Balanced should host a panel/event on cryptocurrencies

[jkwade]

Balanced has been receiving some interest lately to discuss supporting cryptocurrencies like Dogecoin and Bitcoin more seriously. I propose we host an event to discuss the topic. This issue is to discuss logistics and planning.

EDIT: To be clear, this is more of a general cryptocurrency event than some sort of 'plan how @balanced can implement cryptocurrencies' event.

[steveklabnik]

It was @jessicard's fault for the original idea:

[steveklabnik]

To be clear, this is more of a general cryptocurrency event than some sort of 'plan how @balanced can implement cryptocurrencies' event.

[jkwade]

haha @jessicardI like how incredulous you were when @steveklabnik said "sure"

[jkwade]

Potential panelists:

• Balanced
• Ripple
• Coinbase
• ???

Potential moderators:

• ???

[jkwade]

@steveklabnik yeah, good clarification

[themorgantown]

Some things I'm particularly interested in, and might be interesting for small business / entrepreneurs looking at Bitcoin:

1. When is a business a 'money services business' and when does it need additional licenses to operate (see this recent news: http://www.coindesk.com/fincen-bitcoin-miners-investors-money-transmitters/)
2. Best practices for tax reporting for businesses / individuals holding & spending Bitcoin (IRS has offered no guidance so far)
3. Profit???

[jkwade]

@themorgantown good stuff. I'm also interested in the joining of a reversible payment system like ACH with non-reversible payment systems like Ripple IOUs and [bit, doge, lite, mars]coins.

[jkwade]

@themorgantown as for 3. profit: how much of a fee will merchants and buyers tolerate from a cryptocurrency processor/gateway?

[rand]

I'd be interested in this. If there's anything I can do to help, let me know.

[steveklabnik]

From Twitter: https://twitter.com/wolffhechel/status/429053833973493760

@steveklabnik i can't come but i want to donate to the event, so you can hand out a few doge-wallets... gief address so more shibes go2 moon

[jkwade]

Looks like @Ripple is also planning an event similar to this in Feb for Developer week. Should we join?

[themorgantown]

@jkwade The first mover advantage that Bitpay / Coinbase have is that they have developed relationships with Banks & regulators, and established advanced algorithms for detecting Bitcoin <--> ACH fraud. Their algorithms inform them what their fee should be.

Merchants & Buyers have (unfortunately) come to expect a 0% fee at least in the US, at least at low volumes. What is sad, is that anyone not doing huge volumes will suffer unless they charge close to 3%.

It would be a good topic of discussion. If pigs fly and regulations lift a bit, we may see prepaid cards fill the role of ACH (such as https://www.7-eleven.com/financial/prepaid-center/) but the fees on those cards can sometimes be onerous. I'm kinda joking, but I think one way to keep fees low is to use an irreversible system/card to fund (and be paid in) an irreversible Ripple/BTC account. But this can't really happen at this time. Anyway, there's a lot to talk about.

[patcon]

Nice! Interested in traveling down if the timing is right. Might be interesting to have Cryptsy, as they have perspective as a yet-unregulated all-cryptocurrency exchange, which has an API that can be used to transfer between altcoins