Craig Wright to Challenge Judge’s Ruling in the Billion-Dollar Lawsuit

Craig Wright is looking to challenge Judge Reinhart’s decision and has asked the court for an extension of time in order to dispute the August 27 ruling. Wright was recently instructed to distribute 50% of his BTC holdings allegedly mined before 2014 and intellectual property (IP) to the Kleiman estate. Wright’s legal counsel based in Florida also detailed they need more time because Hurricane Dorian is forcing the attorneys to expend energy preparing.

Also Read: Bitcoin.com’s Premier Cryptocurrency Exchange Is Now Live

Judge Reinhart’s Ruling and Critique of Wright’s Arguments

The person who claims he invented Bitcoin, Craig Wright, has asked for an extension of time in order to challenge Judge Reinhart’s recent ruling. The motion to compel order explains that Craig Wright should distribute 50% of the BTC supposedly mined by Wright and Kleiman before December 2013. Half of the patents related to the Bitcoin network and technology filed prior to David Kleiman’s death must be given to the Kleiman estate as well. The case started on Valentine’s Day 2018 and involves the multi-year business relationship between Kleiman and Wright. The Kleiman family, specifically Dave’s brother Ira, believes that Wright defrauded and manipulated Dave’s inheritance and rights to his intellectual property.

Craig Wright to Challenge Judge's Ruling in the Billion-Dollar Lawsuit
The federal courthouse where most of the proceedings have occurred is located in West Palm, Florida.

“For purposes of this action, it is established that Dr. Wright and David Kleiman entered into a 50/50 partnership to develop Bitcoin intellectual property and to mine bitcoin,” the court order on August 27 states. “Any Bitcoin-related intellectual property developed by Wright prior to David Kleiman’s death was the property of the partnership.” Reinhart’s ruling adds:

Any bitcoin mined by Wright prior to David Kleiman’s death (the partnership’s bitcoin) was the property of the partnership when mined. Plaintiffs presently retain an ownership interest in the partnership’s bitcoin and any assets traceable to them.

Judge Reinhart also emphasized that Wright’s story “not only was not supported by other evidence in the record, it defies common sense and real-life experience.” The scathing critique of Wright’s defensive arguments continued by venturing that the infamous Tulip Trust might not even exist. “After observing Dr. Wright’s demeanor and the lack of any other credible evidence in the record that this file exists, I find that a preponderance of the evidence establishes that no such file exists and that Dr. Wright’s testimony was intentionally false,” Reinhart asserted.

Craig Wright to Challenge Judge's Ruling in the Billion-Dollar Lawsuit
Craig Wright.

Motion for Extension and Hurricane Dorian

Now Wright’s legal team has filed document 278 for an “Extension of Time” in order to file a motion challenging Magistrate Reinhart’s August 27 order. Wright is represented by the Miami-based Rivero Mestre LLP and the recent extension filing explains that “Wright does not concede that Magistrate Reinhardt had the power to enter the order that he did.” The team needs a 14-day timeframe to submit his arguments to the judge and blames Hurricane Dorian for holding the legal team back.

Craig Wright to Challenge Judge's Ruling in the Billion-Dollar Lawsuit
The motion for a 14-day extension.

“Hurricane Dorian is expected to make landfall in Florida early next week and counsel for Dr. Wright have been expending significant time preparing for the hurricane, which has limited their ability to work on this matter,” the extension filing details. The court document written by Rivero Mestre further states:

Dr. Wright submits that it is crucial that his attorneys have sufficient time to submit his challenge. The testimony and evidence submitted in the two days of evidentiary hearings are voluminous, the facts and legal issues are extremely complex, and the sanctions issued by Magistrate Reinhart go to the heart of the case and the defendant’s ability to defend against the billion-dollar claims lodged against him.

Wizsec’s Criticism

The cryptocurrency community discussed Reinhart’s decision last week heavily. Bitcoin security specialists Wizsec wrote about the ruling and an overview of the August 26 hearing recorded the day prior. That day featured a closing argument by Wright’s counsel, Amanda McGovern, and the closing argument made by Kleiman’s counsel, Vel Freedman. Wizsec’s blog post highlights that the judge “explicitly notes that he is not deciding on whether Craig Wright is Satoshi Nakamoto.” Judge Reinhart did stress these two specific points almost immediately in the ruling on August 27, before he described why he came to his conclusion.

“Two preliminary points — First, the Court is not required to decide, and does not decide, whether Defendant Dr. Craig Wright is Satoshi Nakamoto, the inventor of the Bitcoin cybercurrency,” the order reads. “The Court also is not required to decide, and does not decide, how much bitcoin, if any, Dr. Wright controls today. For purposes of this proceeding, the Court accepts Dr. Wright’s representation that he controlled (directly or indirectly) some bitcoin on December 31, 2013, and that he continues to control some today.”

Wizsec writes that the decision was not a default judgment and noted that Reinhart did not strike down Wright’s argument in a punitive sense, but the researchers believe “the outcome is almost the same.”

“Wright can no longer argue that Kleiman didn’t own 50% of assets or that he gave his rights away, which will make it extremely hard to defend himself in the remaining trial — It’s almost as if the judge ruled that the plaintiff’s claims can no longer be proven wrong,” Wizsec’s post opines.

The court has granted Wright’s wishes and a paperless order on the Kleiman v. Wright docket shows Judge Beth Bloom has approved the motion for extension of time to file challenge to the magistrate judge’s order by September 24, 2019.

What do you think about Craig Wright’s attempt to challenge Judge Reinhart’s order? What do you think about the Kleiman v. Wright case so far? Let us know what you think about the subject in the comments section below.


Image credits: Shutterstock, Courtlistener, Wiki Commons, and Pixabay.


How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts.

Tags in this story
Bitcoins, Blog Post, BTC, Craig Steven Wright, David Kleiman, December 2013, Florida, Hurricane Dorian, Intellectual Property, ip, IP Assets, Ira Kleiman, Judge Beth Bloom, Judge Reinhart, Kleiman, Mined Bitcoins, Researchers, WizSec, Wizsec Security, Wright
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Small Changes That Can Yield Big Retail Sales Increases

Adjusting the in-store experience can drive consumers to spend more time and money with you.

6 min read

Opinions expressed by Entrepreneur contributors are their own.

It’s that magical time of year, the back-to-school season when retailers fall all over each other to give you the biggest, best sales and deepest discounts on No. 2 pencils, reams of paper, and anything else that can be loosely linked to school.

It’s a fight worth fighting — consumers are expected to spend more than $80 billion on back-to-school and back-to-college shopping this year and it’s also the unofficial kick-off to the most critical shopping period for retailers.

From now through to the end of the calendar year it’s a race to capture all the money pouring out of shoppers’ wallets. Back-to-school, Black Friday, Cyber Monday, the holidays, combine to represent a significant portion of a retailer’s overall year. These are shopping events that will separate the winners from the losers, those who earn an A+ or an F.

Yet, in the age of Amazon and Uber, retailers are using the same old tired strategies to lure you in: the concentrated sale with big red signs promising bigger discounts than the other guy, ratcheting each other into greater and greater margin erosion.

But what if I told you that you could actually make more money by doing away with these public giveaways in favor of addressing remaining customer pain points? We surveyed consumers to pinpoint where their retail experiences weren’t meeting their expectations, given the importance of each moment in the retail ribbon. What we found is a virtual treasure trove of opportunity.

Related: 15 Ways to Grow Your Business Fast

Keep refining the customer journey

First, kudos to retailers on what they’ve done so far: customers are very happy with important moments like finding the store closest to them, checking stock and prices and finding sales. The problem is you’ve ignored everything else after that.

Consumers’ are super frustrated trying to find parking, entering the store and returning items. These are moments they identified as important, the kinds of experiences that would keep them coming back.  Across the board, retailers are whiffing.

And every time you end up with road rage because you can’t find parking, ordering something from the couch that will be delivered in a day or less to your doorstep sounds more and more appealing.

Having an actual store helps

What if you took some of the money that was going to something you’ve figured out already, like tinkering with your website — at most, a whopping 20% of most retailers’ businesses — and instead put it to improving a customer’s experience when walking into the store? Or when making returns? You know, fixing something for the other 80% of customers.

I’m in New York City where I can spend $20 to get an item from the Nordstrom’s men’s store delivered to me in 4 hours or less, 24 hours a day, 7 days a week.

That beats Amazon, and I’m willing to spend some extra money on that experience because I need that item now. But it’s only possible because there’s a brick-and-mortar store, not in spite of it.

Or take Nike, where they have a program for NikePlus members to book one-on-one appointments with experts either in-store or ahead of time on an app. Members then receive personalized recommendations and advice in their pocket. They can curbside, mobile pick up from a locker, or grab-n-go in seconds — not minutes.

Those are the moments that will actually win customers and make them loyal. It is far better than slashing another fraction of a percent for a sale that is already eating into your margins. Those models will only yield one kind of answer — deeper discount equals more traffic — and that’s a tired fiction.

Related: How to Create And Sustain a Successful Growth Strategy

The fundamentals are already there

What if a mall could deliver any single item inside its walls to your door within an hour? And what if I told you everything you need to make it happen is already out there?

Take the kids who are working at the mall valet for the summer. At least one or two of them spends most of their time waiting at a kiosk.

When an order comes in, they could run the opposite way, into the store to retrieve the items, and back out to the curb to deliver to a waiting Uber or Lyft driver who then delivers it into the customer’s hands. In one fell swoop, you could solve the consumer pain points of parking and entering the store, not to mention create an unparalleled delivery service in the process.

Retail doesn’t have to invent anything — a computer-science major could figure out the backend needed to make all the feeds work together for something like this. It just requires taking the bold step of investing further downstream in the customer’s journey.

An opening for entrepreneurs 

There is a brief window for retailers to close the gap in customer expectations. If they don’t learn these lessons, startups and new disruptors will.

Take Happy Returns, the company is installing self-return kiosks in places like Nordstrom Rack. Retailers have still not brought the experience of returning an item into the modern age, leaving the door open for services like this.

That’s money that you could be making. If you were the first brick-and-mortal retailer to figure out a return system that people said was easy and painless, do you think they’d keep going to your competitors or come back to spend their money with you?

If you figure out how to improve these moments, you’ll win customers throughout the most critical events of the year, as well as begin to break out the dependence on sales and discounting and develop a long-term relationship with your customers.

At a time when things like the online shopping experience have reached parity with brick-and-mortar stores, the only way to stand out is with improved experiences. Our research found that paying attention to just a few key ribbon moments that add ease, convenience, and grace along the customer journey could drive consumers to shift $97+ of their spend.

That’s over $200 billion of additional credit card spend up for grabs for retail brands that get it right. And if the retailers don’t figure out how to do it, someone else will. It’s time for retailers to head back to school — those willing to learn won’t just get passing grades, they’ll set themselves up for long-term success while reducing reliance on red-banner sales.

Related: 10 Growth Hacking Strategies to Triple Your Sales

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Liquid Exchange Reveals Escrow Account for Sale of Telegram Tokens

Liquid, a Japan-based cryptocurrency exchange that ran a sale of Telegram’s yet-to-be-minted crypto tokens in July, has disclosed the wallet address where the funds will rest until the tokens are released.

The wallet, revealed by the exchange in an Aug. 30 announcement, contains $4,123,116.76 worth of the USDC stablecoin, according to Etherscan. The token sale kicked off on July 10, selling GRAM tokens at $4 apiece and was completed in a couple of weeks. The wallet funds suggest about 1 million tokens were sold.

The tokens, according to Liquid, will come from the exchange’s partner for the sale, Gram Asia. The firm is said to be a major investor in Telegram’s token sale that ran in February and March of last year, raising $1.7 billion for the messaging app’s blockchain project, Telegram Open Network, or TON.

The investors are not supposed to advertise their involvement publicly, so there is no official list of who supported the project. Neither are they supposed to resell their future tokens in any form, according to the original purchase agreement, however, an unofficial secondary market for GRAMs flourished earlier this year, as CoinDesk reported. Gram Asia didn’t respond to CoinDesk’s request for comment at the time.

Seth Melamed, global head of business development and sales at Quoine, Liquid’s parent company, previously told CoinDesk that Liquid has an agreement with Gram Asia and another entity that will guarantee the delivery of GRAMs to Liquid’s users, though he wouldn’t identify the third-party guarantor.

Melamed added that users paid for the GRAMs in either U.S. dollars or the USDC stablecoin (issued by a consortium of firms including Circle and Coinbase). The exchange transferred all the funds raised into USDC to hold until TON is launched and the tokens are released. Only once buyers receive their tokens from Gram Asia can the firm withdraw the USDC funds from the escrow account, he confirmed.

Waiting for the launch

In the meantime, investors and developers with an interest in TON are keeping the eyes on the calendar. According to the agreement Telegram signed with its investors, the network mainnet is bound to launch no later than Oct. 31. If not, the company will have to return investors’ money.

The TON test network was launched this spring, with only one node being operated by Telegram itself. Later, a light client code for basic interactions with the node was released, so developers could write simple smart contracts and create wallets on the testnet.

People familiar with the project previously told CoinDesk they expected Telegram to release the code for the TON blockchain on Sunday, Sept. 1. However, that didn’t happen, according to the Russian-language chats of TON volunteer developers on Telegram.

Instead, another small update was spotted by the community on Saturday night, with copyright details included in the code that named Telegram Systems LLP, a company incorporated in the U.K. on July 26, as the owner of the copyright. The entity responsible for the token sale was Telegram Group Inc., registered on the British Virgin Islands. Telegram still hasn’t publicly commented on the project.

Telegram app image via Shutterstock

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Techne Summit Comes Back Bigger & Louder: Here’s 7 Gigs You Can’t Miss

Techne Summit - H.E. Jan Thesleff; A shot from the talk of Sweden's Ambassador to Egypt at Techne Summit 2018

Techne Summit – The Mediterranean Leading Tech Conference

ALEXANDRIA, EGYPT, EGYPT, September 2, 2019 /EINPresswire.com/ — This year, we’re spreading our wings! As we launch the 5th Edition of Techne Summit, the sizzling event will be spreading entrepreneurial vibes not for just 3 days, but 5. Aside from the talks, panels and workshops, this year we’re bringing Techne Bytes and Techne Nights, a series of activities engaging businesses and entrepreneurs from across Alexandria, the Mediterranean and beyond, to mingle, network and connect.

We’re kick-starting the 2019 on September 28th, featuring some of the world’s most vivacious pioneers, entrepreneurs and investors. But before you get overwhelmed with the thrill of the activities, here’s 7 gigs to note down:

1. The Startup Worldcup:
There’s a $1 million dollar investment at stake, and pitching session in Silicon Valley for the winner of our flagship competition, the Startup Worldcup.
But fear not: there are 6 other startup competitions on the line.
Apply to the Startup Worldcup here

2. Tracks for Trailblazers:
This year, we’re focusing on the next big thing. Gear up to discuss the industries spearheading change in the Mediterranean: FinTech, Healthtech, E-commerce, Retail, Marketing and Media Technology and more. The token economy, the future of money, Prop Tech and Architecture, and the future of cross-border payments are only some of the talks in the lineup.

3. Global rock-stars:
There’s Media Moguls, Techstars executives, and some of the biggest names in the Middle East’s investment scene. American coach and media powerhouse Lauren Maillian will be firing you up on stage, while Techstars’ VP of Innovation Chris Heivly will be speaking about How to build the fort to start anything. The summit will also feature Walid Mansour, Partner and Chief Investment Officer of MEVP, and Keith Wallace, Managing Partner at Hivos Impact Investments.
Check more speakers

4. Techne Nights:
This is where serious networking meets fun gigs. If you get an Engage Pass, not only will you get access to our newly launched matchmaking tool. But you’ll also get access to some of the events happening across the city, where small groups will meet in a bar for two hours, which all then head to a club for a networking party.
Get an Engage Pass here

5. The Launch of Med-Angels:
The first Mediterranean-wide network of Angel Investors is about to launch, and Techne is the place. Gathering multi-country Angel Investment Networks, as well as regional enablers, funds and diaspora investors. The network comprises investors from France, Greece, Tunisia, Morocco, Egypt, Lebanon, Slovenia, Croatia, and several others.
Get an investor pass here

6. Techne Bytes:
We’ve partnered with 15 cafes and restaurants around Alexandria to bring our summit attendees the yummiest treats to fuel their inspiration. With your ticket to the summit, you get different discounts across restaurants and cafes that are valid for 10 days. Check out all the ticket options and reserve your spot.
Get your ticket here

7. Massive Satellite Events:
We’re partnering with over 10 co-working spaces in Egypt to bring a variety of events around the summit, from yoga to cyber-security, to each and every corner of the event. If you get any of the Summit’s Passes, you can access the satellite events. Do you want to host one? Our partnerships never stop!

Check out 2018 Aftermovie

Farida Ashraf
Techne Summit
+20 109 796 4453
email us here
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EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

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Mbanq Throws Down Gauntlet: Cross-Border Payments as Easy as Social Media

Mbanq has built a digital banking core and provides Banking as a Service

Mbanq is one of the fastest growing FinTechs in the world.

Mbanq CEO Vlad Lounegov

Vlad Lounegov, CEO of Mbanq, will assess Hackathon projects as part of the jury.

Teams of aspiring entrepreneurs will race to develop streamlined global payments solutions during F10’s Singapore FinTech Hackathon, September 13-15, 2019.

Global cross-border payments have the potential to become as easy as liking a blog post. Social media can be the payments channel of the modern age.”

— Vlad Lounegov CEO of Mbanq

SINGAPORE, September 2, 2019 /EINPresswire.com/ — Mbanq, the Silicon Valley-based core banking technology and banking as a service provider and one of the fastest growing FinTechs in the world, believes the underlying technology to enhance global remittance solutions already exists and should be nurtured to its full potential. Mbanq has challenged teams of developers to come up with practical ways to make global payments easier and faster during the Singapore FinTech Hackathon.

Mbanq CEO and Hackathon jury member, Vlad Lounegov, says: “Global cross-border payments have the potential to become as easy as liking a blog post because most of the world is already connected by smartphones and the internet. I believe that social media can be the payments channel of the modern age.”

Despite advances in financial technology, the global remittance industry remains highly fragmented. It is divided into segments by Money Transfer Operators, financial institutions, FinTech startups and emerging blockchain solutions, as well as by geography with differing international financial regulations.

The main test for Hackathon teams competing in the Mbanq challenge will be to make a practical solution that makes the most of existing technology but also leaves room for streamlining international legal compliance.

“As well as experiencing an intense 48 hours, teams will have the opportunity to show off their talent, be mentored and to network with potential partners and investors. The FinTech ecosystem in Singapore is growing and this Hackathon is a shot in the arm for startups who want to make a mark,” Lounegov adds.

The Singapore FinTech Hackathon is organized by F10, the Zurich-based FinTech incubator and accelerator. The event will be held on September 13-15, 2019, at PricewaterhouseCoopers LLP, 7 Straits View, Marina One, East Tower, Level 12, Singapore. http://www.f10.ch/fintech-hackathon/singapore-2019/

Mbanq is a universal digital banking platform for traditional banks, neo-banks and FinTechs. It provides a fully compliant, vertically integrated solution that covers the entire range of banking products for retail and corporate clients, with front-to-back office functionality including finance, treasury and regulatory reporting. Mbanq connects to both traditional payment rails like ACH, Swift or SEPA as well to modern rails like InstaRem, Ripple, Currencycloud and IBM World Wire.

Mbanq’s technology is present in banks and credit unions across the US, Europe and Asia. The company has 150 employees and offices and development centers around the world, including San Francisco, Miami, Singapore, Germany and Croatia. www.mbanq.com

Alex Player
Tsar PR
+44 7444 356902
email us here

EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

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Crypto Needs Less Government Regulation – Not More

A recent opinion article by Peter Lin, “Why Regulation Is The Best Thing For Crypto,” presents common arguments on why the state and state-affiliated institutions should administer cryptocurrency. Underlying the arguments is an assumption: the free market cannot provide necessary standards for crypto and the state must step into the void.

Also read: Why the Birth of Bitcoin Can Be Traced Back to 1971

The Case Against Greater Crypto Regulation

The arguments and the assumption in Lin’s article are the opposite of what is true. The assumption is the more important aspect of Lin’s article, however, because the arguments rest so heavily upon it that they are almost offered as self-evident assertions. If you buy the presumption, you’ve bought the conclusions.

Lin opens with a nod to the “disconcerting image of what regulation might entail,” such as “being tracked down [by] the Internal Revenue Service” or being imprisoned for “using crypto in India.” Another nod goes to advocates who believe financial freedom is “part of crypto’s DNA”—a freedom for which Bitcoin was created. The acknowledgements are cursory and dismissive, however.

Lin moves on quickly. “If crypto is the future and there are valid concerns,” then “we need to engage in the debate and embrace reasonable and responsible regulation.” The conclusion of this debate between financial freedom and state control is apparently foregone—namely, that “reasonable” and “responsible” regulation is required. This means the debate will be limited to what type of regulation should be imposed. Given that Lin is the founder and CEO of a digital asset exchange that is part of London Stock Exchange Group, his default position of “there oughta be a law” is understandable.

Crypto Needs Less Government Regulation – Not More

‘I’m From the Government – I’m Here to Help You With Crypto’

Lin simply assumes that only the state can resolve “valid concerns” regarding the future of crypto. He offers a common explanation as to “why.” Because “even the most devout supporters … could agree that the growth of this industry depends, in part, on the establishment of safe, fair and reliable market conditions.” Many, if not most, devout supporters do not agree. Moreover, his statement contains an odd leap of logic: it equates “market conditions” with the condition of being regulated by a central authority, when they are actually antagonistic states. Market conditions, good or bad, are not “established” by authority; they are a natural result of the cumulative choices and exchanges of individuals.

Lin continues. “Presently, the regulatory climate is still uncertain and fragmented across jurisdictions.” He seems to believe this is a problem. To “devout supporters” who think there should be no regulation, however, this presents no difficulty. The marketplace is always “uncertain” in the sense that individual preferences are unpredictable and market circumstances change. Nor does things being “fragmented across jurisdictions” pose a problem for the free market; indeed, the word “fragmented” can be replaced by the words “diverse and decentralized.” Only if crypto serves jurisdictions—that is, centralized authorities—is homogeneity desirable. If crypto serves individuals, then diversity should reign.

Crypto Needs Less Government Regulation – Not More

Would You Trust the IMF?

The conclusion toward which Lin has been driving now arrives. “The contours of a global regulatory framework are coming into focus, and we should welcome it.” The contours prominently include the International Monetary Fund (IMF), which has published what Lin calls a “compelling document.” It cites the alleged liquidity risk, default risk, market risk and foreign exchange risk” posed by private coins.

To pause for a second: the IMF is the type of trusted third party problem against which Satoshi Nakamoto and the cypherpunks rebelled—the central banking system writ large. Central banking, not private money, is the overwhelming risk to liquidity, default, and foreign exchange—not to mention inflation, fiat, bail-outs, negative interest rates and the many other money monopoly travesties.

Yet private money is the risk that Lin perceives because “digital assets and cryptocurrencies could be attractive and see capital inflows away from fiat currencies in countries with high inflation rates and weak institutions.” In other words, people move their assets to escape high inflation and collapsing banks rather than have their financial choices dictated by the same elite authorities that caused the high inflation and collapsing banks. Furthermore, Lin notes how difficult it is for “virtual asset service providers (VASPs), such as crypto exchanges [like his own], to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.” The true solution is to remove those regulations and allow individuals to be financially independent.

Crypto Needs Less Government Regulation – Not More

Financial independence and personal freedom are not the purpose of Lin’s article, however. His intent is to champion the extreme centralization of crypto into the hands of the same trusted third parties that have ravaged the wealth of society over and over again. This intention is clear from the “reasonable and responsible regulations” that he presents from the IMF.

Two examples:

Central banks could grant licenses — on the condition of supervision — and hold VASPs accountable for customer screening, transaction monitoring and reporting suspicious activity in accordance with Know Your Customer (KYC), AML and CFT regulations.

And: “We can see the first attempts at such cooperation being made with the Financial Action Task Force’s (FATF) recently introduced travel rule, which requires VASPs to collect and transfer customer information when processing transactions.”

As it rolls on, the article sounds like a paean to the destruction of every advantage crypto offers to individuals. Its arguments and conclusions are all based on the assumption that the free market is incapable of evolving standards and techniques to combat the problems that exist—problems that are minor compared to the disastrous solution suggested.

Questioning the Assumption

My book “The Satoshi Revolution” gives economic, social, and moral answers as to why an unfettered free market is infinitely better at serving individuals than the state. But, for many people, nothing is as effective as real-life examples. Of the hundreds that are possible, consider only two, which act to create a proof of principle.

Few historians have examined the origins of free-market standards as closely as the voluntaryist scholar Carl Watner. In his essay “Weights and Measures: State or Market?” he contrasts the evolution of private weights and measures as opposed to state-regulated ones.

One example: the barrel measure of 42 gallons of petroleum, which is used as a standard by most OPEC nations today. Watner explains, “In the early 1860s, a barrel of oil usually meant a cask of oil, regardless of its size, for there were no standard-size casks in use. Variations in the oilman’s barrel persisted until at least 1872, when a producer’s agreement resulted in a fixed price for a 42 gallon barrel of oil.” He notes that oil may not now be shipped in 42 gallon barrels because it started moving by pipeline, oil tankers, and tank trucks. “What is important to us,” Watner observes, “is that the custom still persists of buying and selling oil by the barrel.

The oil pioneers did not (indeed they could not) wait for the government to proclaim a unit by which they should measure and sell the oil they discovered. Rather they adopted measurements from other liquids (the whiskey barrel of western Pennsylvania, where oil was first commercially exploited, was a 42 gallon container). Eventually there arose from the competition of various interests (the producers, transporters, and consumers of oil), the industry standard of a 42 gallon barrel. It did not originate in the halls of any legislature and needed no governmental sanction.” It persists intact to this day.

Crypto Needs Less Government Regulation – Not More

Watner continues, “The history of the oilmen’s barrel is just one incident in the standardization of weights and measures in modern industrial America (there are many others). For example, the development of the electrical industry explains why product integration and standardization were needed. It also exemplifies the manner in which the free market operates. Light bulbs must screw into household sockets; electrical appliances must be supplied with the proper voltage. The United States electrical industry agreed on standards because it made economic sense, not because they were imposed by Congress.”

Contrast the preceding free-market evolution with state-regulated weights and measures. “Since the mining and use of gold and silver were a jealously guarded prerogative of royalty in the ancient world, the provision of coins became a government monopoly.” To maintain a monopoly, government needed to intervene in the definition, promulgation, and standards for weights and measures. “Governments had to … provide for the prohibition of new standard, which might compete with its existing standards.” This dynamic “is well exemplified by the ordinances found in medieval Germany. The accuracy of early German coinage left much to be desired: many were underweight, others overweight. In an effort to prevent people from discovering and melting down the overweight coins, the government outlawed the private ownership of scales.”

“There were numerous, other ways in which governments tampered with weights and measures. In the history of nearly every national unit of account, there can be found the story of chronic debasement, either in the form of reducing the weight or the purity of the metal in a given coin, without reducing its legal value.” (For a more extensive discussion of how the free market solved the problems of private money—and how government impeded solutions—see How and Why Government Outlawed Private Money Part 1 and Part 2.)

Free Market Versus the State

Watner uses two other examples to contrast the effectiveness of the free market’s development of standards with that of the state: “Chaos in the Air: Voluntaryism or Statism in the Early Radio Industry?” and “Voluntaryism and the Evolution of Industrial Standards.”

Another set of essays in the periodical The Voluntaryist highlights a marked advantage of free-market solutions over statist ones. Watner’s essay “Free Banking and Fractional Reserves” is a sharp counterpoint to that of economic professor Larry White, “Free Banking and Fractional Reserves: A Reply.” The debate hinges on whether fractional reserve would evolve in a free-market banking system. The marked advantage is this: both could exist in competition, allowing customers to decide which best suited their needs. Lin would almost certainly refer to such an arrangement as “uncertain and fragmented across jurisdictions” and would almost certainly call for legislation to create certainty and homogeneity. Watner and White would not, and customers would have choice.

Debate on crypto freedom versus state control is needed and inevitable. But let it be an honest debate. Not one that proceeds from a blatantly false assumption into arguments that are assertions. Not one with sleights of hand that equate good “market conditions” with state regulation or leaps of logic. Let the debate at least mention that state control is an involuntary transfer of financial power from individuals to elite trusted third parties. But, ultimately, there can be no honest debate over how much control to assert over peaceful people and their wealth. There can be no ethical debate about how best or how much to steal.

Publication of Wendy McElroy’s updated book “The Satoshi Revolution” is imminent. The book provides a classical-liberal and individualist-anarchist framework of theory for cryptocurrency.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


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Wendy McElroy

Wendy McElroy is a Canadian individualist anarchist and individualist feminist. She was a co-founder of the Voluntaryist magazine and modern movement in 1982, and has authored over a dozen books, scripted dozens of documentaries, worked several years for FOX News and written hundreds of articles in periodicals ranging from scholarly journals to Penthouse. She has been a vocal defender of WikiLeaks and its head Julian Assange.

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How to Handle Internal Communication With a Young Staff

Making sure you and your youthful charges are on the same page.

3 min read

Opinions expressed by Entrepreneur contributors are their own.

As an internal-communications (IC) specialist, I often feel like a salesperson, constantly promoting my methods for handling both formal and informal communications to my colleagues and staff. As any good salesperson can tell you, each target demographic requires a slightly different approach, but the task is ultimately to bring everyone together. Here, I´ll focus on how to handle younger generations.

Communications-wise, their needs are different than those of previous generations, and also more intensive. Dr. Kateryna Bondar, an operations partner at IAG Consulting, aptly describes today’s incoming workforce as harboring a desire for job flexibility, challenging tasks and participation in key objectives. Which means that, from an HR or IC perspective, we need to work harder than ever to keep the modern office environment running smoothly.

Related: The Coming Workplace Revolution

According to a report by global risk-management and advisory company Willis Tower Watson, companies with effective communication practices generate 47 percent higher total returns to shareholders compared to organizations with poor communication. And for smaller teams specifically, it can provide the energy boost that allows you to grow faster, do more and reach higher goals.

The first thing millenials in particular are looking for is an open company culture. This means less departmentalizing and more transparency. Growth marketer Sujan Patel has compiled a helpful list of companies who are doing this well, and as he says, “While the culture that works for one company might not work for another, you can learn a lot from companies who are doing it right and get started on company-culture hacks of your own.”

Bu before hacking, you always need to make sure the channels you use are oriented to two-way communication. One good way is by offering an open-reporting model that ensures managers know what employees are doing and employees can see what their managers are up to.

Also, now that everyone under 40 is on social media, it’s important to take advantage of similar channels within your company as well. Let’s face it: A company newsletter will get thrown in a young colleague’s spam folder. A messenger chat or a slack-group conversation, conversely, draws a lot more attention.

Related: Young Workers No Longer Get the On-the-Job Training They Need

The hardest part of all this is selling it to management. Unless you are a CEO yourself, you will meet some resistance. However, it is your job to innovate communications. You must stand firm and fight for what you believe in. In my own career, I’ve spoken with rising employees face-to-face, learned of their concerns and taken all of it into account when coming up with internal protocols. And after that, I’ve undertaken another round of conversations to sell everyone on my ideas. And whatever the circumstance, the main point remains: Listening to and understanding your young employees’s needs is the fastest way to figure out what you need to offer them, and sharing your point of view is the best way to put a clear internal communication flow in place.

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Revolut ramps up customer support with plans to hire 400 people in Porto

Fintech startup Revolut has been growing like crazy and now has 6 million customers. The company has to scale its support team accordingly. That’s why Revolut just announced plans to open a customer operations centre in Porto, Portugal.

There are already 70 people working for Revolut in Porto. Eventually, Revolut plans to hire 400 people in the country. They’ll work on customer support, complaints, investigations and compliance.

And Revolut has been quite successful in Portugal so far. There are currently 250,000 Revolut customers in Portugal, and the company is adding 1,000 new customers per day in the country.

It should help when it comes to hiring local talent. The company is also hiring a growth manager, a communication and PR lead and a community manager in Portugal. Ricardo Macieira, the new growth manager, is the former country manager for Airbnb in Portugal. Rebeca Venâncio, the communication and PR lead, has worked for Microsoft in Portugal. And Miguel Costa, the community manager, has worked for Mog and Nomad Tech.

Earlier this summer, Revolut also announced plans to open a tech hub in Berlin. Originally founded in London, Revolut is slowly building multiple offices across the U.K. and Europe in order to attract local talent.

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Sierra Leone Aims to Finish National Blockchain ID System in Late 2019

The government of Sierra Leone plans to fully adopt a blockchain-enabled national identity system by the end of 2019.

United Nations involved

President of Sierra Leone Julius Maada Bio reportedly claimed that the new infrastructure will allow financial institutions to verify identities and build credit histories, tech publication NFCW reported on Sept. 2.

The new project, called the National Digital Identity Platform (NDIP), is a collaboration between the United Nations and San Francisco-based nonprofit Kiva, a key technology partner of Sierra Leone since September 2018.

According to the report, the NDIP is being deployed in two major stages. The first involved identities being digitized — and the second, due to be finished by the end of the year, involves creating non-duplicating, non-reusable and universally recognized National Identification Numbers.

Financial resilience and security

The president claimed that blockchain-enabled access to credit and financial services is expected to significantly improve the lives of citizens by making them more financially resilient. He said that the new national ID system “directly translates into citizens having improved access to affordable credit to invest in entrepreneurial endeavors.”

Bio emphasized the high security standards of the upcoming platform, stressing that data on every resident will be stored at the National Civil Registration Authority and protected with strict confidentiality in line with international guidelines and practices. 

He also noted the platform’s ability to write new records for data modification as one of the major benefits of implementing blockchain tech. 

As previously reported by Cointelegraph, blockchain technology is set to become a multi-industry solution in Sierra Leone, where more than 85% of the population lack internet access and at least 75% are unbanked.

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Biggest Problems With Stablecoins, Explained

5.

Potentially, but there are hurdles that stand in the way.

Earlier this year, Facebook unveiled plans for Libra — a stablecoin that would be pegged to a basket of assets — including major fiat currencies such as the U.S. dollar, yen, euro and pound. The social network has the vision of enabling its billions of users to send and receive money between each other — including across borders — potentially disrupting the remittances market. However, Mark Zuckerberg, the co-founder and CEO of Facebook, has had to slam the brakes on the project, with American politicians fearing that it could undermine the U.S. dollar and even threaten the global economy. That’s thrown its 2020 launch date into doubt, with Facebook admitting to investors that it may never launch at all.

Walmart, one of the world’s biggest retailers, has also been getting in on the action. A patent filing suggests that, like Facebook, it wants to develop a digital currency backed by the U.S. dollar that could be used to store wealth — and be redeemed and converted into cash at selected retailers. This could give consumers who don’t use banking services a financial alternative, and prove a headache for credit and debit card companies. As reported by Cointelegraph, some experts believe Walmart will face less regulatory pushback than Libra.

These projects have thrust stablecoins into the limelight — giving many members of the public their first opportunity to understand what blockchain and crypto are, and what they could offer. Back in February, a report published by the stablecoin startup Reserve claimed that stablecoins will play a key role in the mainstream adoption of crypto technologies — not least in countries that have been ravaged by hyperinflation, such as Venezuela and Angola. Stablecoin trading volumes have been rising steadily over the past few months, with market cap records being broken along the way.

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