I am Frank Schuil, CEO & co-founder Safello, we did the deal with Barclays. AMA!

[maxi_malism]

Question:

Swedish dark-market Flugsvamp has the line "Don't use Safello!" at the top of it's page. Do they know something about Safello that we don't?

/ Safello user with privacy concerns

[Smartie]

Hi Frank,

Can you tell us, if they pro Bitcoin or pro Blockchain? Will they also join forces and close accounts linked to Bitcoin, like the Australian banks did?

Thanks for doing this AMA.

[FrankSchuil]

Question:

Swedish dark-market Flugsvamp has the line "Don't use Safello!" at the top of it's page. Do they know something about Safello that we don't?

/ Safello user with privacy concerns

That one is rather simple. We are registered with the financial inspection and follow the AML regulation, i.e. we need to do full verification of people's identity, monitor transactions, etc. So if you want to buy drugs, which is what you do on Flugsvamp afaik, buying bitcoins through our platform and sending it there isn't the best idea.

[FrankSchuil]

Hi Frank,

Can you tell us, if they pro Bitcoin or pro Blockchain? Will they also join forces and close accounts linked to Bitcoin, like the Australian banks did?

Thanks for doing this AMA.

I assume you are referring to Barclays. They are technology agnostic and are hedging their bets between bitcoin and blockchain. They are the first tier I bank to do a proof of concept with Bitcoin, so in a way they are more progressive than most.

The closure of bank accounts is heavily dependent on how the regulatory landscape evolves and how they see themselves protecting their position. The way legislation is progressing (https://www.gov.uk/government/uploads/s ... hanges.pdf) indicates a favourable landscape is forming.

[jan.beeck]

Hi there!

Do you think that big banks will eventually work together with startups, who work with the unbanked people with the Bitcoin’s protocol?

Thanks.
www.crowbe.com

[nagleatorcoin]

Hi Frank,

Can you tell us more about your new wallet feature? From what I gather you said you won't hold customer coins like coinbase or bitstamp but they will be able to send from Safello through their own wallet?

[FrankSchuil]

Hi there!

Do you think that big banks will eventually work together with startups, who work with the unbanked people with the Bitcoin’s protocol?

Thanks.
http://www.crowbe.com

The question is whether they can afford not to. Right now the growth potential is there and if partnering up with startups provides an opportunity for land grab or stop competition through acquisition it is the natural way to go. Compliance and risk assessment has historically been a hurdle for FI's and this is where blockchain/bitcoin companies can make a difference - so there's a bonus argument there.

[FrankSchuil]

Hi Frank,

Can you tell us more about your new wallet feature? From what I gather you said you won't hold customer coins like coinbase or bitstamp but they will be able to send from Safello through their own wallet?

Certainly. We looked at the market and identified the recreation of banking services on top of the blockchain by the big boys: Circle, Coinbase, Xapo. They are custodians of funds with the potential to go fractional reserve - transparent audits are still not common practise - and your funds are at risk by the geographically affiliated jurisdiction. On the other hand you have companies who created self-controlled services like blockchain.info, mycelium, armory, etc., but those are lacking the UI/UX simplicity to make it fun and accessible for the average user, i.e. only tech-savvy people find their way around them and even then we've dealt with plenty of those type of customers who got into trouble: lost passphrases, lost backups, etc.

This is why we've spent a great deal of time to make a wallet that is non-custodial while ensuring our benchmark of what a user-friendly experience should be about. Initially we built this on blockchain.info's API, logically so as Nicolas Cary and Roger Ver invested in Safello and they are market leaders with sufficient funds to last a long time. Unfortunately their API didn't allow for 2FA and we had to go back to the drawing board. Now we are working with a partner to implement a multi-sig HD solution where Safello is not able to move your funds. It's getting to the private beta stage soon and I'm keen to see what the initial feedback will be. From there we have plans to significantly change the way people experience bitcoins, but more about that after we get the wallet out.

[nyeko_12]

Hi!

are you planning to release a kind of bitcoin debit card (bitcoin to SEK) in the future? Will you offer a app for google play/apple app store in the upcoming future?

[FrankSchuil]

Hi!

are you planning to release a kind of bitcoin debit card (bitcoin to SEK) in the future? Will you offer a app for google play/apple app store in the upcoming future?

Hi Nyeko,

We have been looking at several suppliers and are in discussion to roll this out, timeline still TBD. Mobile app, absolutely, timeline also TBD

Best,
Frank

[Skin_in_the_game]

hello Frank,

I see that your are still answering question on your topic. Therefore I take the liberty to send you my question:


I was re-reading Antifragile by iconoclast thinker Nassim Taleb recently. He writes

"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"

Having met or read about a few people in the bitcoin community, I have come to think it's a very relevant question and you can better weight their opinions having an idea of how many Bitcoins they hold (or do not hold.)

I wanted to ask every participants to tell us a range of their bitcoins holdings rather than asking them their opinion on Bitcoin and its future. The first person asked told me percentage of his net worth or liquid assets held in Bitcoins instead. He thought it was more relevant and I also think it feels less like an invasion of financial privacy so..

So my question is:

- Which percentage of your net worth and/or liquid assets do you hold in Bitcoins ?

+ If you wish to do so you can also/instead tell us a range of the number of Bitcoins you own:
a/ <10
b/ 10-100
c/ 100-1,000
d/1,000-10,000
e/10,000-100,000
f/more than 100,000

[FrankSchuil]

hello Frank,

I see that your are still answering question on your topic. Therefore I take the liberty to send you my question:


I was re-reading Antifragile by iconoclast thinker Nassim Taleb recently. He writes

"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"

Having met or read about a few people in the bitcoin community, I have come to think it's a very relevant question and you can better weight their opinions having an idea of how many Bitcoins they hold (or do not hold.)

I wanted to ask every participants to tell us a range of their bitcoins holdings rather than asking them their opinion on Bitcoin and its future. The first person asked told me percentage of his net worth or liquid assets held in Bitcoins instead. He thought it was more relevant and I also think it feels less like an invasion of financial privacy so..

So my question is:

- Which percentage of your net worth and/or liquid assets do you hold in Bitcoins ?

+ If you wish to do so you can also/instead tell us a range of the number of Bitcoins you own:
a/ <10
b/ 10-100
c/ 100-1,000
d/1,000-10,000
e/10,000-100,000
f/more than 100,000

Let's just say that my investment company started with a diversified crypto currency portfolio and over time it all gravitated towards Bitcoin. It's always been more than 75% of my crypto portfolio, but now I'd say it's closer to 95%. For obvious reasons I won't disclose figures.