This is bizarre (i.e. nothing new). Mr.Garza is avoiding to address the hashlet termination issue, but looks like he's suggesting to expect delays with Paybase features and is blaming regulators. Also takes the opportunity to kick Coinfire and some unnamed baddies in the industry. Refers to facts, which reminds me of this (hint: never happened):
https://twitter.com/gawceo/status/551876164617519104Josh Garza
@gawceo
A lot of information we post is being taken out of context. Working on compiling the facts in one place to get some questions answered
4 Jan 2015
Anyway, I digress. Today's posts
https://hashtalk.org/topic/30624GAWCEO
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Status of PayBase
I wrote this in a separate post, but figured I would repost it here:
To the outside, I know it seems like nothing is happening.
The regulatory landscape has changed night and day the last month. Just about every major company is dealing with it, not just us.
Every feature we get ready to launch, we end up waiting on approval. We have done more "waiting" in the last few weeks then the start of the company, and there will be more waiting in the future.
The issue is that the rules and regulations are not well defined in this industry, it makes it difficult to navigate.
The good news is we retained Manatt, Phelps & Phillips, LLP about two weeks ago, and they are helping us through the regulatory progress. The are one of the best legal firms in the country.
For example, we will have a response to Coinfire shortly, they helped us get the facts. They are helping with the Honors program, the features we are waiting on approval, etc.
We have some of the best talent in the country working with us to make sure we do it right.
The landscape has changed. Its no longer about features working, its about it passing the legal entities that govern the industry.
And thats the issues. SOOOOO many people have done things wrong, and now we are all paying for it.
Sorry guys. The regulatory landscape has changed night and day the last month. Everyone is dealing with it, not just us. Just about every feature we get ready to launch, we end up waiting on approval.
About gift cards:
We have had a replacement prepared for weeks. We are still waiting on the approval to launch.
I wrote what we are doing in the OP. We are following the guidelines set and doing things correctly.
Are there are a TON of companies not operating correctly, some big named companies will soon be fined and even shut down.
