Min TV ad attacking other Democrats Displays Ignorance of Bitcoin and Blockchain

CD-45 candidate David Min is the endorsed candidate of the California Democratic Party; it’s crunch time and he’s airing TV ads and the newest one targets his Democratic opponents instead of Republican Congresswoman Mimi Walters.  Min goes after Porter for accepting large contributions from Washington insiders and after Forde for large contributors from special interests associated with Bitcoin and Cryptocurrency.

One could argue it’s a logical response to attacks from the non-endorsed candidates still in the race for Congress and fair play.

Except for one tiny detail.

Min associates Bitcoin and Cryptocurrency with drug crimes and human trafficking. And that’s it.

I just about spit my coffee when I heard this. It’s a misrepresentation at best.  Cash, wire transfers, illicit products are also used as currency on the Silk road and the Dark Web.  But there’s more to Bitcoin, Cryptocurrency and Blockchain than bad stuff.

Bitcoin is a cryptocurrency — of which there are many.  Digital “money” that changes in value much like a share of stock does.  There is not a lot of regulation around this technology yet frankly because legislators don’t really understand it.  But the market will force some rules on cryptocurrency sooner than later, and have.  But Crytocurrency and the Blockchain technology used to make this work are the tech building blocks on which billions of dollars in investment globally will transform transactions and wealth in weeks, months, and decades to come.

Cryptocurrency could if fact become a global universal currency at some point and the entire concept is only about five years old.  Bitcoin and Blockchain are a global $700 million market which offers incredible opportunities for great paying jobs.  See this story in CNBC earlier this month which is positive about cryptocurrency.  Now imagine these jobs in CD-45 where there’s a lot of financial institutions, insurance and security technology companies.  Could be great news for the area’s economy.

Here’s how it works

Bitcoin is peer-to-peer payment system based on open source software with payments recorded in a public ledger.  A unit of account is called a Bitcoin which is used as a means of payment for work.  Bitcoin users confirm and record payments into this public ledger which can also be used to pay for products, money and services where users can exchange Bitcoins.  Transaction fees can be charged after they have placed a bitcoin wallet on a computer, tablet or smartphone — or even a website. These fees are less than fees credit card companies charge.
Once you have a Bitcoin wallet, you can create a Bitcoin address and share this address with friends or business associates to send or receive payments.
Blockchain technology, which is used for a lot more than cryptocurrency, is a shared public ledger that confirms every transaction in the Blockchain network.  This is how Bitcoin wallets can ascertain balances and new transactions owned by the spender. Cryptography protects the Blockchain network.  When a transaction is made, there’s a transfer of Bitcoin value that’s added to the blockchain where the wallets use a unique piece of encrypted data called a private key which electronically signs the transaction and offers technical proof the Bitcoin has come from the owner of the Bitcoin wallet. The private key cannot be changed once its issued and transactions are confirmed after a short time through a process called mining.
Now the very nature of Bitcoin makes it the currency of choice for hackers who engage in Ransomware lockouts.  There was a police department in New England that paid a hacker in Bitcoin after being locked out of its own network.  The city of Atlanta had parts of critical applications locked out by ransomware.  And I’m certain sophisticated drug and human trafficking operations also use cryptocurrency for transactions.  But criminal elements also use cash, wire transfers to offshore accounts, money laundering from business and banking enterprises.  Cybercrime is a global $6 trillion a year problem by 2019 according to Garter, an industry analyst.
Think of Bitcoin as a form of payment for services and products that’s growth dramatically and businesses who transact in Bitcoin and other cryptocurrencies have fees that are dramatically lower than what credit card processors and commercial banks charge.  One study suggests that while Bitcoin is best suited for small purchases now, eventually Bitcoin and cryptocurrency can be seen as an alternative to gold as a safe investment. Buyer beware on this and do your homework.
Forde, on the White House’s technology team during the Obama administration, is an expert in Bitcoin, Blockchain and Cryptocurrency and routinely brief President Obama on key developments.  This is likely why Forde is getting contributions from this industry.
David Min has much to offer as a candidate for Congress, but using Bitcoin and cryptocurrency’s dark side as a negative against another candidate just tells me he doesn’t fully understand the enormous upside to this transformative technology. I hope he reads up on it.

  23 comments for “Min TV ad attacking other Democrats Displays Ignorance of Bitcoin and Blockchain

  1. Dan Chmielewski
    May 21, 2018 at 5:09 pm
  2. May 22, 2018 at 12:36 pm

    It’s certainly true that most people are confused about Bitcoin and cryptocurrency generally, And it’s also very telling that Min would exploit this and wrongly leap to implications that Forde’s acceptance of funds from this sector somehow attaches him – erroneously – to untenable positions on unrelated issues. Mostly, it’s troubling that Min, whose negative tactics of late are souring many (including me) on his campaign. He is in the fortunate position of being the endorsed CalDem candidate (why was that even needed when the absence of a GOP challenger assures a Dem on the ballot?). I expect integrity and positive, issue-based communications from all of the candidates. If we are to unite after the primary to defeat the HORRID Mimi Walters, these alienating tactics must stop.

    • Dan Chmielewski
      May 23, 2018 at 10:59 am

      Min is correct that cryptocurrency can be used by bad people to do bad things; and these people also use cash. Got any green in your wallet?

  3. Mike lefkowitz
    May 23, 2018 at 10:04 pm

    I wonder how Min would have looked at the Internet 20 years ago if he was running for office. He would likely say that that pornographers and gamblers support his opponent. The internet and Bitcoin are here to stay. Get over it Mr. Min. It is real and not fake news.

  4. Lenore
    May 25, 2018 at 11:51 am

    Um, I was the attorney who stopped 1,000 foreclosure sales in early 2011 in the federal case of Yau v DBNTC (a putative class action) before judge Selna for dual tracking. Neither Warren, Harris or Porter were part of that at all. So I don’t know what that is all about. That was all judge Selna and me. Dual Tracking was a banking term. After the money was released for the NMS to go to nonprofits and training, Porter held a seminar which other attorneys then introduced several cases over a two day period. That was in 2012 or 2013. I cannot recall now, but after 2011. I recall that because I was there. Ken did one seminar and mentioned one of my cases for other attorneys to use.

    • Robert Menicucci
      May 29, 2018 at 2:19 pm

      But you’re not an attorney now, are you?

      • Lenore
        May 29, 2018 at 7:56 pm

        What? Of course I am. That isn’t the point is it? Are you going around saying Porter isn’t an attorney too? Do you only recognize CLOA Personal Attorney Generals like Doucette and Brown? Sovereign citizens need to be prosecuted here. Which one are you?

        • Robert Menicucci
          May 31, 2018 at 10:13 am

          Oh, sorry. I thought your license was suspended by the bar. My mistake.

          No, wait…

  5. 6126
    May 29, 2018 at 10:19 pm

    Lenore Albert is using the sovcit playbook, if she isn’t a sovereign citizen true believer. She refuses to acknowledge that she is not an attorney at present, despite being suspended. She refuses to acknowledge Business and Professions Code 6126.

    And like sovereign citizens, she refuses to acknowledge any fault for her screw-ups, which are many. Don’t pay sanctions for four years, and get suspended? Blame it on others! How responsible! Not.

  6. Lenore
    May 30, 2018 at 10:57 am

    First the order was to pay attorney fees. Second it was void. Third it was my client Helen Koshak responsibility. Sovereign citizen extremists are the only ones spinning the facts. You out yourselves by commenting. It didn’t work out to well for Doucettes in Colorado did it? Of course if you get the gutless wonders like lily livered Murdoch or cry baby Spitzer in the D.A. office then the Sovereign citizens can continue committing their crimes without fear of prosecution and that is your real motive behind your campaign against me now isn’t it? Couldn’t have the one candidate brave enough to stand up against local violent extremists that are ruining the lives of others for their own benefit actually win this race huh??? Your risk of being incarcerated for decades like your leader is too just great if I were to,win. But you see that is really a fallacy because you have been previously in the system for violent crimes. It is unavoidable.

  7. junior
    May 30, 2018 at 3:49 pm

    For Looney Toons Lenore – who seems to see “sovereign citizens” under every rock, behind every corner and possibly under her bed.

    Fighting Irrational Fears – Psychology Today
    https://www.psychologytoday.com/us/blog/disabled-and-thriving/201009/fighting-irrational-fears

  8. I did question everything
    May 30, 2018 at 8:29 pm

    Brave candidate, my butt. You’re the only candidate nuts enough to run for an office that requires an active law license when you don’t have one. Which leaves the question, what are you really trying to accomplish? To divide people, to divide political parties? Why would you do that? I’m just asking questions. It isn’t the first time you’ve entered a can’t win political race and focused your efforts entirely on badmouthing others.

    You know, there has been a recent spate of election tampering in this country. But here in the 5th largest economy in the world? Where Silicon Valley is located? Is that possibly happening here? Just asking questions.

  9. Mr. Rogers
    May 30, 2018 at 11:23 pm

    Can you say “moral turpitude?” Good, let’s say it together…

    http://members.calbar.ca.gov/courtDocs/16-O-12958-2.pdf

  10. Lenore
    May 31, 2018 at 3:02 am

    Oh let’s not forget who got those State Bar complaints going. Anthony even tried suing himself. How is he enjoying his jail cell? https://www.scribd.com/document/346606656/Sovereign-Citizen-Private-Attorney-General-Anthony-Williams-sues-himself-in-Federal-court-and-hilarity-ensues

  11. Pregunta
    May 31, 2018 at 8:34 pm

    Did that guy work in your office? I hear all the peeps you call sovereign citizens used to work in your office. Hey, he’s no doubt a complete dirtbag, but at least he’s better than this guy (your old process server / sometime driver):
    https://www.ocweekly.com/orlando-bruce-bosley-cabbie-who-faced-three-rape-related-counts-convicted-of-burglary-6450881/

  12. Lenore
    June 1, 2018 at 1:53 pm

    Poor Mr. Bosley, he was so harassed by the sovereign citizens with false criminal complaints that he had a massive stroke/heart attack. After many hospitalizations, he died. What a tragedy. He was never found guilty of rape. In fact, it was discovered that the person to accuse him didn’t even recall the rape. She assumed one may have occurred because she was raped repeatedly as a child. It was discovered she made a call to rape crises line three days prior to her report. Sounds like she had a hard life, too.

    As for me, my State Bar license was updated to active as of March 16, 2018. Here is the link:

    http://members.calbar.ca.gov/fal/Member/Detail/210876

  13. Hmmm
    June 1, 2018 at 9:47 pm

    I doubt the DA’s office saw it the same way, and they surely had that information.

    I get it, he was your client and worker. so you see it from his point of view.

    I just don’t see any likelihood of that being accurate.

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