White Beard
by on August 18, 2019

17 August 2019

1.   Why did Shawn mention that bitcoin.com is starting an exchange?
     -It might be a good place to get listed.
2.   LocalBitcoinCash.org was explained.  
     -It is not a "normal" type of exchange.
     -You can set up BCH trades directly with other users for cash; 
      you choose the means of payment.
     -There is also a crypto-to-crypto exchange (where Bean Cash is listed). 
      The site acts as an escrow agent. There are no listings or market histories. 
      It works a lot like ShapeShift except it is all peer-to-peer.
     -Some are not aware of this source though it is posted on the 
      website under "Get Bean Cash" menu item.
3.   Communication needs to be better.
     -The community wants to increase presence in social media and more videos.
     -An associate of Shawn's has offered to make some videos.
     -If Bean Core spends too much time on social media, coding and 
      infrastructure maintenance will not happen.  We need more of the
      community to step up and help with these things.
     -VManuel has been doing an admirable job moderating mattermost and discord.
     -xX_otto_Xx has rejoined Team Bean. He has been a Beaner for quite some 
      time.  Those of us who have been around several years, remember him well.
      He has been helping in Discord for the last few weeks, he has offered to 
     -Will plan "Ask Me Anything" sessions on Reddit every 2 months.
4.   Someone was told POS coins do not pay enough to small holders.
     -Shawn gave a tutorial about Bean Cash staking (which we call Proof of Bean).
      Bean Cash (BitBean) was the pioneer in static block rewards (version 3 
      Proof of Stake).  Everyone gets the same block reward when they sign a block.
      Over time smaller wallets (nodes) actually tend to sign more blocks relative 
      to the amount of Bean Cash they hold than the larger ones.  
     -Masternode coins seem to be profitable for the master node holders, but 
      master nodes present a centralization to the currency using them.  This 
      centralization is a point of weakness that can be exploited by malicious 
      actors.  DDOSing enough master nodes can take down an entire network.
5.   Decentralization is key to the stability and security of any currency.  
     -Shawn contrasted decentralized cryptocurrencies with fiat currencies that 
      use a central bank which can arbitrarily create more money are not stable.
      Over time all fiat currencies have been devalued through this process.
      A unit of any fiat currency buys less now than it did previously.  Several
      cryptocurrencies were mentioned, including Bean Cash, that have a fixed 
      monetary policy and a defined maximum supply.
     -The value of decentralized exchanges, in which the user controls their 
      private keys 100% of the time, must not be underestimated.  The ability to
      control your property, along with privacy, is _freedom_.  Recently, 
      the powers-that-be are eroding freedoms by encroaching on privacy and 
      control.  These are tenets that the Aurora project is intended to address.
6.   Someone mentioned that the volume of Beans in their wallet is more than is 
     reported on the Block Explorer.
     -This is probably related to change addresses in the wallet.
     -Shawn offered to help sort this out after the meeting.
7.   What changes are coming in version 1.3?
     -Some performance improvements (more efficient code).
     -GUI improvements.
     -Usability improvements.
8.   Cryptolatino mentioned that the donation address should be a multisig 
     -This will be addressed.
9.   The idea that has been posted in chat lately that Shawn should donate 
     100,000,000 of his Beans to a wallet whose sprouts would be used for 
     financing marketing and other initiatives was mentioned.
     -Shawn remarked that he spent several years working hard and doing without
      to accumulate the Beans that he holds.  He was not involved in the early 
      mining of Beans.  He bought all of them at market rates over time. He has
      invested his sprouts back into Bean Cash in the form of infrastructure and
      paying salaries for help on the project.
     -Everyone agreed that he should maintain control of his Beans.  Several 
      remarked that they would never surrender control of their Beans in such a 
10.  What happened to the funds in the donation address?
     -They were used to pay for tasks that needed to be completed, including 
      writing wiki pages, hiring a web dev to help with rewriting the website, 
      paying a PR person to manage social media marketing.  Some was given away
      in airdrops and the official faucet to encourage adoption.
11.  Someone asked for Shawn's take on, "Who is the real Satoshi Nakamoto?"
     -Craig W. is not Satoshi.
     -We don't know who the real Satoshi is.
     -There are many conspiracy theories about Satoshi Nakamoto.
12.  Some goals to be attained:
     -1 million transactions per second (TPS). (Data from 2 years ago indicate 
      that VISA handles 2000 to 4000 TPS, and PayPal handles less than 200 TPS)
     -Make crypto easy to use so people won't have to learn a lot of technical 
      stuff to use it, but just be able to pick it up and go with it.
     -A Bean Cash card that can be used like a credit card for expenditures.  
      There are legal impediments, but they can eventually be overcome.
     -Anonymity/privacy functions.  Currently, sprouts and any other transactions
      are not perfectly anonymous.  Nodes know the IP address of the other nodes 
      with which they are connected, so someone who put in the effort could learn
      who owns what Beans.
     -Rolling releases every three months.  
     -Reddit tipbot.
     -Bridging all social platforms to mattermost, so people can log in to their
      favorite platform and still get all the chat from the others without having
      to log in multiple places.

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