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From YouTube: City Council - March 26, 2018 - Part 3 of 3
Description
City Council, meeting 38, March 26, 2018 - Part 3 of 3
Agenda and background materials:
http://app.toronto.ca/tmmis/decisionBodyProfile.do?function=doPrepare&meetingId=13090
Part 1 of 3: https://www.youtube.com/watch?v=Ez5IFDPssto#t=6m22s
Part 2 of 3: https://www.youtube.com/watch?v=IO3MUQl1UAY#t=3m39s
Meeting Navigation:
0:07:57 - Meeting resume
A
B
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A
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E
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A
C
A
G
G
A
H
C
A
J
Speaker
on
page
12,
CC,
38.9,
Midtown
and
focus
parks,
open
space
and
streetscape
plan
request
for
directions.
We
writing
an
OMB
appeal
spoken
with
my
colleagues
and
although
they're
in
support
of
the
redrafted
wording
along
with
the
chair
of
the
the
committee
and
I'm
happy
to
release
it
also
by
the
way,
I
want
to
thank
our
planning
staff
and
our
legal
staff
for
the
very
good
work
that
they
did
to
make
sure
that
school
grounds
are
better
protected.
Okay,.
E
K
C
I
About
relates
to
cap
and
trade,
yes,
well,
the
the
province.
Let
me
back
up,
so
the
this
initiative
is
part
of
the
transform
tio
initiative
prepared
by
council
in
July
of
last
year.
There
is
agreement
currently
between
between
all
three
levels
of
government,
the
province,
the
federal
government
and
ourselves
last
year,
the
province
instituted
cap
and
trade,
which
creates
the
opportunity
to
ship
dollars
that
they
collect
towards
these
sorts
of
initiatives
right.
So
we
have
made
application
to
the
province
for
support
for
up
to
twenty
nine
projects.
C
I
So
what
we
did
is
we
realize
at
the
outset
that
there
was
a
lot
of
opportunity
here
and
that
there
would
be
a
number
of
these
projects
likely
contemplated
simultaneously.
We
didn't
have
the
capability
within
the
city
to
manage
all
about
ourselves,
so
we
instituted
a
three-part
process.
The
first
part
basically
was
a
call
for
pre-qualification.
He
put
the
documentation
on
murk's
that
went
across
the
globe.
We
got
over
a
hundred
packages
purchased
as
part
of
that,
and
we
got
12
proposals.
I
We
had
a
team
of
internal
and
external
people
on
the
team
reviewed
the
12.
We
narrowed
it
down
to
five
and
we
invited
those
five
to
provide
a
response
to
a
request,
an
expression
of
interest,
the
pre-qualification
on
a
pre-qualification
of
a
request
via
an
RFP.
What
I'm
trying
to
get
to
the
RFP
resulted
in
three
bids.
Again,
we
went
through
them
and
the
best
the
best
bid
by
far
was
an
waive.
I
So
we
moved
on
to
the
next
phase,
which
was
the
negotiation
of
an
agreement
that
would
allow
us
to
co-develop
these
low-carbon
thermal
network
opportunities,
and
that's
where
we
are
now
in
the
report
in
front
of
you
for
consideration
today.
Right
basically
request
Council's
approval
to
commit
to
basically
negotiate
the
agreement
with
anyway.
If
it's
right.
C
I
Will
be
determined
on
a
project-by-project
basis,
okay,
and
we
have
the
we
recognized
the
ability
to
investor
or
contribute
assets
in
several
ways:
we've
we
have
the
opportunity
to
provide
access
to
property
and
building
facilities.
We
have
the
opportunity
to
provide
access
to
the
thermal
resource
that
lies
beneath
parks
and
potentially
in
the
energy
contained
in
sewers
and
also
if
we,
if
we
see
the
opportunity
to
invest
the
recoverable
debt,
so.
I
I
The
prior
model
existed
pre,
Kota
right,
and
there
was
a
special
agreement
for
that
under
Kota.
We
cannot
hold
a
joint
interest
in
a
private
sector
corporations,
so
that
model
is
no
longer
available
to
us.
Okay,
sickly.
What
we
need
is
we,
the
governance
model
would
use
create
teo
bill
toronto
to
hold
our
interests
in
these
partnerships.
I
These
limited
partnerships
as
they
develop
projects,
so
each
project
would
be
considered
separate
from
each
other
and
at
that
time,
when
they're
considered
the
financial
contributions,
the
assets
that
we
contribute
would
be
contained
in
the
business
case,
which
we
would
bring
to
Council
for
approval.
Okay,.
C
I
B
A
I
A
J
J
J
One
of
the
things
that
we
hear
consistently
from
tenants
from
across
the
city,
from
North
York
to
Scarborough
Etobicoke,
to
downtown
and
in-between,
is
that
the
city
has
become
unaffordable
incredibly
unaffordable
and
I'm.
Talking
about
seniors,
who
are
receiving
a
surprise,
Aggie
and
forced
out
of
their
homes
and
out
of
their
communities
and
I've
heard
stories
directly
about
them,
who
feel
isolated
and
feel
lonely
because
they
have
to
leave
their
home
and
they
and
they
have
to
go
to
another
neighborhood
where
they
can
afford
a
unit.
J
I've
heard
from
we
have
heard
from
so
many
youth
who
not
only
are
struggling
to
make
their
rent
here
in
Toronto,
but
many
stories
of
youth
who
are
choosing
to
live
outside
of
Toronto
because
they
can't
afford
to
live
inside
the
city.
Not
only
does
that
impact
their
quality
of
life,
but
also
impacts
their
commute
time
and
then,
of
course,
there's
cyclical
effects,
because
it
increases
traffic
congestion.
The
gridlock
that
we
experience
and
the
in
the
congestion
are
on
our
on
our
transit
system.
J
Oh
no,
we
need
to
do
whatever
we
can
to
make
this
city
more
affordable
for
renters
and
for
assault.
So
our
committee
has
asked
staff:
do
a
number
of
things
number
one
work
in
an
interval
interdivisional
way
to
recommend
evidence-based
ways
to
contribute
to
the
solution?
It's
not
going
to
be
an
overnight
solution,
there's
no
magic
bullet,
but
if
there
are
meaningful
things
that
the
city
can
do
to
contribute
defining
an
answer
along
with
the
other
orders
of
government,
we
need
to
do
our
part
and
we
need
to
use
every
means.
J
We
have
to
make
this
city
more
affordable
for
renters
number.
Two:
we're
asking
staff
to
look
into
a
number
of
good
ideas
that
have
been
brought
forward,
such
as
wood
cancer
by
Louis
champion,
which
is
looking
at
laneway
house.
Is
this
something
that
will
contribute
to
our
long
term
goal
to
make
more
housing
available
and
bring
down
prices
and
also
the
question
of
buildings?
Small
buildings
houses
forms
sometimes
that
have
fewer
than
six
units
that
have
no
protections.
J
Just
as
a
reality
check
for
herself,
the
vacancy
rate
has
never
been
so
low
and
the
rents
haven't
been
this
high
in
the
last
15
16
years.
Think
about
that
in
the
past
15
16
years,
the
vacancy
rates
have
not
been
this
low
and
the
rents,
and
in
this
heart
the
city
is
not
affordable.
So
we
can
debate
all
sorts
of
things
and
we
can
have
differences
of
opinion
on
a
number
of
things.
J
They
want
us
to
do
what
we
can
and
what
we
do
at
our
committee
just
for
information
where
we
can
make
substantive
differences,
such
as
unread,
safe
and
the
bylaws
that
we
can
affect
change
with
and
like
what
we've
asked
staff
to
do
now.
We
do
where
we
can
advocate
towards
the
Ontario
government
or
elsewhere
to
demand
change
such
as
reforms
on
the
way
that,
above
the
guideline
rent
increases
are
allowed.
We
do
so.
J
In
other
words,
we
we
do
what
we
can
substantially
here
on
this
level,
but
we
also
advocate
towards
other
orders
of
government,
so
I
hope
that
you
support
this
initiative.
I
look
forward
to
this
all
coming
back
again
comprehensively,
so
we
can
review
a
number
of
professionally
advised
options
on
how
best
we
as
counselors,
can
go
to
bat
for
Bank
renters
and
then
work
together
on
those
solutions.
Thank
you.
Thank
You.
L
Just
briefly,
madam
Speaker
I'm
not
going
to
move
a
motion,
but
I
will
say
this
particularly
for
my
colleague
councillor
Matt
low,
because
a
trend
is
emerging
of
infill
and
multi-residential
towers
and
the
park
properties,
and
we
know
that
it
will
become
more
and
more
a
trend
given
not
only
some
of
our
tower
in
the
park
policies,
but
I
think
it
will
actually
play
out
in
the
new
inclusionary
zoning
formulas
and
the
reason
I
mention.
It
is
one
thing:
that's
missing
here
and
it's
a
legislative
piece.
L
That's
going
to
take
a
you
know
both
houses
of
government
working
on
it,
but
one
thing
that
is
missing.
There
is
when
someone
comes
forward
with
the
tower
in
the
park
that
they've
owned
for
umpteen
decades,
I
think
there's
some
madam
Speaker
in
your
own
ward,
where
they've
owned
it
for
decades,
it's
free
and
clear
they
own
it.
It's
pure
profit
every
month
and
when
they
come
forward
to
apply
to
put
22
stories,
have
three
applying
to
put
33
stories.
Thirty-Nine
stories
in
the
back
parking
lot
of
that
building.
L
We
may
well
have
to
consider
it,
but
right
now
there
is
no
legislative
requirement,
no
Planning
Act
provision
that
allows
us
to
say
not
until
you
start
treating
the
tenants
in
your
existing
building
decently
fix
one
bathtub,
replace
a
few
stoves
fix
some
moldy
fridges
and
then
come
back
and
talk
to
me
about
your
application.
We
actually
don't
have
the
legislative
or
regulatory
to
do
that.
We
try.
We
have
pleasant
conversations,
but
it
is
the
only
thing
missing
here
and
I
just
want
to
caution.
L
You
it's
already
happening
in
multiple
sites
in
my
area,
driven
by
the
precedent
in
in
Parkway
Forest,
and
it
is
a
solution
to
start
putting
some
development
into
those
areas
around
towers
in
the
park.
You
might
not
think
it,
but
it
actually
does
give
you
a
more
vibrant
and
safer
neighborhood.
It
does
put
more
eyes
on
the
street
in
those
areas
that
have
been
desolate,
but
at
the
building
that
is
studying
there
and
it's
going
to
continue
to
sit.
There
is
desolate
and
the
tenants
inside
it.
It's
tantamount
to
abuse
the
way
they're
there.
L
Their
buildings
are
being
kept
even
as
they're
paying
the
1400s
a
month
in
rent.
That
is
the
next
step
and
I
hope
that
that
councilors
Hill
will
we'll
look
for
ways
to
solve
that,
and,
and
other
orders
of
government
should
they
be
listening,
are
looking
at
that
as
well,
because
that
really
is
coming,
particularly
in
the
City
of
Toronto
as
a
major
trend.
Thank
you,
madam
Speaker.
Thank
you.
M
You
very
much,
madam
Speaker,
and
because
we
were
talking
about
affordability
in
rent
I
wanted
to
take
the
opportunity
to
to
speak
to
some
background
on
why
I
introduced
item
mm
thirty-eight
point
one
five.
If
anyone
was
listening
to
Metro
morning
this
morning,
you
heard
from
Cary
North
who
was
a
tenant
on
College
Street.
She
was
in
a
building
with
with
seven
other
units
and
to
the
the
two
developers
went
through
and
quite
strategically
evicted
all
of
those
eight
tenants.
M
They
first
did
so
by
their
right
of
personal
use
and
then,
when
the
landlord
tenant
board
said
how
many
units
are
you
gonna
personally
occupy?
They
started
evicting
people
for
red
major
renovations.
Well,
it
turns
out
the
the
the
landlord
tenant
board
has
just
ruled
that
they
don't
have
the
right
to
restore
the
tendencies
of
these
tenants.
M
So
so
let
me
just
repeat
that
they
were
evicted
with
the
right
of
return
by
the
landlord
tenant
board
and
now
they're
trying
to
re-establish
their
tenancy,
but
the
LTB
has
admitted
they
don't
have
the
power
to
do
that,
because
other
people
are
living
in
their
units.
Why
does
it
even
exist?
So
all
of
the
tenants
in
all
of
your
buildings
are
potentially
subject
to
legal
renovation,
because
if
that
landlord
just
moves
some
people
in
right,
when
they're
done,
the
LTV
doesn't
have
the
right
to
remove
them.
M
That's
why
I
put
the
motion
for
it
I
think
countered
by
allow
for
seconding
it,
but
I
do
encourage
you
to
read
these
star
ins,
this
past
Saturday.
It
was
a
full
page
article
about
these
residents
and
the
lack
of
protections.
Given
this
most
recent
ruling
from
the
LTV.
This
needs
to
change.
It
needs
to
change
quickly
because
right,
because
our
our
our
landlords
know
they
can
do
this
now
and
they
will
start
doing
it
more.
Thank
you.
Thank.
A
A
N
This
ties
those
two
things
together,
so
we
don't
wind
up
with
one
bylaw,
locking
in
a
bylaw
that
that
cements
our
current
budget
process,
while
we're
in
the
process
of
rethinking
a
new
budget
process
and
similarly
rethinking
new
financial
strategies.
Perhaps
we
want
to
change
the
debt
ceiling.
Perhaps
there
are
other
changes
we
wish
to
make.
N
The
the
answers
I
got
left
me
with
some
concern
that
we
have
to
be
very
thoughtful
about
how
we
do
that
I
would
hate
for
there
to
be
some
kind
of
fiscal
crisis
in
the
City
of
Toronto
some
kind
of
economic
downturn
and
to
have
our
hands
tied
procedurally,
so
we
couldn't
react
quickly
on
the
floor
of
council
during
a
budget
debate.
So
for
those
reasons,
I
think
the
prudent
thing
to
do
is
to
step
back
from
this
momentarily.
N
Allow
city
staff
to
continue
to
do
the
work
that
they're
doing
in
the
long
term
financial
plan
and
to
try
to
tie
together
the
various
ways
we
control
the
budget
process
and
the
control
by
law
and
our
long-term
financial
plans,
so
they're
all
moving
in
the
same
direction
rather
than
taking
the
steps
independently
and
perhaps
creating
a
bit
of
a
mess
for
us.
Thank
you
very
much.
Thank.
O
N
N
N
There
is
a
little
bit
of
uncertainty
about
whether
that
creates
any
kind
of
a
risk
for
a
group
of
people
who
pay
taxes
to
challenge
our
budget.
In
that
we
didn't
amend
a
bylaw
when
we
made
the
motion
so
I
have
a
series
of
questions
tying.
The
two
of
them
together
is
one
of
them
and
I
also
just
want
to
better
understand.
Are
these
miniscule
risks?
Are
they
more
considerable
risks
in
terms
of
the
legal
question?
Thank
you.
Thank.
A
A
A
G
Q
I,
thank
you,
madam
Speaker,
so
just
to
staff
I
was
wondering
if,
in
your
report,
back
you're
gonna
be
speaking
about
the
service
charges
that
are
charged
with
these
transactions
in
in
this
space
and
what
that
would
mean
for
taxpayers
if
they're
paying
their
bills,
and
it
would
look
the
kind
of
impact
that
it
would
have
on
their
bill,
because
I
mean
the
fluctuations
in
cryptocurrency
are
pretty
drastic
and
also
could
you
comment
on
well
I?
Let
you
answer
the
first
question
so.
G
P
Will
spend
the
dollars
and
undertake
the
staff
report
as
directed
by
by
counsel,
but
but
staff
I
think
are
very
much
interested
in
blockchain
technology
and
are
very
much
interested
in
the
role
of
data
mining
and
the
role
of
Bitcoin
and
other
currencies
as
information
stores,
and
we
are
working
with
the
province
and
municipal
licensing
and
services
and
others
to
explore
ways
in
which
those
technologies
can
be
brought
directly
into
city
services.
Without
necessarily
focusing
on
the
current
on
the
currency
aspect.
Our
preference
would
be
to
focus
on
those.
D
P
It's
peer-to-peer
it's
it's
consolidation
of
information
and
building
trust
through
a
series
of
complicated
mathematical
problems,
mining
the
answers
to
those
problems
and
developing
a
shared
ledger
associated
with
that.
That
does
in
fact
remove
as
an
intermediary
the
normal
financial
institutions
right.
P
We
could
in
fact,
do
those
things
and
we
could
look
at
at
the
extent
to
which
crypto
currencies
are
a
value
store
for
areas
traded
in
a
darker
share
of
the
economy.
We
can
look
at
all
of
those
butBut.
Frankly,
as
I
indicated
earlier,
we
are
tremendously
interested
in
blockchain
and
other
aspects.
I
digital
technology
and
I
think
would
prefer
to
focus
on
the
application
of
those
to
delivery
of
public
services.
Okay,.
P
Generally
speaking,
we
we
operate
on
a
cash
basis.
We
don't
even
actually
operate
a
sophisticated
accounting
basis
or
an
accrual
basis
or
or
anything
like
that,
so
our
actual
capacity
to
handle
complicated
transactions
and
as
as
the
interim
CFO
mentioned,
actually
get
appropriate
value,
and
also
there
are
various
security
issues
associated
with
the
technology
as
as
well
is.
D
P
D
P
D
P
Think
and
I
think
the
number
of
people
who
actually
truly
understand
the
application
of
these
the
energy
requirements,
the
security
issues,
the
transactional
frictions
and
a
number
of
other
things.
It
is
potentially
a
superb
way
of
agreeing
and
having
a
shared
understanding
of
information
and
of
facts.
We
have
large
shares
of
information
and
facts
conducted
in
programs
like
municipal
licensing
and
services.
There
is
the
potential
to
use
blockchain
or
similar
technologies
to
actually
develop
Ledger's
of
shared
information
in
databases.
O
P
I,
don't
think
staff
particularly
get
up
in
the
morning
worrying
that
the
Canadian
dollar
is
not
adequate
for
accounting,
our
services,
and
if
we
are
worried
about
the
accounting,
it's
not
because
of
the
Dom
domination,
the
Canadian
dollar
value.
This
would
be
an
effort
to
show
Toronto
as
a
modern
jurisdiction.
I
think
that's
totally
appropriate.
I
think
it's
also
worth
focusing
absolutely
certainly
on
the
use
of
the
technology
to
public
services.
Okay,.
O
P
So
there's
absolutely
the
possibility
that
that
many
different
stores
of
value
can
be
used
to
to
undertake
that,
and
certainly
there
have
been
a
wide
number
of
media
articles
speaking
to
the
potential
for
Bitcoin
as
a
largely
or
other
cryptocurrencies,
as
largely
anonymous
technologies
to
to
share
to
hide
value.
So.
P
We
we
are
certainly
aware
of
a
number
of
governments
and
we're
working
with
them
in
terms
of
investigating,
along
with
Mars
and
others,
the
potential
application
of
blockchain
and
other
technologies,
as
it
relates
to
deliver
of
public
services.
I,
don't
believe
we're
aware
of
any
of
them
that
have
made
an
active
practice
of
looking
to
replace
Canadian
dollars.
Anna
mom,
okay,.
R
P
Toronto
threw
through
a
number
of
key
Institutes
is
actually
already
a
prime
leader
as
an
economy.
We
are
a
dominant
player
in
in
the
cryptocurrency
world
that
research
is
being
conducted
on
a
regular
basis
inside
our
universities
inside
our
financial
institutions.
As
an
economy,
we
are
already
a
primary
driver
of
that
and
is
reflecting
that
primary
driver
that
we're
interested
in
applying
this
technology
to
the
service
of
public
policy
directly.
Okay,.
P
L
That
is
where
my
next
question
was
going.
Am
I
right
in
understanding
the
general
tenor
of
the
the
preamble
to
the
long-term
fiscal
plan
and
to
your
budget
presentation
earlier
this
year
and
I
daresay
even
the
words
of
your
deputy
city
manager,
mr.
Livy
earlier
today
that
this
council
has
a
pond
Shaw
for
over,
burdening
you
with
report
writing
on
things
that
that
others
are
already
doing
the
work
on
our.
L
P
L
C
Thank
you
very
much,
madam
Speaker.
I
guess.
My
question
is
to
the
city
manager,
mr.
city
manager.
It
isn't
really
clear
to
me
as
to
the
responses
that
you've
been
given
members
or
council.
Is
this
something
that
governments
should
at
least
have
an
understanding
whether
or
not
it's
municipal,
government,
provincial
or
federal,
because
it
is
becoming
more
commonplace
than
not
so?
Should
governments
not
have
a
understanding
of
it
to
develop
policy
around
this
particular
whether
it's
blockchain
or
crypto
currencies
as
such
I
agree.
P
C
I
I
think
here
some
of
the
tone
of
the
questions
of
being
asked
is
that
you
and
your
staff
have
so
many
more
important
things
to
do
that.
This
isn't
one
of
those
important
things.
Would
you
define
this
as
not
important
in
terms
of
having
a
better
sense
of
understanding
of
both
these
two
specific
type
of
of
matters,
cryptocurrency
and
blockchain?
Absolutely.
P
I
need
to
be
very
as
clear
as
I
can
be
on
this
we're
using
blockchain
and
cryptocurrency
as
a
generic
here
right.
There
are
a
wide
variety
of
technologies
and
approaches
within
there's.
Many
of
them
are
actually
central
to
the
City
of
Toronto,
many
of
them
sorry,
the
geography
of
the
City
of
Toronto
and,
in
fact,
Toronto,
is
in
fact
one
of
the
world
leaders
in
law
at
that
absolute
research
and
and
is
a
core
core
driver
of
that.
P
My
interest
in
these
technologies
is
primarily
in
terms
of
their
efficacy
and
their
impact
in
improving
the
delivery
of
information
and
improve
it.
Using
that
information
to
improve
the
delivery
of
public
policy,
I
believe
at
least
part
of
the
motion
focuses
on
the
use
of
these
as
way
of
undertaking
dollar
transactions
and
paying
things
like
our
bills.
Yeah
I
think
that
is
a
miss.
My
own
sense
is
that's
a
misplaced
effort
and
we
are
placing
our
effort
where
it
truly
belongs.
Okay,.
C
K
C
K
A
technology
that
looks
like
it's
going
to
have
a
lasting
impact
on
the
road.
It's
very
complex,
as
the
city
managers
talked
about
we've.
Just
we
were
all
we
already
did.
Municipal
licensing
and
standards
did
a
joint
test
pilot
project
with
the
provincial
government
around
some
licensing
of
restaurants.
So
it's
it's
a
technology
that
we
need
to
be
aware
of,
and
we
need
to
research
and
we
need
to
support
and
if
there's
an
economic
development
benefit,
all
the
major
banks
have
set
up
blockchain
research
labs
within
this
within
their
operations,
so
we
need
to.
K
C
And
so
the
work
that
would
be
done
in
terms
of
garnering
information.
Obviously
a
banks
are
doing
it
and
other
organizations
are
obviously
developing
and
or
coming
forward
with
process
that
identify
how
the
technology
could
work.
Would
it
be,
then
you
would
just
be
piggybacking
on
this
process
in
order
to
garner
information
so
that
we
here
at
Council
would
be
able
to
have
and
and
utilize
it
as
we
see
fit
forward.
I.
K
Might
go
a
little
bit
farther
than
what
you
just
suggested.
That's
right!
We
need
to
understand
the
implications
of
this
technology
and
where
it
could
benefit
the
city
and
where
the
city
will
be
pulled
into
it,
no
matter
what
right
so
we
need
to
be.
In
my
view.
We
need
to
be
aware
of
it
and
understand
it
as
best
as
possible
and
work
with
those
that
are
at
the
leading
edge.
So.
C
N
I
do
have
a
motion
that
counsel
received
this
report
or
received
this
item.
I
was
so
hoping
we
didn't
have
to
do.
This.
I
really
really
hope
that
we
could
just
not
have
this
come
back
after
I
saw
the
notice
of
motion,
but
evidently
we
have
to.
Evidently
we
have
to
have
a
conversation
about
this.
I
want
to
be
clear.
N
There
are
important
important
technologies
that
will
grow
out
of
the
blockchain
work
that
is
being
done
and
yes,
the
University
of
Toronto
and
several
of
Canadian
banks
are
part
of
the
research
on
that
the
motion
you
have
in
front
of
you
does
something
else.
It
says
that
we
should
look
at
using
Bitcoin
and
blockchain.
N
Bitcoin
is
a
very,
very,
very
different.
Animal
blockchain
is
a
means
by
which
you
can
transfer
data
in
a
secure
way
and
keep
a
record
of
how
that
data
moved
to
make
that
work
for
a
currency
or
some
other
particular
thing.
You
want
to
keep
track
of.
You
write
software
on
top
of
it
that
can
talk
to
all
the
different
uses
that
software
that
sits
on
top
is
vulnerable
to
exploitation.
This
is
why
some
of
the
biggest
currency
scandals
of
the
last
half
decade
have
been
associated
with
Bitcoin.
It's
not.
The
blockchain
is
a
problem.
N
It's
that
to
make
it
work
with
currency
and
do
other
things.
If
you
create
all
these
vulnerabilities
and
risks,
and
nowhere
in
the
world
yet
figured
out
how
to
lock
that
down.
It
is
a
complete
waste
of
city,
staffs
time
to
examine
the
question
of
whether
people
can
pay
their
taxes
in
the
City
of
Toronto
using
Bitcoin.
N
Wise
person
once
said,
a
little
bit
of
knowledge
is
a
very
dangerous
thing
and,
unfortunately,
the
motion
that
we
have
written
that
was
written
for
staff
here
was
based
on
a
little
bit
of
knowledge
and
the
and
the
proposal
to
staff
is
a
very
dangerous
thing.
The
city
manager
in
his
remarks
and
his
I'm
gonna
miss
this
parsing.
N
What
he's
actually
saying,
but
he
did
say
three
things
that
are
worth
noting
one
is:
there
is
already
work
being
done
by
governments
to
understand
how
to
use
the
blockchain
technology
in
the
delivery
of
services,
and
we
should
continue
to
do
that.
Work.
We've
heard
that
that
work
has
started
without
any
motion
from
this
council.
N
N
So
can
I
suggest
colleagues,
the
good
people
at
the
University
of
Toronto,
the
good
people
at
the
major
banks
in
the
city
of
Toronto
public
servants
in
the
federal
level,
the
provincial
level
in
the
municipal
level
are
already
asking
the
question:
can
blockchain
be
used
in
the
delivery
of
public
services?
They
don't
need
a
bunch
of
us
who
don't
know
very
much
about
it
to
meddle
and
tell
them
how
to
do
it.
N
Let's
let
the
good
people
who
know
what
they're
doing
do
with
doing
and
let's
not
confuse
blockchain
with
Bitcoin
and
let's
not
think
that
we,
you
know,
have
have
figured
out
something
really
exciting
about
a
new
way
to
transfer
money.
Goodness
sakes
we
might
as
well
ask
them
to.
You
know,
find
out
if
people
can
pay
their
taxes
with
Dutch
tulips,
it's
just
or
air
miles
or
Tim
Hortons
cards
or
Canadian
Tire
money.
It's
the
silliest
thing
in
the
world,
leave
it
alone.
N
A
G
I'll
be
I'll,
be
very
brief.
Speaker
I
stand
up
to
support
councillor
perks,
I
mean
there
are
two
issues
here
is
there's
a
blockchain
issue
which
I
fully
support,
but
there's
the
Bitcoin
peace,
which
I
don't
think
this
council
should
support.
I
mean
the
market.
Valuation
of
cryptocurrencies
have
gone
down
by
a
hundred
and
thirty
three
billion
dollars
since
their
all-time
high
bitcoins
gone
down
seven
percent
today,
22
percent
in
a
week
I
mean
we
can't
be
using
this
as
a
form
of
payment
to
the
City
of
Toronto.
G
Certainly
not
at
this
stage,
I'll
quote
a
couple
of
people,
one
our
DCM
I've
got
quote
from
his
speech
this
morning.
He
said
staff
are
sent
on
too
many
errands,
and
this
would
be
one
of
those
errands.
We
shouldn't
be
sending
staff
on,
and
also
quote
the
Oracle
of
Omaha
Warren
Buffett,
who
said
the
crypto
currencies
will
end
very
badly.
L
Speaker
I
will
be
very
surprised
if,
if
some
of
the
the
very
same
colleagues
that
I
have
in
in
this
chamber
who
continually
lecture
us
that
small
government
is
best
and
that
that
we
need
to
narrow
down
our
tasks-
and
we
should
be
who
we're
really
meant
to
be
a
municipal
government
just
paving
roads
and
making
the
water
come
out
of
the
taps
and
making
sure
the
garbage
gets
picked
up
and
then
you're
done.
If
those
very
people
actually
think
that
we
should
be
doing
this,
I
will
be
very
surprised.
Madam
speak.
L
If
those
very
people
who
say
we
should
put
more
faith
in
the
private
sector,
we
should
run
like
a
business
and
and
always
listen
to
what
the
private
sector
says.
Vote
against
receiving
this
motion,
because
the
private
Specter
is
spending
a
fortune
researching
this
for
us,
and
if
you
have
faith
in
them,
let
them
do
it.
You
have
enough
to
be
getting
on
with
here.
We
have
heard
that
chapter
and
verse
all
year,
essentially
from
our
city
manager
and
chief
members
of
his
staff.
L
They
have
enough
to
be
getting
on
with
if
you,
if
you
need
any
more
evidence
that
that
we
would
be
an
outlier,
we
really
should
leave
it
to
those
who
can
take
risk
we're
supposed
to
be
a
blue-chip
non
risk
organization.
That's
why,
when
we
put
a
debenture
out
people
snap
it
up
in
a
heartbeat
we're
supposed
to
be
the
safe
bet,
and
you
can
talk
about
Bitcoin
paying
bills,
but
in
fact
your
your
Bitcoin
is
not
cash.
L
It's
a
thing
that
goes
into
a
market
to
trade,
and
it
either
has
a
value
today
or
no
value
tomorrow
from
Fortune
magazine
these
exchanges,
which
match
buyers
and
sellers
and
sometimes
hold
traders,
funds
have
become
magnets
for
fraud
and
Meier's
of
technological
dysfunction
or
reuters.
Examination
shows
posing
an
underappreciated
risk
to
anyone
who
trades
digital
coin.
That's
the
case
today.
It
may
not
be
the
case
tomorrow,
but
we
can
afford
to
let
the
private
sector
get
us
to
tomorrow.
L
We
have
enough
to
be
getting
on
with
and
if
you
need
any
more
evidence,
one
more
place
tonight
just
do
a
little
search
on
your
ear
devices
and
watch
John
Oliver
on
cryptocurrency
I'll
shorten
it
for
you,
the
gist
of
the
15
minutes.
If
you
don't
even
have
15
minutes
is,
if
you
dwell
in
this
at
all
you're,
not
investing
you're
gambling.
Thank
you,
madam
Speaker.
Thank
you.
H
You,
madam
thank
you,
madam
Speaker.
At
the
executive
committee,
I
supported
the
motion
that
was
before
us
on
crypto
currency
and
blockchain
I
actually
moved
the
motion
because
a
lot
of
the
reading
I've
done
recently
about
crypto
currency
revolved
cybersecurity
and
the
risks
that
were
inherent
to
it.
In
fact,
the
governor
of
the
Bank
of
Canada
spoke
at
a
speed
check
just
before
Christmas.
He
said
he
was
asked
what
kept
him
up
awake
at
night
and
he
said
it
was
cybersecurity
and
a
lot
of
it.
H
The
river
all
revolved
around
cryptocurrency,
that
was
at
the
executive
committee.
It's
more
of
the
reading
that
I've
been
doing
since
then
I'm
going
to
be
supporting
the
motion
to
receive
this
item.
Crypto
currency
from
a
lot
of
the
reading
I've
been
doing
it's
like
the
Wild
West
of
the
monetary
exchange
around
the
world.
Most
recently,
Facebook
Google
Twitter
have
all
banned
any
and
all
advertisement
that
has
to
do
with
crypto
currency
I
do
I
understand.
H
We
have
an
obligation
to
look
at
blockchain,
that's
one
thing:
Bitcoin
and
some
of
the
other
crypto
currencies
widely
fluctuate.
I,
don't
have
any
of
my
residents
asking
about
the
ability
to
accept
paying
their
property
taxes
or
any
of
their
bills
in
cryptocurrency,
I
haven't
heard
anything
from
the
staff.
The
other
way
saying
this.
This
is
something
that
we
need
to
look
at.
I
do
continue
seeing
comments
from
experts
around
the
world
about
it,
Mark
Carney,
a
Canadian
and
he's
currently
the
governor
in
the
Bank
of
England.
Some
of
his
comments.
H
Most
recently
we're
gonna
be
talking
about
crypto
currency,
the
g20
meeting
we're
talking
about
them
now
in
the
Bank
of
England.
The
financial
policy
committee
is
looking
at
risks
and
financial
stability.
There
are
issues
for
authorities
who
deal
with
money
laundering,
terrorist
financing
and
price
fixing.
There's
been
a
number
of
incidents
of
theft
in
England
issues
with
crips
cryptocurrency
and
fraud.
Just
over
the
last
three
years
have
gone
up.
$400,000.
H
$400,000
I'd
mark
Carney,
said
cryptocurrency
has
all
the
hallmarks
of
a
bubble,
and
normally
they
end
with
a
pretty
brutal
reckoning,
adding
that
the
idea
that
Bitcoin
would
ever
be
used
as
a
replacement
mainstream
currency
was
an
impossibly
high
bar.
So
saying
all
that
I
think
that
at
this
point
in
time,
for
a
municipality
to
be
looking
in,
cryptocurrency
I
think
there's
still
a
lot
of
regulatory
framework
that
has
to
be
put
in
place
before
somebody
like
the
City
of
Toronto.
R
Thank
you,
madam
chair
I.
Guess
I'm,
not
an
early
adapter
at
home,
I
I
have
a
sack
of
grain.
I
have
a
couple
of
chickens
and
I
can
sort
of
get
my
head.
I
know
they're
illegal,
but
I
keep
them
for
currency,
so
I
can
get
my
head
around,
maybe
allowing
taxpayers
to
pay
their
taxes
using
some
sacks
of
grain
and
some
chickens.
I
even
have
some
pennies
at
home.
That
really
aren't
allowed
to
be
around
anymore,
but
I
keep
them
at
home
and
I
can
get
my
head
around
pennies.
R
But
when
I
saw
this
motion,
I
think
it
was
counselor
or
a
Kelly
that
moved
it
earlier.
I
asked
I
have
a
staff
member
who's
20
years
old
and
I
asked
her
to
explain
it
to
me.
She
explained
it
very
well
and
I
had
no
idea
what
she
was
talking
about.
So
I
thought.
Well,
maybe
you
know
when
I
want
something
dumbed
down
to
the
simplest
level.
I
go
to
councillor
Campbell.