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Blockchain in the Public Sector – Webcast Q&A

Blockchain in the Public Sector – Webcast Q&A
Link to our website: https://block.co/blockchain-in-the-public-sector-webcast-qa/
Block.co fourth webcast titled "Digital Transformation of the Public Sector & The Upcoming Legislation of Blockchain Technology in Cyprus” was an immense success. We gathered some of the best experts in the field, Deputy Minister Kyriacos Kokkinos, Jeff Bandman, Steve Tendon, and Christiana Aristidou to share their experience and discuss with us the latest updates regarding Blockchain in the Public Sector.
In its fourth series of webcasts, Block.co gathered 281 people watching the event from 41 different countries, for a two-hour webcast where guests answered participants’ questions. Following the impressive outcome and response we received from the audience, Block.co’s team has done its best to address all the questions for which public information is available.
Below is a list of the questions that were made and were not answered due to time constraints during the webcast. For the remaining questions from our audience, the team will reach out to our distinguished guests to receive their comments and feedback. Please note, that the below information is only for informational purposes!
Question 1:
How can asset tracing be accomplished with bitcoins and cryptocurrency? And how can this be regulated?
Block.co Team Answer:
Digital Asset tracing may be accomplished with cryptocurrency intelligence solutions such as Cipher Trace and the ICE cryptocurrency intelligence program. FATF (Financial Action Task Force) embarked on a program of work from summer 2018 to June 2019 to strengthen and update the provisions dealing with virtual assets and virtual asset service providers. FATF updated Recommendations in October 2018 and Guidance in June 2019 include several new obligations that apply to VASPs. The so-called “Travel Rule” FATF announced in October 2019 agreed on the assessment criteria for how it will assess countries’ compliance with the new global standards. Under the Travel Rule, the transmitter’s financial institutions must include and send information in the transmittal order such as Information about the identity, name, address, and account number of the sender and its financial institution Information about the identity, name, address and account number of the recipient. The ”Travel Rule” is effectively being applied to cryptoasset transfers when there is a virtual asset service provider (VASP) involved. The scope of focus has broadened from “convertible” virtual assets to any virtual asset. Countries should make sure businesses can freeze crypto wallet or exchange accounts for sanctioned individuals.
Question 2:
Which kind of software or technical knowledge is required to develop cryptocurrency?
Block.co Team Answer:
It depends on the type of cryptocurrency you wish to create, as well as the preferred functionality and features, and characteristics of the token or coin (i.e. will it be pre-mined, what type of hashing or cryptographic algorithm will be used (i.e. proof of work (POW) or proof of stake (POS) or a hybrid of both), etc. Likewise, it is useful to utilize a programming language that is broadly used and supported by a vast and active development community; more data could be found here: more information could be found here: top programming languages in 2015/2016, published by IEEE here, and TIOBE. Hypothetically, you can utilize any programming language to make cryptocurrency digital money, however, the most widely recognized are C, C++, Java, Python, Perl. The beauty of cryptocurrencies is that you can literally have access to the entire Bitcoin and Ethereum open-source programming scripts, and create your alternate coin (altcoin).
Question 3:
Hello all, I want to know about the current status of the European Union Blockchain initiative in currency or public identity.
Block.co Team Answer:
Please refer to the European Services Blockchain Infrastructure (EBSI) website.
Question 4:
Mining is also the process of confirmation of transactions in the Bitcoin Blockchain. What is the process of confirmation of transactions in the Blockchain of an Organization? How do we call it?
Block.co Team Answer:
That would depend on the specific consensus algorithm used for the confirmation of transactions. The consensus algorithm is part of the blockchain protocol that defines the rules on how consensus is reached on that blockchain. In order to participate, entities on the blockchain must obey and follow the same consensus algorithm. Make sure to check our glossary for more information.
Question 5:
How does a small business implement blockchain into its current non-blockchain software systems? Who do they hire to install it?
Block.co Team Answer:
It is easy when there are APIs to connect the various software. For more information, you can check Block.co API.
Question 6:
What is your opinion on digitizing developing economies like India by using AI and blockchain?
Block.co Team Answer:
Watch a very interesting webinar on the matter by Mr. Prasanna:
Question 7:
Blockchain technologies have been around since 2008. What would you say has been the biggest obstacle in widespread adoption?
Block.co Team Answer:
In our opinion, the biggest obstacles are volatile cryptoasset prices, complicated UIs, undefined blockchain technology standards. Moreover, the legislation around the technologies is still now being developed and does not offer legal certainty for broader adoption.
Question 8:
Limitations to Blockchain Usability in the Public Sector?
Block.co Team Answer:
Blockchain in the Public Sector, like any other innovative concept with big potential, cannot be a solution to every problem. Users and developers are still figuring out technological and managerial challenges. From a technological perspective, some aspects such as platform scalability, validation methods, data standardization, and systems integration must still be addressed. From a managerial point of view, the questions include business model transformation, incentive structure, and transaction scale, and maturity. Read more here.
Question 9:
How can these blockchain initiatives be practical for the African context
Block.co Team Answer:
As long as the internet infrastructure is in place, these blockchain initiatives may have the same benefits for the African region.
Question 10:
What are some compelling use cases you’ve seen lately, and how do they serve to further legitimize blockchain as a solution?
Block.co Team Answer:
You can see the global trends from all around the world when it comes to further legitimization as a solution, with China leading the way. Read more here.
Question 11:
How does digital currency manage the issue of money laundering?
Block.co Team Answer:
Depends under which context you are looking at the term digital currency. A digital currency usually refers to a balance or a record stored in a distributed database, in an electronic computer database, within digital files or a stored-value card. Some examples of digital currencies are cryptocurrencies, virtual currencies, central bank digital currencies (CBDCs), and e-Cash. The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to fight money laundering. Since 2001 FATF is also looking into terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries. It is the global watchdog for anti-money laundering & counter-terrorist finance. In June 2019, it updated its guidance paper for Virtual Assets Service Providers (VASPs) regarding the transfer of digital assets. There was an insertion of a new interpretive note that sets out the application of the FATF Standards to virtual asset activities and service providers. To apply FATF Recommendations, countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets,” or other “corresponding value.” Countries should apply the relevant measures under the FATF Recommendations to virtual assets and virtual asset service providers (VASPs). Read more about the FATF recommendations here).

https://preview.redd.it/58tt7mt1pld51.png?width=1920&format=png&auto=webp&s=d24811c4864ebf02cb9aacc8d6b877a1fbc3756b
Question 12:
To what extent can blockchain be used to improve the privacy of healthcare?
Block.co team Answer:
Please refer to our previous webcast, blog, and articles for more information.
Question 13:
What is Blockchain technology in Shipping?
Block.co team Answer:
The shipping sector has been in the hold of phony maritime institutes charging exorbitant fees via agents, issuing certificates to candidates who do not have the imperative attendance, or those candidates who just pay the fees for the course and ask for the certificate. In view of these fake accreditations, the possibility exists that someone could be harmed or killed, and we could face any number of potential ecological disasters. Having the option to easily verify the genuine origin of a certificate by an approved maritime center is foremost for shipping companies to fast-track their operation and streamline their labor.
Question 14:
Different uses of blockchain other than cryptocurrency?
Block.co team Answer:
Please refer to our blog and glossary.
Question 15:
Upcoming trends in Blockchain concerning Advertising, Marketing, and Public Relations in the Public and Private sectors.
Block.co Team Answer:
Regarding the application of blockchain technology to media copyrights, please see Block.co use case proposal during the Bloomen Ideathon.

https://preview.redd.it/48zc8j38pld51.png?width=3622&format=png&auto=webp&s=79987d1dc7eb8d0c8e32dbce8680b17801d0d244
Question 16:
How to create a decentralized blockchain?
Block.co Team Answer:
An excessive number of individuals feel that blockchain is some supernatural innovation that makes up a decentralized system. In truth, this innovation only enables decentralization. Which means, it permits cryptocurrency to work in a decentralized way. Yet, it doesn’t give any guarantees that it will work that way. Along these lines, it’s really, some outer variables that decide genuine decentralization. Technology, itself never really guarantees it. That is the reason it’s a mistake to expect that if it’s a blockchain — it’s decentralized. From a technical perspective, both blockchains, centralized, and decentralized are comparative, as they take work on distributed peer to peer to network. This implies every node is individually responsible to verify and store the shared ledger. Both Blockchains utilize either a proof-of-work or proof-of-stake mechanisms to make a solitary record and they have to give upper and lower limits on the security and productivity of the system. For more information please refer to our infographic.
Question 17:
Dubai government Blockchain implementation progress?
Block.co Team Answer:
You can see more information here.
Question 18:
How Blockchain and IoT can be integrated to secure data being transmitted through IoT devices.
Block.co Team Answer:
You can read more about it here.
Question 19:
How can the Nigerian government use Blockchain to effectively implement its existing launched eGovernment master plan?
Block.co Team Answer:
Perhaps it can draw its attention to the initiatives of Dubai, Estonia, and Malta to prepare an implementation framework.
Question 20:
What impact is blockchain going to have in today world of business especially in the financial sector
Block.co Team Answer:
Please refer to our recent article titled Benefits of Blockchain Technology in the Banking Industry.
Question 21:
Is Blockchain Technology affect individuals?
Block.co Team Answer:
The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something larger. Cryptocurrencies have raised questions over financial services through digital wallets, and while considering that there are in excess of 3,5 billion individuals on the planet today without access to banking, such a move is surely impactful. Maybe the move for cryptocurrencies will be simpler for developing nations than the process of fiat cash and credit cards. It is like the transformation that developing nations had with mobile phones. It was simpler to acquire mass amounts of mobile phones than to supply another infrastructure for landlines telephones. In addition to giving the underprivileged access to banking services, greater transparency could also raise the profile and effectiveness of charities working in developing countries that fall under corrupt or manipulative governments.
An expanded degree of trust in where the cash goes and whose advantages would without a doubt lead to expanded commitments and backing for the poor in parts of the world that are in urgent need of help. Blockchain technology is well placed to remove the possibility of vote-apparatus and the entirety of different negatives related to the current democratic procedure. Obviously, with new innovation, there are new obstacles and issues that will arise, yet the cycle goes on and those new issues will be comprehended with progressively modern arrangements. A decentralized record would give the entirety of the fundamental information to precisely record votes on an anonymous basis, and check the exactness and whether there had been any manipulation of the voting procedure.
Question 22:
As Andreas Antonopoulos often says in his MOOC: ”is a blockchain even needed?” Ie. Are there better methods?
Block.co Team Answer:
In combination with nascent technologies, IoT, distributed computing, and distributed ledger technologies, governments can provide inventive services and answers for the citizens and local municipalities. Blockchain can provide the component to create a safe framework to deal with these functions. In particular, it can provide a safe interoperable infrastructure that permits all smart city services and capacities to work past presently imagined levels. On the off chance that there were better techniques, they would be researched.
Question 23:
Would any of this be also applicable to the educational sector (as part of the general public sector), and if so in which way?
Block.co Team Answer:
Yes, please refer to our Webcast on Education and our blog post.
Question 24:
Will we be able to get a hold of this recording upon completion of the meeting?
Block.co Team Answer:
Yes, here is a link to the recording of our webcast Blockchain in the Public Sector.
Question 25:
Was wondering if there are any existing universal framework in governing the blockchain technology?
Block.co Team Answer:
The short answer is NO, as this framework is currently being prepared in collaboration with the various Member States.
We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here!
For more info, contact Block.co directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
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How to Develop Decentralized MLM Platform with Ethereum Smart Contract?

How to Develop Decentralized MLM Platform with Ethereum Smart Contract?

Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Bitcoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors. Since Bitcoin’s appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain in order to achieve some degree of decentralization.
📷
Develop Decentralized MLM Platform with Ethereum Smart Contract
Smart Contracts
A smart contract is a protocol that enforces the performance of a contract with adding the terms of the agreement into the code. Smart contracts are a great way to exclude any third party from the transaction and make transaction prices lower, as they need no validation. Smart contracts are implemented in a lot of cryptocurrencies to control the transfers of digital currency, establish a governance and a lot of other things. But smart contracts have a wider range of possible implementations. Smart contracts may be used in voting, management, machine-to-machine interactions in the internet-of-things, real estate and in the building of personal data storage with specific access policies, e.g., medical databases. Still, smart contracts are not perfect. They don’t exclude the possibility of bugs or fraud and have no way of changing post-factum, which may be necessary in some cases.
📷
MLM Business with Ethereum Dapp and Smart Contract
The Smart Contract Process
Pre-defining the contract.Here the terms of engagement are established by all counterparties, e.g. currency to be used to make payments, the currency rates, and variable interest rate.The conditions for execution are also set; for example the time, date and even the variable interest rate at a given value.
Events — here events trigger the implementation of the contract.
The events can refer to; the information received and initiation of the transaction.
Execution and the transfer of value — here the terms of the contract will dictate the movement of value which is based on if the conditions have been met.
Settlement of the contact — this can happen in two ways;On-chain assets (digital)– in the case of virtual assets such as cryptocurrency, the accounts are automatically settled.Off-chain assets (physical) — for assets like stocks and fiat, the changes to accounts on the ledger will match the off-chain settlement instructions.
Benefits Of Smart Contracts
  1. Transparency
Smart contracts allow for the terms and conditions of these contracts to be fully accessible and visible to all the relevant parties. Once the agreement has been established, there is no way to dispute it.
  1. Accuracy
One of the main requirements of smart contracts is the need to record all the terms and conditions in precise details. The element is necessary since an omission can result in transaction errors. So, automated contracts try to avoid the pitfalls that are associated with manually filling out heaps of forms.
  1. Security
Smart contracts employ the highest level of data encryption that is currently available, the same as what is used by cryptocurrencies. By doing this, their level of protection is among the best and the most secure on the world wide web.
  1. Speed
Smart contracts live on the internet and run on software code. As a result, they can execute transactions very fast. This speed can save many hours when compared to traditional business processes.
  1. Efficiency
This is the byproduct of accuracy and speed. The great thing is that higher efficiencies lead to more value-generating transactions that are processed per unit of time.
  1. Clear Communication
When setting up smart contracts, there is a need to detail everything accurately. This means there is no room for miscommunication or misinterpretation. Therefore, they can cut down on efficiency that is lost to gaps in communication.
  1. Storage and Backup
Smart contracts are used to record vital details of each transaction. Therefore, wherever an individual’s details are used in a contract, they are permanently stored for future reference. So, in case there is data loss then these attributes can be easily retrieved.
  1. Trust
The good thing about smart contacts is that they inspire absolute confidence in their execution. The secure, autonomous and transparent nature of these agreements takes away the possibility of bias, manipulation or error.
  1. Guaranteed Outcomes
This is another attractive feature of automated contracts. They have the potential to significantly reduce or even eliminate the need for litigation and going to courts. By employing self-executing contracts, these parties commit themselves to operate by the rules of the underlying code.
  1. Savings
One of the primary benefits of a smart contract is that they eliminate the need for having a vast chain of middlemen. This means there is no need for lawyers, banks, witnesses and any other intermediaries.
Types of Smart Contracts
Smart contracts have the potential to disrupt many industries including the banking sector, insurance, telecommunication, art world, music and film, education and many more. They range from simple to complex.
An example of simple contracts includes time-stamping services like ascribe for art registry — also, governmental and semi-governmental records for land titles, birth certificates, school, and university degrees.
However, many regulatory aspects are made up of complex contracts. A good example is the Decentralized Autonomous Organization which represents the most complex form of smart contracts.
MLM Software With Smart Contract The Ethereum integrated Crypto MLM software is most preferred due to the following reasons: ·Highly secured data storage
·Reliable and trustworthy
·Decentralized with clear transparency
·Risk free, unhackable, immutable smart contract
·Peer to Peer automated transactions etc
Start a smart contract based MLM Website with the support of a leading Cryptocurrency MLM software development company
who provides all types of MLM business script with advanced and effective smart contract development solutions. As it have many advantages like devoid of fraudulent activities, east tracking, multiple payment options, less risk and low cost, huge ROI, there arise many MLM businesses to compete with. You can customize your own MLM system by choosing any of your desired MLM Clone Scripts. Herewith, the top smart contract MLM Clone Scripts and also you can develop your own MLM clone app based on your business requirements. ØMillion Money Clone Script
ØForsage Clone Script
ØEtrix.io MLM Clone Script
ØDoubleway MLM Clone Script
ØEthereums Cash MLM Clone Script
ØXOXO Smart Contract MLM Clone
Tags :
#MLM Software with Smart Contracts #Smart Contract MLM Software #Ethereum MLM Software #Decentralized MLM Software #MLM with Ethereum Smart contract #forsage clone #Million Money Software Clone #Smart contract developers Malaysia #Top MLM Software Malaysia
Contact : Fatin / Linges +60164998736
submitted by Mlmsoftwaremy to u/Mlmsoftwaremy [link] [comments]

Decentralized MLM Software Development Company

Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Bitcoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors. Since Bitcoin’s appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain in order to achieve some degree of decentralization.
📷
MLM Software with Ethereum Smart Contract : Decentralized MLM Software Development Company
Smart Contracts
A smart contract is a protocol that enforces the performance of a contract with adding the terms of the agreement into the code. Smart contracts are a great way to exclude any third party from the transaction and make transaction prices lower, as they need no validation. Smart contracts are implemented in a lot of cryptocurrencies to control the transfers of digital currency, establish a governance and a lot of other things. But smart contracts have a wider range of possible implementations. Smart contracts may be used in voting, management, machine-to-machine interactions in the internet-of-things, real estate and in the building of personal data storage with specific access policies, e.g., medical databases. Still, smart contracts are not perfect. They don’t exclude the possibility of bugs or fraud and have no way of changing post-factum, which may be necessary in some cases. The Smart Contract Process
Pre-defining the contract.Here the terms of engagement are established by all counterparties, e.g. currency to be used to make payments, the currency rates, and variable interest rate.The conditions for execution are also set; for example the time, date and even the variable interest rate at a given value.
Events — here events trigger the implementation of the contract.
The events can refer to; the information received and initiation of the transaction.
Execution and the transfer of value — here the terms of the contract will dictate the movement of value which is based on if the conditions have been met.
Settlement of the contact — this can happen in two ways;On-chain assets (digital)– in the case of virtual assets such as cryptocurrency, the accounts are automatically settled.Off-chain assets (physical) — for assets like stocks and fiat, the changes to accounts on the ledger will match the off-chain settlement instructions.
📷
MLM Software in Smart contract Ethereum DApp
Benefits Of Smart Contracts
  1. Transparency
Smart contracts allow for the terms and conditions of these contracts to be fully accessible and visible to all the relevant parties. Once the agreement has been established, there is no way to dispute it.
  1. Accuracy
One of the main requirements of smart contracts is the need to record all the terms and conditions in precise details. The element is necessary since an omission can result in transaction errors. So, automated contracts try to avoid the pitfalls that are associated with manually filling out heaps of forms.
  1. Security
Smart contracts employ the highest level of data encryption that is currently available, the same as what is used by cryptocurrencies. By doing this, their level of protection is among the best and the most secure on the world wide web.
  1. Speed
Smart contracts live on the internet and run on software code. As a result, they can execute transactions very fast. This speed can save many hours when compared to traditional business processes.
  1. Efficiency
This is the byproduct of accuracy and speed. The great thing is that higher efficiencies lead to more value-generating transactions that are processed per unit of time.
  1. Clear Communication
When setting up smart contracts, there is a need to detail everything accurately. This means there is no room for miscommunication or misinterpretation. Therefore, they can cut down on efficiency that is lost to gaps in communication.
  1. Storage and Backup
Smart contracts are used to record vital details of each transaction. Therefore, wherever an individual’s details are used in a contract, they are permanently stored for future reference. So, in case there is data loss then these attributes can be easily retrieved.
  1. Trust
The good thing about smart contacts is that they inspire absolute confidence in their execution. The secure, autonomous and transparent nature of these agreements takes away the possibility of bias, manipulation or error.
  1. Guaranteed Outcomes
This is another attractive feature of automated contracts. They have the potential to significantly reduce or even eliminate the need for litigation and going to courts. By employing self-executing contracts, these parties commit themselves to operate by the rules of the underlying code.
  1. Savings
One of the primary benefits of a smart contract is that they eliminate the need for having a vast chain of middlemen. This means there is no need for lawyers, banks, witnesses and any other intermediaries.
Types of Smart Contracts
Smart contracts have the potential to disrupt many industries including the banking sector, insurance, telecommunication, art world, music and film, education and many more. They range from simple to complex.
An example of simple contracts includes time-stamping services like ascribe for art registry — also, governmental and semi-governmental records for land titles, birth certificates, school, and university degrees.
However, many regulatory aspects are made up of complex contracts. A good example is the Decentralized Autonomous Organization which represents the most complex form of smart contracts.
MLM Software With Smart Contract The Ethereum integrated Crypto MLM software is most preferred due to the following reasons: ·Highly secured data storage
·Reliable and trustworthy
·Decentralized with clear transparency
·Risk free, unhackable, immutable smart contract
·Peer to Peer automated transactions etc
📷
MLM Software with Ethereum Smart Contract : Decentralized MLM Software Development Company
Start a smart contract based MLM Website with the support of a leading Cryptocurrency MLM software development company
who provides all types of MLM business script with advanced and effective smart contract development solutions. As it have many advantages like devoid of fraudulent activities, east tracking, multiple payment options, less risk and low cost, huge ROI, there arise many MLM businesses to compete with. You can customize your own MLM system by choosing any of your desired MLM Clone Scripts. Herewith, the top smart contract MLM Clone Scripts and also you can develop your own MLM clone app based on your business requirements. ØMillion Money Clone Script
Forsage Clone Script
Etrix.io MLM Clone Script
Doubleway MLM Clone Script
Ethereums Cash MLM Clone Script
XOXO Smart Contract MLM Clone
Tags :
#MLM Software with Smart Contracts #Smart Contract MLM Software #Ethereum MLM Software #Decentralized MLM Software #MLM with Ethereum Smart contract #forsage clone #Million Money Software Clone #Smart contract developers Malaysia #Top MLM Software Malaysia
Contact : Fatin / Linges +60164998736 www.cryptosoftmalaysia.com
submitted by cryptosoftmalaysiakl to u/cryptosoftmalaysiakl [link] [comments]

Currencies of Social Organisation: The Future of Money (Sherryl Vint)

so, was reading Davies, William (ed.) - Economic Science Fictions (2018) the other day, and thought i'd share the entire chapter Currencies of Social Organisation: The Future of Money from part I: The Science and Fictions of the Economy. bit long, but worth the while.
oh, and, how does it relate to holochain, some might ask again. read up. it quickly becomes self-evident.
_________________________________________________________________________________________________________________________________
"Presented with the prospect of its own eternity, capitalism –​ or anyway, financial capitalism –​ simply explodes. Because if there’s no end to it, there’s absolutely no reason not to generate credit –​ that is, future money –​ infinitely."
David Graeber, Debt: The First 5,000 Years
Perhaps the first thing that comes to mind when thinking aboutscience fiction and money is the different kinds of currencies that are imagined for future worlds: the poscreds of Philip K. Dick’s Ubik, a currency required for every minute transaction such that the door becomes not an item you own but, rather, a provider of services for which you must continually pay, leaving protagonist Joe Chip trapped in his own apartment until someone pays his door to open; the bars of gold-​pressed latinum used by the avaricious Ferengi on Star Trek, the only thing that cannot be replicated in this post-​scarcity world, useless other than as an atavistic marker of wealth; the reputation-​ based currency of whuffie in Cory Doctorow’s Down and Out in the Magic Kingdom, used to replace the social role money plays in creating a hierarchy in another post-​scarcity world. The inventiveness of SF writers creating objects or systems of account that might serve as money is matched by its actual history and the wide range of items that have served as currency, from large stone wheels called Rai used as money on the island of Yap, to the split tally sticks of medieval English practice, to coinage and the ideal that a gold standard is the ‘real’ value of money, to slips of paper inscribed with various authentications and, finally, to the electronic signals used to store and transmit denominations of value. It turns out that, although most of the world uses money on a daily basis and has done so for almost as long as there have been records of human civilisation, it is not very clear what money actually is. How does money work? What is the underlying relationship among some underlying thing of ‘actual’ value (gold, land, the goods and services produced by a nation), the tokens of that value (coins, banknotes, electronic account balances) and the entity guaranteeing that said tokens are, basically, the same as that underlying thing of value (the King, the Bitcoin algorithm, the European Union). Reading about the history of money turns out to be surprisingly like reading science fiction: the kind of money a society has tells us a lot about the kind of human sociality that is possible in that world. Most definitions of money agree that it needs to be three things: a medium of exchange, a unit of account and a store of value. The ‘store of value’ requirement tends to be overlooked in science fiction extrapolations, confusing whether money is simply a way of keeping ‘score’ of who owes what to whom or whether money is itself something of inherent value (even if it has no ‘use value’, such as gold), such that it will continue to be accepted even through periods of massive social and political disruption. More importantly, however, commentators agree that changes to this configuration of value, accounting, exchange practices and objects-​ serving-​as-​money are deeply consequential for the surrounding social order. Jack Weatherford argues in The History of Money, for example, that new forms of money destroy old forms of governance that were premised on the prior system of economics. 2 His book takes us through a number of such transitions: from a tributary economy of empire based on commodity money that was destabilised by the invention of coinage; through the invention of a system of banking and paper notes that disrupted and undermined the feudal system of medieval Europe by opening a path for power based on wealth (stocks and bonds) rather than on heredity (land); to the prediction that our contemporary system of electronic transfer will have similarly transformative effects on the future. Although science fiction has often imagined new objects or systems serving as currency in the future, it has seldom worked through the cultural power of money as an engine of social control, preferring to either posit post-​scarcity societies of human fulfilment, such as Star Trek’s benevolent Federation of Planets or Iain M. Banks’ Culture universe, or else envisage worlds of ever-​deepening capitalist uneven development that polarises humanity between lush zones of privilege and apocalyptic zones of deprivation that are, crucially, simultaneously produced by the same forces –​ the Sprawl of William Gibson’s cyberpunk trilogy, the orbiting gated community of Elysium (Neill Blomkamp), the privatised air of Rose Montero’s Bruna Husky series or the future of privatised food and seed corporation governance in Paolo Bacigalupi’s The Windup Girl. Although science fiction is frequently set in the future, it is always about its present moment of production. Thus, rather than predicting future kinds of money and sociality inherent in this coming shift, the more important thing science fiction can do is to help make visible –​ through estranging extrapolation that denatures what we take to be natural –​ how money functions in our present. In Money: The Unauthorized Biography, Felix Martin argues that we misrecognise money in its classic definition. Instead of thinking of it as a unit of exchange or store of value, he argues that money is a ‘social technology’ composed of three central elements: a denominating unit of value; a system of indebtedness and credits; and the possibility that debts can be transferred to another creditor. It is this third element that is the most crucial, and he contends that, ‘whilst all money is credit, not all credit is money’. Money is a social technology of transferable credit, ‘a set of ideas and practices which organise what we produce and consume, and the way we live together’. Martin goes on to explain that to arrive at this idea it was necessary first to develop one of a universal standard of value, a concept of economic value that is detached from any particular social organisation in which a debt might be incurred. Debt thereby becomes not a social exchange between people as part of a larger social structure of mutual obligations but simply a unit of account that might be transferred to another creditor and mean exactly the same thing, as if the value measured by money was a physical property in the world instead of a measure of human social structures and decisions. This idea of abstract and universal value opens the door to some of the more deleterious effects of the social technology of money. As Martin acknowledges, ‘[T]‌the choice of monetary standard is always a political one –​ because the standard itself represents nothing but a decision as to what is a fair distribution of wealth, income, and the risks of economic uncertainty.’ For Martin, the decision to view money as a thing rather than a social technology –​ which he dates to the Enlightenment and John Locke, with his insistence that the value of the coinage had to be the ‘material’ value of the metal, not the nominal value designated by the sovereign –​ was the first step in what would eventually become our 2008 financial crisis. In the Lockean understanding of money as a thing with inherent and universal worth, a centuries-​long question regarding the degree to which money should be allowed to structure how we live with one another was short-​circuited, taken out of the realm of ethical debate and put into that of natural ‘fact’. We treat money as a mathematical truth rather than a social choice with often disastrous consequences, reducing ‘vital questions of moral and political justice to the mechanical application of objective scientific truths’. 7 With this understanding of money, Western societies came to see a myriad of complex human social relationships through the single and narrow framework of economic self-​interest. In its role as a genre that defamiliarises the present by exaggerating it into an imagined future, science fiction can serve a vital role in reminding us that money is a social technology, not a thing. For example, Andrew Niccol’s film In Time (2009) posits a world in which the unit of account is simply time: one works not for dollars or credits but for minutes, hours, days and, ultimately, years of one’s life. One of the things it immediately makes clear is how ridiculous the fiction is that capitalists and workers (that is, sellers of labour-​power) meet at the market in any manner that remotely resembles an exchange among equals: the capitalist can always wait another day for a more favourable negotiation but the worker, who needs to sell his or her labour-​power to continue to live, cannot. Niccol shows the social costs of inflation, which makes a cup of coffee cost more ‘minutes’ than it did the day before, creating dilemmas for workers who can stretch the working day only so far to accommodate the change. More and more of one’s time is spent working –​ that is, accumulating minutes to live –​ but at some point the number of currency minutes needed to sustain life exceeds the time needed to accumulate them, and the most economically vulnerable simply die. The rich, in contrast, are seemingly immortal, since their time simply existing continues to accumulate ever more minutes through the crucial fact that what they own is capital, not mere labour-​power. Time is a problematic image for currency, of course: it can function well as a unit of account and perhaps even can serve as a medium of exchange (people gamble minutes, hours and years; people give one another minutes, and such economic support is, quite literally, life support), but it is difficult to imagine how time can be a store of value. This is where the film’s attempt to critique the discrepancy between the one-​percent and everyone else falls apart: a disaffected one-​percenter with centuries of life but no purpose (Matt Bomer) decides to give his years to protagonist Will Salas (Justin Timberlake), who uses this unexpected luxury (of time that need not be productive) to penetrate the echelons of the wealthiest citizens –​ tolls to these inner zones are paid in weeks, then months, then years –​ and attempt to destroy the system of lives held in thrall to generating money. The image the film uses to convey this revolutionary overthrow is a raid on a ‘bank’ that has an accumulated stockpile of time, time that is simply sitting there unused while people expire due to its lack. Salas forms a partnership with the disaffected daughter of one of the bank’s major stockholders (Amanda Seyfried), and together they steal and freely distribute this vast quantity of ‘unused’ time, thereby ending the structures of precarity lived by those struggling to ensure they have enough ‘time’ to live another day. Rather than critiquing the limitations of imagining time as a currency, I want to focus instead on what this image makes visible: that money is a social technology, that it always is, as Martin argues, a political tool that structures the way we live collectively and what we as a society have decided is a fair distribution of wealth and risk. By so directly linking the ability to secure a wage to the chances to continue to exist, In Time lays bare an underlying logic of neoliberal capitalism that is otherwise obscured by a discourse that naturalises the market and attempts to compel us to believe that we must accommodate ourselves to its dictates rather than recognise that its very functioning is a creation of human choice. If time in the film functioned as do other currencies, of course, Salas’s heroic gesture would simply contribute to inflation, the collapse of the ‘buying power’ of a unit of time. Despite this limitation, however, In Time points us towards the fundamental injustice of an economic system that extends some people’s lives and capacities while it shortens others. The underlying issue is the relationship between creditors (those with time to spare) and debtors (those whose very lives are in bondage to an economic system). David Graeber’s masterful Debt: The First 5,000 Years is actually another history of money, despite its title. One of his most powerful claims is that we more properly understand the social technology of money as a system of debt rather than one of credit. Whereas, for Martin, money is transferrable credit, Graeber points out that this is simultaneously a transformation of the social obligations that humans have to one another into specifically economic obligations, creating a society that, taken to its logical extreme, results in a world in which all social exchange is financialised debt. Graeber begins his book with an account of the massive social disruption caused by International Monetary Fund (IMF) loans to developing nations, indebtedness that required countries ‘to abandon price supports on basic foodstuffs, or even policies of keeping strategic food reserves, and abandon free health care and free education’ in the name of prioritising the obligation to pay back debt, leading to ‘the collapse of all the most basic supports for some of the poorest and most vulnerable people on earth’. Whereas for Martin the transferability of credit is essential to making it function as money, for Graeber it is precisely the way credit (that is, indebtedness) becomes transferable that creates the social chaos of a society that is thus premised on inequality. For Graeber, debt can become transferable only when it becomes ‘simple, cold, and impersonal’, detached from any larger social context of mutual support and purely a ‘precisely quantified’ sum for which ‘one does not need to calculate the human effects; one needs only calculate principal, balances, penalties, and rates of interest’. He traces the history of debt –​ and social crises of indebtedness –​ from the beginnings of recorded human civilisation through to the IMF crises and beyond, connecting the 2008 financial crisis and bank bailouts to the same fundamental mechanisms of inequality that always structure an economy based on money: just as governments spent money to repay IMF loans rather than to offer social services to their population, so too did governments pay to protect the wealthy few who own bank bonds at the expense of other taxpayers. This was a crisis created by the seemingly endless generation of new forms of credit, new ways to make money out of records of debt, a specific form of money as capital –​ that is, as money that must continually grow. Only the power of the US military, Graeber argues, holds the world economic system together based on a fear of reprisal: ‘[T]‌he last thirty years have seen the construction of a vast bureaucratic apparatus for the creation and maintenance of hopelessness, a giant machine designed, first and foremost, to destroy any sense of possible alternative futures.’ Here his discussion of the history of debt begins to sound a lot like discussions of the SF imagination. In recent years critics such as Fredric Jameson and writers such as Kim Stanley Robinson have deplored the failure of the utopian imagination, our inability to imagine alternatives beyond the social order created by capitalism. For Graeber, the disappearance of hope has to do with the crushing circumstances of chronic indebtedness, a cycle that has recurred throughout history and for which, until modern times, a solution existed. This solution is an amnesty on debt, a decision to simply reset all accounts and start over whenever the burden of debt on one segment of the population became so heavy as to debilitate its chances to thrive and also to destabilise the entire social order premised on class difference between debtors and debtees. Graeber links debt forgiveness to an ancient biblical Law of the Jubilee, which ‘stipulated that all debts would be automatically cancelled “in the Sabbath year” (that is, after seven years had passed), and that all who languished in bondage owing to such debts would be released’. Martin dates the idea of periodic debt forgiveness as a way to manage the socially deleterious effects of indebtedness even earlier, arguing that records of this ‘Mesopotamian practice of proclaiming a clean slate when the burden of debt became socially unsupportable are almost as old as the earliest evidence for interest-​bearing debt itself –​ dating from the reign of Enmetana of Lagash in around 2,400 BC’. Graeber ends his book with a call for a contemporary Jubilee on international and consumer debt, arguing that it would be helpful ‘not just because it would relieve so much genuine human suffering, but also because it would be our way of reminding ourselves that money is not ineffable, that paying one’s debts is not the essence of morality, that all these things are human arrangements and that if democracy is to mean anything, it is the ability to all agree to arrange things in a different way’. The best kind of SF vision of the future of money may thus be an idea taken from the distant past, a period proximate enough to the emergence of money and its new social structures that people remained capable of recognising it as a social policy, not a fact of nature. While science fiction has often imagined post-​scarcity societies that thereby eliminate indebtedness, very little has imagined the future of monetary policy and banking. A notable exception is the work of Charles Stross, especially his novel Neptune’s Brood, which uses a passage from Graeber’s book as its epigraph. Stross imagine the future of capitalist social organisation as mutated to accommodate trading across the vast distances of space colonisation and at the high speeds of computer consciousness. Taking his cues from the fact that much of the derivative market consists of trades done by algorithms and software, often requiring an advanced degree in physics to be understood, Stross posits a future of artificial humanoid beings whose ethos is shaped by an ecology of capital treated as if it were nature. Most of the critical discussion about the novel focuses on Stross’s idea of slow, medium, and fast money. Fast money is what we are accustomed to: ‘Cash is fast money. We use it for immediate exchanges of value. Goods and labor: You sell, I buy.’ Medium money is something that more durably stores its value, and is not reliant on the vagaries of governments and fiscal policy like fast money, as in: ‘Cathedrals and asteroids and debts and durable real estate and bonds backed by the honorable reputation of traders in slow money.’ And, finally, slow money is the kind of money required to finance interstellar trade and colonisation in a world without faster-​than-​light (FTL) travel: ‘Slow money is a medium of exchange designed to outlast the rise and fall of civilizations. It is the currency of world-​builders, running on an engine of debt that can only be repaid by the formation of new interstellar colonies, passing the liability ever onward into the deep future.’The details of the novel’s adventure plot –​ featuring a forensic accountant hero –​ show us how such a society, continually passing along debt, would be filled with avarice and exploitation, with only the most instrumental of interpersonal relations. The novel is a careful and thorough figuration of the end extreme of capitalism. A vision of the future anticipated in the epigraph from Graeber above, a future of ever more overwhelming indebtedness, the flip side of money understood as transferable credit. The ultimate horizon of the novel is the reinvention of the Jubilee, the ‘systemwide rest of the financial system entailing nullification of all debts’. Its characters, shaped by capitalism as a necessary fact of life, struggle to imagine the possibility of such a Jubilee. The accountant protagonist, Krina, for example, is shocked when she hears of someone functioning as a debt termination officer, exclaiming: ‘[M]‌atters should never reach the stage where they need to terminate a bad debt! Far better to stir it up with a bunch of lumpen credit properties and shuffle it off to a long-​term investment trust for toxic assets.’ So how does Stross create the conditions for a Jubilee in Neptune’s Brood when no one is power has any incentive to forgive the debs that are the foundation of their social structure? The transformation happens because of the discovery of a kind of matter transmission that enables the equivalent of FTL travel, meaning all financial exchanges can happen at the speed of fast money, and so the accumulated stockpiles of wealth that are slow money are suddenly rendered meaningless. Indebtedness is thereby wiped out when the value of this currency collapses, since a vast slow money debt can now be paid with a pittance of fast money. Obviously Stross’s solution cannot easily be translated into our world, because we do not denominate our currencies in this way nor trade at interstellar distances. Yet I think it still holds a lesson for us that only the displacements of science fiction thinking can capture. The collapse of the slow money economy completely transforms existing power relations, and it is also devastating for those who have accumulated vast holdings in this debt-​based currency. At the same time, however, freedom from debt for others opens up so many more possibilities as to where the resources and energy might go that the positive elements of change are equally powerful to the disruptive ones. The transition is enabled in part by a branch of humanoids whose neural architecture has been transformed to communicate mental states through light, a post-​human redesign intended to make them more effective workers (bypassing the slowness of language). This transformation also changed their social order, however, in ways that ultimately sidelined money and property: ‘They’re still individuals, but the border between self and other is thinner. And they don’t hate. They own property but they don’t have strong social hierarchies –​ top-​down control is a dangerous liability to a team trying to trap a runaway natural nuclear reactor –​ they’re instinctive mutualists. They understand money and debt and credit and so on, but they don’t feel a visceral need to own: What they owe doesn’t define their identity.’ A different kind of human sociality plants the seed for a different relationship to property and money, which ultimately opens the door to detaching human futures from the tyranny of debt. If, as Martin argues, money is a social technology, ‘a set of ideas and practices which organise what we produce and consume, and the way we live together’, then science fiction can make visible the kind of social engineering done by the capitalist technology of money. As a social technology, the tool of money can be oriented towards other kinds of ideas and practices, other kinds of social orders, other kinds of subjectivities. Both In Time and Neptune’s Brood offer exaggerated and extrapolated visions of the society the current technology of money creates, focusing on the human suffering that is produced by keeping this technology in place. Science fiction has always been about the idea that social arrangements might be otherwise, about extrapolating known technologies towards novel ends. Stross gives us a tantalising hint of the possible future of a debt Jubilee, of one way we might reinvent the technology of money.

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The MINEDBLOCK..... mining as a service

The MINEDBLOCK..... mining as a service

https://preview.redd.it/6n0nngs2ulv21.jpg?width=390&format=pjpg&auto=webp&s=74efd8f5e8724c111f9892321180571aa7de9025
About MinedBlock
MinedBlock gives mining organizations as a thing where the firm arrangements with all the apparatus and ensures that they are working in a perfect world for the length of the day with low working costs and high capability. This crypto mining firm can give this element of diligent work as they will dispatch a mining office that underlines on mining the top altcoins by market capitalization to guarantee a wide extent of pay streams for clients. Using this broad scale mining task, MinedBlock will help with improving the decentralization of altcoins and moreover redesign its own one of a kind decentralization by methods for the worldwide movement of server ranches. MinedBlock offers the open entryway for theorists to misuse using the advantages from a gigantic scale mining action, mining various crypto assets without the need to buy, mastermind and keep up exorbitant mining equipment.
The mindblock Mission
"Our vision is to transformed into an important player in the advanced cash field and for MinedBlock to have a basic bit of the system required to process trades and mint new crypto assets. This will enable our theorists to secure a tremendous rate of productivity while we use a compelling improvement technique to position ourselves as the 'Amazon' of the crypto mining industry"
What MinedBlock Proposes
A key principle that is driving MinedBlock is ensuring that clients get the most extraordinary components of straightforwardness. From this time forward, the firm will be totally open with respect to their game plans, salary age, and nonstop mining advancement. Like dashboards and minute updates will be used to show the latest hash rates in general advanced types of cash being mined similarly as foreseen earnings with MBTX tokens. MinedBlock is furthermore devoted to trim its mining adventures around customer analysis, which
MBTX Token
The utility token, MBTX, will be sold in the midst of the ICO to dispatch the MinedBlock organization. This token will go about as the key for getting to and paying for MinedBlock organizations. Nevertheless, the gathering rushed to take note of that they wear various any affirmation or certification on the future esteem capacity of this non-mintable ERC-20 token.
Mining Strategy
MinedBlock will ceaselessly screen mining activities and switch between altcoins when the accomplishment rate and inconvenience differ. The conceivable target will keep up the most extraordinary efficiency in the midst of their errands to manufacture advantages and farthest point resource wastage. The firm will in like manner choose if using existing mining pools or depending without any other individual hash rate will convey the best yield.
Concerning, Mineblock will pass on a mix of revamping GPU mining units close by ASIC rigs. All mining hardware will be displaced and traded as frequently as would be prudent while using particular ASIC suppliers to avoid any centralization and moreover to redesign the conventional assortment of clients.
For the region, air and power costs are basic considerations near to the political social occasion of the encouraging country. The primary mining farm will use ASIC BCH and bitcoin mining units and it will be encouraged in an Iceland office where the power expenses and air are precious. Meanwhile, the GPU contraptions will be set up in the UK at first, before being transported to workplaces in either Canada, Sweden or Iceland.
Token Model
- The mindblock Dual Token Model
MinedBlock uses two particular tokens in our movement model which is contained a Security Token enabling a simple income and a Utility Token which engages access to remuneration as you go mining organization. More Details beneath:

ICO Details Token: MBTX Platform: Ethereum Total token supply: 400 million Accepted currencies: BCH, LTC, USD, ETH, and BTC Minimum investment: $300
Token Distribution We don't have a Cap on a most extreme supply at this stage. The idea of the task is with the end goal that the more prominent the number of tokens sold the bigger the underlying administration will be along these lines it is in all gatherings intrigue not to confine the most extreme probability.
Tokens will be Disseminated as Underneath:
Referral bounty: 1.5 million Free airdrops: 5 million Retained tokens for future company incentives: 13.5 million Founders: 15 million Public sale: 365 million
Distribution of ICO Funding Mining equipment; 80% Datacenter build: 10% Reserve: 10%
Revenue Distribution Distributed to MBTX holders: 75% Expansion costs: 10% Operational expenses: 10% MBTX buyback: 5% Roadmap 2018 Q1 Project Concept Defined
Q2 Company Registration Team Formed Original Whitepaper Written Q3 ICO Presale Begin
Q4 ICO Halted – Changed to STO Whitepaper Version 3 Airdrop & Bounties Ended SEC Exemption Filed 2019 Q1 Security Token Offering Starts Q2 Security Token Offering Ends Data Centre Build Begins Hardware Ordered Q3 Mining Starts First Dividends Paid Exchange Listings
Q4 Mining Expansion starts Investor Dashboard Launched
2020 Q1
Solar Farm Location Search Design of Solar Facilities Q2 Application for Solar Development Permission Solar Funding Round Q3 Solar Farm Build Planning for second Mining Farm Location Q4 Second Mining Farm Build The MinedBlock Team Members Founding Team Advisors - Paul Bishop Co-Founder & COO Greg Wales Co-Founder & CEO Kamal Mustafa Advisor
Ruhin Khan Marketing Consultant Matt Ruff CSO For more information, please visit the following links: Website: https://www.minedblock.io/
Whitepaper: https://www.minedblock.io/assets/MinedBlockWhitepaper.pdf BountyOx username: cryptounique
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An Overview of Arizona Primary Races - Part 4: Legislative Races 11-20

Welcome to my omnibus compendium of Arizona’s upcoming primary races (set to take place August 28th – early voting ballots should have been mailed out August 1st). Arizona’s a really interesting state (I may be a hair biased), since it not only is home to two to four swing House seats and a high-profile Senate race, but also a vulnerable governor (thanks to the teacher walkout earlier this year) and tenuous majorities in both state houses that could – theoretically – deliver a Dem trifecta this fall. Other statewide candidates have also been on the attack, and few Republicans are safe in this climate. If Dr. Tipirneni’s massive swing in April can be replicated across the state, the Dems will pull off a coup of stupidly high proportions.
If you’re interested about which district you live in, check https://azredistricting.org/districtlocato. If you want to get involved with your local Democratic party, find your legislative district on the previous link (NOT CD), and then search for your LD’s name at this link. Feel free to attend meetings, they’re a great way to get involved with candidates and like-minded individuals. If you wish to donate to a “clean elections” candidate (mentioned in the post as “running clean”), you will have to live in that candidate’s legislative district to do so. Statewide “clean” candidates can accept from anyone, although al such candidates probably have hit their goals for the cycle.
If you are a registered Independent and do not want to vote at the polls, you will need to request and early ballot using the website of your county’s recorder. Example links for Maricopa, Pima, and Pinal. Others available if needed.
Race ratings for listed primaries will be listed as Solid/Likely/Leans/Tossup and are not indicative of my own preference for that seat. I’ll denote my personal primary preferences at the end of this series.
Some candidates have filed as write-in candidates for their primary. I’m unsure about the rules behind this, and if a win means they automatically appear on the ballot in November – currently in process of verifying. For example, in 2016 Gary Swing and Merissa Hamilton both won their respective Senate primaries (Green/Libertarian) as write-ins, but only Swing was on the ballot in the fall.
If you have any questions about voting in the primary, which races are the most contested, and how to get involved with other Democrats in Arizona, feel free to PM me.
ALL OPINIONS ARE MY OWN IN MY CAPACITY AS A VOTER IN ARIZONA, AND NOT REPRESENTATIVE OF ANY ORGANIZATIONS I WORK/ED FOR OR AM/WAS A MEMBER OF. THIS POST IS IN NO WAY ENDORSED BY THE ARIZONA DEMOCRATIC PARTY OR ANY SUB-ORGANIZATION THEREOF.
View Statewide post here.
View Congressional post here
View Legislative Races 1-10 here

State Legislative Races

So as mentioned in the intro post, this’ll cover not only the federal and statewide candidates but also the state legislative races. Arizona has 30 districts, each with 1 Senator and 2 Representatives. Republicans hold meh majorities in both chambers (17-13 in the Senate, and 35-25 in the House), but Dems think this is the year for a potential flip of chambers. Due to time constraints I’ll try to focus on races with primaries, and write a primer about important general election races later – but hopefully I can get all of them done. Our party went balls to the wall and recruited 114 Democratic candidates to run this cycle, meaning that there’s a candidate running in every race across Arizona, in even the reddest of red districts. It also means there’s a lot of blurbs to write.
One additional point to make – the vast majority of people using the Arizona Clean Elections funding source are running for the state legislature. Their COH statistics will be denoted as ($XXX COH, Clean). This - for the most part – means that the only additional money they can expect in the race will come afteif they win their respective primaries, roughly to the tune of $20K-$25K or so.
So without further ado, the districts!
District 11
For our first district in the second installment of the legislative series, we head over to Northern Tucson/Casa Grande, a district that – like LD8 before it – is surprisingly only Leans Red despite its demographics and geographical location. The Republican Senate incumbent is noted theocratic asshole Steve Smith, who as mentioned earlier is trying to make the hop over into Congress. His Republican heir apparent is State Representative Vince Leach ($118.5K COH). The other incumbent Republican Representative, Mark Finchem ($44.4K COH) is running for re-election in the House, with Constable Bret Roberts ($16.7K COH, Clean) and retired carpenter Howie Jones ($700 COH) running for the second open spot. Roberts has been endorsed by Finchem and Leach and seems set to take the second nomination. His choice of running clean is odd, especially as a party-approved candidate.
Roberts may make it through to the general, but he’ll most likely run into rural liberal powerhouse Hollace Lyon ($93K COH). Unlike in LD8, the House candidate (Lyon) seems set to drag the Democratic slate, kicking and screaming, into relevancy. Wife of the president of the Arizona School Boards Association (Linda Lyon) and retired USAF Colonel, Lyon brings a great combination of education bona fides, fundraising/campaigning chops (She has outraised everyone in the district - Leach’s COH advantage is only because of his past warchest), and rural appeal (she channels Amy McGrath’s rhetoric to great success. Lyon would be a great single-shot candidate for the candidate.
Except she’s not running alone. Perennial candidate Barry McCain (no link because his website’s dead and he’s a bit of a nut, also $4 COH) managed to qualify for the ballot again this year by some miracle. Local and state party leaders, wary of ceding a ballot slot to nigh-invisible candidate, recruited local teacher and education advocate Marcela Quiroz ($630 COH, Clean – needs $5’s). While Quiroz has had some trouble getting her campaign ff the ground, she is by far a better #2 than McCain. In the Senate, rancher Ralph Atchue ($15.4K, Clean) is taking a second crack at the seat. Atchue didn’t generate many waves last time, and this time – if he does win – it will be on the backs of Lyon and Quiroz. The presence of Green Party write-in Mohammad Arif won’t help.
As mentioned before, the general rests squarely on the shoulders of Hollace Lyon, and partially on Quiroz’s as well. Both House and Senate candidates have a defined rural appeal, but only Lyon seems capable of actually translating that into results. If the statewide wave is large enough, she’ll drag Quiroz and Atchue in on her coattails.
hunter15991 Rating: Dem Senate uncontested. Solid Lyon, Likely Quiroz. GOP Senate uncontested, Solid Finchem, Likely Roberts. Leans GOP Senate, Tossup House Roberts/Lyon, Leans GOP Finchem/Quiroz.
District 12
Popping back up north somewhat, we take a look at LD12 – located in the heart of CD5. Centered in Gilbert and Southeast Mesa, 12 is so stupidly red, only LD1 and LD5 are worse. On the Republican side, incumbent Representative Travis Grantham ($26K COH) is being joined by incumbent Senator Warren Petersen ($49K COH) in their quest for House nominations, and are being primaried from the right by Mr “Ban All Public Schools” Nick Myers ($600 COH), and from the center by adjunct professor Blake Sacha ($36.5K COH). In the Senate, charter school owner and incumbent State Rep. Eddie Farnsworth ($26.2K COH) is running, being challenged from the nominal center by businessman Jimmy Lindblom ($25K COH). Lindblom still holds most of Farnsworth’s conservative views, but is attacking Farnsworth regarding how corrupt of a legislator he is, profiting off of charter school requirements he passes.
On the Democratic side, Elizabeth Brown ($15.5K) is rehashing a 2016 Senate run, and will be joined by two House nominees – currently that looks like teacher Joe Bisaccia ($12K COH, Clean) and lawyer Lynsey Robinson ($16.88K COH, Clean). Robinson is actually running on a slate with 2014 House nominee DJ Rothans ($150 COH, Clean), but his campaign has not gotten as much traction as hers.
Given the breakdown of this district it is highly unlikely a Dem. pulls it off either in the House or Senate, and with the amount of district infighting that’s ongoing (per rumors, Brown and Bisaccia hate each other’s guts and are causing a lot of chaos because of that) that chance goes from slim to none. The best bet in this scenario is for Sacha and Lindblom to pull off the upset in primaries. While they’re at best mediocre friends of public education (Sacha) and at worse a slightly cleaner version of the incumbent (Lindblom), they’re a step up from the clusterfuck currently ongoing in the district.
hunter15991 Rating: Dem Senate uncontested. Likely Bisaccia, Likely Robinson. Leans Farnsworth, Likely Petersen, Leans Finchem. All Solid GOP general.
District 13
District 13 could be a bit of a Roy Moore-ish scenario for Democrats, at least in the Senate.
So I’ll get the House out of the way first. Reps Darin Mitchell ($7.3K COH) and Tim Dunn ($76K COH)- both Republicans – are the current Representatives for the district. Mitchell has built a long-term brand in the district, while Dunn was appointed n February 2018 following…well we’ll get to that in a second. They are being challenged from the right by absolute wackadoodle Trey Terry ($9K COH), and from the center(ish) by Goodyear ViceMayor Joanne Osborne ($10.5K COH). Mitchell and Dunn seem set to make it out of their primaries by virtue of their incumbency (and Dunn’s surprisingly large warchest), although if Osborne can convince enough moderate Republicans to vote for her (she seems to be against some anti-publicEd measures here in AZ) she stands a fraction of a chance. Mitchell and Dunn will face Democrat Thomas Tzitzura ($1.1K COH, Clean), a veteran, former teacher, and adorable old guy. He’s set to lose by 30.
But we’re interested in the Senate.
Currently, the Senate seat is held by farmer Sine Kerr ($40.6K COH), an unimposing backbencher appointed to the seat in February after Steve Motnenegro resigned his seat when he tried – and failed -to win the GOP nomination for CD8. She’s being challenged in the primary by businessman Brent Backus ($4K COH), and in the general by retired Air Force veteran Michelle Harris (4.8K COH, Clean). If Kerr wins the primary, her general election should be relatively easy – the last Democrat to run for Senate here didn’t crack 35%.
But there’s another Republican running.
On February 1st, 2018, the Arizona State House voted to expel sexual assault perpetrator Don Shooter ($18K COH), a longtime Senator and at that time Representative from LD13. A report over 80 pages long detailing his deeds was filed with the House, and they had no choice but to kick him to the curb. His career seemed dead.
Ever the enigma, Shooter didn’t stop collecting signatures for the Senate run he was planning on this year (pending Montenegro’s resignation), and on the last day to file for the State Senate he submitted signatures to run again in LD13. This upended Kerr’s easy walk to re-election – while Shooter’s statewide brand was kneecapped, the voters in LD13 by and large seemed unphased by his wrongdoings at the state legislature. And with a stronger name-rec in the area and a fundraising system that doesn’t seem to be phased by his misdeeds, Shooter seems set to snatch primary victory from the jaws of defeat. With the anti-sexual abuser vote set to be split by Backus, Arizona’s Roy Moore (I don’t use that lightly, he preyed on college and high school interns as well) could make it to the general.
For all of Harris’s pros, she falters where Lyon succeeds as a candidate – both in funds, branding, and campaign intensity. If Kerr or even Backus win the Senate nomination, Harris is toast. But if Shooter makes it through somehow, the retired Master Sergeant stands a chance at turning this district blue. It will hinge on the morals of LD13 independents, and AZGOP rescinding support for Shooter if he sneaks through the primaries.
Will the stars align for Harris? Will Shooter’s attempt to reclaim his former glory turn this district blue?
Probably not.
But “probably” isn’t good enough in 2018.
hunter15991 Rating: Dem primaries uncontested. Leans Shooter, Likely Mitchell/Kerr. Safe GOP House general. Leans GOP Senate.
District 14
Like past districts, LD14 is more of a question as to who wins the GOP primary than who wins the general. The Dems are fielding businessman Bob Karp ($1K COH, Clean) and businesswoman Shelley Renee-Leon ($1.5K COH, Clean) for the House, while there’s a competitive primary between 2016 nominee Jaime Alvarez ($1.2K COH, Clean), and teacher Mendy Gomez ($1.4K COH, Clean). Alvarez should make it through the primary due to his name rec from 2016, but with teachers gaining prominence in post-strike Arizona, Gomez could take it from him.
A safe GOP district, the main question is how races on the right pan out. The House is rather tame, incumbent Rep. Becky Nutt ($19.3K COH) and outgoing Senator Gail Griffin ($31.4K COH) are uncontested for the nomination there. For Senate, there is a three-way battle between former House speaker David Gowan ($54K COH), incumbent State Rep. Drew John ($38K), and Army vet/businesswoman Lori Kilpatrick ($15.7K COH, Clean). Gowan, a candidate for CD1 back in 2016, has come to reclaim his old LD14 fiefdom, but Drew John seems hesitant to give it up without a fight. If Rep. John can hold steady, he’ll deprive the GOP of a massively-experienced ex-legislator and replace him with a freshman, milquetoast backbencher in John. Any nominee seems set to win the general, but if Gowan strikes out again here the State GOP will be in a slightly weaker position than before.
I realize counting Dems out is bad to do – the district’s a hair bluer than 13 – but if Harris at least fits her rural vibe somewhat, Gomez/Alvarez and the House slate unequivocally don’t. The Dems best hope here is just Gowan losing in the primaries.
hunter15991 Rating: Tossup Dem. Senate. Dem House uncontested. Tossup GOP Senate (John/Gowan), GOP House uncontested. All Safe GOP general.
District 15
If the doom and gloom in LD14 has got you down, you may want to try on LD15 for size. Located smack dab in the middle of AZ-06, LD15 is a microcosm of the fight Heather Ross will be fighting in the congressional district as a whole. Although the district as a whole has been red legislatively for eons, in 2016 both Sherriff Paul Penzone and Maricopa County Community Colleges Boardmember Linda Thor posted good results in LD15 – showing a capacity not only for sane Democratic votes, but also f or pro-education votes.
The GOP field in LD15 is set – former teacher and “moderate” Republican Representative Heather Carter ($45K COH) is dropping massive checks on her quest to secure the Senate seat in this district, while House Majority Leader John Allen ($46.6K COH) and incumbent Senator Nancy Barto ($24K) are running for the two House seats.
The Dem. field is well suited to meet them. In the Senate, teacher Kristin Dybvig-Pawelko ($3.16K COH, Clean – and hereafter KDP) is squaring off against Carter, while 3 Dem. candidates are vying for the two Dem. House nominations in the district. Teacher Jennifer Samuels is running as a ticket with KDP, both heavily emphasizing their education chops. Prosecutor Julie Gunnigle is gunning (pun intended) for the second spot, crafting her campaign around a strong anti-corruption message. Her legal chops are visible in her many livestreams she does, and if she fails at a run here (or for CD6) she’s got a promising practice to return to. 2016 nominee and lawyer Tonya MacBeth is the third candidate in the race – although she has not been able to adapt to the competitive primary Gunnigle and Samuels have thrust on her. With Gunnigle taking a lot of big-name endorsements (like Steve Farley) and Samuels pairing up with KDP, MacBeth is on track to get boxed out of the nomination.
In the general, Samuels and Gunnigle dodge a massive bullet, as moderate Republican Heather Carter is running for the Senate this cycle instead of one of the two House slots. While this does sink KDP (her main strength is education, but Carter counteracts that quite nicely), Samuels and Gunnigle have an opening against Allen and Barto. Both incumbent GOP legislators have been vocally against the recent teacher strike, with Allen leveraging his power as House Majority Leader to whip GOP members (like Carter, coincidentally) into line to vote against Dem. bills designed to find some sort of a fix to the teacher crisis. If the Dem. nominees can adequately tie Barto to Allen and Allen to the funding catastrophe in Arizona, then the same metrics that could push Ross over the finish line can push them over as well. The county party realizes this, having opened up an LD office here far earlier than was expected by anyone.
It likely will remain in GOP hands, but the dark money needed to protect what should be a safe seat for Republicans will absolutely send some Dems across the 50%+1 mark elsewhere in the state.
hunter15991 Rating: Dem. Senate uncontested. Likely Gunnigle/Samuels. GOP primary uncontested. Likely Carter, Leans Allen/Barto.
District 16
Located in deep-red East Mesa and Apache Junction, LD16 is a splash of cold water after such a rosy preview of LD15. Currently held by Senator David Farnsworth ($4K), retiring Representative Doug Coleman, and Tea PartieFurry fan Kelly Townsend ($32.4K). In the running for the second House seat being abandoned by Coleman are Apache PD Officer Stephen Kridler ($2K COH), businessman John Fillmore ($19K COH), activist Liza Godzich ($20K COH), and moderate-ish Tara Phelps ($26K COH, Clean). Phelps has been receiving tacit Democratic support in the area, as the Democratic primary (we’ll get to it in a moment) is relatively uncompetitive. Godzich is receiving Townsend’s stamp of approval, which for the most part sets up a Phelps v. Godzich race for the second slot after Townsend. However, a nominally-even race is slanted by the presence of Fillmore and Kridler, who by nature of their platforms are set to pull more from the right than the center. There’s a decent chance a pro-PublicEd Republican makes it through to the general this November.
On the Senate side, Farnsworth is being challenged in the primary by “Big” Michael Hernandez ($2K COH), an anti-establishment character running a hair left of Farnsworth. Anecdotally, he’s getting along quite well with the Democrat in the race, Ben Carmitchel (bencarmitchelforaz - $710 COH, Clean and needs $5’s). Although Hernandez doesn’t seem like he’ll make it to the general, he’s undoubtedly a cheery face this election. In the general, Carmitchel is joined by former teacher Sharon Stinard ($3.4K COH), as well as by Green Party write-in and former Democratic nominee for WY-AL Richard Grayson) ($0 COH). Stinard, Carmitchel, and Grayson all face a touch climb in the general – the best this district can feasibly hope for is for Phelps to make it through the Republican primary.
hunter15991 Rating: Dem primaries uncontested. Likely Farnsworth, Likely Townsend, Tossup (Phelps/Godzich). Solid GOP General.
District 17
Before I begin this segment, it’s wise for me to inform readers (however many there are) that I was previously employed by the Democratic slate in LD17, before being forced out for what in my mind are senseless reasons. I have tried not to let the firing itself impact my judgement re. this district, but the fact that Dem. staffers in this district (the people I was replaced with) are by-and-large woefully inexperienced cannot be overlooked.
District 17 is a super-crucial district for the Dems this cycle, being targeted both by the state and national DLCC. It’s the home district of House Speaker JD Mesnard ($143K COH), who is currently running for the open Senate seat in the district. The second Representative, running for re-election, is Jeff Weninger ($79.1K COH), a backbencher who focuses most of his time on passing bills related to bitcoin/blockchain technology. The party-backed candidate for Mesnard’s old seat is Chandler Vice Mayor Nora Ellen ($91.7K COH) – coincidentally Mesnard’s mom. They face RN Julie Willoughby in the primaries, who is receiving a surprising amount of backing from anti-Mesnard forces in the GOP and seems set to make the primary a bit of a slugfest. Still, Ellen most likely will advance to November.
The Democratic nominees for the district are hospital administrator Steve Weichert ($13K COH) and education consultant/former teacher Jennifer Pawlik. Both are running on a strong, education-first platform, and when I left were attacking Mesnard for his connection to Ellen and for his poor education votes.
While the district is inching closer to blue (it’s a lot swingier than one would expect) and party support is increasing, I need to take a moment and comment about the staffing situation. After my friend and I were forced out (pay and responsibilities gradually reduced to a token position), staffing duties were handed over to volunteers and political newbies, who requested training from us in practically every aspect of running a campaign. I don’t claim to be a campaign guru myself, but the current campaign manager had difficulty figuring out basic algebra, and an Excel sheets with a pre-generated set of instructions (click this tab for X, this tab for Y). Combine this with an incredible disdain by both candidates to call for money outside of their immediate circle, and there is cause for concern. Thankfully the party can allocate additional resources to the area, but I don’t know how much they’d be willing to shell out.
The ingredients are all there. The cooks aren’t.
hunter15991 Rating: Dem primaries uncontested. GOP Senate uncontested, Likely Weninger, Leans Ellen. Tossup Senate, Tossup House 1, Solid House GOP 2 (Dem. uncontested).
District 18
Immediately adjacent to LD17 is LD18 – which is just as swingy of a seat. It is currently – surprisingly – majority-Democrat, held by Senator Sean Bowie ($123K COH), a moderate Democrat who won this seat in 2016 by running against a Trumpist Republican who turned off a lot of the swing voters in the district. He faces the same Trumpist Republican, Frank Schmuck (yes, that’s his real name – and $125.7K COH) this fall.
One of his House counterparts, Mitzi Epstein ($37.3K COH), winning alongside Bowie in 2016. The second Representative, however, is GOP loyalist Jill Norgaard ($65.5K COH), a rank-and-file Republican who has had to quickly adopt a moderate stance now that her district is a target for the Dems to fully flip this November. In the general she will face either education activist Jennifer Jermaine ($15.1K COH) or DSA activist/pastry chef LaDawn Stuben ($12.7K COH, Clean). While Stuben was able to raise her $5’s rather quickly, most DSA activist attention has turned elsewhere to Westbrook/Phoenix City Council, and her campaign is slowing down just as Jermaine is catching fire. It’ll most likely be Epstein/Jermaine in the fall.
But Norgaard has a competitive primary to fight through as well. Other candidates include former Arizona Board of Regents member Greg Patterson ($800 COH), former Tempe Union Schoolboard candidate and vocal anti-abortion activist Don Hawker ($600 COH), and AZGOP minority outreach chair Farhana Shifa ($17.7K COH). Shifa seems like the most likely 2nd GOP nominee given her party background, but Patterson matches her tit for tat on the resume (yet has a surprising gap in terms of fundraising).
In the general, this seat will be one the GOP tries to take back from the Democrats, in an attempt to return to their supermajority from pre-2016. However, the changing political attitudes in the area are pretty indicative that, if anything, the district is heading further blue this fall. It’s not without the realm of doubt to see a full Dem. slate here – Bowie, Epstein, Jermaine – where four years prior it was fully red.
hunter15991 Rating: Dem Senate uncontested. GOP Senate uncontested, Likely Epstein/Jermaine. Likely Norgaard, Leans Shifa. Leans Dem Senate, Leans Dem House 1 (Epstein/Shifa), Tossup House 2 (Norgaard/Jermaine).
District 19
Thankfully for me, LD19 is quite a snoozefest. Democratic Senator Lupe Contreras ($73 COH) is running uncontested in both the primary and the general. Democratic Representative Diego Espinoza ($1.5K COH) is running for re-election, with a noticeable battle for the second House seat ongoing. The decision by Rep. Mark Cardenas to pursue higher office (he failed) led to this seat opening up in LD19. Avondale City councilman Lorenzo Sierra ($16.2K COH) is the frontrunner in the race, having secured both Contreras’, Espinoza’s, and Cardenas’s endorsements. But he’s facing opposition from Tolleson Union High School District Governing Board Vice President Devin DelPalacio ($2.9K COH). He is running on a strong pro-education platform, but as a former student of Tolleson Union I don’t consider him to be the best pro-PublicEd example in Arizona.
No Republicans have filed for this district, making the primary the general election.
hunter15991 Rating: Dem Senate uncontested. Likely Espinoza, Leans Sierra. Uncontested general.
District 20
And if LD19 was a snoozefest, LD20 is a wild ride. A Leans-GOP district in a normal year, it’s receiving a lot of attention from both parties. Three of the four possible races (GOP/Dem House, GOP/Dem Senate) are contested primaries. Incumbent Senator Kimberly Yee is running for Treasurer, leaving the State Senate seat up for grabs. I’ll try to be brief.
On the Democratic side, activist Matthew Marquez ($13.3K COH, Clean) and tax auditor Douglas Ervin ($15.7K COH, Clean) face off for the nomination. Marquez – anecdotally – is running behind Ervin in terms of in-district enthusiasm and endorsements, but the race is still close, and he does a small but dedicated progressive bloc of volunteers. Ervin still seems like he’ll get the nomination, but there’s a good chance at Marquez getting it instead.
On the GOP side, State Rep. Paul Boyer ($30.8K) and ASU Professor Charles Loftus ($300 COH) face off for the nomination. Boyer’s past history in the district and financial advantage make this pretty much a one-sided race.
The House is a bit less packed, but still a wild ride – at least on the Dem. side. The GOP only has two candidates running – conservative activist (And wife of AZ superior Court judge Clint Bolick) Shawnna Bolick ($93K COH – she has sizable connections), and incumbent Rep. Anthony Kern ($36K COH).
The Dem. primary is a bit more packed. Lawyer Chris Loftus Gilfillan ($13K COH, Clean – and yes, middle name “Loftus”. No clue about relation), small business owner Patrick Church ($300 COH), non-profit manager Hazel Chandler ($2K COH, Clean) and special needs advocate Dan Anderson ($200 COH) are all running for two spots for the general. Currently I’d guess that Gilfillan and Chandler will make it through due to their strong groundgame and online media presence, but Church could sneak through in a fluke. Anderson, unfortunately, won’t be making it to the general.
In the general, any Dem. candidate that makes it through will be relying heavily on outside party funds to get them to parity with the massive warchests of Kern/BoyeBolick. With the district an under-the-radar target by Dems (it was won by the Maricopa County Recorder, Adrian Fontes, during his 2016 campaign), such cash will be deathly important for flipping both chambers of the legislature. I personally don’t see much hope in the district, but anecdotally real decisionmakers in the party apparatus see it as more than likely to flip.
Here's hoping it does so in November.
EDIT: Christ, forgot there was an independent running. Doug Quelland is a former Republican Senator in that district running to the right of Boyer. Hopefully he helps Ervin flip it.
hunter15991 Rating: Leans Ervin, Likely Boyer, Likely Gilfilan, Leans Chandler. Tossup Senate general, Leans GOP House (x2) general.
submitted by hunter15991 to BlueMidterm2018 [link] [comments]

Finally, a statement from Hong-Kong, regarding ICO regulation

The Securities and Futures Commission defines the tokens issued through initial coin offerings as either comprising ‘virtual commodities’, ‘securities’, ‘shares’, ‘debentures’, or an interest in a ‘collective investment scheme (CIS)’. The SFC states that tokens that fall under the definition of ‘securities’ in accordance with the Securitites and Futures Ordinance are subject to the securities laws of Hong Kong. The SFC also notes that “shares, debentures, and interests in a CIS are all regarded as ‘securities’”.
All companies that issues securities through initial coin offerings to citizens of Hong Kong are required to register with the SFC. The SFC states that “where the digital tokens involved in an ICO fall under the definition of ‘securities’, dealing in or advising on the digital tokens, or managing or marketing a fund investing in such digital tokens, may constitute a ‘regulated activity’. Parties engaging in a “regulated activity” are required to be licensed by or registered with the SFC irrespective of whether the parties involved are located in Hong Kong, so long as such business activities target the Hong Kong public.”
The Securities and Futures Commission also states that “parties engaging in the secondary trading of such tokens (eg, on cryptocurrency exchanges) may also be subject to the SFC’s licensing and conduct requirements” – meaning that private traders will also be subject to the regulations.
The Cryptocurrency Community Is Speculating as to What the Ramifications of Hong Kong’s ICO Regulations May Mean for Major Cryptocurrency Exchange, Bitfinex Hong Kong Securities and Futures Commission Issues Statement Regarding ICO Regulations
Julia Leung, the SFC’s Executive Director of Intermediaries has stated that the Securities and Futures Commission is “concerned about an increase in the use of ICOs to raise funds in Hong Kong and elsewhere… Those involved in an ICO need to be aware that some ICO structures may be subject to Hong Kong securities laws.”
The cryptocurrency community is speculating as to what the ramifications of Hong Kong’s ICO regulations may mean for major cryptocurrency exchange Bitfinex. It was long believed that Bitfinex is based out of Hong Kong, as is stated on the company’s wikipedia entry. Hong Kong is also listed as the location of the headquarters for Bitfinex’s parent company, Ifinex, on Bloomberg’s website. Bitfinex has stated that Ifinex is incorporated in the British Virgin Islands (BVI), and is subject to BVI laws. This claim is evidenced by correspondence between the United States Commodity Futures Trading Commission and Bitfinex.
Hong Kong appears to be developing regulations that largely mirror the policies United States and other western nations, adopting a far more permissive framework than China, which recently moved to ban all ICOs operating within China. Given Beijing’s dominance over the governing processes of Hong Kong, some within the cryptocurrency community are speculating that China may be using Hong Kong as a regulatory sandbox through which to experiment with more permissive regulation regarding ICOs outside of mainland China.
Are you surprised that Hong Kong has adopted a regulatory apparatus more resembling he policies put forward by western governments, as opposed to the explicit ban announced by China? Share our thoughts in the comments section below!
Source: https://news.bitcoin.com/hong-kong-securities-and-futures-commission-issues-statement-regarding-ico-regulations/
submitted by redditor13527 to binance [link] [comments]

Preliminary critique of smart-contracts/DAOs

The scope of Ethereum's ambition becomes v. clear after reading this (v. big indeed). But proportional to its ambition is a naivety. There are so many aspects of social existence that are misunderstood or crudely considered. I may not be able to present a critique at length right now (as my laptop is low of batteries and I'm on a bus) but a critique is in order because these are not trivial matters being proposed by Ethereum, and deserve more than to be ignored.
A few preliminaries then.
This term has experienced rapid inflation round these parts; to the point where whatever's "smart" about a contract or property (assuming if such an attribution were possible) has either lost sense or given way to pretension. Why? Because all that's meant by "smart" in cryptography is automation. Connotations of (artificial) intelligence get smuggled into what's explicitly rather stupid. The contract or property is "smart" only in so far as it automatically executes specific requests upon their satisfying pre-defined conditions, and is literally ignorant of all else. Szabo was the first to smudge this difference between automation and "smart", and now vbuterin is radicalising it. No one needs to agree with me on the semantic nuances of this point but material history is harder to deny; take a look at this wiki on Automats and consider why they're not called anything else. Also, to anticipate the obvious counter-argument: just because "smart phones" of today are able to process greater quantities of automations than the analogue vending machine in orders of magnitude, it doesn't make it any more intelligent-smart, only more efficient at automating within finite space-time.
For an article that headline's itself as an attempt to make smart contracts and DAOs "not scary" it does a pretty bad job.
Take this for instance:
contracts [...] are not worth the paper they’re written on unless there’s an actual judge backed by legal power enforcing them
This formulation explicitly ties contracts to legal coercion (and implicitly imprisonment and worse...?). One of the fundamental tenets of the cryptographic worldview is that the instruments we propose and build are are valuable insofar as they facilitate liberation from coercion by state-corporate-apparatuses. How are smart contracts not, at bottom, a transformation of coercive apparatuses into code? A liberation from traditional coercion that mutates existing ones into even more automated and relentless alternatives does not sound like liberation from coercion to me. We don't need to invoke Skynet. Just consider road or air traffic-control systems and the level of automation we are or are not willing to concede to algorithms. In fact VB does anticipate this problem in the following passage:
The party making the contract can always simply turn the contract off just before payment is due, or drain their bank account, or even simply change the password to the account. Ultimately, no matter how the contract is integrated into the system, someone has the ability to shut it off.
In other words, when highly-efficient automation results in catastrophe—just pull the plug, or whatever form this plug might take. This is an intervention as a form of last resort, an anticipated panic, because it has to reside externally to the domain of automation in order to remain effective or even possible. But this leaves open the unsettling prospect of large-scaled panic shut downs, were there to be a large-scaled implementations. Consider what's happening now to the cryptocurrency economy whilst only a fraction of it, the single exchange of Mt. Gox, shuts down. Fortunes have been lost. Furthermore, there's a have and eat your cake logic to this measure: "Smart" is smart because its automation is relentless; and it's also safe because relentless automation can be forced to relent. So, which is it then?
Directly following the last 'plug pulling' point is this is a big logical leap:
How can we solve the problem? Ultimately, the answer is one that is radical in the context of our wider society, but already very much old news in the world of Bitcoin: we need a new kind of money.
I fail to see the connection between sabotaging relentless automation upon failure as solution, and throwing new forms of money (cryptocurrencies) at them. Is this claiming undesirable automation can be solved with yet more financially-defined automation? Does this not just exacerbate an already serious problem?
Also this:
So far, the evolution of money has followed three stages: commodity money, commodity-backed money and fiat money. Commodity money is simple: it’s money that is valuable because it is also simultaneously a commodity that has some “intrinsic” use value.
This is plain wrong, historically and conceptually. And also reveals a liberal ideology which explains a lot. Why? Because it lacks the concept of capital altogether: the category in which all exchangeable forms of value participate—even if one wishes to deny it. To use atoms as a metaphor, the particle of capital is use-value and the exchange its wave. Rare minerals, like absolutely anything, become valuable only because they can be consumed as or exchange for something useful—try persuading a hungry child to agree that an apple-sized diamond is more intrinsically valuable than an apple. I'm a big enthusiast of cryptocurrency too but getting mystical about it helps nothing.
The difference between fiat money and factum money [...] fiat money is put into existence, and maintained, by a government (or, theoretically, some other kind of agency) producing it, factum money just is. Factum money is simply a balance sheet, with a few rules on how that balance sheet can be updated, and that money is valid among that set of users which decides to accept it.
This distinction confuses the obtaining of existence with maintenance of something existing. Fiat and crypto both obtain existence through agencies assigning them use-value and exchange-value—it doesn't matter from the existential level that one is issued by state-bank-apparatuses or blockchains: both come to be because something made them, and nothing just is (unless we are speaking of Divinity—and therefore move out of rational, corrigible discussion). Everything came from somewhere else, or was made from something else. The difference applies only in how they're maintained.
This touches upon the flip-side to coercion: authority.
VB writes:
A judge in a regular court has essentially unlimited power to do what they want, and the process of judging does not have a particularly good interface; people need to file a suit, wait a significant length of time for a trial, and the judge eventually makes a decision which is enforced by the legal system – itself not a paragon of lightning-quick efficiency. Private arbitration often manages to be cheaper and faster than courts, but even there the problems are still the same. Judges in a factum world, on the other hand, are very much different.
Again, this seems to endorse a decentralised, private (and presumably anonymous) form of relentless authority as a solution to a public, centralised and corruptible one, where neither are any less accountable. So, the real choice is in fact between inefficient and efficient unaccountable power.
There's little here that suggests smart-contracts/DAOs solve genuine social problems, in fact, quite the opposite. Ethereum comes across as a kind of liberal panacea religiously devoted to marketised automation: automate traditional apparatuses of power, coercion, and value-exchange, in rapid dispersions of monetary exchange, and automate some more...
[Battery's going now]
submitted by pptyx to ethereum [link] [comments]

Hong Kong Investors Rush to Enter the Bitcoin Markets

With bitcoin again dominating headlines, a flood of new money has recently entered the cryptocurrency markets – including from emerging crypto markets such as Hong Kong. Local media outlets are reporting, however, that many new investors may be ill-prepared for the risks associated with cryptocurrency like CVH Coin. Speaking to South China Morning Post, Mr. Laberge stated that he first invested on November 15th, purchasing $500 USD worth of bitcoin when the price was at approximately $6,600 – despite knowing very little about cryptocurrency at the time. After a fortnight, Mr. Laberge chose to invest “tens of thousands more” into bitcoin, however, and was left in a high state of anxiety due to his chosen bitcoin exchange failing to credit his account for four days. “The way I dealt with the banks was exactly the mindset when I was getting into bitcoin. For most exchanges it’s very difficult to get in touch with them. The only way to contact people, unlike a bank where you call their number and someone answers in a couple of minutes, is through a support ticket. And if they don’t answer the support ticket you are left hanging and it’s stressful when you’ve got a huge amount of money sitting there.” Mr. Laberge stated that he will not invest any further capital into bitcoin, despite his investment increasing in value by 70%. “My wife saw that it was going up and she said we should invest more but I said ‘No, let’s not lose our heads.” “There is certainly a big influx of new [bitcoin] users; the price increases give people an incentive to get in as fast as they can,” Mr. Weese stated. “The problem is that people are not making good decisions and they’re not thinking about exactly what it is that they’re investing in and what the risks are.” Mr. Weese stated that he expects to see the collapse of several “poorly run” Asian cryptocurrency exchanges in future, warning that many investors are inadequately accounting for counterparty risk. “People confuse bitcoin always being around with bitcoin exchanges always being around, but that’s not the case.” Charles Mok, a representative of the IT sector to Hong Kong’s legislative council, has described the booming cryptocurrency sector as posing a number of challenges to regulators. “It puts us in a very uncomfortable situation,” Mr. Mok stated. “On the one hand we want to see an industry developing around cryptocurrency. But on the other hand, I don’t think these kinds of speculative activities … are really conducive to the long-term development of crypto-technology and cryptocurrencies, including CVH Coin.” Mr. Mok expressed concerns that should local bitcoin exchanges collapse, that Hong Kong’s Securities and Futures Commission (SFC) would seek to regulate the cryptocurrency industry. He states that the SFC would likely lack the experience and knowledge required to develop an effective regulatory apparatus for crypto, and could potentially resort to enacting prohibitive policies. Despite Mr. Mok’s concerns, Hong Kong’s financial regulator has not expressed the intention to develop a specialized legislative framework for cryptocurrencies. On December 11th, the SFC published a document articulating that companies seeking to offer “bitcoin futures contracts and cryptocurrency-related investment products” in Hong Kong are required to adhere to existing regulations defined in the territory’s “Securities and Futures Ordinance.”
submitted by Yililai to Bitcoin_News [link] [comments]

Bitlaw Manifesto

Society faces deep problems caused by a single structural element that can be summed up as the problem of 3rd party trust.
3rd party trust leads to systemic failures, for though the 3rd party sets up a system in which they may intend to operate in the best interest of the party trusting them, the tendency towards corruption and self-preservation inevitably lead to breakdowns and abuses of that trust. And the larger the system the more devastating such breakdowns can become, and the less equipped the trusting parties are to discover it.
I want to build a new society following from the insight, the philosophy of eliminating 3rd party trust. As an example, it is this same philosophy that inspired bitcoin.
Bitcoin is an digital currency that substitutes collective maintenance of a digital ledger for the trusted 3rd party that would otherwise keep spending fair.
But what I want to focus on is political applications of ending 3rd party trust. Bitcoin is the plum in the pudding, democracy itself is the pudding.
In democracy, the political representative--that is, the politician--is the locus of 3rd party trust. You're trusting that person to make your laws for you, to have your best interests at heart, or to adjudicate fairly in court, etc.
My solution is to remove 3rd party trust in the realm of law-generation. Right now the government maintains a monopoly on several things which are being eaten away at by new realities:
Democracy is the modern means of implementing 3rd party trust in law production. Its arrival on the political scene represented a shift in power from insular largely hereditary elites (kings) controlling utterly the organs of law production to elected elites doing the same. The method of law production did not fundamentally change, only how the elites that got to do it were chosen.
The idea of democracy was that, rather than have hereditary law-makers which could easily ignore everyone and thus make laws entirely to suit themselves and their interests, representatives would show that they have gained the trust, the confidence, of the majority by winning an election against all comers before then going on to do the exact same thing with no recourse except to maybe not get elected again.
To this day it is not possible to prosecute any candidate for promising to do anything in office and then not doing it, nor promising to support or not support any policy and then changing their mind.
Winning an election gave them the right to force their will on all dissenters, gave them the reins of power. Citizenry were still not able to vote on laws directly, or in any way influence what laws were actually foisted on them, except by indirect pressure on these representatives, with the threat of removal from office eventually, or the like.
Since ancient time, this style of government, democracy, was known to inevitably result in bitter tyranny, thus the detractors from the Constitution demanded a Bill of Rights, which was indeed later passed and has slowed down the development of tyranny in the US.
However, the implementation of the protections within the Bill of Rights was given to the very people it was meant to restrain, creating an immediate conflict of interest! Now the people were trusting these representatives and their unelected administrators to not only make laws in the people's best interest, but to restrain themselves from surpassing limits laid out in the Bill of Rights.
However, the march of tyranny in the US has been marked primarily by continual encroachment beyond boundaries laid out in the Constitution, which then sets a precedent, a new normal, which then later on results in a new encroachment on liberty, the process of which repeated we can expect to result in a complete tyranny once again. The right to bear arms is now a shadow of itself, a conditional privilege granted to few, and made as difficult, slow, and expensive as possible, and continually made more and more difficult, the law slowly being crushed by spiderwebs, layed softly on day by day without sound or sight, binding exercise of the right unto utter prohibition--just as one example!
America will end in tyranny. That much we can be sure of. What can be done?
To cure what ills America requires not mere renewal, not going back to the Constitution, not strict constructionism--but rather rejection of the principle of 3rd party trust which the Constitution relies upon, which all representative democracies rely on.
What we need is not politician-generated law, but crowd-sourced law. I submit that no one should have a right to force any law on anyone else, and that law should come about primarily as a product of agreement between people.
As an example, each owner of a property would be considered the sovereign of their own property, including over their own person. Let's take person A, he owns land, a house. You want to visit A. A declares a set of rules he's decided upon for conduct upon his property. These rules define expected behavior and recompense for damages if need be. If you two have a dispute, a free market court--not a monopoly court--would resolve the dispute.
Where did A get this rule-set? He went online, researched legal systems there, and chose one he agreed with. Perhaps it was common in his community, perhaps not. He would be free to make changes and the like as well.
The most basic rule is that of voluntaryism, that all transactions and interactions be voluntary. On top of that, any myriad numbers of possible rules is possible, reflecting all manner of values and cultural traditions..
What this creates is competition in law.
Under such a system, communities of legal agreement would arise as a product of local custom, influence, and innovation.
How are all these people's laws administered? Via the internet and specialized computer programs. Want to visit A? He could send you a text file with the legal requirements while on his property, something far easier to read than most legalese contracts today, and should it prove acceptable, you can visit.
Everything in that way is explicit, brought back to the level of true consensual social contract--no surprises, no arbitrary authority, no laws forced on you that you do not agree with. Same thing with visiting commercial centers, only their law is likely to be even more regionally similar to all other nearby commercial centers, for they want to make visiting them frictionless for potential customers. It's likely that entire regions would agree on particular law-sets for this purpose.
Some have said this sort of power would make people do silly things, like legalize murder. If you made murder legal, it would still only be legal to the extent of your own property, you could not extend it beyond yours. And you'd find no one would visit you, neither would the mailman deliver packages. And if you left your land to visit a friend, you cannot take that law with you, law is tied to property. So you would be harming only yourself, for you would be free game on your own property, and no one else would be.
But the benefits of a no 3rd-party trust law-generation system are myriad. Instead of facing divisive elections, we would be able to do without politicians entirely. Instead we would subscribe to expertly built tightly-integrated law-codes, instead of ones cobbled together piecemeal by an adversarial congressional system of differently-minded politicians.
Rather than being tied down in jurisdictions that never change, there would flower political experimentation in all corners, eventually settling into new stable forms that it may not be possible to presently imagine.
Beyond that, the ire, the combat of politics would disappear, for the danger in politics is the ability to force your laws onto others. No one likes to be forced, we fight when we feel threatened by it. Absent force, all peoples are friends again, an end to political rancor.
Instead, communities which disagree can self-select out and live next door to each other in peace. You could easily have a socialist commune live next to a business haven, or Amish living next to nudists. Without the thwarting of personal goals and desires there could not build intense political frustrations.
This is an effective means of tolerance on a political level that is not possible under an adversarial system enabled with coercive power.
Want to live in a socialist commune? Feel free, no one can stop you from either joining one, or starting one on your own property. Want to live in a region where only vegetarians live, go for it. Such granular lifestyle segregation is almost impossible in today's society, but in such a future style it would be much easier to obtain. For the same reason, no one could force taxes on you that you didn’t want to pay.
People would collect physically around legal systems that they value. With adversarial politics absent, there could flower and bloom societal peace at last between all peoples.
As with bitcoin, the way forward to this is the creation of a computer program, one which allows people to associate their property with their own chosen law codes, to discover existing law codes, and even lookup a property’s law-code by GPS coordinate.
People should be able to share law-codes with others, and send proposed changes to them. When doing business with someone, people must decide under what rules they will conduct a transaction, and for this must be able to produce boilerplate, to propose and decide upon changes, and submit them to each other, then add it to their own accepted body of law for dealing with that person.
In short we need to do for law what bitcoin is doing for money: bring it into cyberspace and turn it into pure information. We need bitlaw.
submitted by Anenome5 to bitlaw [link] [comments]

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