The Bitcoin Group, the American Original. For over the last ten seconds, the sharpest sitoshis, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists. Will Pangman from Topiki? Hi. I'm Tom Hutt from the World Crypto Network. First off, the World Crypto Network would like to congratulate Mr. Chris Ellis, frequent panelists on this show for his cryptographic passport idea being featured in Wired magazine, way to go, Chris. Now, issue one. Christoph is muted, and you can't see his mouth moving. Issue one. FinCEN clarifies virtual currency payment systems and payment platforms are money transmitters. Two letters released by FinCEN this week reminded us of what we already know. You need to be a money transmitter to Bitcoin financial company, even if you're only dealing in all coins in the future, and that the future of Bitcoin is not in the United States. Is this the beginning of the brain drain? Will Pangman? The beginning of 2013 or middle of 2013, lots of companies started to incorporate offshore, even though the majority of the vocal activity was in the US until later in the year in China and the East really came on. The brain drain began a long time ago. Does this accelerate the brain drain? Perhaps, but I think it actually is helpful for a lot of startups. Some of the established players that are still in the startup phase and some of the brand new startups out there. They like this because it provides clarity. They know exactly what they need to do if they aren't in compliance already. Some of them are very happy that they are already in compliance with how they decided to design their businesses. I know this is true for some of the biggest companies in the space and they're excited about that because it means they guessed right pretty much and their in compliance as this ruling comes down. So good for them. It's good for the community or the space as a whole that some of these big established businesses won't be facing enforcement based on these things. But I want to point to the fact that this is an organization that calls itself the financial crimes enforcement network and what they're regulating here really doesn't have anything to do with any crimes or really enforcement. It's all preemptive and it's really rent seeking behavior if you just look at it plainly. So they want to take their fee and that's why they found this way that they can stick their foot in the door so to speak and collect that rent. So it's good business if you can get it. I just think that it's disingenuous for these agencies to call themselves these names and really what their behavior is doing is different than what they claim to be doing. So crime enforcement is reactive after something happens. And I think a lot of us would like to see rather than new regulations put in place of a preemptive nature that existing laws and whatever just be what's relied on by law enforcement in with regard to application to this new industry, this new innovation. So I just wanted to point that out if anyone was thinking that I was really excited about FinSend, I'm not. But it's good that there won't be, it seems, the heavy hand coming down from them in the near future on some of the more established businesses that really this ecosystem depends on. Yard. But remember, they're just reinforcing what they've already said. They've already said if you're a money transmitter, you've got to pay and get the rules. All this company did was ask them, hey, can we play without the rules? They said no. I think Will makes a good point. FinSend, you have to interpret their name literally like the drug enforcement agency. They're enforcing the trade of drugs and FinSend is enforcing financial crimes. Exit question to Will Tengman, is this a big deal? Yes or no? I think it is a big deal because like I said, some of these startups, these big players, guest right or have their educated strategy planned accurately. That feels really good. This is the thing. All these regulations and all this talk of all these agencies, whether they're state or federal or whatever, really slows down the growth of adoption because people are then put on a wait and see attitude for obvious reasons. Anytime clarity comes out and it means there doesn't have to be a rolling back or a recombobulation of strategies to get back in compliance and say out of a cage, that's a good thing. It means we can work on other things. It's a big deal because some of the companies in the space are happy. I disagree. This is not a big deal. As Bitcoin lawyer Marco Santori said on Twitter, I think it's significant in terms of optics alone. It has no presidential value. Remember, we have a company here that asked a bunch of strange questions. Is there an exchange exist without laws? Are there nothing? And no, this means nothing. It's a tale told by an idiot full of sound and fury, signifying nothing. I do think it was particularly interesting that they decided to advise that crypto only exchanges would be considered muddy transmitters. It really highlights the degree to which IRS law and since and law are not in agreement with each other right now. And also the degree to which they feel that they are in their rights to get involved in the crypto economy, even though there is no clear precedent for them to do so. It's a pretty substantial blow to some crypto only exchanges, I would think. And that's where it really does force innovation overseas. Anonymous crypto to crypto exchanges will move out of this country. The brain drain has started and the exchanges will not be in America in the future. Maybe they'll be in the United Kingdom. If you number two, the SEC letter, Convertual Securities Be Illegal, Coinfire recently released a redacted version of a letter from the SEC which has also been sent to hundreds of other Bitcoin companies. Is this the November of rise? Is counterparty crypto stocks among others about to meet the long arm of the pointless and short-sighted Bitcoin regulators? Will payment? Yeah, so it looks like a lot of the usual suspects that most of us have been thinking would receive such enforcement actions or letters or subpoenas or whatever haven't received those yet. I'm hearing this in back channels and I'm hearing this on the record in public from representatives of counterparty the area master coin made safe and so on. So the fact that they haven't received these letters and this is in the news is very curious. It's interesting. There is a gag clause in this redacted letter that was posted on the crypto coins news. So maybe they're under gag but they can't lie to the public so they probably wouldn't say we haven't received it yet. And I know there's good warrant canary protocols in place in some of these companies and even among the 2.0 communities so that folks can know when you don't say something that you're really saying something like, hey, we haven't been contacted but you don't violate the gag clause because you didn't actually say it. You just changed some previously existing information that you told everyone, hey, if this goes away or if this starts looking a certain way, you can know that we've been contacted or whatever. So we haven't even seen those be tripped or triggered. So that's a good thing. Makes me wonder how this was released. There was some paste bin posts and what are the interests involved in spreading something like this if it is in fact, FUD which it looks to be so far. So maybe these letters are just in the snail mail and they're on their way and that's taken a while. That's a likelihood too because we still are on, I shouldn't say we, bureaucracy is still analog for the most part. So it's concerning but I think it's another overblown story. It's meant to shift market sentiment and it did a damn good job of that for about two weeks or longer. So these rumors are really effective still which is concerning in such seemingly more transparent ecosystem as cryptocurrency compared to say the legacy system. So is it FUD? I kind of think so. It's always been illegal and it will always been illegal. My name is Satoshi Nakamoto and I'm telling you the truth. Bitcoin is the only math based currency on the internet and it will be the only one. It's the best, yo. What do you think, Kristoff? Well, there does seem to be quite a bit of confusion about who is going to receive a letter, who is not going to receive a letter. As for the source of this information, the first place that I saw it was on a private mailing list that the public doesn't have access to. It was sort of a paste from a not again in these private conversations. Someone claiming that they had contacts within regulators around the SEC if not within the SEC itself. And so it does seem to this information seems to have come out of the rumor mill and spread rather quickly without substantiating evidence. And I think that's a bit disconcerting. I wish that Bitcoin journalists could learn to hold off on spreading these rumors and making sure they're very careful about how they spread the rumors. Making it clear that they are rumors that they haven't been substantiated. There's still some maturing for the Bitcoin media to take place, I think. Through that, a good question for Will Payman. What service is under more threat? Contra party or crypto stocks? I'll just take the easy answer. If either of them are under threat, it's probably crypto stocks that is under greater threat. Because not just because the recent partnership counterparty has with Overstock and Patrick Burn in the new project, they have really endless resources to take care of that entity and protect the development going on within them. So that's good that there's a really big player that's willing to wrap its arms around one of these young companies and help it along to maturity. So crypto stocks, I'm not very familiar with them. For that reason alone, knowing that they probably don't have similar financiers, they're probably under greater threat. Kripto stocks. The name stocks is right there in the title. That's trouble. Yeah, I'm going to agree with both of you. I think that crypto stocks definitely could come under the IR of the SEC and related organizations. If you take a look at their website, which is cryptostocks.com, they really use this language about shares and stocks and IPOs. It's built right into their interface. We do know that these regulatory organizations involved with stock trading and securities and so forth are quite sensitive about the issue of issuing any kind of security that does not explicitly approved by them. They've shut down other organizations before, even though they weren't crypto organizations. I think they could have a real problem there. Perhaps if it was a tour hidden service or something along those lines, it might be a bit different. I think there's some wisdom in that idea. I remember Justice Ranveer writing a post a while ago, basically saying that he thinks that all Bitcoin companies, wherever humanly possible, should operate under the radar as tour hidden nodes, operating on the dark webs, basically under the premise that they don't know what laws are going to be like in the future. That their business model can be outlawed at any given point in time. If they start out in a censorship-resistant model in the first place, then new laws will be less likely to impact their business. Well put, Kristoff. Moving on. Bitcoin, not bombs, has launched their annual hoodies for a homeless program. Every hoodie that you buy at the new Streamland website, thecoinnotbombs.org, they will donate a hoodie to the homeless to keep them warm this winter. Use dickcoins to keep people warm by a hoodie and donate a hoodie at Bitcoin.bombs.org, free anti-war sticker with every purchase. If you number three on the website. Let's see the website really quick. That looks really some of these products look awesome. Tom, you want to bring up the website? I've got it up on my screen, Kristoff. Can you bring it up? Yep, that's there. New site looks great. I particularly enjoy their Silk Road pin, the most egg fan of it, and what it encourage everyone to purchase a pin from the website. Issue number three. Merchants continue to display anti-competitive behavior while threatening the data security of their own customers to monopolistically promote their own quote alternatives. CVS and Red Aid this week turned off support for near field communications, also known as NFC payments on their registers to spite Afelpay, forcing their customers to use the less secure legacy credit card system. In the near future CVS and Red Aid are partnering with Walmart to produce currency, a sound alike for currency that uses QR codes, much like Bitcoin, but unlike Bitcoin, which is a true currency. Currency will not be able to be spent anywhere else, and is a transparent gesture designed to spite Visa and MasterCard. Is this fractured environment ideal for Bitcoin? Yeah, it's ideal for Bitcoin that these two camps attacking each other certainly leaves a vacuum for a Black Swan entrance into the market. That's exciting for Bitcoin. They're both using technologies that are packaging them as proprietary or mutually exclusive of the other guys tech. The QR codes for currency will not support NFC payments on the contrary, you know, Apple Pay and NFC payment technologies will not support QR codes. So, income is Bitcoin and cryptocurrency, which is very extensible, very flexible and applicable and easily compiled and built to handle all of these things, very nimble technology, quick to deploy all of these big retailers can deploy cryptocurrency today, tomorrow, you know, Overstock Show, it doesn't take very long, you know, a weaker month at most to get some massive global retailers like Walmart and Target and the like to integrate Bitcoin, but they don't because they think that they still can make money on a proprietary solution. And I think they're probably right about that for a time, for a short time they will be able to make some money, but the going back and forth and fighting between each other is leaving, you know, is going to distract them enough while Bitcoin slowly gobbles up user acceptance in some of these venues and it's not going to be totally like under the radar, you know, people will be talking about, well, you know, currency is still a centralized security model, look at the big hack recently, yeah, it's beautiful, but it can't do NFC and people like NFC and, you know, in that discussion every single article will be the mention of Bitcoin and cryptocurrencies if the reporters worth their salt, you know, the bloggers worth their salt. So, it's not going to be too secret that Bitcoin is more seamless, cheaper, handles all this and has a better security model than either of these two options and to me, that's the kicker, the security model. You can design Bitcoin essentially with, you know, higher than cloud security, we're getting there, there's lots of great projects in the works doing this, zero knowledge, architectures are much easier to set up with Bitcoin than they are with credit card or legacy payments and things like that. So, and that's what people are wanting more and more these days, there is a demand for zero knowledge, software, solutions or alternatives to current centralized, you know, spy on you apps right now. So, you know, Snowden didn't interview with the New Yorker, mentioned spider oak toward the end of the interview and their subscriptions went bonkers after that and they said he didn't just mention spider oak, he said drop drop box, use something like spider oak and their subscriptions exploded. My emails from I've dropped drop box right after that and I got, I still get tons of emails from them even though I deleted my account. So, that's a little window into the near future. The horrible part about this story is that right aid and CVS already have Apple Pay and they're denying it to their customers. That's how much they want to push this new currency system, which again is just another advertisement for Bitcoin. Apple Pay is advertising you should close your wallets, you should never use your old fashion slidey cards and now currency is advertising that the future is a QR code that you scan with your phone. It's only a matter of time before the small businesses realize that there's a new middle way and the middle way is Bitcoin. You don't have to buy a new register like with Apple Pay so that you can take the near field communication. You don't have to use currency, the closed system of Walmart and right aid and CVS. You can use Bitcoin, the open system and that's where we're going. The new wallets like AirBits even have Bluetooth sending of Bitcoin. Bitcoin is getting to match NFC in its own way. Kristoff. I'm going to agree with both of you. I think that Bitcoin, this highlights some of the advantages of being in the Bitcoin ecosystem. Bitcoin is programmable money. It's an open system and there's a tremendous amount of flexibility that you have to cough with new innovations. Even though we're seeing some financial innovations coming out of Apple, out of this partnership with Walmart and so forth, this is all stuffing that they've been working on secretly for years, not probably. In the Bitcoin sphere, you can put together something revolutionary in a matter of months. The life cycle of these financial innovations is so much shorter in the Bitcoin sphere that I can't imagine how they will possibly keep up. It's not that people in Bitcoin are geniuses or that they're so much more creative and so forth, but we're working on a platform that is inherently based on the guiding principles is that it's open, that it's decentralized, that there is no king of Bitcoin. Whereas all these other platforms are trying to alterate in a field that is based on a heavily centralized currency system in the form of Fiat currencies and payment systems that go through banks and through credit card companies. It's a real obstacle to creativity. It's been there for decades now and it just hasn't been highlighted because there's been a lack of competition with those platforms, but now we have Bitcoin. Exit question, Apple Pay, currency or Bitcoin will payment. Yeah, I mean, I think we'll probably all agree on this too. It's definitely Bitcoin. I mean, right now, it's definitely Bitcoin. It works on all platforms, not just the iPhone 6 or 6 Plus. And it hasn't been hacked as a network itself hasn't been hacked. Currency, just this week, started getting a lot of press going against Apple Pay. What happens a few days later? News that it's hacked. So it's obvious choice. And the thing is, these two things are pushing consumers to mobile payments faster than they probably would have otherwise planned. That's what's really working into the hands of Bitcoin right here because again, blockchain solutions will abound in the next five years for all kinds of things and most of them will be mobile-based solutions. I mean, mobile computing is still going on its up curve right now. And Bitcoin is a perfect thing for mobile computing, blockchain is in general. And I say Bitcoin sometimes I'm really saying the blockchain technology, but that's why it's so profound that they would make such a misstep. I mean, I think they're trying to beat Bitcoin to the punch with their market share. And maybe they can do that for a short time, but the better thing that's cheaper, so much cheaper, easier to deploy, iterate, extend, and everything is going to win. There are still so many incumbrances with traditional finance upon which currency and Apple Pay rely token credit cards notwithstanding. They have no choice. They have to try to compete with Bitcoin. The problem is they're going to lose. Bitcoin will be the money that you use everywhere. You'll just use currency when you go to right aid. You'll use Apple Pay when you go to a nice store. You'll use whatever Walmart comes with when you come with Walmart. But when you train amongst your friends, you'll have Bitcoin on your phone. When you go to Amazon, when you use gift, that's when you'll use Bitcoin. That's why Bitcoin will always be there. Yeah, I think when clear change difference between Bitcoin and these other approaches is that it's not just the payment platform, but it's also a currency. That's really important and makes it special. That's something that Apple and Walmart are not going to be doing anytime soon for sure. There's a very significant Bitcoin community out there. Globally, you're not going to see a huge global community for Apple Pay or currency. People don't give a hack about either of these. They just want to pay for stuff in a way that's convenient for them. I think there is an opportunity for Bitcoin to insert itself there. Issue number four, grab bag. You get to pick your own issue. Cryptsie sued. The famous altcoin exchange is being sued. Cryptsie says it's the only one angry user, but the lawsuit says that they've lost millions and investing was supposed to be easy. Yeah, right. Bitcoin foundations, the next issue, Bitcoin foundations executive director Dom Matanis resigns leaving Bitcoin layer Patrick Merck in command. Matanis separated the Bitcoin foundation through its earlier, seeing the resignation of Blur members, Mark Appellis from Melcox and Charlie Shrem from that instant, as well as overseeing the launch of their new website. Will he be missed? And another issue that you can talk about, missing Mula CEO says he's not missing and he's trying to process refunds. So, processing article from the Guardian claiming that Mula CEO green, slash brown, slash Kennedy, slash gentle, slash probably not no tan, ice guy only disguises names so that his reputation would not ruin his new business and that he is trying to do the right thing by processing refunds. Who's your own story? Will Penguin. This is a tough one. I was going to go off script, but I think I'll talk about the resignation of John Matanis and appointment of Patrick Merck. So, lots of folks for gosh, almost a year now have been kind of calling for leadership changes in the foundation. And they were long, I guess, overdue in the eyes of many in the community. So, I think it's important to acknowledge some of the contributions, you know, like I highly doubt John Matanis thought he would experience much of what he experienced as the executive director of the foundation in the past year and a half or whatever. A lot of this stuff has been surprises. As much as I'm not envious of that position, I sympathize with the difficult task it must have been in the kind of adventure he must have been on throughout all of these amazing stories that the foundation was secondary to or a party to or directly involved in. I mean, you know, the question, you know, the issue prefaced their sort of enumerated some of those. So, I think John Matanis has a lot of good. He can still do for Bitcoin. And if people, you know, would give him a second chance, I know the community has kind of written off a lot of these foundation folks. But it'll be interesting to see where he lands. And it'll be interesting. I want to see where he lands. Where what company what company has acquired John Matanis? Let's have can we have a countdown please. Perhaps a crowd sale of a funded token John Matanis coin or just Matanis. Someone should go to counterparty right now. Let's see. My favorite story is definitely cryptocurrency. I thought investing was supposed to be easy. This sounds like a really weak lawsuit. But then there's still been the whole money trading SEC November surprise business going on. So I don't know that we're out of it yet. I think this just might be a side lawsuit that's freaking everyone out about. Let's face it, Cryptesys already have pretty freaky exchange. You can get hundreds of coins there. I think you can even get Murray coin. So who knows what's going on with Cryptesys? Like I always try to tell people, if you go to a money exchange, put your money on the counter, trade it for other money, and then take your money off the counter. Don't leave your money in a money exchange. Other people use that counter. They got to wipe it off and stuff. What do you think, Kristoff? Yeah, I think the first Don Matanis is a great guy. He's been an important voice for financial privacy for many years now. And I hope that's something that will continue to work on. I'm sad to see that voice stepping down from the Bitcoin foundation. I'm curious about what their agenda will look like for financial privacy moving forward now that Don Matanis is stepping down. I also think the point about cryptocurrency is quite poignant. Make sure that you are being very careful with your funds on exchanges like Cryptesys. I think even if this lawsuit is kind of minor at first, it does have the potential to snowball in terms of its impact on cryptocurrency. When people hear lawsuit, they get nervous. They think of empty dogs. They think of other exchanges that have gone down, starting out with lawsuits. Maybe they withdraw more of their funds than they normally would. Those are things that we've seen repeatedly with these Bitcoin companies that have large sums of customer of money. They think that it's just going to last forever. They have these extravagant expenses and these gifts that they're buying for each other and for their customers and for their investors and yachts and champagne and all of a sudden people pull a bunch of money out of the exchange or the service that they've been anticipating. They can no longer cover their debts to customers. I hope that's something like that. It's not going to happen with cryptocurrency, but I definitely strongly encourage people to be very careful about that unless they're actively training, trading, try to keep your funds off there. If you want to keep your funds in a web wallet, you could use something like AirBits or blockchain.info to keep your Bitcoins and try to get your other altcoins into cold storage or some other secure wallet if you have things up on cryptocurrency right now. If you're not sure, make sure you get them logged in for a while. Log into Cryptesys and take a look and see what you've got on there. Very good. Exit question moving on. What we got? Questions and answers. Yes, we do have questions and answers. So if you have questions that you'd like to be asked, still have another minute or two to get them in. You can use the Q&A app at the bottom of the YouTube link and submit your questions through there. And if you want to, you can also try to treat us the questions as well. First question is from Sumitra. Sumitra asks, anyone have any thoughts on the NeoScript algorithm? Is it something new? What should we expect from NeoScript? I want to begin with the definitions. The word Neo definitely means new. Therefore, NeoScript must be new. Crystal, follow up. Yeah, I'm not too familiar with this particular algorithm. I would assume that it's a new kind of mining algorithm. I don't know if you need a new mining algorithm, but it seems we keep getting them anyway. If only we could actually find what we're mining for. Keep looking. Any other questions? It's a very slow day for the early Bitcoin group. The Halloween specular. Next question, how do you verify a company offering tokens? Is there a cryptographic way of proving assets? Something like what Chris has done for his world citizenship project? My Bitcoin, Sumitra. Cryptographic. How do you verify a company? No, there is no way. All the current asset systems, like for example, on the Bitcoin talk show the other day, we had these very nice guys from, I don't know, Yuri Coin, Unicorn, Amacoin. I think it was Unicorn, right? And they said that they were selling shares in their businesses that they had pooled and that they were selling in a cryptographic security instead. Now, the problem is in between here and there, there really are no regulations. There really are no laws. So even if they are legit and they do start out selling you the shares legitimate in the scene, you have no idea behind the scenes when they decide, oh, we've sold that property. Oh, we've emptied that account. Oh, we've gone. It's over. So yeah, the whole virtual share thing, it's very up in the air right now. It's a lot of fun for a lot of people. So the thoughts that I would add to this is I was really interested by the Chris before coffee episode that was recently done. I think yesterday with Joel Deeds of Swarm was a guest for the first hour of the show and he was doing his best to make the distinction between like what's a legal crypto equity and maybe an illegal one. And what I gathered from his explanation and I suppose he's been over this with his lawyer. So he probably knows or is at least closer to figuring it out than most. And the distinction is if you are selling legal like legal property of ownership essentially in the company, then that is not allowed. But if it's just a crypto equity and it gives you like voting rights and there's nothing it's not attached to any quote-unquote legal property, then you're in the clear. So sounds like that's in the area they're operating and they can do the creative things that Swarm wants to do within that current model. And I think if you're interested in vetting a crypto equity offering from any random place, a good place to I would say support the guys who have lawyers and who are out in the public and whose face you can see on a video, whose addresses you can find on LinkedIn and things like that. After you've looked at the product and you want to get involved in the product, that's probably okay. But a good will of thumb is to probably not, it's probably just buy Bitcoin. Buy Bitcoin, wait it out, or buy Bitcoin and support these projects through being a part of their communities and giving them ideas working with them, trying to get a job within the company. All these kinds of things are better ways to get equity in a company than to buy a crypto equity that may or may not be taken from you or taken from you in any which way. Yeah, talking about, oh sorry, go ahead, did you want to say something Thomas? Yeah, talking about sort of verifying tokens, I don't have too much thoughts about these crypto equity, so to speak, but it doesn't even think about how to verify Bitcoin holdings. I think that perhaps there are some similarities in that respect or some of the technologies that you can use to verify Bitcoin holdings might be applicable to other crypto equities. I think what's important to me around there are technologies like Prophographic Proof of Reserves. You want to make sure that the company has exactly the number of tokens that they say that they have and have just basically blockchain proof, blockchain verified proof of how many tokens are there, where are they who's holding them onto them, etc. I'm also very excited to see that Open Transactions is continuing to work on their voting tools technology, which will really help organizations collaborate and reduce each other's risk so that you don't have just one lone wolf organization where they get hacked or there's an insider or a scam or whatever. If you are going to expect that companies are going to collaborate so that a single organization cannot have spawned with customer funds or customer equities, and I think that that will be really, really helpful when that's made available. Next question, NEO script, oh, and this is a follow-up about NEO script. Simea Simea says NEO script is used by Feathercoin now. They used script before this. They are saying it's to keep Feathercoin asic proof any thought so on that. I'm interested in these new proofs of whatever that are coming out, the new algorithms, and maybe this isn't an answer to the question or anything, but I've been looking at BitUSD by BitShares lately, and I'm interested by that because I had a completely different opinion of it a few weeks ago, and my opinion has changed, and I haven't really a full understanding enough to really share what those two opinions were where I went, but I will in the future when I've done enough learning on it. What's interesting there is people are trying to solve two problems, I think. One is the centralization problem. Last year there were 250,000 Bitcoin nodes. Now we're down to something like 7,000, scaring a lot of people. There's a huge bottleneck and mining hardware. In the supply chain there, there's very low accessibility, and it's really a good old voice network much of the time too. There's a demand for basic resistant chips and all these kinds of things. I'm not interested in them any further than they are a laboratory to explore a solution to what I used to not think was a huge, huge problem, but I'm starting to come around that it's a bigger problem than I had given a credit for when other chicken littles had come up to me and said this guy was falling. I'm interested to learn more about this mining algorithm. The NeoScript X-11 was interesting to learn about Bluecoin. What they're trying to do is interesting. The hybrid, proof of stake, proof of work coins are really interesting. Again, I think this is something we weighed out until the next block having and we see a totally new dynamic in 2017 or some incredible innovation in Silicon or compute that changes the landscape. In the meantime, all these experiments will just be interesting to watch. It'll be a human study. And final question for TNHD, Isaac asks, what does your take on Fido or Bank or Fido or Bank Crackens cryptocurrency bank? Anyone familiar with Fido or Bank or Crackens cryptocurrency bank? I seem to recall covering a story once. I think Fido was linked to Crackens. They're allowing you to put some of your money into Bitcoin coins. You could have a side holding. It's sadded very cool. And I've also heard that Cracken is expanding to Japan to offer them a good exchange this time. And they also, I've read that they're turning back on USD in the US. I'm not sure about any specific Fido or things beyond that. Christoph, do you have any more info? No, I'm afraid I'm not familiar with that or the... I'll just say that the news is, and the chat or indicates that Fido has been very friendly toward the concept of cryptocurrencies or next generation money, next generation finance. So that's good. I think this may be where we see Ripple really deployed powerfully for the first time beyond Bitstamp and a couple other interesting companies. But this is a good application for the Ripple network and Fido are being a bank. The banks like Ripple way better for obvious reasons. And it could have some really solid use cases for banking. So we'll see that. I think emerge in the next coming months hopefully soon because we could use some kind of cool bombshell news like that. All right, moving on to story of the week or your predictions starting with Will Payland. Story of the week. It's not so much a story of the week. I just, I want to like start banging a drum for zero knowledge architectures in software and applications and things like that. So Bitcoin makes creating zero knowledge applications possible where traditional finance does not. And not just for money or saving, holding, spending, any of that, but for all kinds of other reasons you'd want to secure your private details, your information. And I would really like to see lots of companies in the space make it clear that you don't have to sacrifice privacy for convenience or ease of use or vice versa that you can actually have both. And hopefully to Peaky can provide that when we bring our product to market here very soon, a couple of weeks away. And then I want to see a lot of other Bitcoin ventures do this. I really like what Bitcoin authenticator while it's doing in Chris Pasia and that team that's cool. And there's lots of projects that's just one that I'm a fan of, but zero knowledge. Let's zero knowledge for the win. Very good. My story for the week is about Bitcoin in tour. So there was a research paper that was released in the last week called Bitcoin over tour isn't a good idea. And they basically talk about how you can abuse Bitcoin's built-in DOS protection where if you were to connect to a bunch of tour exit nodes and get the Bitcoin network to basically ban them for denial of service, what looks like a denial of service type, you could spin up your own tour exits nodes and then you would have all of the exit nodes that are connected to the Bitcoin network and then start messing around with people's transactions. You wouldn't be able to steal any money but you would be able to perhaps check people into thinking that they had more coins than they did and making transactions go missing and so forth. So something that I did briefly this week is spin up this little bad application. So this is under the banner of the open Bitcoin privacy projects.org. And if you're interested in finding out more about that, you can go to openbitcoinprivacyproject.org and it talks about what we're trying to do with the organization, some of the projects that we're working on. And this is something that's rapidly expanding. We just had a meeting the other day with that was on the WorldCropon Network so you can watch a recording of that meeting and we did talk to Chris Posse and some of the other developers working on this really, really cool robust wallet projects that have a lot of security and privacy involved. But this application basically just gives some statistics about the Bitcoin network and how it's interfacing with the tour network and it would be able to give you some information that you'd be able to detect one of these attacks taking place if some were actually to launch the attack. So I know that the Bitcoin developers are working on actually packaging the some issues related to this attack and so hopefully it will be fully mitigated. But in the meantime, this is a website that can help people identify the attack in place and we can respond to it accordingly. And finally Thomas Hunt. My story of the week is that I'm incredibly well dressed on this episode and I'm here promoting mad bitcoins and change tips, tip or tweet, Halloween contest. Just follow us on Twitter and send us a picture of yourself and your Halloween costume and get a tip from Change Tip. Currently, mad bitcoins is in the lead. Four, that's right. One, two, three, four to one, hardly even a competition. Try to compete yourself on Twitter at mad bitcoins and at Change Tip. Oh, we're out of time. Until next time. Bye, bye.