Episode #80 Bitsquare Founder Manfred Karrer

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On today's show I take a trip to Barcelona, Spain to spend some time with Manfred Karrer, the founder of Bitsquare. Bitsquare is an open source peer-to-peer application that allows anyone to trade bitcoin for national currencies or cryptocurrencies. Bitsquare requires no registration or verification process and does not hold a users data or funds. Welcome to the future of trading here at the dawn of the age of cryptocurrencies!

I'd like to thank our sponsor Cryptocompare.com. I now find myself checking in with them daily for a quick and reliable way to find out what?'?s happening in the exciting and ever changing world of cryptocurrencies. Check it out right now and save it in your favorites - That?'?s right http://ift.tt/1JxztxJ. That's http://ift.tt/1MuV1hw

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TRANSCRIPTIONS:

Great news listeners! Our transcription page is now live on the website thanks to the continuing hard work of one of our loyal listeners who is also a consultant to the show.

These Professional transcriptions are provided each week by one of our fans who can be found at:
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CREDITS

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Greg Slepak about decentralization: https://www.youtube.com/watch?v=7S1IqaSLrq8

Some good articles:
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Here are a few good links to DAOs:
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Ode To Satoshi

Ode to Satoshi lyrics & melody by John Barrett
Copyright 2014 RJM Publishing - BMI Nashville.

Lead Vocal, Harmony Vocals, Harmonica, Snare Drum: John Barrett
Harmony vocals: John Barrett, Connie Sinclair and Lij Shaw
Guitar: Jonathan Brown
Mandolin: Ben Miller
Bass Guitar: Michael Rinne

Initial tracks recorded by Mark Thornton of Sidekick Sound Studios, Madison, TN. All other tracks Recorded, Mixed and Mastered at The Toy Box Studio, Nashville, Tennessee
Engineer: Lij Shaw. Assistant to engineer: Don "The Don" Bates
Produced by John Barrett & Elijah "Lij" Shaw

Special thanks to Alan Baird for his dobro, guitar and mandolin playing on many of the shows. Now that's some pickin man! Thanks also to Alex Munoz Guijarro for his excellent pedal steel playing on many of our shows.

Interviews for this episode were recorded and edited by John Barrett at The Tree House Studio - Nashville, Tennessee. All shows are produced by John Barrett with the moral support of his trusty sidekick Maxwell Rascalnikov CoyoTe Rex, aka Max.

Questions or Comments?

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And if you don't feel like contacting me, just kick back, relax and enjoy the show.
I hope you enjoy listening to my guests as much as I enjoy talking with them!

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UK Government Could Track Student Loans and Grants with Blockchain

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The UK government is looking at the use of blockchains to track student loans and public grants.

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MIT Panel: Democracy Is Antithetical to What Bitcoin Represents

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Day one of last month’s MIT Bitcoin Expo featured a panel discussion on various improvements to Bitcoin that are either currently in the works or already deployed on the network. Participants on the panel were Blockstream mathematician Andrew Poelstra, Blockstream Core Tech Engineer Mark Friedenbach, Lightning Network co-creator Joseph Poon and Bitcoin Core contributor Jonas Schnelli.

During the Q&A portion of the panel, an audience member asked the participants to share their opinions on the previous presentation, in which the World Bitcoin Network’s James D’Angelo posited the idea of replacing Bitcoin’s proof-of-work with elected individuals who would be trusted with mining blocks. The panel seemed generally bearish on D’Angelo’s proposal. Generally, the panel disagreed with the idea of turning Bitcoin into a democratically controlled currency.

Bitcoin Is Not a Democracy

Friedenbach was the first to respond to the audience member’s question, and he made a point of directly taking on the idea of Bitcoin as a democratically controlled currency. He noted:

“Bitcoin is not a democracy. It was never designed to be a democracy. Democracy is antithetical to what Bitcoin represents, which is consensus even in the face of mob-rule voting the other way.”

The idea that changes to Bitcoin should be governed democratically has been popularized by some supporters of Bitcoin Classic. Most notably, Coinbase CEO Brian Armstrong has referred to hard forks as elections.

Bitcoin Runs on Consensus

Friedenbach went on to explain that any change to the consensus algorithm in Bitcoin that does not have universal support from nodes will result in a fork. He added, “That is as user-protecting as it is scary when things break.”

In Friedenbach’s view, the difficulties associated with making changes to Bitcoin’s consensus rules are what make the system valuable in the first place. He stated:

“It’s the source of everything that makes Bitcoin great in terms of irrevocability of payments and the fact that you can't have your funds seized. This is all because it is really difficult and very hard to change the Bitcoin protocol.”

While systems that do not require consensus can evolve faster, it’s also more likely for the wrong changes to be made when near-universal agreement on those alterations is not required. With a system based on consensus, Bitcoin holders can be assured that a bitcoin today will still be a bitcoin tomorrow. Although this makes it harder for Bitcoin to upgrade at the base level, innovation can still take place at layers above the Bitcoin blockchain.

Advocates of Bitcoin’s use as digital gold tend to agree with the near-universal consensus requirement of Bitcoin development, while individuals focused on the P2P payments aspect of the system, such as Bitcoin Classic developer Gavin Andresen, would like to see the protocol evolve more quickly -- without the need for approval by nearly everyone on the network.

Political Money Already Exists

Friedenbach also agreed with remarks made by Bitcoin Core contributor Cory Fields in terms of the healthy contentiousness found in the community. In regard to the block size debate, he stated, “If this was political money, 18 months ago this would have been over.”

Poelstra agreed with Friedenbach’s comments on Bitcoin as apolitical money. He stated:

“It’s not a solution to replace Bitcoin with a political currency. There are lots of political currencies out there today. If you think that’s a solution, you’re welcome to switch to a political currency. Changing Bitcoin to be another one -- however you could do that -- I don’t think that’s a solution. That’s just shutting down Bitcoin.”

The post MIT Panel: Democracy Is Antithetical to What Bitcoin Represents appeared first on Bitcoin Magazine.

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BitFury Announces Blockchain Land Titling Project With the Republic of Georgia and Economist Hernando De Soto

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The Republic of Georgia’s National Agency of Public Registry, renowned Peruvian economist Hernando De Soto and Bitcoin company BitFury announced a partnership to design and pilot a blockchain land titling project, Forbes reports. The announcement was accompanied by a signing ceremony at the Georgian Ministry of Justice.

“By building a blockchain-based property registry and taking full advantage of the security provided by the blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing the way land titling is done and pave the way to additional prosperity for all,” said Papuna Ugrekhelidze, Chairman of the National Agency of Public Registry of Georgia.

Currently, buying or selling land in Georgia requires physically going to a public registry, which could take as long as one full day and cost between $50 and $200, depending on how quickly the parties want the transaction to be notarized. The pilot project will move elements of this process onto the blockchain and cost buyers and sellers in the range of 5 to 10 cents.

BitFury, based in San Francisco, is a Bitcoin company that, so far, has been known mainly for mining. In January, Bitcoin Magazine reported that the company, the third-largest mining operation by total hashrate, will be mass-producing its custom 16nm ASIC chip and selling the chip directly to consumers. It appears, however, that BitFury intends to diversify.

The current version of the BitFury website describes the company as a full-service blockchain technology company that uses the technology of the public blockchain to allow companies to successfully digitize their assets and safely transact them over the Internet ‒ making the world safer, simpler and more efficient. The project seems a significant step in that direction.

“We are launching the property rights registration project for Georgian citizens so that they can register property on the blockchain,” said Valery Vavilov, founder and CEO of BitFury. He added that using the blockchain will add security to the data, permit much faster operations and simplify the process while lowering its costs.

"We are thrilled to be leading the game-changing effort in Blockchain land titling,” Vavilov told Bitcoin Magazine. “The Blockchain is a transformational technology that will completely change how we view trade, ownership, identity and trust. If we can successfully chart the path ahead in this space so people can record, secure and transfer their property on the blockchain, we can help millions of people around the word have access to capital and the advanced economic opportunity.  We thank the innovative and forward-thinking Georgian government and renowned economist Hernando de Soto for their leadership and partnership in making this effort a reality.”

De Soto, known for his work on the informal economy and on the importance of business and property rights, is president of the Institute for Liberty and Democracy (ILD) in Lima, Peru. The Institute’s projects with developing countries include managing property formalization in Peru, implementing land titling in El Salvador and helping streamline the legal frameworks governing property and business rights in Tanzania and Egypt.

“Of the 7.3 billion people in the world, only two billion have a title that is legal and effective and public regarding their control over an asset,” said De Soto. “When something is not legally on record as being owned, it can therefore not be used … as collateral to get credit, as a credential that you can be able to transfer part of your property to invite investment in. Things are owned, but when they’re not adequately paperized or recorded, they cannot fill the functions of creating capital and credit.”

According to Vavilov, the blockchain will be used as a notary service. In November, Bitcoin Magazine covered the plans of the Estonian government for another official blockchain-based notarization service. Estonia partnered with blockchain-based “Governance 2.0” initiative Bitnation to offer a public notary service to Estonian e-residents based on blockchain technology. 

“Via the international Bitnation Public Notary, e-residents, regardless of where they live or do business, will be able to notarize their marriages, birth certificates, business contracts and much more on the blockchain,” stated a joint press release.

In 2015, Bitnation also developed and tested workable DIY land titles recorded on the blockchain in Ghana, where 70 percent of land lacks proper title, preventing investment and borrowing in real property markets. Bitnation’s land titles initiative in Ghana wasn’t controlled by the government, but P2P-managed at the grassroots level.

Bitcoin Magazine contacted Bitnation Founder and CEO Susanne Tarkowski Tempelhof for comments on the initiative of the Republic of Georgia. 

“The risk with doing land titles on the blockchain is that it might be used by a central entity, like a government, as a justification for state coercion, in the same way democracy, the social contract, and the constitution are used to justify the nation-state oligopoly on governance,” said Tarkowski Tempelhof. “It might also be used to seize land. The fact that the blockchain makes it more transparent and secure doesn't remove the fact that the entries into the land registry are still managed by a small group of coercive actors with their own special interests."

The post BitFury Announces Blockchain Land Titling Project With the Republic of Georgia and Economist Hernando De Soto appeared first on Bitcoin Magazine.

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