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bitcoin price in MT gox is falling to zero.
Is this normal?
Is this normal?
On top of their prior bombshells regarding the transaction malleability issue, they have imposed additional restrictions on the ability to withdraw funds (i.e., heightened ID verification requirements).
It's looking increasingly likely that Mt Gox is insolvent and trying to buy time. Ironically, one of the early proponents of the merits of Bitcoin as a decentralized platform finds itself at the epicenter of a monumental failure of centralized trust.
ANNOUNCEMENT!
Asset Exchange is a great tool, but will not succeed without service providers. The most important question is
How to get legal FIAT out of the IPO?
Let me explain the IPO process using Nxt´s Asset Exchange through our example:
We have a limited liability company (ltd) in Austria with financial reports for the last two years which is accessible online. The owners are known; we will try to provide a reasonable business plan and are ready to attend Q&A sessions so we can wave away all doubts. We are planning to pay dividends regularly to our investors depending of income.
We are not a startup, but for this project, we will need another office, new developers, and a lot of things related to the daily job which we can´t (yet) pay with Bitcoin or Nxt, so we will definitively need FIAT to make those purchases. We need legal FIAT that the company can spend.
I am pretty sure that after the story with Visacoin (and all the other scammers) most of us will only invest in companies/projects of well-known community members, where the transparency is given, so you know whom you are lending your money. And they will also need a gateway to get legal FIAT out of the IPO.
I decided to consult a tax advisor, a business consultant and a professional offshore consultant to get an overview about the possibilities. And I am more than thrilled about the news I got.
My offer:
There are several ways for a company to get FIAT out of crypto, paying only a reasonable amount of tax. But all the ways are going through a special company (with special license) that is made for this purpose. There are professionals who know how to set things up in a LEGAL way, without risks. Sure, we need to pay (a reasonable amount of) taxes, but for that, we can have a good night´s sleep without the risk of getting busted for money laundering, tax evasion or something similar. We can have our own company, earn money by charging handling and transaction fees, AND help the community to grow and evolve. I am looking for a well-known community member to team up with to found this special company. I am a member of the community since the end of November and am ready to meet in person, wherever we can arrange it. This is a big opportunity, I think, but I can´t do it alone. I need someone to brainstorm with, to share the ideas, the work, the responsibility, the win and of course the risk of this investment.
Setting up a company (anonymously, so our name will not be linked to it) will cost 15 000 Euro (around 33 BTC or 350 000 Nxt) INCLUDING all costs for setting up the company in the Seychelles, all the consultants fees, and all other connected costs for the first year. From the second year on, the maintenance costs will be around 6000 Euro + an annual turnover tax of 1.5%. Setting up the same company not anonymously would cost 10 000 Euro.
We will be able to help to convert crypto to FIAT, and also to pay the dividends (in a legal way in FIAT) to the investors through our company if the startup doesn´t want to bother with this. Something similar to what Havelock Investment is doing, except, that we will not look for projects and attract investors, as this will be done using Nxt´s Asset Exchange. We step in once the funding was successful and the desired amount of investment was raised by the community.
I´ve already spent around 500 Euros on consulting with the above mentioned guys, so I am very serious about this, but will not start the project alone, just to make this clear.
I will be in Moscow this Friday till Monday and will be in New York in the end of March if someone would like to discuss this in person.
I am an attorney licensed and practicing in New York, and would be happy to chat with you about this when you make it over here.
PM me for off-forum contact details.
Cheers
For those not following the AT topic that might still be interested:
http://ciyam.org/nxt/
It is still a work in progress but at least you can see that progress is being made (I know that in Nxt land progress is generally measured in days rather than weeks or months).
We have already come up with some interesting ideas beyond the two current use cases such as a "Term Deposit" AT that would earn you NXT by leasing your forging power for x blocks then return the initial balance + forging interest to you and I think James will probably blow everyone's mind with some of his ideas.
The more I look at the flexibility of the Nxt design the more I think it really is the "next" thing. I just hope that TF can be proven to have no attack vector (beyond a 90% stake ownership one).
http://ciyam.org/nxt/
It is still a work in progress but at least you can see that progress is being made (I know that in Nxt land progress is generally measured in days rather than weeks or months).
We have already come up with some interesting ideas beyond the two current use cases such as a "Term Deposit" AT that would earn you NXT by leasing your forging power for x blocks then return the initial balance + forging interest to you and I think James will probably blow everyone's mind with some of his ideas.
The more I look at the flexibility of the Nxt design the more I think it really is the "next" thing. I just hope that TF can be proven to have no attack vector (beyond a 90% stake ownership one).
Fantastic!
I'll reiterate my lawyer's-view request to think about other attributes of ownership that can be separated from an asset and dealt with independently in addition to forging rights. For example: the ability to separate and transfer voting rights in the event a voting system is implemented, the ability to give a third party a blocking right over your disposition of an asset, such that you can't transfer it without the third party's consent, or the ability to permit and control copies of digital assets (i.e. copyright principles).
Much of IP and real property law is taught and practiced by reference to the concept of a "bundle of rights," whereby ownership of an asset is actually an amalgamation of distinct rights in and to the asset, each of which can be separated and used independently in more sophisticated economic and contractual relationships. And the vast majority of pure contractual relationships in modern finance involve contracting parties agreeing to treat non-IP and real property assets similarly (securitizations and other structured finance transactions rely on a bewildering variety of fine-grained divisions of rights and obligations vis-a-vis financial assets).
Enabling even a small subset of these concepts at the protocol level (or in clever AT and/or multi-signature approaches) would likely open a floodgate of innovative reallocation of trust to the blockchain among real-world economic actors.
Nxt is the most important crypto to add.
The recent development activity and marketcap speak for themselves; adding NXT is a must!
Maybe someone should create BullDoge on top of NXT The stronger Doge. As a parody and as a show of force of NXT.
Actually, please do - to garner some attention from the Doge crowd.
The stronger Doge. As a parody and as a show of force of NXT.Actually, please do - to garner some attention from the Doge crowd.
Ha! +1
I've seen a couple of forging pools throughout this thread and noticed a possibitly of forging only by giving "forging rights" without giving the NXTs.
Has anyone one of you tried this and which pool did you use?
Has anyone one of you tried this and which pool did you use?
I am pretty sure that possibility was only discussed, it is not possible yet
I know a lot of feature requests are discussed at length on this thread, but several weeks ago I chimed in on a similar conversation, and I'll reiterate one observation here.
From this lawyer's perspective, the ability for NXT (or looking ahead, any asset on a ledger) to be held in one place but certain indicia of ownership or other rights to be separated and transferred elsewhere would be enormously useful.
rofl. i completely missed that thread where i was mentioned like a dozen times
U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...
I was planning on being the silver bullion gateway but I could also do fiat.
Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.
I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.
Stop by the NY Bitcoin Center at 40 Broad on Monday night and throw some NXT into the mix. I was there last week and Doge was being traded alongside BTC.
If you do, I'll know who you are, and come over and introduce myself.
Hey CL
What's the usual method of trading over there? fees?
I would imagine offering NXT is a little harder, what with phone apps and wallets. Def need a laptop with you I assume?
I didn't actually trade myself when I went to check out the space; but there was a live auction going on with buyers and sellers trading face to face. Plenty of space to sit down with a laptop and work the transfer if you find a counterparty.
In light of the localbitcoins arrest in FL, it will be interesting to see who shows up at Monday's event here in NY...
rofl. i completely missed that thread where i was mentioned like a dozen times
U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...
I was planning on being the silver bullion gateway but I could also do fiat.
Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.
I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.
Stop by the NY Bitcoin Center at 40 Broad on Monday night and throw some NXT into the mix. I was there last week and Doge was being traded alongside BTC.
If you do, I'll know who you are, and come over and introduce myself.
Hey CL
What's the usual method of trading over there? fees?
I would imagine offering NXT is a little harder, what with phone apps and wallets. Def need a laptop with you I assume?
I didn't actually trade myself when I went to check out the space; but there was a live auction going on with buyers and sellers trading face to face. Plenty of space to sit down with a laptop and work the transfer if you find a counterparty.
rofl. i completely missed that thread where i was mentioned like a dozen times
U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...
I was planning on being the silver bullion gateway but I could also do fiat.
Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.
I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.
Stop by the NY Bitcoin Center at 40 Broad on Monday night and throw some NXT into the mix. I was there last week and Doge was being traded alongside BTC.
If you do, I'll know who you are, and come over and introduce myself.
Knowing identity of carlos allows credible legal threat to stop his nonsense. He doesn't care about actually running a coin, so your protection doesn't work. People will still get scammed and then might blame NXT.
If you want to legally prohibit people from redistributing and using your code in other projects, copyright law already does that. Open source doesn't mean anyone can use it if you have a copyright notice on the code.
This no difference between software and images copyright.
Simply add on top of every source file:
/*
* Developer : Developer Name (example@example.com)
* Date : xx/yy/zzzz
* All code (c)2014 name -- all rights reserved
* You may not use, copy, or distribute the code without written permission from the developer
*
*/
Yeah it's as simple as that.
That makes it illegal to use the code without developer's permission.
This actually is the most restrictive form of license you can release your code under. According to this, every time your code is called or executed you need written permission from the developer. The mainstream open source licenses are what you want to be considering; as they have well thought-out mechanisms to permit your code to be useful yet restrictive enough to prohibit exploitative uses.
"According to this, every time your code is called or executed you need written permission from the developer."
Not everytime. Jus once. If the developer has offered the permission to use it with Nxt project, that one time written permission is enough.
Not quite, who does he give the written permission to? Nxt, as has been pointed out, is not a separate entity, but an informal group of individuals? How all future users of Nxt who are unknown at this time.
I'm not advocating that this be made unnecessarily complicated, but there's a reason that software licenses are not one liners. If we want to call the software open source, it really should be licensed under one of the accepted open source licenses, otherwise you have unclear copyright when people use or build on the platform.
People are watching the crypto currency movement very with an eye towards developing commercial applications, even if the community has other motives. Releasing under a well known license would go a long way to comforting commercial developers, the attention of whom would work wonders for Nxt.
The source code now is released under the MIT licence.
https://bitbucket.org/JeanLucPicard/nxt-public/src/4073c21098076d3469b3f74d49e73ffabe3a2001/MIT-license.txt?at=master
Great, thanks for the clarification.
Knowing identity of carlos allows credible legal threat to stop his nonsense. He doesn't care about actually running a coin, so your protection doesn't work. People will still get scammed and then might blame NXT.
If you want to legally prohibit people from redistributing and using your code in other projects, copyright law already does that. Open source doesn't mean anyone can use it if you have a copyright notice on the code.
This no difference between software and images copyright.
Simply add on top of every source file:
/*
* Developer : Developer Name (example@example.com)
* Date : xx/yy/zzzz
* All code (c)2014 name -- all rights reserved
* You may not use, copy, or distribute the code without written permission from the developer
*
*/
Yeah it's as simple as that.
That makes it illegal to use the code without developer's permission.
This actually is the most restrictive form of license you can release your code under. According to this, every time your code is called or executed you need written permission from the developer. The mainstream open source licenses are what you want to be considering; as they have well thought-out mechanisms to permit your code to be useful yet restrictive enough to prohibit exploitative uses.
"According to this, every time your code is called or executed you need written permission from the developer."
Not everytime. Jus once. If the developer has offered the permission to use it with Nxt project, that one time written permission is enough.
Not quite, who does he give the written permission to? Nxt, as has been pointed out, is not a separate entity, but an informal group of individuals. Each would need separate written permission. How about all future users of Nxt who are unknown at this time?
I'm not advocating that this be made unnecessarily complicated, but there's a reason that software licenses are not one liners. If we want to call the software open source, it really should be licensed under one of the accepted open source licenses, otherwise you have unclear copyright when people use or build on the platform.
People are watching the crypto currency movement very with an eye towards developing commercial applications, even if the community has other motives. Releasing under a well known license would go a long way to comforting commercial developers, the attention of whom would work wonders for Nxt.
Knowing identity of carlos allows credible legal threat to stop his nonsense. He doesn't care about actually running a coin, so your protection doesn't work. People will still get scammed and then might blame NXT.
If you want to legally prohibit people from redistributing and using your code in other projects, copyright law already does that. Open source doesn't mean anyone can use it if you have a copyright notice on the code.
This no difference between software and images copyright.
Simply add on top of every source file:
/*
* Developer : Developer Name (example@example.com)
* Date : xx/yy/zzzz
* All code (c)2014 name -- all rights reserved
* You may not use, copy, or distribute the code without written permission from the developer
*
*/
Yeah it's as simple as that.
That makes it illegal to use the code without developer's permission.
This actually is the most restrictive form of license you can release your code under. According to this, every time your code is called or executed you need written permission from the developer. The mainstream open source licenses are what you want to be considering; as they have well thought-out mechanisms to permit your code to be useful yet restrictive enough to prohibit exploitative uses.
I would cap funding at 3 people (personally). If others want to assist, that's fantastic. The core 3 should have very distinct roles which translates to deliverables.
that's right, most people would like to help with something, but also spend time there by their own.. It is nice to have at least some numbers and none numbers that we had yesterday or without these conference listsI will be at the NY conference in April, although on someone else's dime, so I can't commit to pure NXT advocacy while I'm there, but would definitely want to meet any community members who do attend.
James, how about we explore non-legal recourses first? I've suggested proof of prior art and reputation damage, any other ideas? Maybe steganography for art/video assets?
Maybe we just follow the cryptocurrency style. Open source. Free to use. For everyone! +1. No matter what we we do, we should avoid to make Nxt a corporation. There is no Nxt entity, only open source individual's works and contribution. Between corporation and theft, I rather choose theft.
Just trying to prevent thieves
Seems like there are clever non-legal solutions. Maybe a non-legal non-binding statement a developer can put into the software? That way the spirit can be preserved without going all legal.
James
Also, the idea is to protect the software from mis-use. If someone comes up with a terrific way of using it and improving on it, surely that's all in the game?
One of the biggest drawbacks of copyright at it's most restrictive is that things can't even be improved.
I've seen many people on here who actually welcome people working with their code if it actually makes it better. That's one of the things that is so appealing about this project.
Seeing how most of the people who
The concept of open source is at its most fundamental level premised on copyright. It is precisely because the author of open source software is the copyright owner and entitled to enforce his rights that he is entitled to attach an open source license to the software and thereby dictate the terms of its use by others.
Hey James,
Not status quo. The idea is valid, but in the proposed form it would just raise Hell in this neck of the woods.
If we can find a smart and different way of protecting our work, that would be great.
Not status quo. The idea is valid, but in the proposed form it would just raise Hell in this neck of the woods.
If we can find a smart and different way of protecting our work, that would be great.
DRM is a current example of a simple smart contract in action. While it clearly has its flaws (and is inapplicable in this instance), a flexible decentralized trustless solution to IP protection would be revolutionary.
All projects funded by the NXTfund, needs to be open source. unless community objects, I want all NXTfund projects to have a license that does NOT allow usage outside of NXT and NXT testnet. It is one thing to publish source and allow testing. Another to let FC just steal it.
If you are going this route, it might be a good idea to figure out what open licences are compatible with a usage restriction. A usage restriction is GPL-incompatible (section 6 of GPLv2, section 10 of GPLv3). Don't know about the other OSI licences.
For graphics, text we write, etc., it should be easy to put copyright and that automatically limits theft.
10000 NXT BOUNTY OFFER:
legal clause that allows us to properly limit clones stealing NXT code, while still keeping us in compliance with the open source licenses we use.
Maybe if jean-luc would release the refactored core under a no-clone license, it would solve this?
Any lawyers out there?
James
What license is the code being released under now?
have you guys seen this? BitInstant CEO charged with money laundering
http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
That's why we have a bounty for article:
- Nxt and its Decentralized P2P exchanges with mixing services = totally untraceable, anonymous and uncontrolled by any government.
The sooner someone writes it the higher chance to get it published as an answer to this event
From the business insider article quoted above:
FAIELLA, 52, of Cape Coral, Florida, and SHREM, 24, of New York, New York, are each charged with one count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison, and one count of operating an unlicensed money transmitting business, which carries a maximum sentence of five years in prison. SHREM is also charged with one count of willful failure to file a suspicious activity report, which carries a maximum sentence of five years in prison.
Notice that each of these charges have nothing to do with drug activity even though it was drug activity that got law enforcement focused on these two guys. In the United States, money flow is tightly regulated. Theoretically anybody in the US who owns a single cryptocoin could be charged with the first two legal charges, and anybody that makes a transaction with any cryptocoin with a transaction value greater than $10,000 can be hit with the third charge.
So far cryptocoin activity in the US is pretty much "under the radar" but as it gets bigger in years to come it is going to be more and more tightly regulated. That includes NXT, and innovations to make it truly anonymous will be seen as a threat.
Actually, much of this turns on whether a person or business is a money transmitter and therefor a money service business under the Bank Secrecy Act, which would require registration as such with FinCEN, implementing anti-money laundering procedures and filing suspicious activity reports (among other obligations). FinCEN has issued guidance that merely using crypto currencies to purchase goods or services or to exchange (even using freshly mined coins) does not cause someone to be a money transmitter and therefore rope them into the regulations, but there is still plenty of uncertainty (both with FinCEN and the Bank Secrecy Act and from the multitude of other federal and state regulators, most of whom have not yet said anything on the topic).
The New York Department of Financial Services is holding hearings today and tomorrow, and is contemplating a "Bitlicense" tailored to crypto currency-specific businesses.
have you guys seen this? BitInstant CEO charged with money laundering
http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
That's why we have a bounty for article:
- Nxt and its Decentralized P2P exchanges with mixing services = totally untraceable, anonymous and uncontrolled by any government.
The sooner someone writes it the higher chance to get it published as an answer to this event
I dont think we even have any idea how any mixing could work. We could do something regarding decentralized exchange as we can actually test this out now, but mixing....
One thing to consider as to mixing...this, more than anything, is what is currently giving regulators the world over agita. I agree it's a powerful feature, but emphasizing Nxt's unique abilities in this respect could make Nxt a bit of a poster child for all that's wrong with decentralized crypto currencies in lawmakers' eyes.
Then again, some say there's no such thing as bad publicity...
Interesting article: http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
mmm, shit.
hopefully they wont blow now the whole crypto stuff with this occasion ,does anyone knows when the hearing in NYC is taking place ?
NY DFS hearing is tomorrow and Wednesday.
I plan to attend part of each day. Will be interesting to see how this development influences the discussion.
Re: [ANN] NEM : Descendant of NXT - 4 billion coins - Equal Shares for ALL
How to join after page 60. Two ways
1. Pay a fee to join in
Send 160 NXT to the address 14343293611098709683
Send 0.016 BTC to the address 1Lk5Paws9T1YpoSeLeZT7ZeSQKW7UNq4TJ
After you send the fee, include the transaction hash in your reply post in this thread, to confirm your stake reservation.
Donation is welcome but not necessary
160 NXT sent; transaction ID: 7755444986585076839