COMMENTARY: What is Bitcoin?

Adella Toulon-Foerster, LLM
Adella Toulon-Foerster, LLM

Bitcoin is a new online system for people who want to receive, hold, and spend money. It’s somewhat similar to online banking systems, and especially similar to PayPal in how you can use it. Because it’s all online, it’s especially easy to use with smartphones and is becoming one of the drivers of the emerging worldwide trend of mobile commerce.

PayPal, credit cards, and bank accounts all use familiar currencies, like E.C. dollars, pound sterling, and the like. One special aspect to Bitcoin is that it is its own currency, with a value that can go up and down. If you travel often to Guadeloupe, you’ll notice that sometimes you’ll get more Euros for your E.C. dollars, and sometimes you’ll get fewer. It’s the same with Bitcoin.

In that sense Bitcoin is its own currency, one made specifically for the Internet. But unlike other currencies, Bitcoin isn’t issued by a central bank or other agency of any government. New Bitcoins are made when someone participating in the Bitcoin system lets their computer do enough of the hard work required to keep the system as whole running smoothly. Because a lot of people participate, this means that the work is spread out across the world, which is good for overall efficiency and means that it would be very difficult to bring the system down.

The maths that underlie the Bitcoin system are very complex, but they prevent problems like someone spending the same money twice or somehow taking control of the system and changing the amounts in people’s accounts. The underlying mathematics also place a cap on the number of Bitcoins that can ever be produced, so unlike government currencies such as the Jamaican dollar that can lose value when too many are printed, the value of Bitcoin cannot be stolen away through overproduction.

In a sense, the creators of Bitcoin have solved a very big problem when it comes to financial systems. With government systems, you must trust that government officials and regulators are doing a good job to look after your interests. With Bitcoin, the maths behind the system prevent corruption: you can break the laws of men, but you cannot break the laws of mathematics.

Some people claim that Bitcoin is dangerous, useful to criminals, or otherwise harmful. Like any other kind of money, Bitcoin can be used for good or ill. There have been businesses which use Bitcoin that have gone bankrupt, and there was one widely reported case where Bitcoin was being used in an online marketplace for illegal goods. But just as we don’t say that U.S. dollars are bad because they can be used for crime, neither should we say that Bitcoin is bad because a few bad people have misused it. And many governments around the world seem to agree, for example the U.S. government has held hearings on Bitcoin and concluded that it is acceptable, issuing regulations governing its use in that country.

It’s worth noting that while Bitcoin is getting a lot of attention in Dominica, we’re not the first developing country where there are initiatives happening to promote its use. In Kenya, East Africa, a service called Bitpesa allows people in that country to receive money directly on their smartphones from relatives who live elsewhere, such as the UK. Closer to home, entrepreneurs in Barbados are setting up a Bitcoin exchange there called Caribcoin.com.

Even so, it’s a fair question to ask whether Bitcoin is a good fit for Dominica. It seems unlikely that we’ll all stop using E.C. dollars anytime soon, but might Bitcoin be a good addition to our society’s collection of financial tools? It seems most likely that some people and businesses in Dominica will have more to gain from considering Bitcoin than others, particularly those in three categories.

Firstly, companies that engage in a lot of international trade may be the most interested, since Bitcoin transactions are essentially free and clear within minutes, unlike any other means of international transaction.

Secondly, it might also be of interest to those in our tourism industry, as those foreigners who like Bitcoin may consider us as a destination over other countries if they know that Bitcoin is widely accepted here.

Finally, Bitcoin can be useful for foreign remittances, meaning anyone who receives money from relatives who live and work abroad.

But will we see people whipping out their smartphones to use Bitcoin at the market on Saturday mornings, or to make it easy to split the cheque at Fort Young? Only time will tell.

In the meantime, there is a great deal of information available online about Bitcoin from many sources.

Make your own decision!

Adella Toulon-Foerster is a Dominican who attended the Convent High School and the Dominica State College. She was further educated at the Nottingham Law School in the UK and completed her legal studies at the George Washington University School of Law in Washington DC with a Master of Laws in Business and Finance Law. Her thesis “Bitcoin: Strength in Numbers” was on the cryptocurrency’s legal impact on banking. 

 

 

 

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137 Comments

  1. Dahaka
    September 4, 2014
  2. overseas dominican
    September 3, 2014

    just read” idiotoc dominicans that blog and the’ Grown up” blogs on emile zapotas . are very instructive …this person has issues ..grudges and focused on fighting and destorying reputations for reasons unknown …how sad !
    sound like a lonely old man venting

  3. overseas dominican
    September 3, 2014

    I have just seen and read the blogs on the matterof bitcoin .
    We now live in a new age driven by new technology..face book ..various blogs
    This generation have taken the role of carrying their message to their governments through social media .
    DNO must be commended in carrying out this exercise to educate the populace about issues which are now trending in the world .
    Seem writers are caught up in a melieu of various agendas:old fashioned narrow vision tribal politcs with the propaganda element -educated well researched input -personal attacks .
    We now have an opportunity to explore possibilites in being a mover in the financial world .
    The BITCOIN community are self assured successful new venture millionaires and billionaires and clever educated investors
    Dominca needs these people to seek holiday homes business location by favourable taxes and the connections with the world of wealth
    The associates of the new BIT COIN entrepreuneurs are the new module of business ….NON GOVERNMENTAL –humanitarian ..TRUSTS—FOUNDATIONS
    All of whom we need ..
    Going forward we will need a Government that will respond to opportunity beyond the norm and out of the box ..
    I have noted the O.J factor as being associated with the BITCOIN proposal for DA and though I have been out of Dominica for some time I can recall the OJ DOLLAR which seem to be ascribed as being of ill repute..quite contrary I can recall that it was a couponThis was to be used for the task forces in villages to acquire food and building materials for self help done in their communities and it was by arrangement with USAID ,,A brilliant idea which was shortchanged when the storeroom hosting the coupons was vandalized .
    We need not always seek to bring down the locomotives of our generations because the train will remain on the tracks .

    • Anonymous
      September 3, 2014

      A lot of waffle saying exactly nothing.

    • Kraus
      September 3, 2014

      I don’t know too much about Dominica but am now researching it because I would love to come to you for a holiday during the Bitdrop early next year when it will be wet and cold here in Vancouver, Canada. Bitcoin’s near infinite divisibility and computational verifiability make it a highly attractive global unit of account. Value can be expressed and exchanged in micro-cents, and the ownership of these units of account can be instantly and independently verified by any transaction counter-party.

      I could go to my bank, deposit some Canadian fiat cash, transfer it to my account on a Canadian exchange, and buy Bitcoin with it. Then I could come to Dominica during the Bitdrop party and have a great holiday helping people with Bitcoin. Do you know that I can buy flight tickets here with Bitcoin?

      I have been working in the Bitcoin field full time since January teaching and helping people about this new currency for free because of my love for it. Bitcoin can unite the world with currency like the internet does with information.

      Think of Bitcoin to be like a little like a barter system, but better. I will trade some Bitcoin for a hotel room, the hotel may trade some Bitcoin for kitchen supplies. Do you know that the Bitcoin can be divisible by one one hundred millionth ( 1/ 100000000)? People can send a tiny fraction of unit Bitcoin the exact same as sending hundreds of Bitcoins anywhere in the world and have no interference from banks and government. No third party middleman. This can be done and confirmed in a matter of minutes for virtually no cost!

      • Kraus
        September 3, 2014

        Great commentary by the way, Adella.
        :)

      • ATF
        September 4, 2014

        Thanks Kraus!

  4. The Saint
    September 3, 2014

    If ever there was a case to be made for the teaching of finance in secondary schools in the Caribbean, it is now.
    It concerns me greatly, that having produced such great minds in the fields of magnetics, Astro physics, Agriculture, Theology, Economics, Jurisprudence, Medicine, you name it, we are now been suckered by common fraudsters, all because we continue to be naïve. When a minister of government, and a medical doctor by profession, can be easily suckered into such a scam, it begs the question, what kind of judgment can he exercise?
    Now when one talks about virtual currency, what exactly does that mean? What is the rate of exchange to be used? In which currency will settlements be made? Who or which merchants will be accepting this so called currency? Can one purchase a car with this currency? What about the ease of fraud? How about every criminal organization, including those in cybercrime using this means to further their criminal pursuits?
    We already have a dangerous world, why should we make it more dangerous, and facilitate criminal activity.
    My biggest question yet is why Dominica at this time? I have my suspicions, given the timing and the involvement of politicians

  5. Island man
    September 2, 2014

    Dear Mr. Ira, I will accpet ALL THE BTC that the naysayers do not want in the Bit Drop. Nayasyers, please put ur name on a “do not send list” or simply forward the btc to me! Don’t worry Bro…I have use for them..PARTY TIME!

  6. WAKE UP MY PEOPLE!
    September 2, 2014

    THIS PART OF THE STORY REALLY WORRY ME: “Bitcoin is its own currency, one made specifically for the Internet. But unlike other currencies, Bitcoin isn’t issued by a central bank or other agency of any government.” THIS IS SOMETHIS THAT REALLY WORRIES ME!

    • Nick
      September 2, 2014

      If that worries you, you should know that the software is open source. It has been reviewed by countless eyes over and over again. It keeps improving. There is a community of developers working to make it better. Its been working for five years on sound theory.

    • ATF
      September 3, 2014

      WAKE UP MY PEOPLE,

      I struggled with the same thing. I remember sitting in banking law, learning about how money is backed, regulated, and distributed. Juxtaposing bitcoin did me no good because I was still in a fiat vs bitcoin state of mind. Bitcoin and fiat are not the same animal. I don’t believe that bitcoin will replace money. However, if I want to send $1000 to someone securely, quickly and legally, I will use bitcoin and pay $15 (or less) to send it rather than the usual $50 or so odd dollars that banks or other merchants charge. Some people hold on to bitcoin as a savings or investment mechanism. I am still too conservative (and not savvy enough) for that. Easy, quick and legal — like sending a moneygram or a bank wire but cheaper. Now, of course, I make sure to adhere to all US laws and regulations set in place to govern the use of bitcoin.

    • relax
      September 3, 2014

      that should be the one which sets ur heart at ease. now the value can’t be controlled by some jew in the fed. its value mainly comes from us and the value we associate with it (trust) and the fact that unlike paper fiat money there is a limited supply only 21 million bit coins will ever be in rotation and

      • Anonymous
        September 3, 2014

        How offensively racist. Remember that Jesus was a Jew.

  7. D LLoyd
    September 2, 2014

    For all who might be lost to this topic, have a read! http://en.wikipedia.org/wiki/Bitcoin

  8. enlightened
    September 2, 2014

    Ira Miller thank you..We are aware that the BITCOIN community of the new rich milionaires and billionaires will follow you lead .. we need their presence holiday and vacation and business domains residences.. we have favourable laws ..healthy living nature island etc offshore banking IBC.S INTERNATIONAL BUSINESS CORPORATION license available.
    You were perusaded to visit and confirm DOMINICA as the place of innovation small democracy educated population for the most part ..very eminent diaspora intellectual popualtion..
    Ira please do not let ignorance deter the bitdrop

  9. Stupes
    September 2, 2014

    Read up on Ross Ulbricht. Doing bitcoin transaction under the name of Dread Pirate Roberts. He is allegedly the mastermind behind the underground the Silk Road dark marketplace. I have read extensively about this big FBI crack because he was in Dominica about three months before he was arrested by FBI.

  10. Blade
    September 2, 2014

    Good idea , bring the bitcoin, i am ready for my bitcoins , nothing is wrong in trying new things.

  11. Anonymous
    September 2, 2014

    Growing up I used to wonder how little Dominica will be impacted by end time events. We are here! The system of the feast is well on its way. There is no stopping it.

    • uwotm8
      September 2, 2014

      Haha well if the system is about feasting then you know all dominicans hook cuz you know how our people like fête lmao

      • Word
        September 2, 2014

        Feast :D

  12. wellz
    September 2, 2014

    Bitcoin is very interesting concept indeed. I am no expert in this business but do know a thing or two about this abstraction. I have a bitcoin wallet which I activated earlier this year. My sole intention of purchasing bitcoin was to simply make a profit from it. For readers who are familiar with the stock market, bitcoin can be treated as such – a stock from which a great profit or terrible loss can be attained.

    Here’s the real deal: the price of a single bitcoin fluctuates by the minute. In any given day (or hours in a give day) a single coin can be purchased for $477 (today’s current price) to $900 (or much higher). This unpredictable shift or change is constantly happening & all this is due to some complex algorithm.
    With that said how will the average Dominican worker benefit from this abstraction?

    The bitcoin currency is very dicey. I don’t know if it was intentional but the author failed to mention how unpredictable & risky it is to use bitcoin. I advise the readers of this forum to do a little research & try to understand the pricing structure (if possible) because that’s one of the most important aspects of using this digital currency.

    • Pointe Michel
      September 2, 2014

      what do you mean by activated earlier this year???

    • D LLoyd
      September 2, 2014

      Very good point. Price fluctuations and security are two of the most riskier aspects. Don’t get me wrong, it’s a good experiment but people need to read more into it. It’s way more complex than we may think.

    • ATF
      September 3, 2014

      Wellz,

      Yes, the price fluctuations you describe can be a big problem for those like you who buy and hold Bitcoin. That’s risky, and people should know what they’re doing before they even consider holding a significant amount of Bitcoin for a long period of time.

      But since you ask about the average Dominican, that person is probably most likely to use Bitcoin as a way to receive money from relatives who live abroad. When it’s used for that, if the person is receiving Bitcoin and then exchanging it for E.C. dollars right away, the risk from currency fluctuation is very low, and considering that there wouldn’t be the fees charged by Western Union, MoneyGram, or banks it would still mean a lot more money ends up in their pocket than with those other services.

      In an article I wrote for the GW Law school paper, the issue is addressed: You can skip to the conclusion: http://www.thenotabene.org/2014/04/bitcoin-what-sorcery-is-this/

  13. A. Charles
    September 2, 2014

    Emile Zapatos… What is your problem? You annoying!

    • Pointe Michel
      September 2, 2014

      I doubt Emile Zapatos is even that person’s name, because from what I gather nearly all of the person’s posts are negative and filled with lies…

  14. Patriot
    September 2, 2014

    Emile, you can’t even spell Bitcoin. Why you going on and on like some sort of deep thinker? LOL

  15. grown up
    September 2, 2014

    This Emile ZAPOTA is obviuosly a snob masquerading as some kind of sage but his contributions reflect the paucity of his intellect
    Attacking OJ our former PM who had at least the balls to reach out to billionaaires of BITCOIN to benefit his country and now an young attorney trained \at the best schools in Britiain and the USA with a masters degree IN LAW and a thesis on BITCOIN .This person is out of his league obviously
    WIll the Emile ZAPOTA STATE HIS QUALIFICATIONS for his consistent hogwash on DNO
    It is folks like this which persuaded Patrick John to have pen name people like this zapota to be declared in the sedItious and undesirable publications act which resulted in his downfall.
    ANONYMOUS may be Zapota– sound alike very empty attacks on persons of ability and strangely ANONYMOUS LAST BLOG seem a turn around and respect after attack for the young lawyer.
    Thank you MC.Marie for your piece of commendation for the lawyer clearly the intention of
    the uneducated is to shut up the movers and shakers !
    Doc Love is a prize act caught up in the slander of the narrow prism OF POLIITCS or should I SAY PRISON of the political ignorant DISCOURSE SOLELY of party politics!
    This issue is not about SKERRITT or the UWP it is about Dominca and its role in the world community ..It is about billionaries being persuaded to do business here as we have the laws in place— investment citizenship etc
    Now being studied by S Lucia …Another blog did say why not st lucia why Dominica ?Dominica led on ALBA- st lucia wants to follow ..we lead on new ideas others follow that is the objective !
    The answer is we have people of persuasion to move the power brokers here like Bitcoin.
    We need action people not bloggers with infantile minds !
    will DOC LOVE -ZAPOTA -SNORKELLER-ANONYMOUS-ATKINSON state what programs and projects they bring to Dominica and when?

  16. Lacey Paris
    September 2, 2014

    This is just an elaborate pyramid scheme. Very sophisticated and brilliant, but I will be sticking to my ‘old money’. Thanks very much.

    I’m not that anxious to save a few dollars online that I would take this kind of risk with Bitcoins.

    Until I’ve seen Bitcoins accepted by the Japanese and Chinese Government, I’ll take a pass. The Japanese and Chinese are very money-savvy people, so i’m taking a leaf out of their book.

    Bye all.

  17. zag
    September 2, 2014

    Bitcoin is an interesting concept and should provide great opportunity in the future. I however don’t like the idea of Dominica being the guinea pig for its implementation WITHOUT certain protective guarantees. Mining of the coins is also a major issue, as it depends on high tech, high speed computers. Most of us in Dominica cannot successfully compete on that front. WE MUST TROD CAREFULLY.

  18. Anonymous
    September 2, 2014

    One rule I follow for investing and that is, invest in what you know. I’ll do the same as far as bitcoin is concerned.

    • ATF
      September 3, 2014

      Anonymous,

      I would like to think that if we didn’t step outside our comfort zone that we would still be swinging from trees and living in caves — without fire.

  19. The Clown
    September 2, 2014

    I would like to hear the views of Dr. Thompson Fontaine on that matter….or Ambrose.. :mrgreen: :mrgreen: or the finance wiz kid… :lol: :lol: Skerro!!! :-D :-D :-D ….

    • ATF
      September 3, 2014

      The Clown,

      I would actually love Mr.Fontaine’s views on the matter. I consider him to be one of our most brilliant minds on Finance.

  20. blakey
    September 2, 2014

    This is GOOD TECHNOLOGY FRIENDS….NOT BAD… read about it… its a good system for the everyday people…it makes one think about the nature of money.

  21. JAZZ53
    September 2, 2014

    Someone do not LOVE DOMINICA Beware!!.

  22. idiotic Dominicans
    September 2, 2014

    Why are these conspiracy theorists talk so much sometimes. Emile, if you don’t want anything to do with bitcoin then don’t do it! It’s as simple as that. Put your money in a sock under your mattress if it makes you feel better. You sound like an uneducated fool, probably one who had too much education to be anything else than a fool. There are bitcoin programs everywhere. Just recently there were bitcoin ATM (bitcoin machines like the bank has) installed in several busy financial districts in Toronto. If you were to do your own research and take your head out of your butt you would see that ATF isn’t doing anything but telling you to do your own research, plain and simple. But then again people like you are the ones that run and kiss corrupt politicians’ behinds like they are all good and mighty when every single one of them only cares about lining their pockets and sending pennies to the ones like you who don’t know any better than to vote for them. Educate yourselves people.

  23. King Skerrit
    September 1, 2014

    Atf you are vested in bit coin. It’s therefore rather disingenuous to come in here under the guise of promoting research on the matter when your entire slant is pro the concept. I have seen your postings around the web-you are not a neutral voice. Any thing you propose should be taken with a grain of salt.

    • ATF
      September 3, 2014

      king Skerrit,

      I respect your opinion and I would not lie to my fellow Dominicans. I do like the concept of bitcoin.

      You are wrong in one aspect though. I would never force bitcoin on anyone. I really really really (emphasis on “really”) want people to do their own research. Period.

  24. King Skerrit
    September 1, 2014

    So when is the Minister of Finance going to address the peope. You gave a totally random group of people to use your citizens under the guise of “free” money and technology but you cannot take 5 minutes to address folks?

    People it’s nothing strange; it’s time for change!!

  25. Mc Carthy MARIE
    September 1, 2014

    @ ATF,

    It is downright shameful that after you have spent your time doing research on an increasingly important aspect of the digital economy ( means of payment) and freely gave the results of your hard work that so any people are here on DNO suggesting that you are some kind of crook or fraudster.

    It is unfortunate that so many of our fellow citizens are anxious to return to the 19th century, but I trust that the unwarranted attacks on your character and motives will not deter you from sharing your experiences and knowledge with us.

    I for one look forward to reading more from you, whether in the realm of law, finance or the digital economy.

    Again thanks for the article.

    • Doc. Love
      September 1, 2014

      As an economist, be careful as to what side of the fence you are standing. Allow full operation of this venture, before you make a fool of your reputation. You sound very angry.

    • brois
      September 2, 2014

      it is shameful to question an article? It is shameful to ask about a new financial system suddenly wanting to be place on me and fellow Dominicans? Is it shameful to ask why Dominica and not another island? Is it shameful to ask how we as a people going to benefit directly from this experiment? We as a people have been taken for so many joyrides and at the end we are left holding the stick, well if being careful and concern makes me shameful . . . .then I wear that badge with honor.

    • Emile Zapatos
      September 2, 2014

      @ Mc Carthy Marie…….You mean we all should agree with AFT’s one sided version episode, like sheep being led to the slaughter by a judas goat. Some of us are too experience to be taken for a ride’
      Like some insurance company who tell you your full coverage policy does not cover acts of god, only when you make a claim. Or after a tonado or hurricane you are told that your storm damage does no cover flood or water damage. Do not be fooled. Biocoin is not in this game because they love Dominica, but because they love to make money. A single minded purpose……TO MAKE MONEY.
      Yes some of us will not be taken by all this damage control one sided promotion. And its our duty to tell the people to take warning and do not be fooled.
      It is downright shameful and unfortunate that you are playing the mind game like Ira Miller who see a fortune at stake. AFT and you are not the only one who can do research. Sometimes a gut feeling is all the research you need, but the biggest research is experience. Some of us have scamed and some of us have been scamed , or both.
      When I was interested in law , a lawyer friend told me that lawyers do not lie, they defend their clients interest.
      Since world war 2 America has been in several wars, not to defend the mainland, but to protect America’s interest overseas.

      • Dahaka
        September 2, 2014

        Emile Zapatos: ”Some of us are too experience to be taken for a ride” dafaq you saying, again you talking a bunch of “sheet” and lies where is your proof hmm, I advise you to get off the internet #anon

  26. Anonymous
    September 1, 2014

    If these bitdrop people are on the up and up why don’t they operate the company from United States as opposed to Panama? Somehow this sounds very fishy to me.
    I am sure the reason why they are registered in Panama is because they can get away with a lot of stuff in Panama that would not have been allowed in the US.

  27. gratel
    September 1, 2014

    i am congratulate you dna for get an a professional opinion but here opinion is biased for Bitcoin so far she has not give any negative for bitcoin rather is has a given a self justication for bitcoin by taking the negative of bitcoin and try justify with the other negatives of other currencies. Ms adele you were supposed to give a professional view on the pro and cons of bitcoin not self justification of bitcoin. I am quite dissapointed with your opinion this is not surprise since you are talking an issue in which you are lacking financial or banking knowlege as relate to risks associated crypto currency market Dno please a get a finanacial persons pro and con to talk about this issue.

    • ATF
      September 1, 2014

      Gratel,

      This article is merely a *what is it?*. If DNO were to ask me to write a pros and cons, I would gladly do so. However, we live in a digital age where information is ready in seconds. Google: “Bitcoin, Pros, Cons”. You will find a score +.

      • Emile Zapatos
        September 2, 2014

        @ AFT…….Why do you have to wait to be asked to write a pro and con article. You should have “just do it”. and why do you join Ira Miller in the persistent defense of Bitcoin. I cannot help but to read between the lines. I cannot help but think of things happening behind the scene, or should I say sin.

    • Anonymous
      September 2, 2014

      From the article I have been able to gather that like pretty much any other currency, people can use it for good or bad. I have also gathered it is able to become bankrupt just as you could with ordinary currency.

      Adella, you bother to even respond to those people. A good portion of our population has common sense and education but a significant portion…well lets just say you cannot have a conversation with them. Sad but true. Thanks for the article, I have learned a bit more on bitcoin something I never understood before. Some people are just plain negative, they look for the negative in people, their job is to stir up trouble, and negative people are usually unhappy people.

    • Island man
      September 2, 2014

      perhaps the minister in charge of finance should speak? who is?

  28. Snorkeller
    September 1, 2014

    The following link from Sunday’s New York Times provides another twist.

    http://dealbook.nytimes.com/2014/08/30/top-bitcoin-proponent-to-plead-guilty-to-federal-charge/?_php=true

    • Not a herd follower
      September 1, 2014

      I read that story carefully, and in no way is bitcoin itself is faulted. The guy at the center of the story allowed/facilitated an unregistered business to carry out illegal transactions.

      • Forever Amber
        September 2, 2014

        In this story, it is clear that Bitcoin, NOT the guy, was used to facilitate an illegal activity, viz. purchase of illegal drugs. That is a drawback of the Bitcoin system.

      • For Real!!
        September 2, 2014

        “Not a herd follower”….This is like saying I create a law with loophole and people are using it to get away with bad things therefore I am not responsible.

        And now that I know I am not addressing it but instead I am getting more people to sign on to the law.

        This speaks lack of credibility in volume for the Bitcoin organization.

    • Anonymous
      September 1, 2014

      This is nothing new, it refers to the illegal marketplace that was mentioned in the article.

  29. Doc. Love
    September 1, 2014

    I have a very serious problem with the timing of Bitcoin, March 2015, just a few months before the constitutional date of General Elections. Their have been allegations that the Skeritt led administration has been giving money to Dominicans like rain. According to the officials of Bitcoin, at least ten Biscoins which is equivalent to $27.00 E.C. will be given to all interested citizens. Here is my problem, what better way to hand out lots of money to Dominicans under the pretense of Biscoin, and subsequently, the thousands of dollars which are paid out by Biscoin is reimbursed by
    the Government. Had it been a Financial Agency in Dominica behind this move, maybe I would not be so concerned. This is not an accusation, this is only my opinion.

    • September 1, 2014

      The money given out for The Bit Drop does not come from taxpayers, nor do we expect the government to reimburse even a penny. I would not consent to do this project if it was on the backs of taxpayers, as I am morally opposed. The money is voluntarily donated from the Bitcoin community.

    • Doc. Love
      September 1, 2014

      I feel your pain, Mr. Miller. You are not aware of what does on in the island of Dominica. As long as there is an association with Mr. O.J. Seraphin, whatever you say or do is of serious concern to me and Dominicans by extension. Dominicans have seen an almost similar transaction by Mr. O.J. Seraphin before.

    • young man
      September 2, 2014

      my friend your conversion rate seems to be off. At the current market value 1 bitcoin equates to USD $480.45 or ECD $1297.22

      http://www.xe.com/currency/xbt-bitcoin?c=XCD

  30. why Dominica???
    September 1, 2014

    Dominican is for what ever reason a target to these people,is it because our laws are the weakest in the west indies???
    high flyers like the ones promoting the currency made their marking and found Dominica is a soft touch.

  31. grandbay massive
    September 1, 2014

    dat bitcoin sounding like rothchild and rockefellar currency wi boy. make way for the currency of d new world order. dominicans yall too dumb, cant stop this!

    • ATF
      September 2, 2014

      grandbay massive,

      “rothchild and rockefellar currency” – Are you talking about fiat? Like dollars? Maybe you ought to do a little googling before calling a whole nation “dumb”.

  32. brois
    September 1, 2014

    there is a well oil bit coin machinery working here in Dominica and abroad to let the masses accept it .but no one cannot tell me or explain how it is going to make our lives better. The teacher , the policeman, the farmer, the student in high school, the college graduate looking for a job, the ordinary man or woman wanting better for themselves and children.

    • ATF
      September 2, 2014

      Brois,

      I am not sure how to respond to this but I will try. If the bitdrop is legitimate and happens, “the teacher, the policeman, the farmer, the student in high school, the college graduate…” will have EC27 more than they did the day before. Mind you, I am not affiliated with ANY company or person to advocate anything. The ordinary Dominican’s life will become better if he/she makes that choice and as far as their children, well, that is all choice and good parenting and really nothing to do with bitcoin isn’t it?

  33. September 1, 2014

    Here are the problems with PayPal:

    https://www.youtube.com/watch?v=QysUq8Muabw#t=36

  34. grown up
    September 1, 2014

    moo moo
    please get on the new enlightenment
    the world with internet and utube and facebook has made us responsible for ouselves .. to think and decide by research !
    the days of “la colony “is over ..We must take respomssibility for our selves The leaders will lead only after the masses have shown an inclination to move in a direction .
    So there is silence ok if there was a noise from the PM or Ministers they will be heckled by detractors
    there is a silence form the UWP same thing .same reason
    There is a silence from OJ who led the way on this mattter same purpose ,,same reason
    we have the tools to inquire stop being lazy or inept or ignorant
    we need to explore as indeed we should with geothermal mariujana being decriminalised for medical amd tourism purposes and freeing our childrem from unnnecessary incarceration whilst adults drink booze freely
    we need to think for ourselves and then persuade leaders to follow ,,this is a new age

  35. a00r
    September 1, 2014

    Adella Toulon-Foerster, LLM thank you for putting some sense into the trolls here on the DNO website.

    • ATF
      September 1, 2014

      a00r,

      Haha! We have had our FAIR share of charlatans and crooks and have been burnt. It is fair for people to question this. :-)

    • Forever Amber
      September 1, 2014

      So. a00r, what does the following mean to you? I don’t understand it:

      “New Bitcoins are MADE when someone participating in the Bitcoin system lets their computer do enough of the hard work required to keep the system as whole running smoothly.”

      What is ‘enough of the hard work’? Can anyone with a computer ‘participate’ in the system?

      • a00r
        September 1, 2014

        yes anyone with a computer can mine bitcoins, but the difficulty (how hard it is to find a block containing bitcoins) is pretty high right now to solo mine, bitcoin started with CPU mining then moved to GPU mining and then to specifically designed chips made solely for bitcoin mining. Enough of the hard work basically means the time frame it takes to find a block containing bitcoins, here take a look at this video
        https://www.youtube.com/watch?v=GmOzih6I1zs

      • September 2, 2014

        New bitcoins are made about every ten minutes, in amounts that diminish over time. Eventually (in about a hundred years) the amount produced every ten minutes will go to zero.

        The work being done is to verify that the transactions made are proper: that no one is trying to spend more than they have or trying to spend the same coins twice. It works sort of like a lottery, where the machine doing the work that wins the round gets the newly made coins. Since the lottery is mathematically fair but based on the amount of work you can do, it isn’t likely that a typical personal computer will win a round so there are pools you can join where the winnings are shared. Still, it isn’t likely that a typical computer will win enough, even in a pool, to cover the extra expense of the electricity used; there are special machines used these days that are more powerful and efficient.

        The best way to get some bitcoins is to sell products or services for them. This not only earns you them legitimately, but also helps grow their usefulness which makes them worth a little more.

      • Mc Carthy MARIE
        September 2, 2014

        The answer is yes. Anyone with a computer can participate in the system since it is based on the peer to peer file sharing system like Napster ,bit torrent etc. You just need to have a computer with sufficient computing power particularly a fast graphic processor to earn (mine) bitcoins profitably since running your computer costs money. You need to earn more bitcoins than you spend getting those bitcoins for you to be in the black rather than the red.

      • ATF
        September 2, 2014

        Forever Amber,

        http://www.cnbc.com/id/101332124#.

        Then google “bitcoin, mining”.

  36. Observer
    September 1, 2014

    Thanks Mrs. Toulon Forester for your commentary. Here is a piece of information that everyone should read. It does not mean that this will sway everybody to join in with Bitcoin tomorrow. Certainly. I too have questions concerning the scheme/program. I too am concerned about losing money to fraudsters. Not saying that the folks at Bitcom are fraudsters at all. Sorry if I did convey that perspective. What I am happy about is the very balanced contribution on the subject. Yes, it is a good initiative, but like every other transaction dealing with money, people have to guard their money. if one is unsure of the auhtnecity of the system, they are free to stay away. I will not be one to jump on Bitcoin after the first SMS text message, just like I am not dancing to all the fancy marketing schemes that our banks and telecoms sector throw at us. It is my choice to go after or not to go after. Government’s responsibility is to ensure that the system is free from corruption and will not swindle away peoples hard earned money.

    But then we should not forget we are into an election year. Everything ne thing here, whether is a government initiative or otherwise is treated with scorn and given the deleterious partisan label. Hearts off to Mrs. Touon Forrester for sharing what she knows with us. I suppose she is a Dominican in the diaspora who believes that she can make a positive contribution to Dominica’s development, not in government as so many beleive that is the only way they can assist Dominica’s development. But she can assist with enlightening the people on important issues. Appreciated!!

  37. Grand Bay Yard-fowl
    September 1, 2014

    All I know and understand is what’s floating on the internet about Bitcoin. At this time, I’ll continue to use my pay pal, credit cards and cash. No need to change what’s not broken for me. But I’ll be watching and seeing how my country is going to deal with it.

    http://www.maximumpc.com/bitcoin_mining_101

  38. Moo-Moo
    September 1, 2014

    The intruging thing around the idea, is that the Dominican people are only hearing about Bitcoin project to be in operation in Dominica. Govt. mouth shut. Ministers mouth shut.

    Darroux, a Govt. Minister knows something about that Bitcoin project, but says nothing. Govt, not PM as finance Minister has told us nothing. Ayen.

    Who should know what is best for us but we ourselves, after proper information, discussions agreement/disageement on the matter affecting us. Where is the input of the people? Why does Govt. hold that “novel” BitCoin project so secret and close to their chest?

    The Dominican people do not know one iota about that Bitcoin thing. Shouldn’t the information first come from those who are paid in Govt. to engage the people in such matters of Finance? What kind of regulation will take place? Who will monitor the operation so that proper financial procedures are followed? FSU?

    Why would any Govt. not be the first to inform the people about BItcoin operating in Dominica soon, especially when it is the Minister of Environment who seem to be the point guard, in that financial operation?

    Is so the? Govt or Minister agree for foreign concern/business to set up project in Dominica, without the knowledge or input of, without consulting, without informing the people? What disrespect? What arrogance? Why are they Moo-Moo on such a project?

    • Lougaoo Mem
      September 1, 2014

      Good point, good questions Moo-moo. There’s an unknown reason why those you think should come forward, explain to the common man in layman’s language, all they know about Bitcoin, but remain silent. In my opinion, our people ought to do their homework and ensure that they are not taken for a ride. My only question is, why is Dominica the proving ground for such in the OECS? I’m watching.

    • ATF
      September 1, 2014

      Moo Moo,

      I agree that there should be a more open conversation. However, if you want to learn about bitcoin, there are so many resources online. I am a little saddened by the fact that you don’t consider this piece to be “input of the people”. I am as Dominican as they come.

      • Emile Zapatos
        September 1, 2014

        @ AFT………Why are you so defensive of Britcoin, and think it is so attractive. Its aim is not to develop Dominica or any country but to make money by any means necessary.
        As Dominican as you are , is that the best you can offer, the defense of a questionable operation.
        Have you heard about the Sandiford Ponzi scam.
        Have you heard about Sir Hugh Greatbatch from the British Development Devision. He helped Patrick John reject many fly by night investors that Austin the lawyer (the AG) had contacted.

      • Emile Zapatos
        September 1, 2014

        If you are as Dominican as you say here is the test. Write a legal piece on the legal aspects of sustainable development as it pertains to the Jungle Bay hotel in Dominical. It can pertain to local law and international law. This would certainly help the concept of a nature island and would give the idea a lot of credibility since it came from a learnt and experienced person like you. You would certainly help us understand more of this concept with your research, Dominica is one of the first among Thailand and the Woodlands in Texas. We are in big company without scamming and damage control.

      • ATF
        September 1, 2014

        Emile,

        Please read the article again. I am not defending it. I spent years researching it and have merely outlined the basics. While I have not head about the “Sandiford Ponzi scam”, I have writen extensively about Allen Stanford (I assume you are talking about him). I am sure Antigua will regret that till the end of time.
        However, Allen Stanford has nothing to do with bitcoin so I am a little confused about the comparison.

      • tor
        September 1, 2014

        seems the troll wants to be fed

    • Island man
      September 1, 2014

      this is not a currency per the IMF, International Monetary Fund, which we all love with their glowing reports on our country. How can it be compared?

      • ATF
        September 2, 2014

        island man,

        I cannot speak for the IMF but if they want to warn nations about bitcoin, they ought to start with the United States and Canada but they won’t will they? Smaller nations are easier to bully.

      • Island man
        September 2, 2014

        ATF, No understand u. The US Treasury treats btc as property. that is the usa. what do u mean? I will let u know about canada as I just got my visa and heading there soon.

  39. Anonymous
    September 1, 2014

    Smart move by the Bitcoin people. First a foreigner came and it floated like a lead balloon. So what do they do? Send one of our own to front the project.

    That makes us feel comfortable and then they hook us.

    Don’t fall for that scam.

    ADMIN: We here at DNO took the initiative to contact Adella to write this piece in the hope of getting to educate people on the Bitcoin. This has nothing to do with foreigners sending anyone to front the project.

    • ATF
      September 1, 2014

      Anonymous, I wrote my thesis on Bitcoin and my purpose here was to start a conversation. I am not paid by any person or company — I want to encourage people to do their own research on bitcoin.

      • Pedro
        September 1, 2014

        ATF. If some Bitcom currency is being sent to every person with a cell phone on the island, you can’t simply say go on the internet to find out. This is total disrespect both in terms of forcing a product on a person and secondly by telling that person to go online to find out. The “average” man in the street in Dominica does not know nor does he/she care to research that topic, let alone participate. Again we are assuming as well that it is a desirable or doable thing for the average man in the street, without significant hand holding.

      • ATF
        September 1, 2014

        Pedro,

        You are talking about the bitdrop and unfortunately, I don’t know much about it except to say that if I got an SMS from a company offering to give me $10 US worth of bitcoin, I would either say yes or no after doing some digging. I believe that more education is needed on the subject in order to let people know what is going on.

      • September 1, 2014

        Pedro,

        As your question is more about Coinapult’s SMS wallet than bitcoin itself, I’ll respond. ATF is probably not familiar with our wallet as it is different from standard Bitcoin.

        The Bit Drop will not force anyone to use bitcoin. We are simply going to invite every person to receive some free bitcoin to spend at a party next March. If you do not want to participate, that is perfectly fine. The SMS system is opt-in, and we are not receiving any personal information that you don’t explicitly give. If you do choose to participate, the money is yours to spend locally or online, as you desire. You chose whether the money stays in Dominica.

        As far as further information and research, we have a lot to do in the next 6 months to prepare. Expect to see lots of educational outreach and opportunities for question and answers between now and then.

      • Emile Zapatos
        September 1, 2014

        That is what the lawyers of Al Capone said in Chicago in the 1930’s

      • Emile Zapatos
        September 1, 2014

        MY Capone comment is addressed to AFT, not Pedro. Sorry.

    • Emile Zapatos
      September 1, 2014

      Suddenly admin of DNO know who to contact to speak on behalf of Britcoin is that a coincident. After all you scoop the breaking news on this.
      All I can say is it smells like a conspiracy, and we should stay away from it. Too many if’s . And too much damage control. There are a lot of behind the scene activity going on from here to Panama.
      Should we call this soap “From here to Panama.” We are awaiting the Government review.
      Remember how Watergate cost Nixon the Presidency?

      • Not a herd follower
        September 1, 2014

        Man, you are all about the place seeing negative in everything thing people say that appears to you to be favourable about bitcoin. You sound like a knee-jerk conspiracy theorist. YOU ARE NOT CONTRIBUTING TO THE EDUCATION OF THE PEOPLE ON THIS NEW TOPIC. Get off the DNO blog if you cannot make a useful contribution.

      • Forever Amber
        September 1, 2014

        You’ve expressed my skepticism about the project. The Bit Drop looks like bait designed to draw in the unsuspecting, naïve Dominican. Actually, I am surprised that ATF would have agreed to write this piece. Her presentation is not grounded in fact; it is too theoretical and iffy.

        Mr. Miller, you chose the wrong avenue and the wrong time – an election year – to introduce Bitcoin and bitcoins to Dominica. I would scrap it and start anew following General Elections. Your efforts, genuine or not, will always be linked, one way or aother, to the upcoming elections.

      • Emile Zapatos
        September 2, 2014

        I will stop at nothing to destroy bitcoin.

      • Island man
        September 2, 2014

        emile…empenadas mi amigo…where? caracas?

  40. brois
    September 1, 2014

    Is this article an endorsement? The underlying factor here is..what are the benefits of this new currency to the regular Dominican. How does it make dominicans lives easier?

    • ATF
      September 1, 2014

      Brois,

      I am not endorsing any company. I am endorsing research on the subject.

      • Emile Zapatos
        September 1, 2014

        You are not endorsing , you are defending.

      • brois
        September 1, 2014

        so you are endorsing the research of bit coin in Dominica on Dominicans? My next question is if the intentions are so good, how does it benefit the regular person living Dominica who bit coin suppose to help?

    • Ovidel
      September 1, 2014

      Instant free payments anywhere in the world without requiring to give up any personal information to anybody.

  41. LISTEN!!!!!!
    September 1, 2014

    One question: Tomorrow morning my bitcion account is hacked and all my bitcion money is stolen ….Tell me who guarantees my money and how do I get my money back?

    Today if my credit card , debit card, Bank account or paypal account which operates using a regulated currency is hacked, I am able to get my money back from the issuers.

    Also all the other things spoken about the convenient of Bitcion using smartphone is in the works and is tested right now with regulated currency…..which is called INTL Mobile Banking or Mobile E-Wallet.

    • Ovidel
      September 1, 2014

      No one gurantees your money but you. You are in charge of your own money just like with cash. You don’t have to use it if the responsibility is to much for you. Some people prefer being in charge of their money instead of relying on the banks or government. I doubt the E-wallet is free and you can transfer any amount with it. With Bitcoin you can.

      • LISTEN!!!!!!
        September 1, 2014

        So Ovidel…..You are asking people to use an open system and you have no liability for hacking of your system. Therefore disappearance of their bitcoin money in an unregulated environment is their responsibility even the bitcion system is hacked.

        OVIDEL QUOTE::
        ” No one gurantees your money but you. You are in charge of your own money just like with cash. You don’t have to use it if the responsibility is to much for you”

        So I will guarantee my money in a regulated market that is insured to provide consumer protection again theft on my money and NOT USE BITCION……And note:: CASH is regulated and is a physical legal tender and is no Virtual Money so don’t equate them.

        People google M-PESA Vodafone , M_WALLET Inida all these is done using Mobile phone with regulated currency and your are secure against electronic theft …..Of course theses service come with a fee but you have the piece of mind that if you money disappear the Financial or Mobile companies with provide credit.

        Very soon the local Telecom providers will have these secure INTL Money mobile service to Dominica. It is the direction the industry is taking……Digicel is already doing it in Haiti for the local market called “TchoTcho”

    • September 2, 2014

      Your credit cards, debit cards, bank accounts, and paypal need to be insured against theft because it is comparatively easy to steal from them. In order to use them you have to give the person you’re sending money to a lot of your information, and they pull the money from your account. Bitcoin does it in the reverse: the person you are sending to has to give you a very little information (just the bitcoin address and amount) and you send them the money. Bitcoin transactions are much safer.

      • LISTEN!!!!!
        September 3, 2014

        Mr. Ron Helwig…. you seem intelligent.

        1. My regulated digital money maybe stolen but I am insured, so the day that ever happen i will get my money back.

        2. The likely hood of my bitcoin stolen is very slim as per you but the day it is stolen I will not recover a single bitcoin.

        Choose one…….

  42. September 1, 2014

    Great intro, Adella! Is your thesis paper available online?

    • ATF
      September 1, 2014

      Ira,

      It will soon be available on ssrn.

  43. awa wi
    September 1, 2014

    It is an interesting read in terms of advocacy for the idea however i find the discourse in regards to the negative aspects of bit coin downplayed A LOT especially in regards to legal implications which i thought would be the forte of someone who studied law which leaves me to wonder if u have received a few bit coins already
    and intend to earn rewards in terms of lawyer fees for the new entity or associates etc the biggest problem of bit coin is regulation and security, everyone is saying the u.s is using it yet the office is in panama which speaks volumes in itself. With so much being done to regulate concrete currencies we now have to deal with virtual currency? Our laws are not even updated as it relates to computer crimes or probably that is the reason for us being chosen since they cannot be prosecuted when things go wrong in other places? Just speculating since u left that door open lol

    • ATF
      September 1, 2014

      Awa Wi,

      This is not a legal paper. I would not punish the good readers of DNO like that. It is merely a *what is it?*. The IRS has decided to treat it as property and recently, the House heard: ​Bitcoin: Examining the Benefits and Risks for Small Business. A full clip of the hearing is available on youtube.

    • Island man
      September 1, 2014

      As Dominica and Panama have diplomatic relations, perhaps the people naysaying Panama need to look into our laws on Libel and Slander.
      Panama’s economy is one of the most stable in America. The main economic activities are financial, tourism and logistics, which represent 75% of the GDP (Gross Domestic Product). From 2003 to 2009 the GDP doubled, propelled by high foreign and domestic investment, coupled with the tourism and logistics industries. According to the Bank, the IMF and the UN, the country has the highest per capita income in Central America, which is about $13,090; it is also the largest exporter and importer at the regional level, according to ECLAC. The GDP has enjoyed a sustained growth for more than twenty years in a row (1989). The country is classified in the category of investment grade by these credit rating companies: Standard and Poor’s, Moody’s and Fitch Ratings.

      Panama is a member of the UN General Assembly (and most major UN agencies) and has served three terms in the UN Security Council. In November 2006 it was elected to serve a two year term on the Security Council, beginning January 1, 2007. It maintains membership in several international financial institutions, including the World Bank, the Inter-American Development Bank, and the International Monetary Fund.

      The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development’s gray-list of tax havens by signing various double taxation treaties with other nations.

      In 2013, Panama ranked 5th among Latin American countries in terms of the Human Development Index.

      Unemployment was 4.5% in 2013.

      Merchant Marine ranked #1 in the world with 6413 registered vessels.

      Airports number 57.

      Panama completed Line 1 of a Metro System, part of a “National Master Plan”, at a cost of $1.45 billion, this year. Line 2 is underway and will cost $2.2 billion.

      Panama also is one of the founding members of the Union of Banana Exporting Countries and belongs to the Inter-American Tropical Tuna Commission. Panama is a member of the Central American Parliament (PARLACEN) as well as the Central American Integration System (SICA). Panama joined its six Central American neighbors at the 1994 Summit of the Americas in signing the Alliance for Sustainable Development known as the Conjunta Centroamerica-USA or CONCAUSA to promote sustainable economic development in the region.
      Panama is also a member of the International Criminal Court as is Dominica.

    • awa wi
      September 2, 2014

      let me first start by apologizing if in any way that my statements are construed by some persons as a vilification of your character. however i am simply trying to garner info by questioning persons such as yourself who may have further insight than myself. still i would like to know what does being the first bit coin nation really entail? how will it affect traditional markets and trade? if the currency is not backed what are the legal implications for the users of the system? which are just the tip of the ice berg. also since the internet has broaden communication and converted us into a virtual cyber village, where borders are transcended users in an country are free to use this service which would create the market base for such a venture why the need for a bit coin nation when a virtual coin savvy population exists online? what do the investor hope to gain in this venture?

  44. Sadao
    September 1, 2014

    :?: Don’t you there join that, its EVIL :twisted: These are signs of a dying dollar and the beast in motion.

  45. Boby Gustavo
    September 1, 2014

    Bitcoin is a very interesting concept!

    • Sadao
      September 1, 2014

      It will be even more interesting when u find out the truth behind it

      • Ovidel
        September 1, 2014

        Indeed ! It’s genius ! Total financial freedom ! You liked the information freedom the Internet brought? That’s what Bitcoin does to money. Is the internet evil?

  46. DeeGee
    September 1, 2014

    Thanks for sharing Adella. Information is always good!

  47. looking
    September 1, 2014

    An interesting perspective from law and finance. The IT experts would say nothing is 100% secure especially when it comes to the internet. For Dominica do we have the infrastructure ? How many folks are PC literate? How many people have access to the internet? Those who will take advantage of the opportunities are the big fish. The little fish will be left behind.

    • ATF
      September 1, 2014

      Looking,
      It is so interesting that you mention the little fish. Bitcoin helps the ordinary guy send/recieve/buy without all the hefty fees attached to the transactions banks so thrive on.

  48. educated
    September 1, 2014

    Thank you young and attractive intelligent lady …we have now seen the beginning of an educated conversation.Thank you DNO for pursuing this topic which is elevating and praiseworthy
    Do we stand a chance to be counted among the nations as a leader in something…bit coin for eg.?
    Our educated people in the diaspora need to educate us as we seem able to understand only the marle parley of petty local poliitcs and character assasination ..
    I am impressed that the UWP remained silent as the detractors tried in this debate to be personal and vindictive ..well OJ may not have been dumb after all !
    Seem some comments on the earlier postings have given info on that man of which I and MANY OTHERS WERE UNAWARE….He is not the issue !He was the initiator ..and must be silent for obvious reason as we always shoot the messenger whilst the message gets lost !
    Thank you guys at DNO for this discourse as we finallly have come to the initiation of a proper platform for participating in the world class possibilites of BITCOIN.
    This really should not be a political issue betwen the parties.
    It is our readiness as a people to be conversant with the new world order of doing business and entering new domains !

    • real possie
      September 1, 2014

      @ Educated am happy to read what you had to say but at the same time you giving DNO praise I would stop short of doing that we seems to lost the art journalism, no more does anyone take the time to understand what report they bring to their reading public all that happen is they bring the story and you go research to find out if it’s true or not. what this young lady just explain should have been done as a side not to their understanding of how and what Bitcoin means but as usual this was to be a corrupt venture.

  49. DFR
    September 1, 2014

    The idea behind bitcoin is good in that it intended to eliminate the middleman and facilitate financial dealings . However it is too secretive and virtually unregulated. In addition there is nothing to back it up except trust.

    • tor
      September 1, 2014

      apparently you did not read the article…

    • ATF
      September 1, 2014

      DFR,

      The IRS have opted to tax bitcoin as property. Moreover, bitcoin can be used in a somewhat private but not anonymous fashion because of the blockchain (an accounting ledger of sorts). Forbes tested out this theory by buying marijuana online and got busted.http://www.forbes.com/sites/andygreenberg/2013/09/05/follow-the-bitcoins-how-we-got-busted-buying-drugs-on-silk-roads-black-market/

      • Anonymous
        September 2, 2014

        I am happy you gave this link. I was actually scrolling to see if anyone knew of this guy. He is Ross Ulbrichte. Very interesting story and what makes it more interesting is that he was in Dominica a few months before he was arrested by police.

  50. 3M
    September 1, 2014

    Nice commentary. We all have our opinions in life and like everything “new” we as humans will always have reservations. Everyone “knew” the world was flat until a few brave persons crossed the oceans.

    The concept of Bitcoin or any digital currency is interesting and merits further investigation in my opinion. I bought bitcoins earlier this year and have used it to some extent. I am just an ordinary citizen, born, raised and still living in Dominica. I will continue to do my own research and see if I would like to participate in this Bit Drop Project. As of now I am leaning towards participating.

  51. A. Charles
    September 1, 2014

    Very interesting read Adella……. Bitcoin? I can see it!

    • ATF
      September 1, 2014

      Good Amanda. Don’t take my word for it though. Do your own research. I recommend:https://medium.com/@nik5ter/explain-bitcoin-like-im-five-73b4257ac833

      • Emile Zapatos
        September 1, 2014

        How did you know A. Charles first name is Amanda?
        How come you are teaming up with Ira Miller.
        Your research is just your POV of your slant on the subject. It does not prove it is not a scam that has been going on since 1991 and went “world wide” in 2008, but First in the world is Dominica. Good job defending your client that is what lawyers do.
        Why has so many of the Britcoin people been arrested since 2004, according to the New York Times.

      • tor
        September 1, 2014

        now you straight out lying and trolling people, post the links to your false claims, bitcoin started around October,2008 at that time the white paper was published (A white paper is an authoritative report or guide helping readers understand an issue, solve a problem, or make a decision)

        Here is the link to the Stanford University outlining bitcoins timeline:
        http://stanford.edu/~eaortiz/cs181report/history.html

      • ATF
        September 2, 2014

        Emile Zapatos,

        1. I know her name is Amanda because I know who she is. Not everyone here finds comfort in anonymity.
        2. False.
        3. Bitcoin is being used worldwide (all this info is available online). Some US congressmen are accepting campaign donations in bitcoin. Would you call the millions who use it scammers?
        4. What client?
        5. Since 2004? Bitcoin people being arrested? Citation please. As far as I know bitcoin was introduced in 2008 by “Satoshi Nakamoto”. Maybe you know something I don’t.

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