Hello, I’m Amanada B. Johnson, and you’re watching DASH:Detailed. Living Room of Satoshi is a cryptocurrency bill pay service based in Australia, which is set to integrate Dash soon and remove some other cryptocurrencies. To find out details on the why’s, the when’s, and the what’s, I reached out to Living Room of Satoshi’s founder, Daniel. And here he is. So to start with, how do you pronounce your last name Daniel? I don’t know. Ah it’s a tricky one — yeah it’s Alexiuc. Alexiuc. It’s got an “s”sound at the end for some unknown reason. Alright Daniel Alexiuc. And tell us what it is you — how are you involved with Living Room of Satoshi and what is Living Room of Satoshi? Yeah I’m the founder of Living Room of Satoshi and so I guess I’m a programmer from way back and that”s what I love to do. And when Bitcoin came around I was just fascinated with the technical side of it. You know it was just something — something amazing. Something I wanted to do. And in Australia there was really no way to spend the Bitcoin Ihad so I started this company to enable bill payments, which is something everybody does. And Living Room of Satoshi has been doing bill payments for Australians for nearly three years now. Three years! In crypto currency that’s long time. It is. Yeah. So now, the way that this is able to work so well for you — correct me if I’m wrong — is that in Australia most or almost even all businesses who send bills to customers all use this sort of numbering system called BPAY. Is that right? Yeah. Australia has actually a pretty advanced financial system. And when it comes to bill payments the big four banks in our country have all joined together and made this service called BPAY. It’s — it’s kind of a monopoly because it’s a private company, but they own it. So they pretty much charge whatever they like. But the good thing is that almost every biller in Australia uses it. And the ones that don’t generally accept bank transfers and Living Room of Satoshi supports that as well. Ok so if I wanted it to pay a bill with Bitcoin or any of the other cryptocurrencies that you support — and we’ll get into that in a moment — but if I wanted to pay an Australian bill using your service, walk me through the steps that I would take as your customer. Yeah one of the best things about the service is that you don’t have to login. You don’t have to create an account. It’s basically anonymous. You can pay — you can pay my phone bill if you want to. You go onto the website and yet you take the BPAY details from the bottom of the bill — it’s just two numbers — you type them in and you’re popped up with a QR code to pay it in Bitcoin. And that’s literally it . You pay it and it’s done. Do I remember correctly reading on your site that you don’t have fees?T hat can’t be right. Yeah, we don’t charge any fees on top of the bill or anything like that. So the amount of Bitcoin that comes up on the front page is just the exact amount you’ll pay. Interesting. And then, and then you make the bank transfer on behalf of the customer and that pays the bill? That — that’s basically it. Very interesting. Alright, so now the reason that I am talking to you today is that you have now joined the ranks of the very small number of people in the world who have put a proposal for funding into Dash’s treasury. Now why don’t you tell us what that is about, because you’re gonna get paid here really soon, like in a few hours. That’s an amazing thing. It’s really unique in the cryptocurrency space. I mean I was contacted about Dash — I mean I kept track of it over the years — but a number of our customers started asking for it. And when I found out that there’s this budget system where, basically it’s like — it’s like a it’s a working DAO. It’s an autonomous organization that can pay for whatever the community wants it to pay for. And so I put a proposal forward to integrate Dash into Living Room of Satoshi’s website, with a detailed plan and how it’s gonna do it, and the community said yeah, they want to do it. And if it’s generally something that supports the Dash currency then you’ll get good support. So okay. So you mentioned there were some customer requests on your end — is that the reason that you decided to integrate Dash? Was because some people that asked for it? Were there additional reasons? What was your main reason? Yeah that’s a good question. What we’ve experimented with a couple of other, I guess altcoins in the past. We’ve had — six months with it Yes! Please tell me, in addition to Bitcoin what are the other cryptos that you accept right now? So we’ve got Eterheum, we’ve got Litecoin and Dogecoin — or however you say it. And that was basically just to give it a try and see what was happening. Ethereum got a lot of publicity, you know, at the start of this year. So what we thought we would try it and see what happened. But it kind of became clear that, that I mean these currencies work but that they’re not designed for use as digital cash really. They’re not designed to be a payment system. I mean there are other purposes. Litecoin, you know, it was invented to try something different within mining. And Ethereum’s, you know, all about smart contracts. And they work if you you want to send money around, but really the business that I’m in is in bill payments. I’m not and really an altcoin exchange like a ShapeShift or something. So the thing that matters to me is that my customers can easily pay their bills. And currencies like that, you know, they’re not designed to be used like that. That’s what I’ve experienced the last six months anyway. And so that’s what really attracted me to Dash. That it’s designed to be Digital Cash. Ok. So in… when forming your opinion about these other cryptos not being an ideal form of digital cash was that — like you had tried to use them and you were like, oh this is kind of not ideal? Was it something that your customers had said? Oh like, what specific events caused you to form those opinions? Well firstly I guess it’s the usage. The usage is very low, and particularly with Litecoin and Dogecoin But but they sort of have other uses. People don’t seem to be interested in using them as day-to-day money. And so that reflected in the usage on our site. Ethereum had a bit more usage but honestly I’ve really been turned off by the that the difficulties we’ve had with it. Like we have the fork incident and that did affect us affected our business. You know we we had customers that had money, we have to chase it down. And even again more recently, there was another incident where that the nodes stopped validating and again we have to chase all that up. We’re just kind of getting sick of these currencies that aren’t designed for use as digital cash. I mean Bitcoin, it’s really stable. It’s been running non-stop for three years now and I feel that digital currency — that Dash — like the developers had that in mind as well. That it’s going to be used this way and that’s why I think it’ll be useful for bill payments. So how and when did you first find and/or hear of Dash? One of my customers is quite heavily into Dash — runs a number of masternodes — and I was just having a chat with him. I a chat with a lot of my customers actually because they’re often very passionate about cryptocurrencies and about that sort of thing. And I guess, yeah just learning about the features. Some of the features it had like InstantSend. That’s something that will I think be useful for us. Especially with Australia’s banking system because they’re planning to, in the next year or two, to make payments and almost instant. So as I said, they’ve got quite an advanced fiat banking system in Australia. But that’s something that matches up nicely with Dash because this InstantSend feature means that when you combine it with the fiat instant send, customers can get their money . Instantly. Which is a huge selling point for people who, for billers, for people who want money. And so now, did I also read correctly on your site that you offer a sort of crypto-to-fiat option also? Yeah that’s right. It’s um… mostly bigger companies that use BPAY, or companies of a medium-to-large size. There’s about 45,000 of them in Australia. Australia’s a country of about 20 million people, so that might be a bit ofan idea. But first for small, like sole traders — your electrician or plumber or people like that — often they only take bank transfer and that’s what it was designed for. To pay those kind of people. But you can use it to pay to play any Australian bank account and some of our customers will use it to send money from overseas into Australia, and to their to their parents bank account. Things like that. So yeah, it’s kind of a gateway into fiat as well. That is interesting. Ok. So I would like to know more about what you think your integration process is going to be like. You know, I hear, you know, since Dash’s codebase is a Bitcoin codebase then that makes it easier for integrations or something. But like what does that mean in your experience? Like have you begun the integration process or do you at least know what it will look like and kinda how it will have to play out? Look we’ve got a bit of an idea. We haven’t started yet but I think we’ll be starting today. What if everything goes through, which it looks like it will. We plan to run a masternode and use that as our payment server basically. So and I don’t because it’s based on Bitcoin. It’s things that we”re very familiar with, we’ll be able to work with. We’re really keen to get a masternode into our company because it, that kind of involves us in the Dash ecosystem as well. Enables us to vote on proposals. And who knows, it just opens up possibilities for the future. Epecially with with some more things that are coming. With Dash Evolution down the line. You know that’s interesting that you mention, like hey, as a business I would like to have a masternode because I would like to vote on how things go. Because I just causde me to think of you know, like these, like mega companies in the Bitcoin space. For example like the Coinbase or the BitPay or the ShapeShift or whatever. They like, they don’t get a vote in what happens to Bitcoin. Yeah. That’s a good, that’s a really good feature of Dash because you know that this some in the Dash community who really care about the privacy aspects of it and and of course we think that’s a good feature too but but others, like our company, where we’re interested in in real-world usage of it. And making it easy for people to use. So having all those you know inputs from people who are actually invested in the ecosystem I think is a really good thing for Dash and it’s something that’s quite unique. Alright well I just have just a couple more questions for you Daniel because it sounds like you have a busy day ahead of you, in that when your payment comes through you’re going to start integrating Dash. But my first question is uh, I generally ask people, like if I don’t immediately understand like what their business model is or like how they make money, um I’m — do you do this like a no-fee service just because it’s like worth it to you to get the crypto like an exchange for your own fiat and that’s just like, that’s like an investment that you hope pays off in and of itself? Or do you have like plans in the future to implement a sort of the model maybe like later down the line? Sure. Yeah. We started out that way, um just to make just for simplicity really. People don’t have to calculate the fee on top of the amount. Just a single dollar amount. A single crypto amount. We do make a profit. We are a profitable company at the moment. So what we do is take the Bitcoin and sell it overseas. tThe tax laws in Australia make it difficult — unfortunately at the moment — for business to really use crypto but but that’s how we we operate at the moment. We’re able to to sell it for more than you could in Australia overseas. And in the future I mean, our real goal is to get billers accepting crypto directly. That’s what we’re working towards. And so whatever we can do to make it easy for both sides of the payment to do that we’re going to do. Have you had any discussions with any of your billers thus far about accepting it directly or has that yet to happen? We’ve talked to a few small billers. We’ve worked up a little bit of an API that people can use to integrate. And we’ve had some trials of that, so I mean it’s encouraging. But i think it will really be driven by my consumer use. Once people see that there’s you know, there’s a lot of people who actually want to do this and you can save money on your BPAY fees and whatever other fees — if you accept credit cards, whatever — I think that will be a big selling point. But yeah, we want to grow the business like that. To be able to say that. Alright, and two more questions. Firstly, do you — are, is there like a similar… BPAY system — does that exist in similar forms elsewhere? Like basically what I’m asking is if someone is like, wow Daniel you have such a cool business model. Do you know, can your business model be replicated very easily in other places? Or is Australia kind of like unique with the BPAY stuff? I think it very much depends on the country. Yeah, Australia is kind of in a unique situation that the big four banks have got this monopoly on this bill system and it doesn’t look like it’s going to change soon. I know there are other countries that — that have similar setups. Canada and few others. But at the moment we’re just focusing on Australia and probably New Zealand next. But I know that things are very different countries like the US where it would be much more difficult to to start a company like this one. All right. And finally where did the name Living Room of Satoshi come from? Because it to me it is both interesting and evocative of a sort of like warm feeling. Like I said I almost see a fireplace crackling and I envision myself sitting on Satoshi’s knee and hearing about how he invented Bitcoin. And so is that why you named your business Living Room of Satoshi or was there another reason? That, that’s good to hear actually because that is kind of the thing we were going for. We wanted something memorable. Something to honor Satoshi. And we kind of thought that well, maybe even Mr. Nakamoto would be paying his bill through our service sitting in his living room getting his Telstra bill. You never know. But that was our vision. That’s an interesting thought. Well Daniel thank you for your time and I am very much looking forward to when you’re — when you’re fully integrated with Dash and your people can start paying their bills with Dash. So congrats on on getting your your treasury bill — that’s sounds wrong –treasury bill like something the Federal Reserve does… Your treasury proposal. Yeah we want to get away from those terms. Congrats on your proposal passing and I look forward to some updates from you in the future. Thanks Amanda, nice to talk to you. Yep! Bye-bye. You may be interested to know that Pete and I have recently launched DashDetailed.com. Here you will find all our videos posted with a text transcript, if you’d prefer to read as you watch the show or even instead of watching the show. DashDetailed.com also contains links to all of our social media profiles and may in the future contain other things as well. Special thanks to Crypto Advocate who gifted us the URL and Crypto Cloud Hosting who is, hey — hosting for us. That’s it for this week. Send an email with the word “subscribe” in the subject line to Amanda at dash dot org if you would like an email notification every Wednesday when I publish a video. Until then, see you next Wednesday. Ryan Taylor, considered Director of Finance at Dash — former hedge fund analyst and payments industry advisor — has written this op-ed piece published at Nasdaq.com and I’m going to read it for you today.