Though we frequently receive glowing comments about the level of service and protection provided at the DNotesVault, we also occasionally receive a comment critical of the additional security steps and time involved in making a withdrawal. I can certainly relate to that concern, so I wanted to take a minute to explain in a bit more detail the DNotes model, how DNotesVault fits into that model, and why it benefits every user whether they use the service or not.
DNotes’ Holistic Approach
DNotes takes a holistic approach to digital currency, recognizing that every individual component - including every user and service on the network - has an impact on the system as a whole. This is why our unique cross-ownership model is so important to DNotes Global. The model ensures the entire system works as one cohesive machine, empowering us to offer greater services to our community – services like the DNotesVault.
You may recognize this systems approach, especially if you’ve read DNotes founder Alan Yong’s book: “Improve Your Odds: The Four Pillars of Business Success”. The principles outlined in the book are critical to the future of DNotes and DNotes Global, serving as a rule book of sorts and providing the guiding principles for DNotes and DNotes Global.
DNotesVault Benefits Everyone
Regardless of whether you choose to use DNotesVault to store your DNotes, the service benefits all our stakeholders. The fact is that most people naturally take the path of least resistance. By making it easy to safely store DNotes in cold storage at the DNotesVault, fewer people will end up storing their DNotes in locations where they are at a higher risk of being stolen - such as exchanges or wallets that are not properly secured. Stolen coins pose a huge risk of being dumped on the market without any regard for everyone else on the network.
More Than Money
It's not just the price and market that is impacted by stolen or lost coins, but the user experience of everyone in the community. Imagine investing your hard-earned money to buy some DNotes only to see them lost or stolen!? If the lost sum was a significant amount of money, you would be much less likely to continue to use and trade DNotes because you would no longer trust its underlying security. DNotesVault helps to preserve that trust, for everyone’s benefit.
Manual Review, Confirmation, and Additional Hold
Cold storage and account security are not enough to ensure the protection of your coins in every instance. That is why we intentionally have a hold time, undertake a manual review and audit of withdrawing accounts and recent history, and sometimes even require manual confirmation before releasing your funds from the DNotesVault.
It is our view that mass adoption requires simplicity, and that before we worry about simplicity, we need the best security.
Options and Choices
None of that means that you are without choices, however. While our goal is to provide an online vault environment that offers maximum protections for your hard-earned holdings, we also recognize that some users may feel comfortable managing their own assets outside the vault. There are options that you can use to forgo the security features offered by the DNotesVault, including our Electrum Wallet and Desktop Wallet. These options provide quick access and full control over your funds.
The main point is that DNotesVault was designed and created to serve as a safe and easy-to-access coin storage and management option for our users. Our goal was to simplify DNotes account management in a way that removed technical burdens while maximizing coin security and user peace of mind. However, that additional protection does involve a compromise, trading some speed for security. As time goes on and these systems continue to evolve, we expect to eventually offer a solution that combines speed, security, and user control.
Excellent article to highlight DNotesVault’s role as a critical component of DNotes ecosystems esstenial in gaining mass acceptance as an inclusive trusted digital currency. Mass acceptance of digital currency for global commerce will take many more years or even decades. But it will happen. This is a natural progression that started with the emergence of personal computers followed by the Internet, and wireless communication. We are living in the Digital Age – digital currency is the future of money. DNotesVault is one of many vital components functioning as a part of a whole system to enable mass adoption of digital currency. To find out more about other vital components and understand the DNotes difference please check out our white paper: https://dnotesglobal.com/white-paper/ |
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Thank you all, especially for all the hard work Tim put in to create the audio book. Tim has been doing a very good job. Chapter 7 is quite technical but interlinked with a lot of organizational and management principles and theories. You will need to register and sign up at the Four Pillars website. However, membership is free till Dec. 31, 2019. I have also produced almost 70 training videos with full transcript. I am passionate about helping others to improve their business success. Do take advantage of it. Business failure is painfully cost and often devastating. It helps to be knowledgeable and well prepared. |
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From DNotes Telegram Today:
Quote from wiser, [21.08.18 16:07]
I'm very happy to hear that the reg D funding round is going well! I'm eager to see greater buy support for DNotes so that it becomes less market dependent. I think that will happen once funding is secured and it's possible to build out those all important infrastructure components.
Quote from: Alan Yong, [21.08.18 16:25]
[In reply to wiser]
Thanks, wiser. Our funding campaign has been received better than I anticipated. It's keeping me extremely busy. It's a numbers game. I must keep up with the momentum until the money is in the bank. This will continue to keep me very busy for a while.
We are getting great exposure and a lot of respect from some top industry leaders. There could be other opportunities resulting from this campaign that were not anticipated. I just have to focus on our top priority and get us funded.
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From DNotes Telegram:
MAC, [18.08.18 21:12]
Great job Alan!
Alan Yong, [18.08.18 21:36]
Thanks, MAC. Please help to keep our community engaged. We have a vast amount of published materials. Feel free to reference some of them for discussion. DNotes is gaining great respect from many of our industry leaders. We are on the right track. I am proud that we have such an amazing team behind us - absolutely the best in class. Thank you all for your support.
MAC, [18.08.18 21:37]
I tweet everything I can get my hands on.
MAC, [18.08.18 21:39]
Hopefully my Twitter followers will start paying attention to Dnotes.
Alan Yong, [18.08.18 21:41]
Excellent, MAC. That is greatly appreciated.
MAC, [18.08.18 21:42]
Without your efforts none of this is possible. I know all of us here cannot Thank you enough for all you're doing.
MAC, [18.08.18 21:44]
I cannot forget to thank your team also. They are doing Great work. So to the team "THANK YOU Guys!"
Umar, [18.08.18 21:51]
[In reply to Alan Yong]
Great work Alan, wish you best of luck 👍👍
Alan Yong, [18.08.18 21:58]
Thank you, MAX. I am totally committed to DNotes’ vision of gaining mass acceptance as the inclusive trusted digital currency for the benefits of everyone. Thanks to our core team and the continued support of community we have accomplished a lot with limited resources.
I am confident that we will be successfully funded. Upon completion of our funding DNotes will be taking a big step forward. It will be amazing how much we can accomplished with adequate funding.
Thanks, and keep up with the good work everyone. I got to move on.
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Funding Update:
We have made a big effort to reach out to as many of my contacts as possible. It resulted in as many as 100 incoming emails per day. With few exceptions, every email was politely responded to.
At this point I would rate our case as better than I anticipated. There are more people who like to continue a conversation with me than I have time available. That is a good thing – it gives me more choices to be selective on how I can best use my time wisely.
This is a long process and will take 2 to 3 months to complete. The conversation stage has started. I have already spoken to a few, with more scheduled. So far, it looks promising that we will be sufficiently funded, with good likelihood of reaching the maximum.
Aside from the benefits of getting funded, this is a great awareness campaign for DNotes and DNotes Global. We are gaining a lot of respect and exposure. Many have expressed an interest to work with us in collaborative projects. And there are a few interesting ones. We are also building good ground-work for NextGen VC.
This is immensely demanding but well worth the hard work. I appreciate your continued support to keep our community engaged. Once successfully funded, DNotes will be taking a very big step forward. Years from now, there will be some who would look back and ask why they did not see the opportunity to participate when things were so obvious. Perhaps human is inherently dismissive and greedy at the wrong time.
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DNotes Reg. D 506 (c)
Securities Being Offered:
1,000,000 Shares of Common Equity in the Company representing 12.5% of the Company on a fully
diluted basis.
The summary below describes the principal terms of the SPAs and the rights to purchase Shares contained therein. Certain of the terms and conditions described below are subject to important limitations and exceptions.
Prospective investors should review the form SPA in its entirety, available from the Company. The summary below is qualified in its entirety by reference to the actual text of the form of SPA.
Minimum subscription: US$5,000,000 at $5 per share
Accredited investors only (as defined under Regulation D promulgated under the Securities Act) approved by the Company.
Disclaimer: This is not an offer to sale. It is only for your information and clarification.
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Hi LaScuderia, and thanks for the question. As DNotes outlined in his response, DCEBrief's mission is about more than just reporting on news related to this project. In fact, the lion's share of news and opinion on that site covers issues and ideas that often have no direct relation to DNotes. However, they are all stories and ideas that impact the industry in a variety of ways. Sometimes they are updates on how governments are responding to the digital currency revolution. In other instances, these stories track new innovations, new companies, or notable public statements from industry experts, influencers, and thought leaders. Your broader question may have been why the link to that news article was placed in the DNotes community forum here. You'll find that we do that for every newly-posted article on DCEBrief, DNotesEDU. Some who pop into this community may not be subscribed to the DCEBrief newsletter, and we just like to provide an opportunity for them to get quick access to any posts that might interest them. It also helps to notify regular members of the community as well. You'll also notice that members of the community sometimes post links to articles at other sites, with news or opinion that they think might be of interest to the community. It's all just part of our common commitment to learn and share information. We take pride in the fact that the DNotes community is fully engaged in the digital currency revolution, and eager to stay up to date on all the rapid changes that are going on around us as we push forward toward the realization of the future of money. Thanks for being a part of that. I really appreciate and understand what you are doing here. With sharing important information like that, for crypto in general you always provide your community with good information what is going on in crypto world in general. And knowledge is always welcome. On the other hand you are keeping your promise that DNotes is not about just currency, it is a whole ecosystem, part of which is also DCEBrief. So in that regard I think it is only logical and correct that you also put links to news from that site on this forum. Because if we are speaking about ecosystem, it is only logical and correct that all parts of it support each other. Just keep up the good work guys  Indeed, that is what DCEBrief's mission is about. We are very purposeful in everything that we do. It often takes a long time for people to connect the dots. But we are here for the very long-term. That is another DNotes difference. |
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 Making DNotes Accessible To All (Giveaway) https://dnotesedu.com/2018/08/making-dnotes-accessible-to-all-giveaway/In the spirit of DNotes Global Inc‘s push toward digital currency mass adoption, DNotesEDU is making a concerted effort to get DNotes into the hands of the people. DNotesEDU is giving away 100 DNotes to 100 people, and multiple entrants will also receive 1000 DNotes. All you have to do is leave a comment below this article ( https://dnotesedu.com/2018/08/making-dnotes-accessible-to-all-giveaway/) with: -Your first name -Your country -The story of how you make your living -How you heard about cryptocurrency -Your DNotes address to receive payment For beginners, the easiest and safest way to create a DNotes address is to sign up at https://dnotesvault.comThe entries DNotesEDU find to be most inspirational will receive an additional 1000 DNotes, and we will also publish your own featured DNotesEDU article, telling the world your story, and sharing your DNotes address to help fund your dreams. This giveaway is intended for low average income nations whose people may not have money to buy cryptocurrency of their own. The following nations qualify:Afghanistan, Albania, Algeria, Angola, Armenia, Azerbaijan, Bangladesh, Belarus, Belize, Benin, Bhutan, Bolivia, Bosnia, Burkina Faso, Burundi, Cambodia, Cameroon, Djibouti, East Timor, Egypt, El Salvador, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Guatemala, Guinea, Guyana, Haiti, Honduras, India, Indonesia, Iran, Iraq, Ivory Coast, Jamaica, Jordan, Kenya, Kiribati, Kyrgyzstan, Laos, Lesotho, Liberia, Madagascar, Malawi, Mali, Marshall Islands, Mauritania, Micronesia, Moldova, Mongolia, Morocco, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, Niger, Nigeria, North Korea, Pakistan, Papua New Guinea, Paraguay, Philippines, Republic of Macedonia, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Africa, Sri Lanka, Sudan, Swaziland, Syria, Tajikistan, Tanzania, Togo, Tonga, Tunisia, Tuvalu, Uganda, Ukraine, Uzbekistan, Vanuatu, Vietnam, Yemen, Zambia, and Zimbabwe. This is an ongoing giveaway and there will be no set deadline.*This post is Bitcointalk forum rule compliant https://bitcointalk.org/index.php?topic=780979.0Thank you, DNotesEDU for your generosity and continued efforts to help others. |
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I am just listening to it now. I really appreciated one of the sentences in the interview title:
"What kept them [businesses] upright was likely luck, not leadership, and momentum, not management."
Relying on luck will never be the optimal solution if you play a game that has a 70% chance of failure many times. There has to be something else that contributes to your success. Luckily Alan has put all of the answers in his book, and discusses them in these podcasts. By my count you must have about ten of these podcasts now Alan!
I'll be spending more time today recording more chapters for the book.
Thank you, Tim, I have done over 20 podcasts. They are all unscripted, and for the most part, I had no idea what the questions would be. It's fun but very demanding. I have done enough for now and shifted 100% of my focus onto funding. Tim, thanks for the amazing audio book you are producing. That, undoubtedly, is another case in point of what best in class is about. I love listening to the audio than reading the book. Great job. So far I have made over 3,000 contacts and received 100 + responses. The momentum is building. It is looking promising but will take time to filter down to a few. 20 certainly is a fair few! Yes, I nearly got through recording Chapter four today, and hopefully could get at least half a chapter read and recorded per day. I do rather enjoy reading the early chapters, so much talk about being the best in class is highly motivating, and I find myself making adjustments. That is good news talking to so many contacts on LinkedIN. I'm sure you will continue to aggressively add more contacts, and invite them to look at the wonderful potential that a great team can accomplish with the fight funding -- as is the case with the DNotes project. That is quite a commitment to get the audio book done. It is very much appreciated. I believe that it will add a lot of PR value to DNotes. The funding is generating a great deal more interest than I anticipated. I trust that we will get sufficiently funded. This is also a pre-load for our subsequent funding round using Reg. A+ Mini-IPO Tier 2 to raise up to $50 million from accredited and non-accredited investors worldwide. We are reaching out beyond our target. That will prepare us well into the next round. |
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I am just listening to it now. I really appreciated one of the sentences in the interview title:
"What kept them [businesses] upright was likely luck, not leadership, and momentum, not management."
Relying on luck will never be the optimal solution if you play a game that has a 70% chance of failure many times. There has to be something else that contributes to your success. Luckily Alan has put all of the answers in his book, and discusses them in these podcasts. By my count you must have about ten of these podcasts now Alan!
I'll be spending more time today recording more chapters for the book.
Thank you, Tim, I have done over 20 podcasts. They are all unscripted, and for the most part, I had no idea what the questions would be. It's fun but very demanding. I have done enough for now and shifted 100% of my focus onto funding. Tim, thanks for the amazing audio book you are producing. That, undoubtedly, is another case in point of what best in class is about. I love listening to the audio than reading the book. Great job. So far I have made over 3,000 contacts and received 100 + responses. The momentum is building. It is looking promising but will take time to filter down to a few. |
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Congratulations Alan on the interview. You're sure getting quite a few of these interviews lately. You're representing the brand well!
Thanks, Tim. I am certainly keeping myself very busy. Thanks to everyone for your continued support. |
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My sincere congratulations to Dr. Pavel Kravchenko, the Founder of Distributed Lab, for the publication of his first article on DCEBrief. I have been a follower of his great work and contribution to our nascent industry. Blockchain technology has tremendous potential to make this a better world by reducing our dependency on centralized control of our life at almost every turn. A healthy balance of centralized entities operating in harmony with the emergence of decentralized systems such digital currency with the underpinning blockchain technology will have significant positive world changing implications. |
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From DNotes Telegram:
Quote from Alan Yong Today:
I am overwhelmed, as expected, in our funding campaign. We are generating a lot of interest but sorting them out to refine our target is very demanding and time consuming. It will continue to take 100% of my time with an enormous amount of hard work. As long as I remained focused, I am confident that we will get funded.
DNotes was founded 4 ½ years ago based on many guiding principles that help us change the nasty culture of our industry to one of trust and respect that we all treasure as an important component for DNotes to build an inclusive trusted brand.
One of our guiding principles in community management is simple - be respectful and fair but “Do Not Engage.”
Any reasonable question must be acknowledged and answered politely and tactfully. In rare cases, a second clarification is appropriate. That is when it ends. Anything else is unproductive and damaging to all our stakeholders.
We take pride for being respectful, trustworthy, accommodating, inclusive, and productive. Because of those guiding principles we will always be advancing forward. Let’s march on.
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It might be "overkill" but, I would suggest that the best way to introduce people outside the crypto world aside from the previous link suggestion, would be to set up a special site just for purchasing dnotes for online digital commerce through the app. Nothing complicated, just a page within the vault structure where they could buy Note without an exchange that would automatically create a special "on line commerce" Dnotes Vault account for them and send their login info to them via email or other method.
Three simple steps, create their account, get a login and password and accept either a Credit Card, PayPal or, Bitcoin payment for the dnotes. At this point, the user hasn't been dragged outside their comfort zone very far and they are more likely to buy online where Dnotes is accepted.
At least for now, don't charge anything over and above the current exchange rate for the DNotes to maintain that account. Perhaps, after some predetermined time period, an automatic trigger that will allow them, sometime in the future, to upgrade to a full Vault account and it's a done deal.
You could also point them to educational material on crypto in general.
Thank you RJF for helping us to think through this. It would seem like there are many simple solutions to reach people outside of our industry and have digital currencies accessible to them., such as what you suggested. Unfortunately, there are legal challenges in the sale of digital currency for cash or fiat currency that requires licensing from many jurisdictions. Additionally, there are many practical limitations when micro-payments are involved – the conversion and transaction fees are prohibitively higher than the sale price of the item. Hence, we realize since the launch of DNotes 4 ½ years ago that mass acceptance of digital currency can only happen in a large scale globally. For more clues: Listen to the audio book, chapter 15, narrated by Tim Goggin: The DNotes Story from Improve Your Odds - The Four Pillars of Business Success Narrated by Tim GogginIn this video Tim Goggin reads the DNotes story, Chapter 15 from the book Improve Your Odds - The Four Pillars of Business Success. For more information on DNotes, please visit the DNotes website at https://dnotescoin.com/ and DNotes Global, Inc website https://dnotesglobal.com/. For more information on the book Improve Your Odds - The Four Pillars of Business Success, please visit https://fourpillarsofbusinesssuccess.com/https://youtu.be/ZQ5JJo4Q1h8 |
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Haven't been feeling the best of late, so I haven't had the energy to comment in the last couple of days. My apologies to all. However, I did get a chance to listen to Tim's excellent reading of the DNotes Story, and was as inspired as I was when I first read it. It is indeed an excellent account of how we got to where we are, and the vision and mission that drives DNotes forward. As we look about the digital currency landscape, there can be little doubt that DNotes continues to be second-to-none in its commitment to achieving mass adoption and providing tangible benefits and opportunity for people everywhere.
Thanks, Ken. Hope you feel better soon. I was also inspired by Tim's reading of the DNotes Story. Tim is now working on doing the whole book and make it widely accessible for a small amount of DNotes using DNotes Pay. I trust that many will find the audio book helpful and inspiring. That will be another tool to help DNotes gain mass acceptance as an inclusive trusted digital currency. |
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Tim, great idea and excellent efforts. Thank you very much. Anyone who is serious about DNotes should spend the 45 minutes to listen to this chapter. It's worth every minute of your time. You will find out why we are doing what we are doing. There is no short cut to building an inclusive trusted digital currency for everyone worldwide to participate. 95% of my time is now focused on our first funding round that is now live: “DNotes Global Inc Launches Reg. D 506 (c) Funding to Raise $5 million from Accredited Investors in a series of Three Funding Rounds” Crowdfunding Insider: https://www.crowdfundinsider.com/press-release/dnotes-global-inc-launches-reg-d-506-c-funding-to-raise-5-million-from-accredited-investors-in-a-series-of-three-funding-rounds/Please help to support our forum and keep our community engaged. I will drop in when I have a chance. Thanks, and have a great weekend. |
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Well now anybody who uses wordpress can easily sell products for DNotes too, which is super handy. I'm sure we will soon be collating lists of online stores that accept DNotes for payment. As our software suite expands, we will be able to integrate all kinds of other automated steps into the process. For example when our exchange and bank are deployed, we could see DNotes paid to the merchant, then automatically exchanged for the merchants local currency, and sent to their bank account. This would make DNotes a preferred means of international trade for merchants that want to operate in fiat money -- which will make DNotes a competitor for global payments.
Very bright times ahead.
Brilliant idea. Including DNotes into sites the general public will frequent via the app will move us to the next step of public acceptance. Perhaps a link on the app window to a page that explains crypto and how and where to obtain DNotes would boost acceptance even more. That's a fantastic idea! Thanks. Whatever we can do to increase adoption will eventually help the entire ecosystem. Never leave a potential customer wanting for information that will help make the sale and support the backend as well. Thank you, RJF. We are very committed to mass adoption of DNotes as an inclusive trusted digital currency. DNotes Pay is absolutely a brilliant tool to help us achieve that goal. |
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If the definition of Accredited Investors becomes less restrictive and reasonable it will be a huge boost to Reg. D and Reg. A+ funding that involve accredited investors. It could also make future ICOs more likely to meet regulatory requirements. I just hope that our regulators will not make the new rules too burdensome. Enjoy your reading and have a great day. Will the Definition of an Accredited Investor Finally get Fixed? The JOBS and Investor Confidence Act Includes Bill that May Finally Address this Longstanding ProblemCrowfund Insider: July 18, 2018 @ 8:32 am By JD Alois The current definition of an accredited investor is a profound act of disenfranchisement. Policy makers decision to segregate investors based solely on how much money they have is a myopic, discriminatory act of rulemaking. The punitive definition of an accredited investor has been in place for decades, fueling an environment where the wealthy have access to some of the most promising investment opportunities and the poors not at all. But this travesty of rulemaking may finally change. As part of the “JOBS and Investor Confidence Act of 2018,” a bill has been included that will update the definition. The “Fair Investment Opportunities for Professional Experts Act” (H.R. 1585) passed the House of Representatives by a voice vote in November 2017 indicating solid support in the House. The bipartisan legislation is co-sponsored by Representatives David Schweikert, Carolyn Maloney, French Hill and Kyrsten Sinema. While maintaining the current monetary hurdles to be considered an accredited investor, the language of the bill provides for a test, of sorts, for individuals that may not have a huge income but have the business acumen to decide for themselves if they want to invest in a private offering. The language states that an individual may also be determined accredited as follows: “any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934)“ Depending on the final language as decided by the Senate, this could be huge for both investors and private offerings under Reg D (506c / 506b). The Reg D securities exemption is an enormous market that translates into around $1 trillion a year in private offerings. Virtually all promising early stage firms use Reg D to raise growth capital. It is also the exemption of choice for security initial coin offerings (ICOs). The current definition of an accredited investor is a problem that has existed for far too long. If the Senate gets this right, and modernizes the rule, this may be transformational for investors, issuers, AND crowdfunding platforms. Source: https://www.crowdfundinsider.com/2018/07/136548-will-the-definition-of-an-accredited-investor-finally-get-fixed-the-jobs-and-investor-confidence-act-includes-bill-that-may-finally-address-this-longstanding-problem/ |
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An interesting article on Forbes for anyone who read recent media reports about the latest Mueller indictment of 13 Russian officials, saw the repeated references to how the accused used Bitcoin to fund their hacking/phishing operations, and thought: "Here we go with the anti-crypto narrative again." This article correctly observes that the very fact that prosecutors were able to trace the transactions demonstrates that coins like Bitcoin "may not be the best economic instrument for criminals." "The 29-page indictment clearly outlines the concerted efforts carried out by Russians operatives, including such commonplace cyber threats as spear phishing, malware, spoofing, virtual private networks (VPN), social engineering, and the use of bitcoin as a means of payment. It is perhaps this last area, the use of bitcoin and the perception of anonymity the agents relied on, that left the clearest trails of their financial movements and wherewithal. This much is shown in the indictment, which devotes substantial passages to outlining how bitcoin’s public blockchain registry served to trace back $95,000 and the perceived anonymity the perpetrators relied on. While the bitcoin blockchain does provide “identity shelter” in the form of pseudonymous addresses, it is nevertheless a highly traceable transaction registry, much more so than the U.S. dollar for example, which only triggers red flags at large transaction thresholds. These anti-money laundering (AML) and know your customer (KYC) rules in traditional banking also rely on often spotty compliance from a vast global banking network (one that is often culpable), wherein transactional information is stored in a one-sided manner and may be typically accessed through subpoena. The bitcoin blockchain by contrast is a public ledger and the movements of capital and their destinations, albeit in hashed digital addresses or wallets, are highly traceable, widely known and at a much lower transaction value. In effect, these properties enables law enforcement officials to quickly ring-fence a suspect transaction, set up trip wires and follow a veritable digital crumb trail if bitcoins are liquidated. This much held true in the WannaCry ransomware attack, where despite the vast ransom drag net, the cyber criminals only absconded with $65,000 worth of bitcoin. While crypto crime fighting clearly taps a new set of forensic and technological approaches, such as Bitfury’s Crystal, the indictment, like the limited haul of the vast WannaCry ransomware attack, which spread to over 150 countries over a weekend affecting thousands of organizations, shows that bitcoin may not be the best economic instrument for criminals." https://www.forbes.com/sites/dantedisparte/2018/07/15/does-the-russian-indictment-exonerate-bitcoin/#7a6376ad418aThanks for sharing. I agree with this statement, “Bitcoin may not be the best economic instrument for criminals.” |
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That's all very exciting -- everybody seems to look very forward to CRISP payouts monthly. It's also really great that it's an additional saving bonus that operates very much like the savings in your bank account. You don't have to do anything to earn it, you just rack up interest over time -- and even better there is no bank that is lending our your funds while in their possession! With DNotes CRISP payouts you are in control of your own funds at all times. All in all it makes for a much more secure way to receive interest than risking your bank doing all kinds of unsavoury / economy-threatening gambles with your money!
Lending to lenders at interest can be a sound economic decision, but I would rather have the choice to either do that with my money or not. With a bank, just by having a checking or savings account I'm basically agreeing to the bank having full use of my funds for their own gain. That's the real cost of "free" checking accounts, I guess. This brings up a question in my mind: I know DNotes Global intends to get full banking/financial licensing--basically be a bank among other things. So, how will regular fiat money held on deposit in checking accounts (or equivalent) be treated? Will the DNotes Global bank be engaging in fractional reserve banking with fiat funds? Will it need to in order to compete? I have no judgment at this point about what would be best and I'm genuinely curious. And I do like having DNotes that earn "interest" without needing to be available for other people's use. The way stakeholders help the DNotes economy at this point is to sit on their coins (not sell them) and for that we are rewarded through the CRISP program, and if we're handy with a wallet we can also earn more immediate rewards through staking. In the fiat world, in contrast, the way you "help" the economy with your money (at least in a way that gets *somewhat* rewarded) is by putting your funds at the disposal of your bank. I think one of the interesting first distinctions to make is that banks lending out money owned by other people for gain has economic benefit, is quite different to what was happening pre-GFC where low interest rates basically made it impossible for banks to make money this way, so they shifted their investments into risky derivative trades -- yes banks were playing a game of roulette with the government insuring against all losses, but yes, the government was also the root cause of the entire mess by incentivising the entire thing. As to your question regarding fractional reserve lending, putting my personal views on fractional lending aside (these are well known to anybody who has read my dcebrief material), that decision has yet to be made. Another distinction would best be made between fractional reserve lending, and the use of funds created by fractional reserve lending to play roulette with the government acting to insure against all losses. Another important point to consider is that most lending today is now made by non-banks -- DNotes Global would not need to engage in fractional reserve lending to compete if lending becomes an industry it chooses to compete aggressively in. DNotes Global Inc has yet to determine whether it will focus primarily just on chequing and savings accounts for the sake of a cryptocurrency onramp/offramp facilities (while likely offering small business and personal loans), or whether the company will seek to aggressively compete in home loans and big business loans etc. The latter could be difficult without significant outside investment and/or the ability for fractional reserve banking. It is also a point that banks now have liquidity requirements placed on them that non-banks aren't subject to, and the next crisis is likely to start with these non-bank entities and shadow banking liquidity squeeze. At this time I don't see a DNotes Global operated bank offering loans to customers in the medium term to the types of 'high risk' customers that would see the company in any kind of default crisis were widespread economic trouble become a thing like many of the larger banks were in 07/8. At the end of the day, DNotes Global Inc will do whatever is necessary for the betterment of the entire DNotes ecosystem. Our future plans include crypto loans, and proving that DNotes can be a preferred option to fiat money, with economic stability and no ability for any group to fractionally create limitless new tokens one of those competitive strengths. If DNotes Global Inc had a fractional reserve lending bank, it wouldn't have any effect on the competitive advantage of the DNotes ecosystem, nor the core values of DNotes itself as a group. DNotes Global would be promoting its substitute payment network with all of its advantages (one of which is equitable money creation processes / no fractional reserve lending), which wouldn't be affected by having a fiat loan issuing bank, and neither would the fiat world notice the difference if DNotes Global opted not to go that route. The company would merely be participating in a well-established industry for the betterment of its competing substitute currency. Thank you all for your support and participation in a lot of very interesting and engaging discussion. I had been tempted to participate a few times but reminded myself that my highest priority is to focus on our Reg. D funding which went live a few days ago. It is keeping me extremely busy. I noted that Fractional-reserve Banking came up a few times in our forum discussion. This is my position - Fractional-reserve banking is a very important tool for our banking and financial systems, as well our economic systems in general. Frankly, without that legal leverage, the world will not be where it is today. It is an important component of the engine that powers economic growth. It is also a competitive tool that DNotes Global will not forego should it own a bank one day. As a for-profit company it will wisely use every available tool to be a well-managed and best in class company. I trust that it will leverage fractional-reserve with prudence and avoid risky and over-leveraged exposures. The fractional-reserve will not apply to DNotes – the digital currency. You cannot spend/send more DNotes than you have available in your wallet. |
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