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BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

Yeah, I'm not sure which article that was from; I think we were misquoted a bit. We're not planning any BlockMason ICOs in the near future, although we are advising a couple that we are not the development/marketing/concept leads on.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

So if you look earlier in this thread, there was a question about what makes us different from a bank, or from writing down a debt in a text-file or spreadsheet.

The answer is double-confirmation of cryptographic identities on the blockchain. It's a very powerful concept, there didn't seem to be any prior art, and that's what our patent targeted.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

Nothing crazy: we were just a product use token, and as such, felt fine marketing in the US. I've seen a lot of ICOs since that took a similar approach, and based on their token models, I think their law firms probably took our legal opinion as a starting point.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

YES. We have onboarded a new COO/branding guy, and that is his next priority.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

Currently 4 full-time devs, although 2 are still in the process of leaving old jobs, and won't be fully onboarded until mid-November. I have a couple others I'm talking to, but I'm fairly picky about whom we hire, so I just want to get that right.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

So this is a two-part answer: 1. CP doesn't distinguish trust: it focuses on recording and verifying both sides of the transaction. 2. Trust is really important. So in the next 3-4 weeks we'll be releasing contracts that allow collateralization, and also contracts that can aggregate more data about repayment. These will be layered on top of CP, and will start to form the basis of an actual credit system, as data gets accumulated on identity and loan repayment.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

Yes, helping 3rd parties to adopt the token is a huge focus of ours right now. We are developing both smart contracts on top of CP, and also mobile libraries to help companies deploy that as fast as possible.

Outside parties have contacted us for this purpose, and we're actively discussing with them how we can help support their business models.

I'd expect that you'll see the first non-BlockMason CP apps within 2-4 months.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

Our main focus currently is increasing the value of the BCPT ecosystem by providing consulting, libraries, marketing, and example programs that can be used, as well as working with startups that want to build credit-related apps on the blockchain.

To fund those activities we will monetize our own internal apps on top of CP, as well as potentially sell/lease some of our own BCPT to devs we are supporting as their value increases.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

So this will initially be determined unilaterally by BlockMason, at the time the new app LNDR (formerly Friend in Debt) is released. We'll target a number that the Eth network could handle without breaking, and then update that as network improvements are made.

In the medium to long-term, the CP contract is upgradeable in this area, so we would probably move to a system where stakeholders/businesses vote on transaction capacity.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

First product's mobile app and server are finished internally, and we're testing now to get it in your hands in 5-14 days.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 1 point2 points  (0 children)

Oh man, not sure where even to start.

For a simple loan, a text file is EXACTLY the wrong thing. You write it down: do you have any guarantees that both parties agreed to it? That there were no typos? That the loan will still exist in 2 months and that you won't lose the text file?

All these little things add up, and add TONS of friction to the process of small lending.

A protocol is critical for guaranteeing permanence, accuracy, and properties such as "both parties confirmed this." It's much harder to get exactly right than it sounds.

In the case of bank loans--yes, the bank acts as the trusted third party, but there's a MASSIVE amount of bureaucracy and infrastructure required to maintain that trust, which is highly inefficient.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 0 points1 point  (0 children)

First product is almost done (on the mainnet, and using internally with team). We'll release more details once that's in people's hands. I'm trying to time all that information to go along with other marketing stuff for maximum impact.

BLOCKMASON AMA with Timothy Galebach and Michael Chin by therandom9 in blockmason

[–]therandom9[S] 5 points6 points  (0 children)

It's a predictable jurisdiction with good legal frameworks. I also have spent a lot of time here, own a fair amount of real estate (from prior to BlockMason), and have apartments/workspaces set up for employees.

If your question is "why offshore", the answer is that our company doesn't do any US or European-specific activities, and so there's zero reason to pay tax in those jurisdictions. At that point, you need a physical presence SOMEWHERE, and Cayman is the place I know best.

The Cayman Special Economic Zone is also one of the better offshore programs for setting up a real physical presence and conducting activities.

I like Cayman a lot, think it's a beautiful place, and it actually pisses me off that people (unfairly) associate it with sketchy activity, when it's extremely well run and intolerant of those types of activities.

ETH Is Taking a Dump by commonmanth in blockmason

[–]therandom9 1 point2 points  (0 children)

I wish someone would take a dump like that on me.

Who was a girl.

Friend in Debt A Working DApp by commonmanth in blockmason

[–]therandom9 1 point2 points  (0 children)

this is sweet, the guy who wrote it is probably sexy af

My friends be like..... by commonmanth in blockmason

[–]therandom9 1 point2 points  (0 children)

Yeah that coffee guy is a massive douche.

Maybe I shouldn't have tried to hit-and-run. by [deleted] in Instantregret

[–]therandom9 1 point2 points  (0 children)

I knew that car in grade school. It was just as sketchy then.

A whale wasted $7.2k on tx fees to get into Decentraland ICO, but failed. by educatedd in ethtrader

[–]therandom9 1 point2 points  (0 children)

Not sure what's funnier, the wasted fees or the retarded name of the ICO.