. We will continue listening to our users and working hard to enhance user interface and experience by upgrading website vs. other competitors for better client retention.We will continue leading product innovation among the competitors with margin trading (successfully launched in mid Feb) and then derivative to attract new clients.
  • Relent focus on implementation and expansion of current business lines — listing, Market Making, marketing advisory services to grow current revenue base; and further seek new revenue opportunity through North America platform while maintaining cost discipline.
  • we are always on the lookout in terms of exchange alignments, acquisition target, and any business partnership from different aspects of the value chain.
When do you expect a market recovery or next bull run? What are the factors that will influence the start of the market recovery?
With current market crash or correction, there are two possibilities from trading perspective — recovery depending on whether this is a V down or U curve. The U curve occurs when the market collapses, it takes a longer time for market to find the bottom and struggle to rise up. The V down is like a quick collapse — dropping down very fast and reaching the bottom, and then, with some catalyst event, either catalyst from market structure, or catalyst from the market expansion itself, suddenly it gives a boost and bounces right back up.
For market recovery, besides all the investment and economics elements I’ve discussed above, I believe one critical factor is the regulatory development especially clear guidance from key regulatory bodies of those major financial markets such as US, UK, EU, etc. on those key building blocks I mentioned in the maturing market structure. Once those in place, more traditional institutional investors will be ready to get in and hence boost the liquidity and valuation of the digital assets. That is the new beginning of digital assets being accepted as part of Main Street investment globally.

submitted by BitMax_Support to BitMax [link] [comments]

Digibyte - June - Update - News

Welcome to the Digibyte June update, this will be following up information from the May update, and news going forward.
Congratulations and thank you to all the time foundation members have put in and the team of amazing volunteers for getting digibyte on these recent exchanges, and other developments below!
New exchanges
You can now buy and sell DGB in Korea on Okcoinkr! Check it out here https://twitter.com/DigiByteCoin/status/992231430804594688
Digibyte is now available on DX https://dx.exchange/ Here is some information about the Nasdaq powered Crypto Exchange https://www.financemagnates.com/cryptocurrency/exchange/exclusive-nasdaq-powered-crypto-exchange-dx-set-to-launch-next-month/
Thank you to Rudy, Dereck, and the Digibyte awareness team for this! Official announcement - Rudy Twitter link - https://twitter.com/RudyBouwman/status/1003645228744695813
The recent partnership with Blocknet and the truly decentralized exchange they have designed and built is news that is by far the most exciting thing to happen to Digibyte recently!!
This is about announcing we can trade $DGB on BlockDX a pure decentralized exchange https://www.blocknet.co/coins/
The next large announcement that come with this partnership means Digibyte is now ready for cross-blockchain Dapps on The Blocknet! Imagine the new dApp possibilities Dgb will have because of interoperability via Blocknet Protocol !!
Please read up on this and how big of an opportunity this creates for Digibyte and future Developers - https://medium.com/@theblocknetchannel/understanding-a-decentralized-exchange-eee9e1043f45
The new partnership with General bytes allows Digibyte ATM access all over the world!! https://twitter.com/DigiByteCoin/status/998618749526622208/photo/1
Here is a map of all ATMs around the world Digibyte will be at https://coinatmradar.com/
Buy Digibyte with 14+ Fiat currencies on BitIt including USD, EUR, KRW, JPY across 50+ countries on BitIT - Link - https://twitter.com/DigiByteCoin/status/1001165211728949249
You can now buy $DGB with $NZD on http://EasyCrypto.NZ ! #DGB #DigiByte https://twitter.com/DigiByteCoin/status/994311408169840640
The Seattle-based cryptocurrency exchange Bittrex Inc. announced that it has structured banking deals that will provide select customers the ability to trade in U.S. dollars – a step that may help the exchange increase its user engagement and enhance the entire space.
Development
Wallets - Guarda has now integrated digibyte on their web-based Wallet and mobile Android wallet now out!! - Here is the offical link https://twitter.com/GuardaWallet/status/997481147662729226
The https://www.digi-id.io website and release went off with a boom! The developer bounty to have digi id integrated into the mobile wallets is complete. Devina.es a spanish news website is adopting digi-id and a plugin for WHMCS, https://whmcsnow.com/digi-id-addon.html as well as implementing it for others and their customers is out! The open-source plugin is available here: https://github.com/evilmouse69/Digi-ID-for-WHMCS/.
“DigiID is to also be FIDO compliant and bind to the TLS layer so it doesn’t need to be a zero sum game like these people seem to be advocating.” This would allow Digi-ID to compete against facebook to login to different websites as an authentication method.
Here is an excellent animated video for an overall overview of the Digital ID technology - https://youtu.be/pLrQycud5GI
CoinTippy is a tipping platform which you can use as a wallet. Currently these currencies are supported: DGB, BTC, LTC, ZEC, DASH. There are couple of unique features like transferring funds between social accounts (atm it works with Telegram, Facebook, Twitter, Reddit and Twitch) ( If you get a donation as a streamer on Twitch, you can re-send it to your viewers or send it to someone via Twitter :) Feel free to reach out and ask any questions about these projects.
Digibyte has the ability for smart contract support. I bring this up as it has been a question asked before. This smart contract support is based on the same language as Bitcoin Script. There currently are no good docs or examples which is something a few of the core devs are going to be working on next once the mobile wallets are shipped. To check out the more info check out the github link here: https://github.com/ivy-lang/ivy-bitcoin
Jared has now spoken at Harvard and at MIT twice, NYU is set for next semester. There are more prestigious Universities looking to have him be involved educating through conferences, meetings, and live speeches. If you have not seen him share his expertise on blockchain please go checkout one of his videos on youtube! Here is a good one to start from 2016! https://www.youtube.com/watch?v=d-y9wNWII6k
Here is a video of Jared at MIT recently - https://www.youtube.com/watch?v=Wl0RUau9roE&t
Apple has updated their crypto app related policy, you can educate yourself by checking out the article below, in regards to the Digibyte IOS mobile wallet it doesn't change things. The IOS wallet is still in beta with features being added and the final details being tweaked. https://news.bitcoin.com/apples-app-store-revises-cryptocurrency-app-rules/
Here is an update on the Current State of Translations: 50+ the same languages ready for iOS and Android. 50+ languages ready for iOS and 6 in progress. -50+ languages ready for Android and 10 in progress. This amount of world wide translation will equal to world wide attention and adoption.
Digibyte Awareness Team -- An organised community driven marketing initiative, the DigiByte Awareness Team was initially just Dereck and has evolved into Dgbat, growing larger and stronger as the technology moves forward! https://medium.com/@DGBAT/introducing-digibyte-awareness-team-dgbat-43e94aeef58b
Dereck has also started a quora account for digibyte that looks promising! - link - https://www.quora.com/profile/DigiByte-Awareness-Team
Cucuta crypto project - David Hay is in Cucuta working fulltime fulling his dream of helping & empowering the refugees who fled Venezuela to make a new life surrounding cryptocurrency. He has received the updates to DigiByte for Android 2.0.0b2200 Release Candidate 5 that is now available on Google Play.
What's New: * Android v4.2+ is now supported!* Bug Fixes and Improvements! Now that this has been passed on to David Hay we can have him try it out on those Fire tabs he's giving out!! Thank you again noah and everyone else putting in hard work as volunteers !!
Digibyte being chosen in the Cucuta crypto project is still TBD with regards to a selection for use as "the" official crypto. David Hay recently has said “They have not registered anywhere and we have not been collecting money. We are still in the planning stages. I have been using my personal funds to keep things moving and have received small donations from the Digibyte, PacCoin and Electroneum core teams” Moving with caution is reasonable within such an unregulated market and unstable countries, Digibyte community is here for you David!
Matthews fund - One of our great volunteers I would like to shine the spotlight on, please support him and try out some of these apps he has developed or check out his one of a kind dice that you can buy in Dgb and also help support him for all he has done for digibyte so far!
Digital metal wallets are almost ready, you can store your digibyte on an encrypted metal coin, available in gold, brass, and aluminum plated. Blockchain security at its best along with bip 38 encryption (Similar to a paper wallet but your in out keys are forged on to a coin with the metal of your choice) Matt has really out done himself with this one, and I can't wait to get one, stay tuned for the next update! I hope more people like himself can come forward and build upon digibyte!!
Paper Wallet Generator: http://paper.digibyte.rocks/ (Think giveaways, or promotions )
Dice store: https://www.shapeways.com/shops/propmodule (Special edition dice)
DigiSweep: https://mctrivia.github.io/DigiSweep/index.html (Multiple wallets)
DigiPassword: https://mctrivia.github.io/DigiPassword/index.html
Digibyte QR codes: https://mctrivia.github.io/DigiQ
Please support Matt - Donation link can be found: https://digibyte.rocks
The #1 cryptocurrency portfolio tracker Blockfolio is proud to announce the incorporation of a new communication feed called Signal to all users. A few volunteersof DigiByte have reached out including a member of the foundation to blockfolio and are looking to have digibyte updates added to their signal program! Read here more from Jennifer Miller at Blockfolio! https://blog.blockfolio.com/connect-to-token-team-with-signal-available-only-at-blockfolio-9accd67dc0d5
Articles recently released talking about Digibyte -
https://www.nasdaq.com/article/20-cryptocurrencies-to-bet-the-house-on-cm970332
https://globalcoinreport.com/digibyte-paving-the-way-for-the-future-of-blockchain/
https://globalcoinreport.com/digibytes-dgb-potential-for-the-future-why-this-crypto-deserves-a-chance/
https://www.thecrimson.com/sponsored/article/digibyte/
https://themerkle.com/what-is-digi-id/ (Digi Id info)
These are both news worth sharing and letting people know about!
JCC a peer reviewed and approved article website has released a Digibyte Blockchain educational pdf. https://twitter.com/Journal_CC/status/988166054546427904
IBM is having a blockchain developer challenge, open for entry, and a few of our Digibyte volunteers with support from the foundation have reached out, for info to check out the challenge and opportunity please click the link below - https://www.ibm.com/blogs/blockchain/2018/05/challenge-accepted-chance-make-world-better-blockchain/
“Code and learn how to implement a blockchain solution that has a direct positive social impact, all while building on an actual blockchain platform — for free! The top 5 entries will win a pair of VIP tickets each to a Global Citizen Festival of your choice! The contest runs May 15 – July 14, 2018.” IBM
Digibyte interviews
Andrea Simon (Corporate Anthropologist) interview with Jared Tate about DigiByte & Blockchain. I can't believe how well this interview went, a must watch! Check out, the link here to see a class act interview - https://www.youtube.com/watch?v=fCmPH8sCnPM
Crypto Lark interview with Jared Tate "DigiByte DGB - Secure, Community Driven, and Legit Blockchain" https://www.youtube.com/watch?v=9kaLmGSFFqI
Undisputed crypto interview and digibyte prize info & check out the video here (link) https://twitter.com/UndisputedCrypt/status/997292652705058818
Josiah and cryptopusle episode 30 link https://www.cryptopulse.co.uk/episode-30/
UBC may have @jaredtate to come speak. https://blockchainubc.ca/
Host of The Bad Crypto Podcast, Travis Wright, met with Jared Tate a few months ago. A long coming podcast between the two is hopefully in the works, check out the link below https://mobile.twitter.com/teedubya/status/996432404830146561 And finally here its..!! https://badcryptopodcast.com/2018/06/11/jared-tate-from-digibyte-138/
Want to see Jared Tate to do a podcast with Laura Shin (co-lead reporter on the Forbes Fintech 50 list)? Help retweet, like, https://twitter.com/NigelDigiByte/status/994248468163067904
Here Is Travis Wright asking Jared Tate for a specific time and interview https://twitter.com/teedubya/status/999735756095655936?s=19
Jared talks with Matt Aaron over on bitcoin.com https://podcast.bitcoin.com/e156-Special-The-Future-of-Blockchain-with-Jared-Tate-of-DigiByte
Josiah & Hanni from @The_Blocknet to talk about interoperability, the future of blockchains, and how #DigiByte fits into that vision: https://twitter.com/dgb_chilling/status/994348370473857024 Video link - https://www.youtube.com/channel/UC0LyKbC_naDVJJ-FtSVo5eA/live
Uncle Charlie lee having a good open conversation with Josiah over on twitter! https://twitter.com/SatoshiLite/status/1001663176306380800
Community information/conversation
A telegram member recently explained their Coffee Shop in Romania is now accepting digibyte as a form of payment.
For our folks in the United States, The North American Securities Administrators Association, is finally taking regulatory actions within the cryptosphere you can check out the updates of subpoenas, cease & desist to US based exchanges and hopefully more info will continue to follow throughout Q3 of this year! (Similar to the SEC) Here is the official link - http://www.nasaa.org/45121/state-and-provincial-securities-regulators-conduct-coordinated-international-crypto-crackdown-2/
Last but not least here is a recent fire live stream from our ambassador Josiah! I have yet to watch it yet, and looking forward to it when I have some more free time! Thank you Josiah, and to all the other Volunteers that help make the Digibyte wheel go round!!
Here is Josiah youtube video, subscribe and stay up to date! https://www.youtube.com/watch?v=Puqriaer_0E
To check out the previous May Update click on my reddit account and tab to posts!!
submitted by Wave143 to Digibyte [link] [comments]

Interesting interview on CNBC

I’m not a big fan of how CNBC covers crypto, but this one really attracted my attention. Although the guy does not mention Augur but in his world Augur would be #1 to be qualified by all parameters as a business model that can be valued.
Don’t pay attention to the bitcoin word here, it’s CNBC: NYU’s ‘dean of valuation’ says bitcoin cannot be valued http://video.cnbc.com/gallery/?video=3000685690
Edit: just thinking aloud, the Foundation team, why wouldn't you reach out to the guy in NY and present Augur to him, next time he'd come to CNBC with a concrete best in class example.
submitted by MDefroi to Augur [link] [comments]

I got my local Community College to offer a course on Bitcoin! To do this I gathered a bunch of info on Bitcoin. - Here is over 100 pages of research on bitcoin, filled with citations.

Here is a link to some Research and Development info
https://drive.google.com/file/d/0B6xWx7EWH5mmTTRQM1MycFhqV1U/view?usp=sharing
Here are some extra citations that I didn't have room for in the text
https://drive.google.com/file/d/0B6xWx7EWH5mmYUNKcWNMOXVWczg/view?usp=sharing
Some altcoin / altchain info and miscellaneous info
https://drive.google.com/file/d/0B6xWx7EWH5mmdVpCcnAtYkF1TGc/view?usp=sharing
Wallets, clients, and some things to use btc on
https://drive.google.com/file/d/0B6xWx7EWH5mmeE1MTmYwb0xMU1k/view?usp=sharing
This is about bitcoin Keys and ECDSA
https://drive.google.com/file/d/0B6xWx7EWH5mmdVVmUUNSaU85Uk0/view?usp=sharing
Here is like one page on the blockchain, very unfinsihed
https://drive.google.com/file/d/0B6xWx7EWH5mmUzlkM3ViODRfMVU/view?usp=sharing
Info about nodes https://drive.google.com/file/d/0B6xWx7EWH5mmRHVrdjVxUWk0MHc/view?usp=sharing
An attempt at a noCS intro to hashing
https://drive.google.com/file/d/0B6xWx7EWH5mmdkNGdWJ2TUtOTjA/view?usp=sharing
About the Bitcoin Space, people and companies in it
https://drive.google.com/file/d/0B6xWx7EWH5mmRlFsekpfYVc0blE/view?usp=sharing
The media coverage, perception of bitcoin, public statements about it by notable people and companies, and some things like that
https://drive.google.com/file/d/0B6xWx7EWH5mmaGFzRjQ1MklOMDA/view?usp=sharing
the ones before that on security and anonymity https://drive.google.com/file/d/0B6xWx7EWH5mmQkFaSWR1Tk5KREE/view?usp=sharing
Here is a section on the history of things that have happened in Bitcoin since it was created, the technology and people that allowed for the creations of btc, and some history of money
https://drive.google.com/file/d/0B6xWx7EWH5mmdTl4VnUxcTZKc0U/view?usp=sharing
Here is an long but through introduction to all of btc
https://drive.google.com/file/d/0B6xWx7EWH5mmMExJc2pTUUpuVkk/view?usp=sharing
These documents haven't really been edited at all since Spring, are unedited, and missing huge amounts of new info.
I need 6 people signed up to take the class which I don't have, so if by change you want to lose $80 or know someone near Portland, Oregon who you can convince to take the class then I think you should. Link to class link
So I wrote to the CC and said prominent schools like MIT, Duke, NYU, and Princeton were offering courses related to Cryptocurrency and the new technology of digital currency best know through Bitcoin. I suggested they offer a course to that effect. (You can do this too) One local school was kind enough to return my emails and they asked if I thought I could teach the course, after some deliberations I said I could. As I am not a programmer I thought I could teach everything but the programming parts. So I set out to write down everything about Bitcoin that I thought I knew after reading about it for a number of years. Then I looked up each point, gathering more info and sources on it. Now I have over 130 pages of info and research that I would like to share with you guys.
When I first decided to look into Bitcoin I knew I liked the premise but it was very hard to learn. It took me 6 months before I thought about actually getting some bitcoin. The Bitcoin world is much faster to understand these days with all the great videos and explanations, but since it took me so long to figure it all out I thought others might not want to do all that work and instead just have all the info in one place.
So here in my unofficial and hardly readable but packed with information draft of 'Teaching Bitcoin 101' By Jack Andrews.
submitted by ProfBitcoin to Bitcoin [link] [comments]

The wilkelvoss are trying to make bitcoin legit according to esquire magazine

Every idea needs a face, even if the faces are illusory simplifications. The country you get is the president you get. The Yankees you get is the shortstop you get. Apple needed Jobs. ISIS needs al-Baghdadi. The moon shot belongs to Bezos. There's nothing under the Facebook sun that doesn't come back to Zuckerberg.
But there is, as yet, no face behind the bitcoin curtain. It's the currency you've heard about but haven't been able to understand. Still to this day nobody knows who created it. For most people, it has something to do with programmable cash and algorithms and the deep space of mathematics, but it also has something to do with heroin and barbiturates and the sex trade and bankruptcies, too. It has no face because it doesn't seem tangible or real. We might align it with an anarchist's riot mask or a highly conceptualized question mark, but those images truncate its reality. Certain economists say it's as important as the birth of the Internet, that it's like discovering ice. Others are sure that it's doomed to melt. In the political sphere, it is the darling of the cypherpunks and libertarians. When they're not busy ignoring it, it scares the living shit out of the big banks and credit-card companies.
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It sparked to life in 2008—when all the financial world prepared for itself the articulate noose—and it knocked on the door like some inconvenient relative arriving at the dinner party in muddy shoes and a knit hat. Fierce ideological battles are currently being waged among the people who own and shepherd the currency. Some shout, Ponzi scheme. Some shout, Gold dust. Bitcoin alone is worth billions of dollars, but the computational structure behind it—its blockchain and its sidechains—could become the absolute underpinning of the world's financial structure for decades to come.
What bitcoin has needed for years is a face to legitimize it, sanitize it, make it palpable to all the naysayers. But it has no Larry Ellison, no Elon Musk, no noticeable visionaries either with or without the truth. There's a lot of ideology at stake. A lot of principle and dogma and creed. And an awful lot of cash, too.
At 6:00 on a Wednesday winter morning, three months after launching Gemini, their bitcoin exchange, Tyler and Cameron Winklevoss step out onto Broadway in New York, wearing the same make of sneakers, the same type of shorts, their baseball caps turned backward. They don't quite fall into the absolute caricature of twindom: They wear different-colored tops. Still, it's difficult to tell them apart, where Tyler ends and Cameron begins. Their faces are sculpted from another era, as if they had stepped from the ruin of one of Gatsby's parties. Their eyes are quick and seldom land on anything for long. Now thirty-four, there is something boyishly earnest about them as they jog down Prince Street, braiding in and out of each other, taking turns talking, as if they were working in shifts, drafting off each other.
Forget, for a moment, the four things the Winklevosses are most known for: suing Mark Zuckerberg, their portrayal in The Social Network, rowing in the Beijing Olympics, and their overwhelming public twinness. Because the Winklevoss brothers are betting just about everything—including their past—on a fifth thing: They want to shake the soul of money out.
At the deep end of their lives, they are athletes. Rowers. Full stop. And the thing about rowing—which might also be the thing about bitcoin—is that it's just about impossible to get your brain around its complexity. Everyone thinks you're going to a picnic. They have this notion you're out catching butterflies. They might ask you if you've got your little boater's hat ready. But it's not like that at all. You're fifteen years old. You rise in the dark. You drag your carcass along the railroad tracks before dawn. The boathouse keys are cold to the touch. You undo the ropes. You carry a shell down to the river. The carbon fiber rips at your hands. You place the boat in the water. You slip the oars in the locks. You wait for your coach. Nothing more than a thumb of light in the sky. It's still cold and the river stinks. That heron hasn't moved since yesterday. You hear Coach's voice before you see him. On you go, lads. You start at a dead sprint. The left rib's a little sore, but you don't say a thing. You are all power and no weight. The first push-to-pull in the water is a ripping surprise. From the legs first. Through the whole body. The arc. Atomic balance. A calm waiting for the burst. Your chest burns, your thighs scald, your brain blanks. It feels as if your rib cage might shatter. You are stillness exploding. You catch the water almost without breaking the surface. Coach says something about the pole vault. You like him. You really do. That brogue of his. Lads this, lads that. Fire. Stamina. Pain. After two dozen strokes, it already feels like you're hitting the wall. All that glycogen gone. Nobody knows. Nobody. They can't even pronounce it. Rowing. Ro-wing. Roh-ing. You push again, then pull. You feel as if you are breaking branch after branch off the bottom of your feet. You don't rock. You don't jolt. Keep it steady. Left, right, left, right. The heron stays still. This river. You see it every day. Nothing behind you. Everything in front. You cross the line. You know the exact tree. Your chest explodes. Your knees are trembling. This is the way the world will end, not with a whimper but a bang. You lean over the side of the boat. Up it comes, the breakfast you almost didn't have. A sign of respect to the river. You lay back. Ah, blue sky. Some cloud. Some gray. Do it again, lads. Yes, sir. You row so hard you puke it up once more. And here comes the heron, it's moving now, over the water, here it comes, look at that thing glide.
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The Winklevoss twins in the men's pair final during the 2008 Beijing Olympic Games. GETTY There's plenty of gin and beer and whiskey in the Harrison Room in downtown Manhattan, but the Winklevoss brothers sip Coca-Cola. The room, one of many in the newly renovated Pier A restaurant, is all mahogany and lamplight. It is, in essence, a floating bar, jutting four hundred feet out into the Hudson River. From the window you can see the Statue of Liberty. It feels entirely like their sort of room, a Jazz Age expectation hovering around their initial appearance—tall, imposing, the hair mannered, the collars of their shirts slightly tilted—but then they just slide into their seats, tentative, polite, even introverted.
They came here by subway early on a Friday evening, and they lean back in their seats, a little wary, their eyes busy—as if they want to look beyond the rehearsal of their words.
They had the curse of privilege, but, as they're keen to note, a curse that was earned. Their father worked to pay his way at a tiny college in backwoods Pennsylvania coal country. He escaped the small mining town and made it all the way to a professorship at Wharton. He founded his own company and eventually created the comfortable upper-middle-class family that came with it. They were raised in Greenwich, Connecticut, the most housebroken town on the planet. They might have looked like the others in their ZIP code, and dressed like them, spoke like them, but they didn't quite feel like them. Some nagging feeling—close to anger, close to fear—lodged itself beneath their shoulders, not quite a chip but an ache. They wanted Harvard but weren't quite sure what could get them there. "You have to be basically the best in the world at something if you're coming from Greenwich," says Tyler. "Otherwise it's like, great, you have a 1600 SAT, you and ten thousand others, so what?"
The rowing was a means to an end, but there was also something about the boat that they felt allowed another balance between them. They pulled their way through high school, Cameron on the port-side oar, Tyler on the starboard. They got to Harvard. The Square was theirs. They rowed their way to the national championships—twice. They went to Oxford. They competed in the Beijing Olympics. They sucked up the smog. They came in sixth place. The cameras loved them. Girls, too. They were so American, sandy-haired, blue-eyed, they could have been cast in a John Cougar Mellencamp song.
It might all have been so clean-cut and whitebread except for the fact that—at one of the turns in the river—they got involved in the most public brawl in the whole of the Internet's nascent history.
They don't talk about it much anymore, but they know that it still defines them, not so much in their own minds but in the minds of others. The story seems simple on one level, but nothing is ever simple, not even simplification. Theirs was the original idea for the first social network, Harvard Connection. They hired Mark Zuckerberg to build it. Instead he went off and created Facebook. They sued him. They settled for $65 million. It was a world of public spats and private anguish. Rumors and recriminations. A few years later, dusty old pre-Facebook text messages were leaked online by Silicon Alley Insider: "Yeah, I'm going to fuck them," wrote Zuckerberg to a friend. "Probably in the ear." The twins got their money, but then they believed they were duped again by an unfairly low evaluation of their stock. They began a second round of lawsuits for $180 million. There was even talk about the Supreme Court. It reeked of opportunism. But they wouldn't let it go. In interviews, they came across as insolent and splenetic, tossing their rattles out of the pram. It wasn't about the money, they said at the time, it was about fairness, reality, justice. Most people thought it was about some further agile fuckery, this time in Zuckerberg's ear.
There are many ways to tell the story, but perhaps the most penetrating version is that they weren't screwed so much by Zuckerberg as they were by their eventual portrayal in the film version of their lives. They appeared querulous and sulky, exactly the type of characters that America, peeling off the third-degree burns of the great recession, needed to hate. While the rest of the country worried about mounting debt and vanishing jobs, they were out there drinking champagne from, at the very least, Manolo stilettos. The truth would never get in the way of a good story. In Aaron Sorkin's world, and on just about every Web site, the blueblood trust-fund boys got what was coming to them. And the best thing now was for them to take their Facebook money and turn the corner, quickly, away, down toward whatever river would whisk them away.
Armie Hammer brilliantly portrayed them as the bluest of bloods in The Social Network. When the twins are questioned about those times now, they lean back a little in their seats, as if they've just lost a long race, a little perplexed that they came off as the victims of Hollywood's ability to throw an image, while the whole rip-roaring regatta still goes on behind them. "They put us in a box," says Cameron, "caricatured to a point where we didn't really exist." He glances around the bar, drums his finger against the glass. "That's fair enough. I understand that impulse." They smart a little when they hear Zuckerberg's name. "I don't think Mark liked being called an asshole," says Tyler, with a flick of bluster in his eyes, but then he catches himself. "You know, maybe Mark doesn't care. He's a bit of a statesman now, out there connecting the world. I have nothing against him. He's a smart guy."
These are men who've been taught, or have finally taught themselves, to tell their story rather than be told by it. But underneath the calm—just like underneath the boat—one can sense the churn.
They say the word—ath-letes—as if it were a country where pain is the passport. One of the things the brothers mention over and over again is that you can spontaneously crack a rib while rowing, just from the sheer exertion of the muscles hauling on the rib cage.
Along came bitcoin.
At its most elemental, bitcoin is a virtual currency. It's the sort of thing a five-year-old can understand—It's just e-cash, Mom—until he reaches eighteen and he begins to question the deep future of what money really means. It is a currency without government. It doesn't need a banker. It doesn't need a bank. It doesn't even need a brick to be built upon. Its supporters say that it bypasses the Man. It is less than a decade old and it has already come through its own Wild West, a story rooted in uncharted digital territory, up from the dust, an evening redness in the arithmetical West.
These are men who've been taught, or have finally taught themselves, to tell their story rather than be told by it. Bitcoin appeared in 2008—westward ho!—a little dot on the horizon of the Internet. It was the brainchild of a computer scientist named Satoshi Nakamoto. The first sting in the tale is that—to this very day—nobody knows who Nakamoto is, where he lives, or how much of his own invention he actually owns. He could be Californian, he could be Australian, he could even be a European conglomerate, but it doesn't really matter, since what he created was a cryptographic system that is borderless and supposedly unbreakable.
In the beginning the currency was ridiculed and scorned. It was money created from ones and zeros. You either bought it or you had to "mine" for it. If you were mining, your computer was your shovel. Any nerd could do it. You keyed your way in. By using your computer to help check and confirm the bitcoin transactions of others, you made coin. Everyone in this together. The computer heated up and mined, down down down, into the mathematical ground, lifting up numbers, making and breaking camp every hour or so until you had your saddlebags full of virtual coin. It all seemed a bit of a lark at first. No sheriff, no deputy, no central bank. The only saloon was a geeky chat room where a few dozen bitcoiners gathered to chew data.
Lest we forget, money was filthy in 2008.
The collapse was coming. The banks were shorting out. The real estate market was a confederacy of dunces. Bernie Madoff's shadow loomed. Occupy was on the horizon. And all those Wall Street yahoos were beginning to squirm.
Along came bitcoin like some Jesse James of the financial imagination. It was the biggest disruption of money since coins. Here was an idea that could revolutionize the financial world. A communal articulation of a new era. Fuck American Express. Fuck Western Union. Fuck Visa. Fuck the Fed. Fuck the Treasury. Fuck the deregulated thievery of the twenty-first century.
To the earliest settlers, bitcoin suggested a moral way out. It was a money created from the ground up, a currency of the people, by the people, for the people, with all government control extinguished. It was built on a solid base of blockchain technology where everyone participated in the protection of the code. It attracted anarchists, libertarians, whistle-blowers, cypherpunks, economists, extropians, geeks, upstairs, downstairs, left-wing, right-wing. Sure, it could be used by businesses and corporations, but it could also be used by poor people and immigrants to send money home, instantly, honestly, anonymously, without charge, with a click of the keyboard. Everyone in the world had access to your transaction, but nobody had to know your name. It bypassed the suits. All you needed to move money was a phone or a computer. It was freedom of economic action, a sort of anarchy at its democratic best, no rulers, just rules.
Bitcoin, to the original explorers, was a safe pass through the government-occupied valleys: Those assholes were up there in the hills, but they didn't have any scopes on their rifles, and besides, bitcoin went through in communal wagons at night.
Ordinary punters took a shot. Businesses, too. You could buy silk ties in Paris without any extra bank charges. You could protect your money in Buenos Aires without fear of a government grab.
The Winklevoss twins leave the U.S. Court of Appeals in 2011, after appearing in court to ask that the previous settlement case against Facebook be voided. GETTY But freedom can corrupt as surely as power. It was soon the currency that paid for everything illegal under the sun, the go-to money of the darknet. The westward ho! became the outlaw territory of Silk Road and beyond. Heroin through the mail. Cocaine at your doorstep. Child porn at a click. What better way for terrorists to ship money across the world than through a network of anonymous computers? Hezbollah, the Taliban, the Mexican cartels. In Central America, kidnappers began demanding ransom in bitcoin—there was no need for the cash to be stashed under a park bench anymore. Now everything could travel down the wire. Grab, gag, and collect. Uranium could be paid for in bitcoin. People, too. The sex trade was turned on: It was a perfect currency for Madame X. For the online gambling sites, bitcoin was pure jackpot.
For a while, things got very shady indeed. Over a couple years, the rate pinballed between $10 and $1,200 per bitcoin, causing massive waves and troughs of online panic and greed. (In recent times, it has begun to stabilize between $350 and $450.) In 2014, it was revealed that hackers had gotten into the hot wallet of Mt. Gox, a bitcoin exchange based in Tokyo. A total of 850,000 coins were "lost," at an estimated value of almost half a billion dollars. The founder of Silk Road, Ross William Ulbricht (known as "Dread Pirate Roberts"), got himself a four-by-six room in a federal penitentiary for life, not to mention pending charges for murder-for-hire in Maryland.
Everyone thought that bitcoin was the problem. The fact of the matter was, as it so often is, human nature was the problem. Money means desire. Desire means temptation. Temptation means that people get hurt.
During the first Gold Rush in the late 1840s, the belief was that all you needed was a pan and a decent pair of boots and a good dose of nerve and you could go out and make yourself a riverbed millionaire. Even Jack London later fell for the lure of it alongside thousands of others: the western test of manhood and the promise of wealth. What they soon found out was that a single egg could cost twenty-five of today's dollars, a pound of coffee went for a hundred, and a night in a whorehouse could set you back $6,000.
A few miners hit pay dirt, but what most ended up with for their troubles was a busted body and a nasty dose of syphilis.
The gold was discovered on the property of John Sutter in Sacramento, but the one who made the real cash was a neighboring merchant, Samuel Brannan. When Brannan heard the news of the gold nuggets, he bought up all the pickaxes and shovels he could find, filled a quinine bottle with gold dust, and went to San Francisco. Word went around like a prayer in a flash flood: gold gold gold. Brannan didn't wildcat for gold himself, but at the peak of the rush he was flogging $5,000 worth of shovels a day—that's $155,000 today—and went on to become the wealthiest man in California, alongside the Wells Fargo crew, Levi Strauss, and the Studebaker family, who sold wheelbarrows.
If you comb back through the Winklevoss family, you will find a great-grandfather and a great-great-grandfather who knew a thing or two about digging: They worked side by side in the coal mines of Pennsylvania. They didn't go west and they didn't get rich, but maybe the lesson became part of their DNA: Sometimes it's the man who sells the shovels who ends up hitting gold.
Like it or not—and many people don't like it—the Winklevoss brothers are shaping up to be the Samuel Brannans of the bitcoin world.
Nine months after being portrayed in The Social Network, the Winklevoss twins were back out on the water at the World Rowing Cup. CHRISTOPHER LEE/GETTY They heard about it first poolside in Ibiza, Spain. Later it would play into the idea of ease and privilege: umbrella drinks and girls in bikinis. But if the creation myth was going to be flippant, the talk was serious. "I'd say we were cautious, but we were definitely intrigued," says Cameron. They went back home to New York and began to read. There was something about it that got under their skin. "We knew that money had been so broken and inefficient for years," says Tyler, "so bitcoin appealed to us right away."
They speak in braided sentences, catching each other, reassuring themselves, tightening each other's ideas. They don't quite want to say that bitcoin looked like something that might be redemptive—after all, they, like everyone else, were looking to make money, lots of it, Olympic-sized amounts—but they say that it did strike an idealistic chord inside them. They certainly wouldn't be cozying up to the anarchists anytime soon, but this was a global currency that, despite its uncertainties, seemed to present a solution to some of the world's more pressing problems. "It was borderless, instantaneous, irreversible, decentralized, with virtually no transaction costs," says Tyler. It could possibly cut the banks out, and it might even take the knees out from under the credit-card companies. Not only that, but the price, at just under ten dollars per coin, was in their estimation low, very low. They began to snap it up.
They were aware, even at the beginning, that they might, once again, be called Johnny-come-latelys, just hopping blithely on the bandwagon—it was 2012, already four years into the birth of the currency—but they went ahead anyway, power ten. Within a short time they'd spent $11 million buying up a whopping 1 percent of the world's bitcoin, a position they kept up as more bitcoins were mined, making their 1 percent holding today worth about $66 million.
But bitcoin was flammable. The brothers felt the burn quickly. Their next significant investment came later that year, when they gave $1.5 million in venture funding to a nascent exchange called BitInstant. Within a year the CEO was arrested for laundering drug money through the exchange.
So what were a pair of smart, clean-cut Olympic rowers doing hanging around the edges of something so apparently shady, and what, if anything, were they going to do about it?
They mightn't have thought of it this way, but there was something of the sheriff striding into town, the one with the swagger and the scar, glancing up at the balconies as he comes down Main Street, all tumbleweeds and broken pianos. This place was a dump in most people's eyes, but the sheriff glimpsed his last best shot at finally getting the respect he thinks he deserves.
The money shot: A good stroke will catch the water almost without breaking its seal. You stir without rippling. Your silence is sinewy. There's muscle in that calm. The violence catches underneath, thrusts the boat along. Stroke after stroke. Just keep going. Today's truth dies tomorrow. What you have to do is elemental enough. You row without looking behind you. You keep the others in front of you. As long as you can see what they're doing, it's all in your hands. You are there to out-pain them. Doesn't matter who they are, where they come from, how they got here. Know your enemy through yourself. Push through toward pull. Find the still point of this pain. Cut a melody in the disk of your flesh. The only terror comes when they pass you—if they ever pass you.
There are no suits or ties, but there is a white hum in the offices of Gemini in the Flatiron District. The air feels as if it has been brushed clean. There is something so everywhereabout the place. Ergonomic chairs. iPhone portals. Rows of flickering computers. Not so much a hush around the room as a quiet expectation. Eight, nine people. Programmers, analysts, assistants. Other employees—teammates, they call them—dialing in from Portland, Oregon, and beyond.
The brothers fire up the room when they walk inside. A fist-pump here, a shoulder touch there. At the same time, there is something almost shy about them. Apart, they seem like casual visitors to the space they inhabit. It is when they're together that they feel fully shaped. One can't imagine them being apart from each other for very long.
The Winklevoss twins speak onstage at Bitcoin! Let's Cut Through the Noise Already at SXSW in 2016. GETTY They move from desk to desk. The price goes up, the price goes down. The phones ring. The e-mails beep. Customer-service calls. Questions about fees. Inquiries about tax structures.
Gemini was started in late 2015 as a next-generation bitcoin exchange. It is not the first such exchange in the world by any means, but it is one of the most watched. The company is designed with ordinary investors in mind, maybe a hedge fund, maybe a bank: all those people who used to be confused or even terrified by the word bitcoin. It is insured. It is clean. What's so fascinating about this venture is that the brothers are risking themselves by trying to eliminate risk: keeping the boat steady and exploding through it at the same time.
It is when they're together that they feel fully shaped. One can't imagine them being apart from each other for very long. For the past couple years, the Winklevosses have worked closely with just about every compliance agency imaginable. They ticked off all the regulatory boxes. Essentially they wanted to ease all the Debting Thomases. They put regulatory frameworks in place. Security and bankability and insurance were their highest objectives. Nobody was going to be able to blow open the safe. They wanted to soothe all the appetites for risk. They told Bitcoin Magazine they were asking for "permission, not forgiveness."
This is where bitcoin can become normal—that is, if you want bitcoin to be normal.
Just a mile or two down the road, in Soho, a half dozen bitcoiners gather at a meetup. The room is scruffy, small, boxy. A half mannequin is propped on a table, a scarf draped around it. It's the sort of place that twenty years ago would have been full of cigarette smoke. There's a bit of Allen Ginsberg here, a touch of Emma Goldman, a lot of Zuccotti Park. The wine is free and the talk is loose. These are the true believers. They see bitcoin in its clearest possible philosophical terms—the frictionless currency of the people, changing the way people move money around the world, bypassing the banks, disrupting the status quo.
A comedy show is being run out in the backyard. A scruffy young man wanders in and out, announcing over and over again that he is half-baked. A well-dressed Asian girl sidles up to the bar. She looks like she's just stepped out of an NYU business class. She's interested in discovering what bitcoin is. She is regaled by a series of convivial answers. The bartender tells her that bitcoin is a remaking of the prevailing power structures. The girl asks for another glass of wine. The bartender adds that bitcoin is democracy, pure and straight. She nods and tells him that the wine tastes like cooking oil. He laughs and says it wasn't bought with bitcoin. "I don't get it," she says. And so the evening goes, presided over by Margaux Avedisian, who describes herself as the queen of bitcoin. Avedisian, a digital-currency consultant of Armenian descent, is involved in several high-level bitcoin projects. She has appeared in documentaries and on numerous panels. She is smart, sassy, articulate.
When the talk turns to the Winklevoss brothers, the bar turns dark. Someone, somewhere, reaches up to take all the oxygen out of the air. Avedisian leans forward on the counter, her eyes shining, delightful, raged.
"The Winklevii are not the face of bitcoin," she says. "They're jokes. They don't know what they're saying. Nobody in our community respects them. They're so one-note. If you look at their exchange, they have no real volume, they never will. They keep throwing money at different things. Nobody cares. They're not part of us. They're just hangers-on."
"Ah, they're just assholes," the bartender chimes in.
"What they want to do," says Avedisian, "is lobotomize bitcoin, make it into something entirely vapid. They have no clue."
The Asian girl leaves without drinking her third glass of free wine. She's got a totter in her step. She doesn't quite get the future of money, but then again maybe very few in the world do.
Giving testimony on bitcoin licensing before the New York State Department of Financial Services in 2014. LUCAS JACKSON/REUTERS The future of money might look like this: You're standing on Oxford Street in London in winter. You think about how you want to get to Charing Cross Road. The thought triggers itself through electrical signals into the chip embedded in your wrist. Within a moment, a driverless car pulls up on the sensor-equipped road. The door opens. You hop in. The car says hello. You tell it to shut up. It does. It already knows where you want to go. It turns onto Regent Street. You think,A little more air-conditioning, please. The vents blow. You think, Go a little faster, please. The pace picks up. You think, This traffic is too heavy, use Quick(TM). The car swings down Glasshouse Street. You think, Pay the car in front to get out of my way. It does. You think, Unlock access to a shortcut. The car turns down Sherwood Street to Shaftsbury Avenue. You pull in to Charing Cross. You hop out. The car says goodbye. You tell it to shut up again. You run for the train and the computer chip in your wrist pays for the quiet-car ticket for the way home.
All of these transactions—the air-conditioning, the pace, the shortcut, the bribe to get out of the way, the quick lanes, the ride itself, the train, maybe even the "shut up"—will cost money. As far as crypto-currency enthusiasts think, it will be paid for without coins, without phones, without glass screens, just the money coming in and going out of your preprogrammed wallet embedded beneath your skin.
The Winklevosses are betting that the money will be bitcoin. And that those coins will flow through high-end, corporate-run exchanges like Gemini rather than smoky SoHo dives.
Cameron leans across a table in a New York diner, the sort of place where you might want to polish your fork just in case, and says: "The future is here, it's just not evenly distributed yet." He can't remember whom the quote belongs to, but he freely acknowledges that it's not his own. Theirs is a truculent but generous intelligence, capable of surprise and turn at the oddest of moments. They talk meditation, they talk economics, they talk Van Halen, they talk, yes, William Gibson, but everything comes around again to bitcoin.
"The key to all this is that people aren't even going to know that they're using bitcoin," says Tyler. "It's going to be there, but it's not going to be exposed to the end user. Bitcoin is going to be the rails that underpin our payment systems. It's just like an IP address. We don't log on to a series of numbers, 115.425.5 or whatever. No, we log on to Google.com. In the same way, bitcoin is going to be disguised. There will be a body kit that makes it user-friendly. That's what makes bitcoin a kick-ass currency."
Any fool can send a billion dollars across the world—as long as they have it, of course—but it's virtually impossible to send a quarter unless you stick it in an envelope and pay forty-nine cents for a stamp. It's one of the great ironies of our antiquated money system. And yet the quark of the financial world is essentially the small denomination. What bitcoin promises is that it will enable people and businesses to send money in just about any denomination to one another, anywhere in the world, for next to nothing. A public address, a private key, a click of the mouse, and the money is gone.
A Bitcoin conference in New York City in 2014. GETTY This matters. This matters a lot. Credit-card companies can't do this. Neither can the big banks under their current systems. But Marie-Louise on the corner of Libertador Avenue can. And so can Pat Murphy in his Limerick housing estate. So can Mark Andreessen and Bill Gates and Laurene Powell Jobs. Anyone can do it, anywhere in the world, at virtually no charge.
You can do it, in fact, from your phone in a diner in New York. But the whole time they are there—over identical California omelettes that they order with an ironic shrug—they never once open their phones. They come across more like the talkative guys who might buy you a drink at the sports bar than the petulants ordering bottle service in the VIP corner. The older they get, the more comfortable they seem in their contradictions: the competition, the ease; the fame, the quiet; the gamble, the sure thing.
Bitcoin is what might eventually make them among the richest men in America. And yet. There is always a yet. What seems indisputable about the future of money, to the Winklevosses and other bitcoin adherents, is that the technology that underpins bitcoin—the blockchain—will become one of the fundamental tenets of how we deal with the world of finance. Blockchain is the core computer code. It's open source and peer to peer—in other words, it's free and open to you and me. Every single bitcoin transaction ever made goes to an open public ledger. It would take an unprecedented 51 percent attack—where one entity would come to control more than half of the computing power used to mine bitcoin—for hackers to undo it. The blockchain is maintained by computers all around the world, and its future sidechains will create systems that deal with contracts and stock and other payments. These sidechains could very well be the foundation of the new global economy for the big banks, the credit-card companies, and even government itself.
"It's boundless," says Cameron.
This is what the brothers are counting on—and what might eventually make them among the richest men in America.
And yet. There is always a yet.
When you delve into the world of bitcoin, it gets deeper, darker, more mysterious all the time. Why has its creator remained anonymous? Why did he drop off the face of the earth? How much of it does he own himself? Will banks and corporations try to bring the currency down? Why are there really only five developers with full "commit access" to the code (not the Winklevosses, by the way)? Who is really in charge of the currency's governance?
Perhaps the most pressing issue at hand is that of scaling, which has caused what amounts to a civil war among followers. A maximum block size of one megabyte has been imposed on the chain, sort of like a built-in artificial dampener to keep bitcoin punk rock. That's not nearly enough capacity for the number of transactions that would take place in future visions. In years to come, there could be massive backlogs and outages that could create instant financial panic. Bitcoin's most influential leaders are haggling over what will happen. Will bitcoin maintain its decentralized status, or will it go legit and open up to infinite transactions? And if it goes legit, where's the punk?
The issues are ongoing—and they might very well take bitcoin down, but the Winklevosses don't think so. They have seen internal disputes before. They've refrained from taking a public stance mostly because they know that there are a lot of other very smart people in bitcoin who are aware that crisis often builds consensus. "We're in this for the long haul," says Tyler. "We're the first batter in the first inning."
GILLIAN LAUB The waiter comes across and asks them, bizarrely, if they're twins. They nod politely. Who was born first? They've heard it a million times and their answer is always the same: Neither of them—they were born cesarean. Cameron looks older, says the waiter. Tyler grins. Normally it's the other way around, says Cameron, grinning back. Do you ever fight? asks the waiter. Every now and then, they say. But not over this, not over the future.
Heraclitus was wrong. You can, in fact, step in the same river twice. In the beginning you went to the shed. No electricity there, no heat, just a giant tub where you simulated the river. You could only do eleven strokes. But there was something about the repetition, the difference, even the monotony, that hooked you. After a while it wasn't an abandoned shed anymore. College gyms, national training centers. Bigger buildings. High ceilings. AC. Doctors and trainers. Monitors hooked up to your heart, your head, your blood. Six foot five, but even then you were not as tall as the other guys. You liked the notion of underdog. Everyone called you the opposite. The rich kids. The privileged ones. To hell with that. They don't know us, who we are, where we came from. Some of the biggest chips rest on the shoulders of those with the least to lose. Six foot five times two makes just about thirteen feet. You sit in the erg and you stare ahead. Day in, day out. One thousand strokes, two thousand. You work with the very best. You even train with the Navy SEALs. It touches that American part of you. The sentiment, the false optimism. When the oil fields are burning, you even think, I'll go there with them. But you stay in the boat. You want that other flag rising. That's what you aim for. You don't win but you get close. Afterward there are planes, galas, regattas, magazine spreads, but you always come back to that early river. The cold. The fierceness. The heron. Like it or not, you're never going to get off the water—that's just the fact of the matter, it's always going to be there. Hard to admit it, but once you were wrong. You got out of the boat and you haggled over who made it. You lost that one, hard. You might lose this one, too, but then again it just might be the original arc that you're stepping toward. So you return, then. You rise before dark. You drag your carcass along Broadway before dawn.
All the rich men in the world want to get shot into outer space. Richard Branson. Jeff Bezos. Elon Musk. The new explorers. To get the hell out of here and see if they—and maybe we—can exist somewhere else for a while. It's the story of the century. We want to know if the pocket of the universe can be turned inside out. We're either going to bring all the detritus of the world upward with us or we're going to find a brand-new way to exist. The cynical say that it's just another form of colonization—they're probably right, but then again maybe it's our only way out.
The Winklevosses have booked their tickets—numbers 700 and 701—on Branson's Virgin Galactic. Although they go virtually everywhere together, the twins want to go on different flights because of the risk involved: Now that they're in their mid-thirties, they can finally see death, or at least its rumor. It's a boy's adventure, but it's also the outer edge of possibility. It cost a quarter of a million dollars per seat, and they paid for it, yes, in bitcoin.
Of course, up until recently, the original space flights all splashed down into the sea. One of the ships that hauled the Gemini space capsule out of the water in 1965 was the Intrepid aircraft carrier.
The Winklevosses no longer pull their boat up the river. Instead they often run five miles along the Hudson to the Intrepid and back. The destroyer has been parked along Manhattan's West Side for almost as long as they have been alive. It's now a museum. The brothers like the boat, its presence, its symbolism: Intrepid, Gemini, the space shot.
They ease into the run.
submitted by thegrandknight to Bitcoin [link] [comments]

A Shot in the Dark: Any Bitcoin Companies Offering Scholarships?

Hey everyone, earlier today, I got accepted to the Economics program at NYU. This is a huge honor, as it is a top 10 economics program in the US. NYU is involved with Bitcoin, as am I. They currently offer classes on Bitcoin. If I attend NYU, I plan to take my Bitcoin involvement to the next level by founding a Bitcoin group at the school.
Unfortunately, NYU is not the most affordable school, and this is where my dilemma comes in. I come from an average, middle class family. Despite this, my tuition is going to cost 70k, yearly. It's a feasible amount by no means, and without significant outside aid, there is 0 likelihood that I will be able to attend.
If there are any current Bitcoin companies that offer scholarships to incoming college students who are involved with Bitcoin, please let me know. In addition, are there any companies that would be worth my time to reach out to for such an offer?
Again, I know this is a long shot, but I really want to attend this school. If anyone wants more information on who I am as a person and Bitcoiner, feel free to pm me or comment below. Thank you so much.
submitted by jeffthedunker to Bitcoin [link] [comments]

Are there any Business schools in America offering classes or certification in Bitcoin? If not, what major/minor should I take to become hired at a crypto friendly company? Like Coinbase, Circle, and etc.

Not programming courses but business management type of classes. I heard NYU has some but I probably won't be accepted there.
Are there also any schools even considering this as a course, degree, or certification option for students? I need to transfer to a new university soon for my masters in international business + a minor geography. I see so much potential behind crypto currencies that I am determined to take certain courses that will lead me down a path by which I may one day be able to run the business end of a crypto friendly company.
Even if there aren't any schools specifically teaching Bitcoin related material, what would you consider a good Major and Minor combo to enter a related business in the future?
submitted by bitcoinbr0 to Bitcoin [link] [comments]

[Store] (5) Professional Killstreak Kits & (5) Unusuals

Listen guys, I've got two jobs. I work here, and I have another job at Bed, Bath, and Beyond. I'm doing it to put a kid through NYU, so he can explore his bisexuality and become a DJ.
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Black Box Kit Team Shine - Fire Horns 15 Solider
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Wrench Kit Deadly Daffodil - Tornado 12 Engineer
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Can sell items on marketplace.tf for cash/paypal/bitcoin
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Profile: https://steamcommunity.com/id/blackcharge
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submitted by blackcharger to tf2trade [link] [comments]

New NBER Working Paper on Bitcoin, Blockchains, and the Future of Central Banking (Raskin/Yermack)

Hi All,
As a long-time reader of this subreddit, I think the feedback here is very constructive. For those interested, I have a draft of a paper up that I co-authored with NYU business Professor Dave Yermack, who taught one of the first bitcoin classes -- any thoughts would be greatly appreciated.
Link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2773973
Best, Max
submitted by maxraskin to Bitcoin [link] [comments]

[Table] IamA lawyer who creates trust funds for millionaires.

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-10-22
Link to submission (Has self-text)
Questions Answers
I've been thinking about getting into law after school, and with first round Uni-placements just a couple of moths away, I must commend you on your excellent timing. When you first thought about getting into law, was this line of work exactly what you had in mind? I.e, A lot of people are going to get into undergrad law with the vague idea that they may become a Human Rights, Criminal Law Barrister like some bastard Geoffrey Robertson/Atticus Finch hybrid, only to realize what a limited aperture on their prospective career that is. Was this the case for you? First, I realize from the terminology and syntax you used in your question that you are from the UK. Let me preface by saying that I am not from the UK (I am American), and I cannot attest to the legal education process / career prospects for a UK licensed attorney. That said, I had no idea that I would end up doing what I do. In fact, it was not until my second year of law school (three years post-graduate in America) that I fell in love with the tax laws, primarily because they are so complex, and I viewed them as an unconquerable puzzle. I went to law school because every successful person I met my entire life was a lawyer, although none of them practiced law. I met countless people when I was young (family friends, friends' parents) who all owned their own businesses (none of them involving the practice of law), but they all held J.D.s (American law degrees). I realized from a young age that there was something very different about those people, and it wasn't until recently (with the benefit of hindsight) that I realized what made them different and gave them the ability to succeed. Law school trains you to think in a way nobody but another lawyer can relate to. Just as a musician may view the world-at-large in terms of rhythm and measures, or just as a mathematician may recognize patterns and formulas in society that are unrecognizable to the layperson, lawyers are trained to view the world with cold, refined logic. Although, at first glance, that may sound unappealing, the practical effect is that we are trained to look at a mountain of information, immediately slice through and filter out everything that is bullshit, and analyze the relevant facts in order to determine what the most logical, efficient, and best course of action to pursue is in any given situation. We are trained at all times to look at a situation and think "what is the best and most-likely-to-work course of action to pursue." That is why, in my opinion, a legal education is invaluable, and that is why a legal education allows you to out-think the next guy without a law degree, even if you are not practicing law.
Seems very similar to the outlook of engineers, mathematicians and physicists (my degree) develop over the course of their academic life with regards to logic and cutting through mountains of data. Would you say that the logic that very analytic sciences provide are one of the reasons why those individuals score so highly on the LSAT? Also a question for myself as a current student. What do you think the prospects are of a scientist (specifically physicist) who is very interested in law becoming a lawyer or attending a highly regarded law school. Are most law schools heavily biased when it comes to their applicants' academic backgrounds? If you have any type of hard science / mathematics background, you will have a MAJOR advantage in getting into law school, and a MAJOR advantage in terms of job prospects upon job graduation. The scientists / engineer lawyers are always the first ones employed.
Most interesting thing about your job? Also, most interesting story in dealing with rich people. Most interesting part about my job is seeing the absolutely crazy things completely anonymous people can make millions of dollars doing. You don't need to be famous or be a CEO of a Fortune 500 company to be filthy rich. For example, you know those "door handles" that you commonly see in elementary schools...the ones that are long metal bars that run across the middle of the door that you push in? Yeah, they're called "crash bars." I did an estate plan for a guy last week who owns the patent on one of the designs of that product. Worth millions upon millions.
Just remember, every time you open those little plastic packages that contain a fork, spoon, knife, and napkin...some dude owns the company that makes those...and he's a multi-millionaire.
Also interesting is seeing how screwed up the kids of the ultra-wealthy become.
Can you see that coming? I know a guy who grew up as the son of an ultra-wealthy real estate developer (he inherited north of 100 million) and he's got a healthy relationship with his money and is passing that knowledge onto his kids. Funny you say that. Your anecdote seems to be 100% on point.
From your unique perspective, does it seem like money buys happiness for these people? Or is it more like mo money, mo problems? It completely depends upon the person, and I don't think having money is the "cause" of any problems. I'm a very big proponent of nurture over nature to begin with, so, like I said, it depends upon the individual. I don't mean to say I discredit valid physical disabilities with my previous comment, but, if you were raised by scumbags, you're going to be a scumbag. If your parents were cutthroat scumbags and you come into money one day, you're going to act like a cutthroat scumbag yourself. If, however, I came into millions of dollars (my parents were kind, awesome people!) I would be super humble, and I meet people on a daily basis who are just that way.
Overall, the humble outnumber the scumbags 100 to 1. Even in the millionaires realm.
How did you get into the industry? I went to a prestigious undergraduate institution, I attended a well-ranked law school, and after law school I pursued an LL.M. (Masters of Law (master's degree for lawyers)) in tax law from a top 5 program.
I received almost no scholarship along the way, paid for the entire thing in loans, worked my tits off (I'm a guy) finished close to the top of my class, and landed my dream job doing exactly what I desired to do.
I have approximately $150,000 in student debt.
The American Dream is very much still alive if you ask me.
Were you a guy before you worked your tits off? Clever!
I guess student loans are worth it if you're confident they can be paid back, while still profiting for yourself. Good luck in your future career! Thank you very much. I genuinely appreciate your kind words. However (I should've said stated this before) (i) the cost of education in this country is absolutely out of control and (ii) I got extremely lucky. Even with good degrees, great grades, and a voracious work ethic, I was lucky to have landed a job doing what I actually studied in school to be able to do. I know more than a handful of spectacularly intelligent law graduates who found nothing for themselves after school, which is why every day I remind myself of how lucky I am.
Holy shit, I had no idea that there was a law degree other than a JD. Holy shit. I need to go reevaluate my life plans. Lol. Well, maybe I didn't express myself clearly, but an LL.M. is a "graduate" law degree in America. In Europe, if I'm correct, one may practice law after obtaining an LL.M. only. In the United States, in order to practice law, one must first obtain a J.D. degree. After obtaining a J.D. , the next highest law degree is an LL.M. The LL.M. is typically only pursued by American lawyers if they desire to practice in a specialized or complex area of the law, like tax. After the LL.M. there comes the S.JD., which is the highest law degree, is equivalent to a PhD in law, and is typically only pursued by career academics.
I'm curious, what did you study for your undergraduate degree before pursuing your LL.M.? I studied business and finance.
150k seems like a low number for the quality of education you received. I may not have been clear, but I had partial undergraduate scholarship. My debt is almost all from law school.
Are you still friends with any of the millionaires you worked with? I am. The proper term for my practice area is "trusts and estates." I am an estate planning attorney apt to handle particularly complex estates (ie. those of extremely wealthy people). As an estate planning attorney, you must understand all aspects of an entire family, inside and out, and all of their assets and business holdings. That inevitably leads to an extremely personal and trust-filled attorney-client relationship, often lasting decades.
Thanks for doing this. Interested in how your day-to-day work looks like. How many hours do you spend every day in the office? How many of those hours are with clients? How many hours do you spend drafting or reading legal documents? I will answer your questions in the reverse order from which you asked them because I think that is the most logical way to answer.
Estate planning is a "civilized" practice in terms of practicing law. By that, I mean the hours are less than, say, a litigator (someone who goes to court and sues people) and the practice is, for the most part, non-contentions (because, well, I'm not suing people!). That said, I spend upwards of 11 hours a day at the office; no less than 10, no more than 12, and 80% of that time (8-10 hours daily) is spent reading or drafting legal documents.
As I am the youngest associate, I spend less time with clients than the partners, but, since I work in a small firm, I have a healthy amount of client contact most attorneys my age would not otherwise have. I meet with clients approximately 1 hour a day. A partner would be meeting with clients / speaking with clients on the phone upwards of 5 hours per day.
I handle the Firm's entire practice. Whether or not I meet face-to-face with a new client, I am tasked, largely unsupervised, with choosing how to craft his or her estate plan. I draft all of the trusts, powers of attorney, special provisions for managing business interests after his or her death, ect. I also spend a large portion of my day handling complex "death tax" issues for very wealthy clients who are subject to the Death Tax (net worth of more than $10,500,000 for a husband and wife). Also, a large portion of the service I provide is "estate administration." After someone dies, all the testamentary provisions of their documents must be implemented. When someone during their lifetime directs that, upon their death, trust funds are to be created and funded for his or her children, I implement that plan after the client's death.
Thanks for the detailed answer! 11 hours a day is hard work. I hope you're enjoying it. Our Firm is, in the legal world, what is called a true "boutique." We are a group of four attorneys (one Principal and three associates) and we service a core group of approximately 250 families. However, "boutique", in the legal world, does not simply mean "small firm." Boutique means a specialized law firm that holds itself out as being an absolute expert in only one area of the law.
What do you mean by "I handle the Firm's entire practice. "? You are the primary person responsible for drafting all of your clients' work? How big is your firm? And how many clients do you guys have? When I say I handle the Firm's entire practice, I mean that I handle all aspects of it :) One of the more senior associates will always review my work, and our Firm's sole Partner will always put his final touch on my documents before they are presented to the client, but, often times, I am the first attorney to craft a client's estate plan, and, in doing so, I am given free reign to draft the documents in any way I believe is best for the client and most efficiently effectuates his or her intentions.
I'll be the one to ask. How much money do you make in a year? I am very young. I am 26 years old. I have a specialized degree (called an LL.M., which is a master's degree for lawyers) that enables me to practice in a particularly complex area of the law. As a first year lawyer, I make approximately $120,000.
One of the many careers my guidance counselor never told me about. My guidance counselor suggested I apply to community college and discouraged me from applying to prestigious private schools because it would be "a waste of money for the application fee."
Moral of the story: Don't listen to guidance counselors. You're likely smarter than they are.
1st year associate in a four person firm making 120K? that seems like a lot. Indeed it is. Which is why, like I said, I realize how lucky I am.
Has anyone ever offered to pay your student debt? If not, would you accept if someone offered? Nobody has offered to pay my student debt. Although I (technically) could accept such an offer, personal dealing between an attorney and his or her client quickly becomes a very "hairy" subject under the "rules of professional responsibility" governing lawyers. Instead of having a loyal client leave me something under his or her will and having to deal with his or her children contesting the bequest down the road (because, honestly, what type of person leaves their lawyer money in their will without the lawyer coercing them or being un-ethical in some way), it's better to just stay away from those types of situations altogether.
Would you take on Walter White as a client? I'm such a scumbag, and I hate admitting this, but I have never watched Breaking Bad. The only reason I know who Walter White is is because, believe it or not, I'm actually a living / breathing human on planet Earth in the year 2013.
That said, probably. I don't need to know how / where you got your monies! Lol.
I don't blame you after seeing your hours. Jeez man, hopefully you'll have some time to relax soon. Thank you for your kind concern. Luckily, however, I very much enjoy what I do!
I'm heading in the direction of law school, but am unsure of exactly what to do/where to go with it. How did you determine this specialization was for you? And how competitive is that relative section of law? I first determined that I wanted to pursue an LL.M. in taxation. Only after completing my LL.M. in taxation was I even able to consider a trusts & estates position as almost all opening for this area of the law require a tax LL.M. That said, it is still a very niche area of the law in which to practice. I went to quite a large law school (approximately 300 students in my J.D. class) and I'm the only one in a true "boutique" trusts and estates practice from my class. A few others are in small firms that do estate planning, but none that are capable of planning at the level my firm does.
Anyone we might know? Likely not considering more people than you can possibly imagine have millions of dollars. Some clients own things you certainly know of, however, such as large ownership interests in Major League Baseball teams or American corporations.
In one of your responses, you indicate that you are a first year attorney and only 26 years old. Absolutely not. Primarily because, if I am attending a meeting with a client with a taxable estate, my boss is sitting beside me. I will not venture into one of those situations alone. However, after the initial client meeting, the client will often communicate with me directly.
Have you encountered any issues with current or potential high net worth clients (such as those above estate tax exemption levels thus requiring more advanced planning) who have reservations about having such a new attorney handle their estate? All in all, they come to us because our reputation precedes us. They know how capable we before they walk in the door.
Thanks for the quality responses in this AMA. Fellow attorney, roughly same age but I'm in a slightly different firm environment and only a portion of my practice is dedicated to T&E. This is a tough topic for me to give advice on. I had a very unique situation. I was already in a J.D. program that had a top LL.M. program at the school. I completed my J.D. and LL.M. in three years (plus some summer courses) as a dual degree student in a seven-semester program. That saved me a boatload of time and money.
Apologies for tacking on another question here, but thoughts on getting the Tax LLM? It seems to be a hot topic for debate - in your estimation, has it been worth the investment of time/money for you? As far as tax LL.M.s go, an LL.M. from NYU, Georgetown, or University of Florida (top 3) are almost always worth it. But, in reality, it's NYU and "all the rest" in the tax LL.M. realm. But NYU is always a go.
You are not being fair to Georgetown. Georgetown is excellent, but it really is NYU and "all the rest"!
I don't know if you have specified this but do you do any overseas/offshore trusts for your clients? Dealing with that much money, I'm sure some of them have pushed for you to take it out the country to save them some tax. Also, what are the biggest and smallest amount of money have you dealt with? I have expertise in international tax and trust planning. I do not use those skills on a daily basis because it is not something my Firm does often, but I studied planning using offshore trusts extensively in my LL.M. program. If you are looking for an attorney specializing in that area, I suggest seeking out firms in South Florida, as there are entire firms down there that do nothing but that. I mentioned this briefly before, but some clients own large interests in major league sports teams and others hold patents to products. Also, a lot of people with significant amounts of wealth got in on the ground floor of chemical and manufacturing companies decades ago. Personally, I find most fascinating this "emerging" group of 26-32 year olds who are stock traders and simply trade for themselves. I did a plan last week for a 30 year old kid, still in school (Ivy League MBA) who has accumulated $4.5 million trading on his own.
That said, price is not necessarily an indicator of quality. Any Joe Shmoe Lawyer can quote you $10,000 for an estate plan, and that doesn't mean it's a quality plan. *It should be easy, however, to seek out a trusts and estates boutique firm like my firm*** Bolded for emphasis. Oftentimes when legal work is required you hear "get a good lawyer". As someone with no knowledge of law how do I know who is a good lawyer? Price would seem to be a reasonable indicator but like you said some schmoe lawyer could set his price high to create an illusion of skill. Likewise I could look at years of experience like you said, but how do I judge the quality of years of experience? Or even the different law categories? Let's say I needed a lawyer to setup my finances, I am probably just as likely to go for some "Financial Lawyer" with 30 years experience setting up small businesses vs. an "Estate Planning Lawyer" which is probably more appropriate by turning to the yellow pages and choosing the one with the biggest ad or some equally stupid metric. My fear is I go with the made up financial lawyer. So I guess my question is how do I go about finding a "good" lawyer in the field I am interested in getting representation/advice for? How can I as a layman objectively determine they are better than any other lawyer? You can never objectively determine for certain if someone is a "good lawyer." What constitutes a "good lawyer" is highly subjective and, furthermore, since lawyers are simply human beings, even the most experienced attorney can be a prick. That said, you can make a "best educated guess" when choosing a lawyer, and that will likely lead you in the right direction...especially in the estate planning realm. Remember that most estate planning attorneys WILL meet with you for an initial consultation, so you can shop around. For estate planning, you want to find someone who is knowledgeable, kind, and compassionate. As far as knowledge goes, it's obviously once again subjective, but you can make a good educated guess by looking at the attorney's past experience. Lawyers are not allowed to lie about their credentials, so look for someone who has spent their entire career, or a substantial part of their career, in "estate planning, " trusts and estates" or "wealth preservation and planning." Stay away from the guys who push "asset protection" as their skill. A good lawyer should have asset protection planning skills, but it shouldn't be a selling point. That's just shady. So, once you find a lawyer who looks ok from the yellow pages, look him up online. Today, every reputable lawyer will have a website, and that website should clearly outline the lawyer's experience. From there, like I said, shop around. I can assure you that there are hundreds of excellent estate planning attorneys who meet the criteria I described above. So, to recap, look for extreme depth of expertise and someone who is kind, compassionate, and smart. You should be good from there. The kindness and compassion is a must in estate planning because of the extremely personal, sensitive, and often-times emotional nature of the practice.
At what point is a trust fund necessary/ a good idea ? I'm meeting a tax guy on friday. I just finished fellowship a bit ago and all of a sudden i'm making what would have seemed like an obscene amount of money. When do i need to start talking to wealth management people? trust fund and financial advisers? Wealth management is a separate area of expertise, and you should certainly meet with a financial advisor who you trust so that you can begin making your money productive.
So far i've done it all myself, but i can see this quickly being a bad idea. See my comment (somewhere in here) regarding the non-tax reasons for having a proper estate plan. Having millions is far from the only reason to create a revocable trust and ensure that assets are left in trust to your beneficiaries at your death.
Me and my 2 bothers now all make good money, if we wanted to build up a kind of familial wealth fund, who would we talk to? Is there such a thing? could we aggregate out incomes/savings /investments into a kind of super-estate so that everyone and everyones kids have something for a generation or two ? The "pot trust" you create could have all of your descendants, spouses, and the spouses of your descendants as the beneficiaries, and distributions could be purely discretionary. This means that the Trustee (whomever you choose to name, and it can be, say, the two surviving brothers during their lifetimes after the first brother dies, and then successors of your joint choosing after all of you die) can choose who to distribute income and principal to for each beneficiaries' "best interests." This is actually quite efficient from an income tax standpoint, as the Trustee has discretion to "spray" the trust's income to the beneficiaries in a lower individual income tax bracket before then making distributions to beneficiaries in a higher bracket.
is each branch of the family basically on it's own after we all die? First, you would want to speak to an estate planning attorney. A likely course of action would be to create a stand-alone irrevocable trust (think of it as an empty box) to receive all three of your respective assets upon your eventual deaths. You would each then create your own revocable trusts (the equivalent of a will) which would direct that, upon each of your deaths, your assets will simply "pour" into the stand alone "pot trust" the three of you created together during your joint lifetimes. Ultimately, the "pot trust" you would all create would contain all of the governing provisions regarding how the assets are to be managed after each of your deaths, how distributions should be made, and how assets should be distributed among the last of your deaths.
How difficult would it be to leave someone 9,720,000 dollars of drug money in the form of an irrevocable trust? Very difficult. First, upon funding the trust, you would be required to file IRS Form 709, which is a United States Gift and Generation-Skipping Transfer Tax return (feel to ask about those taxes at any point, anyone!) The return would require you provide the IRS with your SSN, which would immediately notify them that you have that much money and that you likely never paid income tax on it. If you did report all of the money when you earned it, however, on your Form 1040, then things should match up.
The second problem would be, upon funding, there would be a massive gift tax. Each individual only has a lifetime gift tax exclusion amount of $5,250,000, so the approximately $4.5 million you would transfer in excess of the exclusion amount would be taxed at roughly 45%, resulting in almost $2,000,000 in transfer tax.
Assuming you found an attorney to draft the trust, you transferred title to, say, a checking account holding the money discreetly into the trust and reported none of it, the second the trust makes distributions the IRS will once again be put on notice because the trust becomes it's own "taxpaying entity" that has its own reporting obligations.
Next, a trust must have a valid "trust purpose" which means it cannot be used for any illegal purpose. This is a maxim of most states' trust codes.
The bottom line is I could go on and on, but its probably impossible to do :)
Excellent answer. I kind of made that comment with tongue-in-cheek, but you actually broke that down quite well. Thanks! No problem!
I'm a 3L planning on getting into estate planning. I'm also planning on taking the CPA exam after I graduate (I've completed all the requirements). Which do you think is more beneficial, CPA or Tax LLM? Do you think there would be much of a marginal benefit of pursuing a Tax LLM in addition to the CPA? This is an interesting question that I too have pondered from time to time since I also meet the CPA requirements. However, I think the answer should be to go with the LL.M.
First, J.D., LL.M, CPAs are individuals who usually practice in very, very narrow and specialized areas of the tax laws like tax-exempt entities only or working in-house for something like a REIT (a "Real Estate Investment Trust"). If you want to be a lawyer, and you are interested in tax and estate planning, you absolutely do not need to be a CPA and it will not help you in any way. In fact, I have never seen an estate planning associate job seeking a candidate with a CPA; it's always LL.M. only. However, if you want to practice something such as corporate M&A tax or some forms of international tax, a CPA would be valuable.
In addition, from a business standpoint, being a CPA estate planner may hurt you in the sense that you "don't bite the hand that feeds you." Estate planning attorneys' core referral base is from CPAs and financial advisors, and we don't step on the CPAs toes cause its bad for business.
Finally, I'll leave you with an anecdote. It's a little different from the situation at hand, but I think it applies here. When I was a 2L, I was deciding whether to do the JD/MBA or JD/LLM program. I was leaning towards the MBA. My dad set me straight. He said, "don't be an idiot. Anybody can get an MBA. Only a lawyer can get an LL.M." The same applies to your situation.
If you want to practice law, an LL.M. is much more valuable, but it must be from the "right" program. A bottom-tier LL.M. will get you nowhere.
ALSO, I forgot to mention that most states' CPA licensing boards have a 1-3 year apprenticeship requirement,. Even if you pass all four parts of the CPA exam, you will not be able to hold yourself out as a licensed CPA unless you practice under another CPA for the requisite number of years. As an attorney, that is very hard to do (unless there is a JD/CPA in your firm who, if there was, obviously wouldn't be allowed to practice accounting but could sign off on your apprenticeship forms). I knew I'd never meet that requirement.
How do I get rich? Trade stocks. That's how it always seems to happen. Some of these 25-35 year stock-trader kids I see are millionaires!
Can you give an opinion on Bitcoin? Unfortunately I cannot. I have not used it nor do I know much about it. However, it appears to be a fiat currency without any underlying institution to legitimize or rationalize the faith-in-buying-power expressed by those who demand it. That, in my opinion, makes Bitcoin completely unique.
Bitcoin is not a fiat currency. Fiat is a declaration by a government or issuer - not individual people "who say it's money" - otherwise you might as well call gold fiat. Using the term this way makes it useless. I was under the impression that a fiat currency is any currency the value of which is not derived from anything tangible (ie. gold) but instead from any other non-tangible, often institutional (government) organization which is the true "trustee" of the investors' faith. If my analysis is true, the "people at large" substitute as the institutional underpinning of Bitcoin's value. Also, with any form of valueless paper issued by a government, isn't it always the people "who say it's money?" We decide when it has worth based on our faith in the stability of the issuer...
Something I've been curious of, how are the rates your firm charges created and whom(in title) is responsible for the rates? Partner sets the rates. Among the "high-end", complex "boutique" tax and estate planning firms, we are among the cheapest. Partner is $400 / hr, associates $295, support staff $120. That said, you can get a very high quality estate plan for a husband and wife, with powers of attorney, for approximately $3,500. For less complex estates, there are firms that will do it cheaper (around $2,000), but I would have serious reservations about the quality of their documents.
What kind of reservations do you have about possibly lesser quality firms? To add to that, would you say price is a good measure of quality? Trusts and estates may appear simple at first glance, but it is anything but a simple practice area. There are certain things you entrust to an expert, and estate planning is one of them. There are lots of firms around that throw up a smorgasbord of services they claim to offer, estate planning being one of them. I can tell you, however, from a multitude of experience (even though I'm young) I call straight up bullshit. Unless, as an attorney, you "grew up" inside a true trusts and estates practice group or boutique, there's no way you can properly understand the trust laws, tax laws, and drafting techniques required to draft a proper estate plan. Maybe I'm biased, but I think you'd want to trust the person who is hand-crafting your testamentary plan and creating the documents that will dispose of all your life's spoils.
That said, price is not necessarily an indicator of quality. Any Joe Shmoe Lawyer can quote you $10,000 for an estate plan, and that doesn't mean it's a quality plan. It should be easy, however, to seek out a trusts and estates boutique firm like mine. If you can't, and you choose a firm that practices many types of law (except for the huge multinational firms, which are always a safe bet but expensive and often times provide poor customer service) make sure at least one of the partners has extensive trusts and estates experience.
Last updated: 2013-10-26 04:51 UTC
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[Table] IAmA: Hey, Alex Winter of Bill & Ted here. Directing a new movie called "Deep Web: The Untold Story of Bitcoin and Silk Road." Ask me anything!

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Date: 2013-11-25
Link to submission (Has self-text)
Questions Answers
As someone who creates content, do you think there's a solution for middle class content creators? It seems that they're the most hurt by piracy, yet free-culture proponents almost exclusively focus on large corporations. Kickstarter, Indie Go-Go, and their brethren aren't picking up that slack- tales of success seem to be the outliers, and many of the poster-children (Radiohead, Amanda Palmer, etc.) rely on past success and marketing dollars. So, will this pick up, and will there be a middle class of creators? Or are we now living in a world of (sometimes skilled, but still) amateurs? This is a smart question and demands a much longer answer than i can give here. but the short of it in my opinion is that it's a misunderstanding to assume it's harder for 'middle class artists' in this climate. it's always been very very hard. there have always been obstacles and gatekeepers. the digital landscape has opened many many doors and closed some doors. it's in many ways easier, but you still need that magic combo of talent, tenacity and luck.
Man I'm sorry but I've gotta ask...what happened to you man? Why did Keanu make it out and why did you disappear into obscurity? Haha. not an offensive question at all. I quit acting professionally in 94, after Freaked to focus on writing and directing. I'd been acting professionally since I was 10 years old and I wanted out of the public eye. It's really only been in the last couple of years that i've intentionally been slipping back in front of the camera. But I think it's important for child actors to spend time away from constant exposure. I tell a lot of kids this in that field.
Be honest…has Keanu admitted his immortality to you? I could tell you but then I'd have to kill you. And then he would drink your blood and live for another millenia...
Did you buy any Bitcoins before they blew up in value recently? Haha, I did not. The Winklevoss twins got them all :)
Since George Carlin has died, will there be some new character coming in to replace Rufus in helping the Wyld Stallyns? We've spent a lot of time and thought on making this work. all i can say right now :)
On a scale of 1 to 10, how likely is it that B&T 3 will be financed and actually get made? I'd say 10 but it's Hollywood... so 9.9?
Did you ever use the SR before it went down? I honestly did not. I am a dull family man and most of what i need to purchase online can be found in the toddler section of Amazon :)
Your stepmom is cute. Remember when she was a senior and you were a freshman? Do You get BnT references constantly and do they annoy you? No, thankfully I like the movies a lot. I have some friends who acted in movies that they can't shake that they hated. that is an existential nightmare from which one can never awaken!
Thanks for doing this AMA, and for being part of one of my all-time favorite films. You've been quoted as saying "[Bill and Ted] was a happy accident. No one thought it would ever see the light of day." Could you expand on that? Both BnT movies were made independently. The first one was really low budget and kind of under the radar when we made it. then it sat on a shelf for a year after being made, when the producing company went belly up. So we kind of gave up on it. Then it was bought up and released and was a big hit :)
What was it like working with Mr. T? Is his public persona accurate as to who he really is? It is! Exactly! He's a really great person, into community outreach and helping people. A wonderful guy.
When will we have a new Bill and Ted to watch any plot details You can share? What got You so interested in Bitcoin? Also, Thank You for being so Excellent! Party On! I first got interested in Bitcoin in '09, when it magically appeared out of the ether. Much like Napster appeared out of nowhere 10 years prior. I recognized that Bitcoin felt like the next big thing to come out of peer-to-peer.
What can I do to get into the Bitcoin World. I don't know much about it. Start at blockchain.info. that will lead the way.
Do you think the Tor network is forever tainted due to the Silk Road takedown, or does it still remain a viable method of obtaining true anonymity on the Internet? Absolutely not. SR accounts for a tiny fraction of TOR use and is not going to impact Bitcoin much either in the long run. As Wozniak so perfectly put it, you don't shut down the whole highway when one car is speeding.
What was the funnest thing about making The Lost Boys? Having dirt kicked into my eyes by the two Coreys in my death scene. Actually it wasn't funny at the time; i had full eye contacts in and my cornea got scratched. had to go the hospital. Loved those guys tho...
Any cool memorabilia you kept from Bill and Ted? I had my evil robot head from BnT 2, but it eventually rotted. I used it as a doorstep. My kids loved it :)
What motivated you to be one of the first films to educate those about the online blackmarket? why exactly do you need the funding from the kickstarter? Because, like the Napster story, there is a lot of noise but not a lot of context. I think we need some context and our film will be one form of providing that. We are using Kickstarter for some of the funding in order to begin to build our community for the film. We want people's input, the changes occurring through the Web are part of a global movement.
Are you actually going to provide any information we don't already know from all that's been written about this? Is this just a movie version of a bunch of news articles? Our doc is an expansive examination of a movement that began decades ago and is now hitting a peak of global impact. we are interviewing the core players in this story. It's not the kind of thing news articles do in any capacity. join our kickstarter, be part of the process and of the movie's community :)
How did you do research for the script? How did you get a script just a few weeks after SR was busted? It's a documentary :)
Alex, as someone who studied Napster so much for Downloaded, what would Bill & Ted have thought of it: Most Excellent or Non-Triumphant? They would have said 'huh???'
Is a melvin a synonym for wedgie, or a completely different maneuver executed from the front? You answered your own question :))
Is there any fond memory that stands out from making The Lost Boys? Honestly the most fun i ever had 'working'. Joel Schumacher knows how to create an amazing environment to work in. It's one of my fondest memories of my crazy youth! :)
On the kickstarter page, under the "Silk Road" header, the phrase "trading mostly in drugs and weapons" is used. Don't you feel that claiming that weapon sales were a large part of the silk road's operations is misleading? especially since weapon sales were specifically banned from the site shortly after its creation? Certainly the part about mostly trading in drugs is spot on, but also weapons? Come on, that's just untrue. Sorry if that seems misleading. As the Armory only lasted a year. But SR was built for that purpose wherever it ultimately landed.
I don't know if you remember me, but I went to school with your son in LA, me and my brother stayed at your house a few times. Kinda funny how I never got to thank you for being so excellent in Bill and Ted back then, so I figured I'd do it now! Hey Dante! Hope you guys are well!
I suppose I should ask a question, so what drew you to the idea of the deep web? What made you want to make this movie? The Deep Web lies at the heart of the digital revolution, that has impacted every corner of our lives. There are huge changes that have occurred in the last decade, and many more around the corner. Examining the Deep Web in detail allows us to closely examine this revolution and its implications.
Do you think that the high prices that bitcoins are experiencing right now is actually a bad sign, since it indicates instability? Where do you think the value of Bitcoins will ultimately fall once the bubble bursts? No one knows where it will settle. It's not unlike gold in this regard. But once it's been around a bit longer and more people are taking it, the value will increase within that framework but not in such a wild manner. this form of currency is here to stay, of that there is no question.
How did people find silk road online? That always boggled my mind, because I assume it wasn't as easy as googling it haha Did you have to like, "know" someone in the business to gain membership? It's not hard to find these sites, it's just dangerous. don't go hunting for scorpions unless you are prepared to get stung.
So Deep Web... Do you have a script already? Are you dealing with the actual events, or fictionalizing them? If the former, are you worried about having to pay folks for rights? If you have a script, how does it toe the line between being too simplified to please the target demo/actually tell the story and too esoteric for the mass market? It's a feature documentary. please join our kickstarter :)
I don't think the story is too esoteric at all, just as the details of the Napster story weren't. These are universal stories about global communities.
How much about the deep web did you investigate? I have done some looking into it recently and there is some pretty disgusting stuff out there. To be honest I kind of wish I never heard about it. Silk road is only the tip of the iceberg and to me doesnt seem like that big of a deal compared to some of the other stuff out there like the hitmen websites and human dolls for sale etc. What is your take on the rest of it outside of silk road? There is a lot of dark and horrible stuff in the Dark Web. The Deep Web is a much broader world, and in my view needs to be understood as separate from the much smaller Dark Web, and in need of protection.
When did you get into directing? I realize I could easily find this out on IMDB but it's just cooler to ask the source! Hah, thanks for asking! I actually went to NYU film school to study directing before I acted in all the movies. It's always been one of my passions. I started directing professionally in about 86. Shooting music videos and commercials and then our show on MTV, The Idiot Box.
So I'm guessing MTV/Viacom or somesuch own the DVD rights to The Idiot Box? There was a fair amount of comedy from that era of MTV that I'd love to be able to watch again… MTV owns it... why no DVD... yet...
What was it like working with a big star like Larry "bud" Melman? He was awesome of course. RIP.
Wait, does Satoshi = Stations??? Ahhh you cracked the code!!!
Excellent job on Downloaded! I enjoyed remembering a time in the not so distant past when 'regular people' could not envision a world in which their music lived on a computer. Today, regular people cannot envision a world in which their money lives on a computer. I was also surprised to learn about your early connection with the world of MP3s. Could you elaborate on what you think we can learn about Bitcoin based on your experiences with Napster and the MP3 scene in the late 90's? The world is responding to Bitcoin and a new awareness of the Deep Web much like they responded to Napster, with fear and demonizing. Our film aims to put these things in some context.
What made you want to do this documentary? I've been following the story myself and it's certainly one worth following but how did you yourself first get interested in the topic? I have been interested in global web-based communities and emerging technologies since the mid 80's. There is a revolution occurring in global culture at the moment, that will change everything. and it's only just beginning. what's not interesting about that?? :)
I don't have a question but Excellent Adventure made me who I am today. Thank you. Fuck it, uh. Do you agree that Cinnamon Toast Crunch is hands down the best cereal? My kids do. it's evil.
off, I want to thank you for posting my Rasta Eyeball with a machine gun tattoo on your blog. It made getting it completely worth it. I just want to know which of the characters from Freaked is your favourite? Stuey Gluck!!
And your tat is amazing!
Hello there, thanks for doing this! I just wanted to ask if by making a movie that sheds light on the dark web/bitcoins etc. It will shed more light on an area of the web that generally dislikes the attention. In other words could it create a misaprehension of the mission and possible positive effects the darkweb community tries to provide? I think the current media spin has that effect; in that it tends to paint the entire deep web and bitcoins and cryptography with a negative brush. this is both inaccurate and destructive. Our movie does not paint dark things in a positive light, it gives context to the entire arena.
Will the Silk Road be back? Also, can you say hi to my smokin hot babe Sherry? It is back.
Hey Alex, A quick glance at your wikipedia page has made me realise you directed Knock Me Down by RHCP! Did you have much contact with the band? How was it working with them? Thanks for the AMA; Looking forward to B&T3! I love the chili's and have known them for decades. they are still great, but in the mid 80's when I had the fortune of doing some work with them, it is hard to quantify how amazing they were. the best live act on the road, by far!!
So when are you planning to bless the world with Bill & Ted 3? Soon as we get it up and running!
If you could star in any movie from any time, what movie would it be and what role would you have and why? Buster Keaton in anything probably. No one in the movies ever had a better time.
So what is the "untold" story of Bitcoin/Silk road? Isn't most of it public knowledge by now? Or we'll we have to wait and see the movie? You don't have to wait if you join our Kickstarter and become part of the making of the movie! It is hardly public knowledge as no one has framed this story up yet in one film, and the story itself is unfolding every day. :)
What was the most surprising thing you found out about the Silk Road? That's in the movie :)
Hey Alex, What will Deep Web be like? Sort of a CNN special or does it have a bigger ambition, i.e. are you making it on a scale for wide distribution in movie theaters? If the latter, what documentaries would you compare it to in terms of style and storytelling? Our doc has a broader ambition than reportage. We are making a film about a technological revolution that has been brewing for decades.
Hm, don't know you but this does sound interesting. When can we expect this movie to come out? Anything interesting about these topics you learned? Every day I learn something new and fascinating. We hope to finish within the next year. Join our kickstarter and be part of our community :)
What ''good'' is there in the deep web? I only hear stories about horrific things like drugs, black market stuff, assassins, etc. Also, were you fortunate enough to had invested in bitcoin in it's early stages? The Deep Web is being demonized somewhat in the press, which is a misunderstanding of what it is. DW represents all content on the web that is not indexed. this doesn't mean people are doing bad things. it means they are unseen. the Dark Web is a term that has come to characterize people who use the web for illicit means. the dark web represents a fraction of the Deep Web.
On your Kickstarter campaign, you say, "Bitcoin has the potential to create a level of global disruption that will make Napster look like child's play." Can you expand on that? BitCoin is a peer to peer crypto-currency. Like any peer to peer technology it is decentralized and operated by a wide user base spread across the net. As such it is here to stay, and being an unregulated currency that exists outside the control of banks and governments, it is poised to have a massive impact on the world. That's what I mean :)
Why are you focusing on the darker side of the deep web instead of the good side? Its virtues clearly outweigh the illegal stuff. As someone who appreciates the privacy benefits of Bitcoin, TOR and the Deep Web, I am concerned about the public's disproportionate focus on its negative and illegal uses. Do you plan to address this bias at all? Question 1: I am absolutely not only focusing on the dark side of the Deep Web. In fact one of my key points is that the Deep Web is misrepresented, and inaccurately represented. It is mostly just a reference to all the content on the web that is not indexed. Most of which is not dark and a lot of which is frankly boring private data :)
Are you accepting Bitcoin for the financing of this film? If not, why not? Again, thanks for doing this, but I am concerned that your focus on the negative side of TOR will continue to twist the public's perception in the wrong direction. 2: We will absolutely be accepting BTC for the movie. But Kickstarter does not accept BTC so we are doing that separately. Stay tuned!
3: Yes the bias is a big problem and we will debunk the myths, just as I did with Downloaded. People like to hold onto their preconceptions tho, so I have no illusions about turning the world around :) A lot of people loved my Napster movie, but there were many in the mainstream press who were outraged that I didn't spend more time castigating the Napster architects for being thieves who created piracy software, when clearly that is not the truth, just the well-spun myth. but myths die hard.
How concerned are you with getting all the details right? You plan to talk about things happening in the more obscure and less legal parts of the Internet. The people who use those parts of the Internet are often pretty knowledgeable about the fine technical details, and are annoyed when people get them wrong. Even the term "Deep Web" has a whiff of "Information Superhighway" or "Series of Tubes" about it. Aside from just wanting to get the details right for the sake of having an informative and accurate documentary, are you concerned at all with upsetting the wrong kinds of people by doing this? After all, the guy behind Silk Road is rumoured to have tried(?) to have people killed. Our film isn't a Silk Road movie but an exploration of the history and evolution of the Deep Web, as told by its architects. That is the story that I believe matters most :)
Are you covering other crypto currencies? Also, I didn't think porn hid on the internet. I am yes. This movie is largely about the crypto-revolution.
What are your thoughts on the rather dubious "hired a hitman" charges against DPR (Ross Ulbricht)? Do you think law enforcement used parallel construction to identify the SR server or otherwise make the case against SDPR? Looking forward to this documentary, and I'm a huge fan of Bill and Ted! It's a really fascinating case that is unfolding and changing constantly. No one knows the full story at the moment outside of the Feds, and I'm sure they're chasing some crazy leads trying to iron it all out!
Hey Alex I was just wondering if you used Silk Road for movie research and what the movie is gonna be about? The site used to pride themselves on anonymity so is it a lot of speculation about what goes on behind the curtain or were you able to actually talk to and interview the people behind the scenes of the website? I didn't use SR for research but am in contact with many people close to the world and story.
Can I donate to the Deep Web movie via Bitcoin? I loved the Napster doc, and am super excited for this one, since judging by your prior work I think it will be very high quality. There was no bitcoin address listed on the kickstarter page! Yes Kickstarter does not allow BitCoin pledges. We will have a BitCoin option soon!
Bitcoin is seen as a "dirty" term by the media as it usually relates to illicit activities, what could make it a more clean and friendly method of payment to Joe Smith who runs a small florist in a mid size town in Washington? Time. people need to get used to crypto-currency. it's here to stay and perfectly legitimate unto itself.
I've always been a fan of Bill and Ted, however this question does not related to your career. You actually grew up next to my Dad (His name is Nick) in St. Louis/Clayton. He said your family loved television, and that he always joked your television might blow up one day. As ridiculous as that sounds apparently it actually happened to you guys one day. So did this actually happen? Is my father a liar? How much television does it take before it explodes? Wow that is some ancient history! Yes when I was five my brother and I got into a fight and someone hit the tv with their body, hard (such is the way of fraternal skirmishes, my bro and I have actually always been super close). We didn't know we had blown some of the electricals inside the TV and the next time it was turned on it exploded into flames (for real!) and burned the whole house down (totally true story!!)
What are your thoughts on other cryptocurrencies like Litecoin? I think it is early days for crypto-currency and eventually one will rule the roost. Whichever proves to be the most stable, trustworthy and provides the best ease of use.
I just hope that it's objective and that it doesn't needlessly throw BitCoin into dis-appeal. I mean, there have been other digital currencies which had been used for drugs, hitmen, child porn, whatever else. Sigh. Just don't slander it, k? <3 I totally agree with you, that's the movie :)
Are you worried about how Deep Web will portray bitcoin? Us bitcoin folks are already rather irritated about how much people make the point that bitcoin is used for illegal things, without pointing out that cash is used for the same thing. Oh we are making very very clear all the legitimate uses for Bitcoin.
Alex, do you think that Satoshi Nakamoto has any sort of link or relationship to Ross Ulbricht? Yes some people have been saying that. There are other people believed to have created Bitcoin that we are talking to.
What are your personal thoughts on the deep web and how it operates? Do you think the bit coin business model is the future of personal commerce? I do yes.
Don't you think it is a little early to start writing a story before the truth is completely released? I've been following the take down since day one and there are still so many things that haven't been answered. Absolutely. Our movie is about the Deep Web, it's not a Silk Road movie.
What do you think about Silk Road 2.0 being open? Inevitable.
Have you been able to get any key actors in Bitcoin, Silk Road etc to go on the record unanonymously? BTW...San Dimas HS football rules! Yes we have :)
I live in San Dimas. Do you know what you've done to me any time I meet people from out of town? Sorry. truly. We didn't shoot there, we shot it in Phoenix, so I never thought about San Dimas one way or the other. Until many years later I made the mistake of taking my kids to the water park there without thinking about it. Very very very VERY big mistake for "Bill" to waltz into a water park in San Dimas...
What do you think George Carlin would have said about Bitcoin and Silk Road? Link to www.youtube.com
Can you please make sure that bitcoin ends up not getting the image of "crack dollars"? I'd like if people didn't associate bitcoins with just silk road. Agree!!
Bill& Ted 3: elaborate please! We have the script and our producing team on board, in finance mode now... :)
What is socrates like in real life. A windbag.
New Idiot Box sketches on YouTube please. Burrowing Bishop, If I Had My Way, etc.etc. I think everything we shot has made its way up there :)
I have yet to ever have a question answered in an AMA, not a question but a simple acknowledgment of my existence would be fantastic. Love BnT BTW. You exist!!!
We demand a sequel to Freaked. That is all. Me too! One day... many many eons from now... it will happen...
Can you give me 3 words that will best describe the movie to me. Join our Kickstarter! :)
Last updated: 2013-11-29 19:11 UTC
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