Archive for July 11th, 2017

Could You Live 90 Days on Bitcoin?

July 11, 2017

A couple just did and here is their story:

Like most newlyweds, Austin and Beccy Craig were excited about returning home to Utah after their honeymoon and beginning their new life together. But unlike most couples who find their lives calming down after the chaos of wedding planning is over, the Craigs were about to embark on an adventure no one had ever attempted before: Beccy and Austin were going to spend the next three months living solely on Bitcoin.

The Life on Bitcoin Kickstarter launched in 2013, four years after the elusive Satoshi Nakamoto had published his treatise on Bitcoin and then walked away from the entire project and dissolved into anonymity. The timing of the film is also important, as it came right after Bitcoin had rallied and crashed and critics proclaimed that the currency was dead. But as Austin points out in an exclusive interview with FEE, “A lot of people were saying Bitcoin is dead, but it was ten times more valuable than before the rally started.” He continues, “I learned enough to know that this was a revolutionary technology… it was essentially a pandora’s box. There was no way to close it up and pretend it didn’t exist. Bitcoin wasn’t going away.”

And how did Beccy feel about Austin’s desire to be involved in a documentary about cryptocurrency? As Austin says, “To my great amazement, when I asked Beccy about it she was onboard.”

The rules of the Life on Bitcoin documentary were relatively simple: Bitcoin would be the only medium of exchange permitted for all financial transactions made by the couple for 90 days. All cash, credit, and debit cards were to be confiscated and phones, internet, and any other accounts not currently set up to accept payment with Bitcoin would be shut off as well.

The Craigs have become modern pioneers in the world of cryptocurrency.

Each transaction made would also be limited to include only the buyer(s) and the seller, without a middleman exchanging US dollars for Bitcoin. For this experiment to really work and prove Bitcoin’s value as a form of real world currency, it would need to be as practical as possible.

Using a third party to exchange Bitcoin for USD, and then giving the USD to the seller would be a mere currency exchange rather than an actual transaction of money in exchange for goods or services. So an intermediary was only permitted for transactions after all other avenues had been attempted.

Since Utah is a tightknit community where its members care for each other often without being asked, there were also rules placed on the ability of family and friends to help out the couple. Unless the family or friends in question had legitimate commercial businesses, they would not be allowed to assist the Craigs. The only two exemptions to these rules were payroll taxes withheld from the couple’s paychecks, and of course medical emergencies.

To keep the experiment both interesting and applicable to the real world of Bitcoin transactions, the experiment was set to grow as the Craigs achieved success. If the couple proved that they were able to master the art of using Bitcoin to pay for food, rent, internet, and all other bills in Utah, then the limits would be pushed to include interstate travel and then international travel.

Amazing stuff..

Lessons from a Bank-Robbing Law Professor..

July 11, 2017

Well a bank robber first and is currently a law professor at Georgetown University. Thy name is Shon Hopwood.

Here is his unbelievable story via his interview (a really long but worth it):

Sample these answers:

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Case Study of a Unique Digital Museum: Itihaasa App which looks at history of Indian IT industry..

July 11, 2017

I blogged about this itihaasa app earlier in 2016 when the app was just launched. It is a brilliant and a unique initiative of using the app platform to tell history about an industry, Information Technology in this case.

N Dayasindhu who is one of the key architects of the app has written a paper about this unique digital museum:

This industry case study describes the genesis and development of itihaasa history of Indian IT, a unique digital museum chronicling the evolution of Indian IT over six decades. itihaasa is a free mobile app that captures important milestones defining the history of Indian IT in the voice of key actors who shaped them. It has a rich repertoire of original oral history videos, digital documents, and photographs from personal archives and publications. Users can navigate the itihaasa app based on timeline, people or organization views. Or they can search tags to access specific content. It is unique because the evolution of Indian IT is captured as oral histories of multiple key actors who shaped important milestones, and business history is presented in an entirely digital format.

Useful stuff…

We clearly need more of such apps which gives us atleast some sense of how businesses evolved..

Regulations for Small Finance Banks: A bit too many?

July 11, 2017

Yesterday Ira Dugal tweeted about AU Small Finance Bank trading at 7.5 times its Price/Book Ratio, much more than any other Private Bank.  Case of early froth/bubble in valuation of Small Finance Banks? We will get to know soon. Markets hype both ways – upside and downside- very quickly.

Anyways, over the weekend RBI released a document called: “Compendium of Guidelines for Small Finance Banks”.  Compendium is a deceptive word as it means- a collection of concise but detailed information about a particular subject, especially in a book or other publication. Concise yet detailed.

So are RBI’s guidelines for Small Finance Banks:

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