Jump to content


Best Practices (Business)


  • Please log in to reply
8 replies to this topic

#1 Charles Hoskinson

Charles Hoskinson

    member

  • Members
  • Pip
  • 243 posts
  • LocationBoulder, Colorado

Posted 20 September 2013 - 05:52 AM

Like the user best practices there are certain recommendations we can provide about how to handle, secure and account for Bitcoins in the business domain. This is also an excellent opportunity to collect some other data points for the other committees and the board to review and use in future decisions.

Here is what needs to be done:
  • Draft a list of questions we'd like to ask in a survey to Bitcoin businesses
  • Draft a list of Bitcoin businesses to send the survey
  • Send survey
  • Analyze the responses
  • Cherry pick the best
  • Legal check
  • Publish a best practices list (Considering this is probably worth a lot of money, the board should decide how they want to approach distribution)
  • Update yearly
So we need to do 1 and 2 concurrently. We do not need to restrict the question list to just best practice questions. Other committees please let us know what to include.

#2 Michael Bombace

Michael Bombace

    Member

  • Lifetime
  • Pip
  • 2 posts
  • LocationWashington, D.C.

Posted 22 October 2013 - 03:29 AM

Hi Charles,

This is an excellent idea. This goes without saying, but the survey should include what companies are engaged in legally. For example, what companies are doing in response to legal requests, proactively doing, or have chosen not to do (legally). There is a company I can think of that chose to register and operate outside of U.S. jurisdiction to avoid certain legal issues. Much of this is cost based, but more information on how, when, and why would be illuminative.

Best,
Mike Bombace

#3 Charles Evans

Charles Evans

    Member

  • Members
  • Pip
  • 100 posts

Posted 23 October 2013 - 12:57 PM

It is still early in the development of the Bitcoin economy.  The focus is beginning to move away from mining to speculation and exchange, but actual business-business is still relatively rare, although companies like Coingig are growing.

Bitcoin-friendly professional services are still uncommon.  In law, we have Marco Santori and a few others scattered across the landscape.  In accounting, I am aware of only Bitcountant, which I am involved with.

A survey now would be qualitatively different from a survey later, once more conventional, small-scale international trade becomes the norm.

The survey should be conducted periodically.

#4 Adam Atlas

Adam Atlas

    Member

  • Lifetime
  • Pip
  • 3 posts

Posted 31 March 2014 - 03:29 PM

An important question to get input on is how Bitcoin businesses know who a Bitcoin payee really is because of the ease with which we can disassociate a conventional account holder with a Bitcoin wallet holder.

I've accepted Bitcoin for legal services for a while now.

Cheers,

Adam

Adam Atlas Attorney at Law
Direct: 514-842-0886
[email protected]  Skype: adam.atlas
www.adamatlas.com
Of the Bar of New York

#5 Mike Hayes

Mike Hayes

    Zardoz

  • Former Member
  • Pip
  • 779 posts

Posted 31 March 2014 - 04:28 PM

View PostAdam Atlas, on 31 March 2014 - 03:29 PM, said:

Why?

Isn't that just like asking how do we know who paid in cash, at the end of the day their is a bunch of cash in the cash register and we need to figure out who paid each bit of it?

#6 Frediano Campione

Frediano Campione

    Member

  • Members
  • Pip
  • 7 posts
  • LocationItaly , Mediterranean And balcanic Area

Posted 31 March 2014 - 07:07 PM

View PostMike Hayes, on 31 March 2014 - 04:28 PM, said:

Why?

Isn't that just like asking how do we know who paid in cash, at the end of the day their is a bunch of cash in the cash register and we need to figure out who paid each bit of it?

It depends from country to country.
For Example in Italy you can't  transact amount over 1000 Euro in Cash (but then is considered a fellony only over 2500 Eur).
In Romania Companies have similar limitations ..
An example: a Congressman recieves 1k $  donation from a Bitcoin address.. 3 months later on Reddit someone discover that on Blockchain that money came from a famous Kidnap Ransom....
Sooner or later there will be "Certified" addresses... a way of identifying "official Ownership" for transparency purpose, so at least you can be sure  that 100k you recieved is not from Pablo Escobar

#7 Jon Holmquist

Jon Holmquist

    Member

  • Members
  • Pip
  • 17 posts

Posted 31 March 2014 - 08:25 PM

Most businesses will probably not reveal their security practices. However, it is always good to get more data about Bitcoin businesses!

#8 Mike Hayes

Mike Hayes

    Zardoz

  • Former Member
  • Pip
  • 779 posts

Posted 31 March 2014 - 08:35 PM

View PostFrediano Campione, on 31 March 2014 - 07:07 PM, said:

It depends from country to country.
For Example in Italy you can't  transact amount over 1000 Euro in Cash (but then is considered a fellony only over 2500 Eur).
In Romania Companies have similar limitations ..
An example: a Congressman recieves 1k $  donation from a Bitcoin address.. 3 months later on Reddit someone discover that on Blockchain that money came from a famous Kidnap Ransom....
Sooner or later there will be "Certified" addresses... a way of identifying "official Ownership" for transparency purpose, so at least you can be sure  that 100k you recieved is not from Pablo Escobar

No, that does not seem to be clearly thought out.

Many funds could go through one address or one address could only be used once.  Once an address is publicly placed for purposes of receiving funds, there is no way to stop that from occurring, regardless of where the funds may have came from.

You cannot turn a receiving address "off" and refuse funds.  Therefore, the only way to accomplish what you are suggesting is to only release for use a receiving address after verifying something about the sending party.  Then you give them the receiving address.   But then you are again at the mercy of which sending address they wish to use.

There is no fault in the protocol for this, just as there is no fault in the protocol of  cash or gold or whatever.  IF there are laws regarding recording or reporting certain size or styles of transactions in particular countries, that is the responsibility of parties in that country to handle.

#9 Jon Holmquist

Jon Holmquist

    Member

  • Members
  • Pip
  • 17 posts

Posted 31 March 2014 - 08:41 PM

View PostMike Hayes, on 31 March 2014 - 08:35 PM, said:

No, that does not seem to be clearly thought out.

Many funds could go through one address or one address could only be used once.  Once an address is publicly placed for purposes of receiving funds, there is no way to stop that from occurring, regardless of where the funds may have came from.

You cannot turn a receiving address "off" and refuse funds.  Therefore, the only way to accomplish what you are suggesting is to only release for use a receiving address after verifying something about the sending party.  Then you give them the receiving address.   But then you are again at the mercy of which sending address they wish to use.

You have to keep all bitcoins fungible.

Also, here's a good starting point to find businesses: http://bitcoin.knackhq.com/btcdb