Regarding the price I did a recent write up here: https://wiselike.com/frank-schuil/quest ... n-for-2016Hello Frank what do you think about bitcoin price in 2016 ? recently we saw a debate about block size what is your opinion about it?
Good question, I have a counter-question: Do you believe that working against the financial institutions would speed up adoption or delay it?I'll ask then!
Whilst working with Barclays might be positive for Safello, given they have shut down bitcoin accounts and their track record over manipulating markets, involvement in misselling products etc, do you think this is beneficical to the bitcoin ecosystem to be 'jumping into bed' with institutions like this?
Do you see bitcoin as something that can build a better world, or is it something you are purely looking at to make money from?
You have said some banks are looking to 'hedge their bets' when it comes to bitcoin, do you think an institution like Barclays can embrace something for the wider good, even at their own cost? (or are they more likely to hinder its development to try and protect themselves as eg as JPMorgan seem to be doing?)
With regards to your "defeats the potential social benefits", I'm not entirely sure it would play out like that. If in parallel we would see the Bitcoin adoption that we anticipate to happen and regulation shapes up to be embracive, the logical route for banks would be to open up and interact with the wider Bitcoin economy. This could be accelerated by - at least the UK and I believe European - legislation moving towards open data (https://www.gov.uk/government/uploads/s ... sponse.pdf).In answer to the counter question, imho would say if they fully embraced bitcoin and integrated it, then it would help short term (at a cost to the potential social benefits that bitcoin could bring), arguably it defeats the whole purpose a decentralized currency though (certainly as a force to disintermediate the banks).
Personally I think bitcoin could be of huge use to banks in a huge number of ways eg transactional efficiency/ record-keeping/ alternative asset class, but would prefer it if they keep their distance a bit longer until ownership is more widely spread (maybe dreaming at this point).
Intrigued to see what you think about the third question? (though will forgive you if you ignore it, as slightly 'damned if you, damned if you don't'!)
As someone with experience of dealing with all areas and senior management of a 'tier 1' bank - compliance and fincrime (or innovation depts) do not generally make decisions and can be overruled at any time, so make sure any agreements you have are in writing!
As you can imagine we are under a strict non-disclosure agreement. What I can say is that it's been a pleasure working with the folks at Barclays and that many within the organisation are supportive and excited about our collaboration. Hopefully we can soon reveal more.Hi Frank, can you give us any interesting details regarding the project your team is working on with Barclays? Where do you see this relationship and project going?
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.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
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.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.
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.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?
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.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?
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?
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.)"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
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.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 writesHaving 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.)"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
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:
f/more than 100,000
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