If you are paying contractors in Bitcoin then you should take extra care to ensure your contracts are well-drafted. Specifically, you should make sure that you have a clear method of establishing the exchange rate between your national currency and BTC.
Two US Federal agents involved in the investigation of the Silk Road marketplace have been charged with a slew of crimes: fraud, corruption, money laundering and tax violations. The criminal complaint was unsealed today: http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/03/30/criminal_complaint_force.pdf.
There are far more people with ideas than there are programmers to turn those ideas into reality. Even people with great ideas, domain knowledge and capital can have a hard time finding a technical co-founder to team up with.
If you want to start a bus line in Ontario you'll need to prove to the Ontario Highway Transport Board that your service will serve "public necessity and convenience" which includes, among other things, explaining your "impact on existing carriers if the service were granted". You also need to tell the board who are your "10 Largest Shareholders" and the "No. of Shares held" by each of them, your "business plan" and a "projected operating statement for the first year". After you file this information anyone in Ontario can request a copy ("All information pertaining to the applicant i.e. business plan, supporting evidence, etc. is on file at the Board and is available upon request." [e.g. on pg. 472]).
Bitcoin is changing perspectives on how we manage assets. If money can be moved around instantaneously without friction then why not shares too? In 2015 shares are often digital abstractions traded through all-electronic stock exchanges. Bitcoin enthusiasts look forward to a world where banking, investment and securities companies are disintermediated and the world's savers can invest around the world without friction. But how does this new model for issuing stock fit within securities laws?
QuadrigaCX, Canada's dominant Bitcoin exchange, is set to become the world's first publicly traded Bitcoin exchange according to Bitcoin Magazine. I don't see the news reported anywhere else (including on Quadriga's own site/Twitter) but Christie Harkin, the author of the article is a good source.
This is pretty big news for a Canadian company that only started a little over a year ago. Up until this year there were three exchanges competing for Canadians' wallets but as of mid-February there's only Quadriga. Given that the gross margins on Bitcoin trading are ~0.5%, Quadriga is probably still standing due to their cost structure being lower than their former competitors.
Canadian legal & tech people are very keen on Ross, a software system built on top of IBM's Watson that's designed for law. One of the co-founders of the Ross team* describes it as "[b]asically, what we built is a [sic] the best legal researcher available". I wish this was true but I'm very skeptical.
Watson is a question-answering computer system that was designed to win at Jeopardy (it beat the previous champion, Ken Jennings) but has since been expanded to tackle more general question-answering. IBM promises that it's a "new era of computing" but the area it's operating in, "natural language processing", is a hot space with companies like Facebook pouring resources into their own solutions. It's an area that has been of interest to researchers for more than half a century yet applications that use it are relatively rare. Has IBM made enormous breakthroughs that will soon change the way we interact with computers?
Q: How much would Canadian merchants save by switching to the Bitcoin network? A: About $9 billion per year.
Credit card transaction fees are around $9 billion per year in Canada. To process those transactions using Bitcoin would cost 1/100th of that: only $90 million. Read on for the math.
Lawyers think they know what makes a successful appeal but there aren't any numbers. What's the chance that a client's appeal will succeed? That's hard to answer but an analysis of thousands of Supreme Court decisions shows that there are factors that make cases more or less likely to result in a win for the appellant.
The odds calculator that you see below allow you to see what the approximate chance of success is for a person contemplating an appeal to the Supreme Court of Canada. Read more at the bottom of this page.
These are the business cards I've used since I started my practice:
This post is a response to comments made by Colin Lachance, CEO of CanLII on a Slaw.ca article titled “Trusting the System”. I recommend reading his remarks in full.
I want to preface my reply with a thank you to Colin for engaging in this debate and helping to raise awareness about the importance of licensing terms for court documents.
Tech startups usually grant shares subject to vesting conditions (or use options) in order to solve the problem of a founder leaving and taking their shares with them. The shares are either issued immediately subject to the company buying the shares back later under certain conditions (a reverse vesting agreement) or are granted over time (a vesting agreement).
The Ministry of Government and Consumer Services filed a report today that explores the idea of new legislation to allow for "hybrid" social enterprise corporations. Here's the definition of "social enterprise" given in the report:
“A corporate entity that exists primarily to promote public benefit using business strategies, building social and financial capital, and offering innovative ways of operating for social and / or environmental purposes.”
The Committee of Adjustment is the first level of land planning dispute resolution in Ontario. Each municipality has their own Committee of Adjustment that manages its own affairs. The Toronto version makes thousands of decisions a year but the decisions are often not available online.
The appeal body for the Committee of Adjustment, the Ontario Municipal Board, make its decisions available through its inscrutable search engine and the commercial case law providers Westlaw and Quicklaw. Unfortunately, at least in Toronto, you can only get access to the Committee of Adjustment decisions by submitting a research request to the City of Toronto. Research requests give you the last five years of decisions on up to five streets for $150 + HST. Why doesn't the City make their database available online?
Mt. Gox was the world's largest Bitcoin exchange until it's bankruptcy in 2014 due to an alleged hacking incident that cost hundreds of millions of dollars. Mt. Gox is a Japanese company but its customers were all over the world including many Ontarians.
In September a class action suit was partially certified but this week's Ontario Reports includes an October decision that stayed the suit:
The Committee of Adjustment is Toronto's main land planning exemption approval body. They review applications by landowners asking for exemptions from the City's land planning rules.
The Committee of Adjustment for Toronto doesn't make very many decisions available online. Of the 23 days that the Toronto & East York Committee of Adjustment met to review applications only three are available on the City's website (the last three days of hearings in 2014).
Setting up a company is fairly straightforward but how can directors manage their shares, votes and vesting systems?
I did a bit of Googling and couldn't come up with a service for small businesses to manage their shares. There are quite a few services for managing shareholder registries but they don't have online voting built into them. They also don't have capabilities for managing vesting schedules/options. I think this would be a great piece of software for someone to build. Is there a project out there like this?
Ontario just launched an online casino: https://www.playolg.ca/content/olg/en.html. This unimaginative step is a wasted opportunity to create a gigantic global gambling company powered by Bitcoin.
The province's new site looks like it was designed in 2005 but it's a giant leap forward for the province's gambling industry because there was previously no way to gamble online (legally).
I've launched Congresser.com in the United States. The idea behind the service is that government action should be push not pull. Everyone affected by a law, regulation or decision should hear about it when it's being considered if possible and definitely when it takes effect. It builds on my Federal and Ontario-level services in Canada.
Congresser works by monitoring for client keywords in a variety of Congressional and Whitehouse data sources (e.g. Congressional Record, Congressional Reports, Federal Registry, etc.).
Until the 1930s there were few rules for public company accounting. Even with our thousands of modern rules and standards accounting is a complicated process that is generally post-hoc. Receipts are collected, tabulated and entered. Bank accounts are compared against invoices and income assessed. Digital currency (e.g Bitcoin) could change this.
Bitcoin is an Internet-first currency. It's digital and instantaneous. When you cash a cheque the bank will place a hold on the amount of money because they don't actually receive the money for several days. Digital currency skips the antiquated banking system that relies on reconciling amounts over days.