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Theo Chino

Jim Harper, I am not someone that Claims but I am ...

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Theo Chino    10

Dear Jim,


I am taking offence to your blog : "Later he took a question from a Bitcoin entrepreneur who claimed to be garage-based."

The word that I have a problem with is CLAIMED. No, it is not claimed, I AM ....

(Hopefully the attached collage will dicipate any problem you have with the question I asked Ben.)


But instead of brushing me on the side, why the foundation doesn't help me have a voice at the table ? (not to be my voice, but help be an extra voice to deal with what seems to be the hardest question to find the answer to.)


The foundation scope goes from the million dollars funded corporation to the $1000 funded corportation.

The million dollars corporation are already at the table along with the foundation; why not the $1000 "pre-angel" funded corporation ?

(So far, I am having trouble finding other New York State fully compliant garage corporations.)


Your post was quick on brusing me aside, a fellow lifetime member !


So before writing claimed, why did you ask me ? I was there at the event :


It felt like a response to our blog post highlighting the fact that the proposed “BitLicense” would allow regulators to inspect Bitcoin entrepreneurs’ garages. Superintendent of Financial Services Ben Lawsky said yesterday at Cardozo Law School, “We do not, for instance, let someone run a bank out of their garage.”

Later he took a question from a Bitcoin entrepreneur who claimed to be garage-based. The Wall Street Journal‘s Paul Vigna pointed out in his brief on the speech that a multitude of Silicon Valley start-ups, “going all the way back to Hewlett and Packard, did, in fact, start in a garage.” (The “New York Needs Bitcoin” web site is there to help you small entrepreneurs participate in the regulatory process.)


Let's not forget Ponzi .... supposelly all this was to avoid his schemes but we know how it all worked.

I did ask.


Just in case you want to know bit a bit better : http://www.reddit.com/r/Bitcoin/comments/2bqile/my_letter_to_ubenlawsky_about_draft_nyscrr_title


For those wanting to listen to the conference (which was not bad a all), here is the link:



Regarding the comments

at mark 59:29, he explains he doesn't want to see "Banks in the Garages" appear in New York State.

At 1:22:09, I tell him that I am one of those Banks in the Garage, and at 1:25:38, he commit in taking that point into account.


My "bus partner" with Ben : https://twitter.com/theochino/media


I sincerely hope that we can have lunch or you can visit me at my garage office.

Right now, I really do feel like Don Quijote, and you post really doesn't help.



212 694 9968.


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Jim Harper    118

Hi Theo,


I thought your question to Ben Lawsky was really great. I did not attend but watched the video, so I could not see you and did not pick up any information about your identity. Thus, I was not in a position to confirm with you that you are indeed garage-based.


I see your point. The verb "claim" does have a common implication that a fact is in dispute. I don't think I gave it much thought at the time, but in retrospect I should have said that you "said" you were garage-based and not that you "claimed" you were.


Thanks for the correction! Sorry for the poor word choice.



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Theo Chino    10

Hello Jim,


I tough you were in the room and I was "wrongfully" upset that we did not meet. I did not want to dwell on who I was so I just blurred my name and asked my question.

As you know, I am trowing legal wrenches to the NYDFS with the hope that one will actually stick.


I have done the round in New York City and I do have a hard time finding other small businesses that are today "legally authorized" to do business in New York State and that would require a BitLicense.


I would like to organize a Meetup together of all the small NYS folks that would require a BitLicense and form a committee that the DFS would listen to.

Do you think it would be possible that the foundation lobbies for me to be the "Bank in the Garage" New York State rep to the DFS so I can sit at the table ?




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