Excellent find, Chase. This is to be expected and it is an early indicator of a change of attitude among professional fund managers and personal wealth managers to consider Bitcoin, digital currency and Blockchain related FinTech favorably. We fully expect that DNotes will show up on their radar sooner or later. We have been going out of our way to ensure that DNotes is well positioned as their preferred candidate one day.

I am looking forward to it. DCEBrief will help to bridge the information gap and make every attempt to correct misinformation so common in our industry. We will do it in the most responsible, objective and unbiased manner possible.

"We are now living in the digital age and almost anything that can be digitized will be digitized. Get use to the term digital asset which includes digital currency. We should learn to embrace it and objectively gain the knowledge not to fear it. When one begins to understand why digital currency and the Blockchain technology will be the greatest technology revolution since the internet, that fear will be replaced by a desire to learn more and put it to good use." Alan Yong, 8-28-2015

I have been extremely busy and do not have the time to post like I used to or wanted to now. What may be a good indicator of the promising future of DNotes is that I am getting an increasing number of emails from other players in our industry asking if there are common grounds for us to collaborate. I take that as as good sign and a compliment.

DCEBrief is scheduled for launch on Wednesday 2, 2015, though I have not even started the first draft of the press release yet.

I just received the following email regarding Quantum Computing, I believe is worth sharing.
# 6 Quantum cryptography will be very significant. The Future of Money that I just posted may be here sooner than I anticipated. But a trusted brand cannot be bought with super computing power. I hope my grandson will not disagree with me on that one day. Enjoy your reading.


Dear Alan

Quantum Computing Arrives Early? What Does The $50 Million Investment In Cambridge Quantum Computing Really Mean?

Grupo Arcano's Chilean founder -- Alberto Chang Rajii -- is extraordinary at spotting high-tech opportunities at an early stage. He is a visionary investor who saw the potential in Google, Uber and Snapchat long before the world did.

From our shared taxi ride to the airport in Hamburg -- after two days together at a global summit -- to the meeting in London at our sky-light base on level 43 in Canary Wharf to discuss Quantum Technologies 2.0 (QT2), all along it has been clear that Alberto C-R is looking to solve complex problems for humanity by investing in the future and we share a deep and mutual interest in intractable non-trivial problem solving via Quantum Computing (QC) and classical computing combined.

As a part-time world travelling inhabitant of Sir Richard Branson's Necker and Mosquito islands in the British Virgin Islands, Alberto C-R speaks often about his shared interest in Quantum Computing and QT2 applications such as advanced Machine Learning and Artificial Intelligence with Larry Page and Sergey Brin -- the founders of Google -- and Quantum Cryptography (Q-Crypto) & ultra secure payment multi-satellite networks with Elon Musk, the founder of Tesla, Paypal & SpaceX. In this regard, it is no surprise to note the first round $50 million investment by Grupo Arcano in the start-up Cambridge Quantum Computing Ltd (CQCL). The following and constellation of Grupo Arcano is such that more players will follow Alberto C-R.

Cambridge Quantum Computing Ltd (CQCL) has developed a new OS designed to run the quantum computers that will shape our future. The new OS, which is called t|ket>, has been facilitated by CQCL's own proprietary custom designed high-speed super computer, which allows the company to accurately mimic how a quantum processor will work. The Cambridge firm believes that the software will aid the commercialisation of the emerging technology by facilitating users in controlling what operations a Quantum Computer can perform. As indeed discussed at length with Alberto C-R, we believe at Quantum Innovation Labs (http://QiLabs.net) that the following 10 interlocking areas are critical to Quantum Technologies 2.0 o r QT2 applications going forwards:
 
 
1. Q-bit mathematics
2. Q-bit algorithms & software models
3. Quantum clocks
4. Quantum sensors
5. Quantum precision Components
6. Quantum cryptography
7. Quantum telecommunications
8. Quantum computing and simulation
9. Quantum healthcare
10.Quantum energy devices

 

The CQCL investment falls under the aegis of points 1, 2, 6 and 8. Next-generation Quantum Computers can perform large-scale, simultaneous computation tasks, much like the human brain, and many believe they hold the key to managing the big data tasks of our future. Even though it can be extremely expensive, Quantum computing has been coming on leaps and bounds in the past 24 months, and the speed it completes certain complex tasks when compared to classical computers is one of the biggest advantages it brings. CQCL's earlier information release in April/May 2015 came in the same week that IBM brought us even closer to a working quantum computer by accomplishing simultaneous error detection of two quantum errors.

CQCL is at the forefront of developing an operating system that will allow users to harness the joint power of classical super computers alongside quantum computers. The development of t|ket> is a major milestone," according to a statement from the company. "Quantum computing will be a reality much earlier than originally anticipated. It will have profound and far-reaching effects on a vast number of aspects of our daily lives."

“Quantum Computing has developed rapidly in the past 24 months, and we intend to build on our existing position by accelerating the further development of t|ket> -- our operating system -- as well as enhancing our activity around platforms that can be used to create a quantum processor,” said a spokesperson from Cambridge Quantum Computing Limited.

Alongside the Quantum OS, CQCL has also unveiled a design that makes its quantum computer highly scalable thus bringing it closer to becoming a realistic proposition. The company, mainly made up of mathematicians from the University of Cambridge, is focusing on developing algorithms for applications to drive these machines.

"We are excited and very pleased to become investors into Cambridge Quantum Computing," Grupo Arcano stated. "In agreeing to invest up to $50m in the course of the next two to three years, we will be supporting cutting edge development in a sector that has the potential for real global impact."

Governments, technology companies and research organisations are currently developing Quantum Technologies 2.0 (QT2) in the belief that it could provide key components for the future of computing, capable of satisfying the world's ever-growing technological needs particularly in regard to big data manipulation. The CIA, NSA, NASA, Google, IBM, Microsoft and Alibaba have all set up labs to explore the nascent technology, while earlier this year the UK government outlined a GBP 270m strategy into quantum technology growth through the UK National Quantum Technology programme.

[ENDS]

Yours sincerely

 

DK Matai

 

Source: www.ATCA5000.com

 
 

As much as 70% of volume of Bitcoin and Altcoin  trades are handled by the various exchanges in China. Yet China does not permit the use of Bitcoin and other digital currency as a medium of exchange. Interesting.  What if the Chinese government change the rules one day and treat it like money. It will be even more interesting.

Bitcoin in China: An Insider’s View
Leon Li | Published on August 22, 2015 at 15:00 BST

http://www.coindesk.com/bitcoin-in-china-an-insiders-view/
Direction of development

....................."The PBOC's official notice, which is the only official policy document related to bitcoin, was issued more than a year and a half ago.

Since that time, the bitcoin industry development trends have become more clear and government policies around the world have begun to take shape. Based on our experience and analysis, we have several proposals for bitcoin policy in China.

There are four possible directions for bitcoin development, and these are not mutually exclusive:

1. Bitcoin as a global financial asset
This is the most significant function of bitcoin today.

2. Bitcoin as a financial tool for improving money transfer
Currently, the global clearing and settlement system is very inefficient; long settlement times, high cost from fees and exchange rates, and high complexity.
Bitcoin can solve these problems, especially in the field of international remittances, where there are already several bitcoin companies challenging older, larger competitors.

3. Bitcoin as a payment network
Bitcoin already works as a payment network today, but relative to competitors like PayPal and Visa, bitcoin is very small.

It is unclear whether bitcoin will ever become the world's leading payment system because of technical uncertainty about bitcoin's scalability.

There is also the possibility that existing payment companies (if they innovate) and bitcoin off-chain wallet companies like Circle and Coinbase may maintain the vast majority of global payments.
4. Bitcoin as a non-financial tool

Bitcoin may develop beyond basic financial functions to encompass things like decentralized autonomous organizations, smart contracts, prediction markets, internet of things and so on.
China bitcoin policy recommendations

1. Distinguish between bitcoin and blockchain technology
The former is a kind of financial asset and tool, while the latter is a new information technology that can be widely applied in many fields.

Legislation in the financial sector should be limited in purpose to preventing systemic risks to the financial system and preventing financial crimes. Regulations must not be too strict, or else the global competitiveness of Chinese enterprises will be inhibited.
2. Regulate within the existing laws

Legislation should regulate bitcoin within the existing, mature financial regulatory system. Secure storage and transmission of digital assets are the core areas of consideration.
3. Observe the actions of other law makers

Observe and analyze the effects of US policy toward bitcoin before making any decisive policies in China. There is no urgency to establish a detailed bitcoin regulatory policy now, so waiting and learning from the US is a low risk strategy which will help form a better policy.
4. Support research and innovation

Academic research and innovation of bitcoin technology should be given official encouragement and support. This technology has great potential for the future. MIT, IBM, NYSE, Citigroup and many other leading finance and technology institutions have already made considerable investments and achieved initial results.

For China to be at the forefront of international finance and academia, bitcoin technology must be supported with rational policies and become a high priority for research and development."

Thank you, infovortice2013. Good to see you. We are very excited to launch DCEBrief next week. This will be an amazing platform to reach many more people we otherwise cannot reach. It will also bring about objective and educational information concerning our industry. I noticed that the price of DNotes is going back up a little. It is still significantly undervalued, so I just bought some more today.

DNotes Price Update:

It looks like DNotes price has been firming up at Polo. Other than a supply to demand imbalance over the last 45 days, there are no specific reasons I know for certain why there has been a deep and extended price drop. The question I wish I have an answer, is where did the additional supply came from? Certainly not form DNotesVault depositor, with the exception of one larger withdraw which would have been  absorbed in a few days based on historical date. I am watching it closely.

I expect that within a couple of years majority of the universities that offer a major in computer science will be offering classes in cryptography, Blockchain technology, and digital currency. That is where a lot of the high paying jobs will be. I just hope that some of the  business schools will play an active role in that too. This is a very different industry. From a business prospective, I can not imagine that there is any other industry more challenging and demanding. I have the feeling that majority of the people in our industry do not quite understanding the value of our ecosystem. Frankly, without that DNotes will be just another digital currency, Wanting to be gain mass acceptance one day would be just wishful thinking without everything else that we have been doing.

Everything that we do are strategically linked. DCEBrief will be extremely valuable in helping us to accomplish our mission. None of our ecosystem is priced in the value of DNotes, making it significantly undervalued.

Thanks, Chase. Great move, TeeGee. If you have time try to connect with the teachers and offer them the free DNotes through CRISP For Students.

Here is my first unedited article for DCEBrief scheduled to be launched the 1st week of September. Feel free to comment and edit. I am not a professional writer, but just someone trying hard to make a contribution to an new technology I am very passionate about. I am totally dedicated to help build a trusted global digital currency for everyone worldwide to participate. You all are warmly invited to join force with us. Thank you and enjoy.


Executive Summary:

Although unlikely in the near future, it is conceivable that a merchant using digital currency, conducting 100% of his transactions locally or worldwide could have complete bookkeeping records of every transaction perfectly balanced for any on-demand audit at the push of a button. There would be no requirement of creating a paper trail or double entry of data; drastically improving efficiency. The transaction fees or chargebacks would be at near zero. That is the future of money.

However, historically, large scale changes and mass acceptance of new technologies, despite their immense potential to improve efficiencies and productivity, have taken years, decades, or even many generations. When fully adopted, it led to massive job creation, improve standard of living and enormous wealth accumulation.



We have been down that route many times. Large scale changes and mass adoptions take years, decades or many generations as the case may be. The first Industrial Revolution took place during the 18th and 19th centuries. Recorded history witnessed the transition from predominantly agrarian rural societies to an industrial Europe and North America with urban societies over a time span of multi-generations. Many early adaptors made their fortune with the convenience of money as a medium of exchange, a store of value and a unit of account, while creating a massive number of new jobs. The utilization of steam engines and other machineries brought about immense productivity gain. Yet there had been great struggle in many cases where the full productivity improvement was only achieved after a new generation of managers replaced the older generation. Large scale changes are never quick or easy.

The second Industrial Revolution took place from 1850 to 1914 when automation and mass production kicked into high gear. Electricity and fossil fuel became the catalyst for the new invention of the combustion engine. Again it took decades for many new inventions to evolve and gain mass acceptance. New fortunes were made and millions more jobs were created. Productivity continued to improve.

Since the end of World War One, we have been in the Third Industrial Revolution. Within this period we have been witnessing many technology revolutions, causing impressive productivity gain as the result of great improvements in efficiency. Hundreds of millions of new jobs have been created and the standard of living drastically improved around the world, with enormous fortunes accumulated by a relatively small percentage of the population. According to a recent Oxfam published report, the richest 1% of the population controls nearly as much wealth as the remaining 99% combined.

Perhaps one of the most significant changes was the switch from analog to digital technology that started in the 1980s, at the emergence of personal computers and cellular telephones. We are now living in the digital age and almost any thing that can be digitized will be digitized. Get use to the term digital asset which includes digital currency. We should learn to embrace it and objectively gain the knowledge not to fear it. When one begins to understand why digital currency and the Blockchain technology will be the greatest technology revolution since the internet, that fear will be replaced by a desire to learn more and put it to good use.

To a large extent most money or fiat currency is already digital, in the sense that it is recorded, stored, transmitted, accounted for, and posted in a digital ledger.
The banks seem to have finally caught up, as a necessity, in order to remain competitive while attempting to constantly improve productivity. Unfortunately, a closer examination of our current banking system, financial services, and the credit and debit card payment network system will reveal great inefficiencies and risk exposures.

With the exception of cash payment between two parties, money transactions require multiple data entries to provide audit trails. It also requires extra time to pass through multiple intermediaries often incurring high fees especially in the case of merchant accounts accepting debit and credit cards, wire transfers, and cross border remittances.

As Bitcoin and other digital currencies gained broader acceptance, major banks are seriously considering their version of token or digital currency. It is too early to tell how this will play out. What is predictable is that many jobs will be on the line for the sake of better efficiency for higher productivity. The banking system will have their version of centralized digital currency to enable more efficient flow of funds and record keeping.

Bitcoin and other digital currencies like DNotes are much more than currencies that meet the full functions of money as a unit of account, as a store of value, and as a medium of exchange; the inherent characteristics of fiat currency. They are also a global payment network enabling one Internet user to pay another Internet user anywhere worldwide, instantly at near zero cost, without the oversight of any central authority or middlemen.

As an integral part of digital currency is the highly innovative Blockchain distributed consensus and record keeping technology that eliminate the high cost of double entries and the complexity of audit trails. Every transaction is a cryptographically verified, time-stamped permanent record for anyone worldwide to see. By design, Bitcoin and digital currency is programmable money that allows additional data and instructions to be recorded on the Blockchain.

Although unlikely in the near future, it is conceivable that  a merchant using digital currency, conducting 100% of his transactions locally or worldwide could have complete bookkeeping records of every transaction perfectly balanced for any on demand audit at the push of a button. Digital currency eliminates the costly, excessive paper trail with further savings coming from near-zero transaction fees and no chargebacks. That is the future of money.

Executive Summary:

The convergence of technologies in the 21st century will go down in history as the Digital Age. It is an era of great technology innovation, remarkable productivity gain, massive job creation and enormous wealth accumulation, as well as immense disruption of incumbent industries too slow to adapt and change. At least in part, the casualties of late adoption and reluctance to change can be attributed to information overload and confusion due to the lack of objective, concise, and timely information available.

Convinced that Digital currency is the greatest technology revolution since the internet, DCEBrief is committed to change the confusion in our industry, by bringing issues that matter to your attention, utilizing an “Executive Summary” without fluff and filler. Our mission is to keep you informed with timely, objective, accurate, and unbiased information that encourages both the cooperation of the media and the full support of our political leaders and regulators to help promote and not stifle innovation for the better good of mankind.




The dynamics of the world we live in are rapidly changing and at an increasingly faster pace. We are already living in the digital age, from a humble beginning when personal computers were first introduced in the late 1970s evolving into mobile computing and wireless communication in the late 1980s.

The Internet, E-commerce, smart phones, online banking, crowdfunding, digital currency, social media and more, are the direct result of the convergence of technologies including seamless wireless communication and powerful computing capabilities at our finger tips, all of which are available today.

We are now hyperconnected globally, with a projection of five billion people online by the year 2020. Some of the world’s biggest problems may very well be our biggest opportunities, in terms of job and wealth creation. One of the biggest problems is the lack of a global currency that is not at the mercy of the misfortune of individual nations, where innocent citizens can lose their life savings overnight. Like the rerun of a bad movie, we have seen it too many times. Unfortunately, as in the case of Greece, it got a lot worse each time it was replayed, with little hope for a long term solution.

There are clearly massive economic inequalities on a worldwide scale. The opportunity to facilitate global collaboration to assist the unbanked as a means to help alleviate poverty, as well as to encourage women business empowerment and more are now within our reach. The technologies are already at our disposal. What is missing is a truly global digital currency that is not owned by a single nation, or a united group of nations as in the case of the European Union.

Most people may not realize that we are witnessing the greatest technology revolution since the Internet as a result of the creation of Bitcoin in 2009. This immensely innovative decentralized distributed consensus technology enables one Internet user to pay another Internet user anywhere worldwide, instantly at near zero cost, without the oversight of any central authority or middleman. It is as convenient as paying cash at a local convenience store and the value of the payment is exactly the same any where worldwide.

This will have very positive world changing implications resulting in a quantum shift in the way we collaborate and conduct global commerce. Imagine the limitless possibilities as a result of improved global economic equality. Mass acceptance and widespread utilization of a trusted global digital currency like DNotes may be the most viable vehicle to accomplish these possibilities.

There may not be a better opportunity for our political leaders, regulators, philanthropists, media executives, educators, business executives and others to pledge a small commitment of their precious time to stay objectively informed on issues that matter as they pertain to the utilization of digital currencies to promote global collaboration for economic equality.

DCEBrief is committed to focus on bringing issues that matter to your attention, utilizing an “Executive Summary” without fluff and filler. When appropriate, we may also include full length articles. Our mission is to keep you informed with timely, objective, accurate, and unbiased information. We will need the cooperation of the mainstream media and the full support of our political leaders and regulators to help promote and not stifle innovation for the better good of mankind.

Hi TeeGee. We missed you. Good to see you back here. I will try to contact the professor at Stanford and may even write an article along those line to be posted on LinkedIn.

Hopefully the price of DNotes will stabilize soon.

I hear you, Mati. Banks and credit card companies had very little good things to say about Bitcoin just a year ago. They finally realized that Bitcoin and other digital currency can eat up the lunch one day if they don’t do something about it.

They are certainly doing something about it now but it may be limited to a few of the largest banks, at this stage. We will remain friendly and respectful but we are positioning DNotes to gain a fair share of the global market so that there is a choice for an alternative currency for the people of the world.

Being truly decentralized, with a trusted brand, DNotes will be a ray of hope and sunshine for millions who struggle everyday because of widespread economic inequalities around the world. That is my source of inspiration no matter how challenging my days may be at times. It is a hard and strenuous battle but nothing of such massive size and scope will come quick or easy. I appreciate the support and encouragement you all have given me. This will be a journey well worth our dedication and hard work.

Thank you, CryptoBrooker. I have made this my personal mission as well. I truly believe that the time is right to have an alternative to fiat currency to supplement it to the extent that the people of the world have a choice and an insurance to protect the little they can save. As a trusted global digital currency for everyone worldwide to participate, DNotes can also bring significant productivity gain across the board helping many to improve their standard of living. It will also be the best vehicle for international charity organizations and wealthy individuals to participate in our efforts to improve economic inequality around the world. Nothing of such scale and scope will be easy or quick. We are absolutely on the right track gaining awareness and respect every step of our moves.

We have made an official submission to PayServices as shown below:

This is a very large scale project that will take some time to implement and be in full regulatory compliances. PayServices will be one of our important strategic partners. I will personally play an active role to assist them in any ways I can.  We are looking to a great relationship with Pay Services.

*******************************************************

August 24, 2015

To: Willy Danenberg
       V.P., PayServices

From: Alan Yong
          Co-Founder
          DNotes



Submission to PayServices For Listing Inclusion

Symbol: NOTE

Description:

Like fiat currency, there will be hundreds of digital currencies serving many different constituents. Complimented with reasonable regulatory guidance to ensure consumer protection and a truly global MultiExchange Operating System like PayServices, where any asset of value can be traded and exchanged; collectively, digital currency will be the future of money.

DNotes' Co-Founder Alan Yong, a visionary and a passionate leader of our industry firmly believes that equally important is a trusted global decentralized digital currency that will become an excellent medium of exchange, unit of account, and store of value conveniently available for everyone worldwide. We are also grounded on the philosophy that while DNotes is managed as a business, it is not controlled as a business. As a currency, DNotes must remain truly decentralized.

Uniquely different is DNotes’ belief that, to be the global digital currency leader, there must be a community or entity that has sufficient self-interest to promote and protect the currency, preserving a high level of confidence and trust in the currency while providing fundamental value to support the increasing value of the currency. This demanding mission began with the founding of the currency on February 18, 2014 and a commitment to build and fund the most critical segments of our own ecosystem.

To ensure that the expected increasing currency value is supported by fundamental value, there are plans to incorporate a profit bearing company in which DNotes, the currency, will own up to 25% through a professionally managed fund designed to create stability and growth over the long term. All DNotes properties will be rolled over into the company, including DNotesVault, CryptoMoms, CRISP Savings Programs, and DCEBrief.

Website:
http://DNotesCoin.com

Wallets:
http://dnotescoin.com/download.php

WebVault:
http://DNotesVault.com

Source:
https://github.com/DNotesCoin/DNotes/

Other Properties:
http://CryptoMoms.com
http://DCEBrief.com

Forum:
https://bitcointalk.org/index.php?topic=470155.new#new

Block Explorer:
http://explorer.cryptoblox.com/chain/DNotes

Details:
Scrypt Proof of Work Algorithm
500,000,000 Total Coins
60 second Block time
KGW (w/Time Warp Patch) Difficulty Re-targeting.
Block Reward Structure:
1-150,000 = 250
250-33,250 = 1,000 (Block bonus for the first month)
150,000+ = 25
Then block reward is reduced by 5% yearly.
3% of total DNotes issued to individuals and venues that assist to promote the success of DNotes.
2% of total DNotes budgeted for development, marketing and long term support.

Ports:
rpc port: 11223
net port: 11224

Sample conf
addnode=n6.dnotescoin.com
addnode=n7.dnotescoin.com
addnode=n4.dnotescoin.com
addnode=n5.dnotescoin.com
addnode=128.199.239.199
addnode=95.85.44.200
addnode=162.243.225.90

Thanks for your input. We will take a look.

Those are great points. I will attempt to incorporate them in a number of articles I will be writing for DCEBrief. I am focusing on a very specific theme for each article write targeting the the laypersons.

DNotes Price Update:

I am sure there is significant concern on the continued dumping of DNotes at Poloniex. This has been going on over for over a month now. I know that quite a number of our supporters have been acquiring fairly large quantities, including myself, to help support the market. Not being able to pinpoint where the additional DNotes have been coming from, it is probable best to wait it out and let the free market forces take its course. It is unfortunate but that is the nature of our industry.

For those who are invested for the long term, this should not be a serious concern. We will continue to build out our ecosystem. DCEBrief will be launched the first week of September with full press distribution. It is looking very impressive. Check it out if you have not done so: http://www.dcebrief.com/  
User ID: dce    Password: brief   Your feed back and comments will be appreciated.

DCEBrief will be a significant contribution to our industry and DNotes. The site is created by and funded by the DNotes team with significant support and inputs from key members of our community. We will be enlisting the participation of industry leaders to be contributors of articles covering wide ranging issues that matter to our industry. We are firmly committed to the long term success of DNotes. We appreciate your continued support. Thank you.
 

Excellent. I hope to have an article title: "Digital Currency - The Future Of Money" done by early tomorrow.

We will have a major press release at launch and a massive tweeter campaign. Additionally, I will reach out to my almost 3,000 LinkedIn connections.

From CryptoMoms Forum:

Quote from: Minty on August 22, 2015, 07:38:40 PM

CANADA - Computers For Schools

The government of Canada has a donation program where you can also get a tax receipt if it's the right kind of computer equipment.  It looks like there are donation dropoffs all over the country.  Pretty cool!

http://www.ic.gc.ca/eic/site/cfs-ope.nsf/eng/Home

Quote From Shepherd Today:

Thank you, Minty. I just visited their site. They have a great program going and their minimum requirements for acceptable computers are higher than I would have expected, meaning that they are good powerful computers even by today's standard.

I am sure that there are already programs of that nature collecting smart phones today. In a few years, I can see CryptoMoms leading the charge to contact telephone carriers like AT&T, Verizon and others on low cost airtime supported with donations from charity organizations and individual donors. Those smart phones can then be used to support some of the 2.5 million "unbanked" so that they can immediately become their own bankers using DNotes with internet connection. Here is another reason why DNotes is characterized as "the currency with a mission."

This is a well written article that I had wanted to comment on but just ran out of time. The process of change is never quick or easy, especially in this case where big money; financial institutions are involved. Early adaptors of digital currency like us can often get over excited and become too optimistic or too pessimistic.  

I agreed with the author that “the banks will enter very slowly and try and fit this technology into their existing archaic model ….. taking a narrow minded view of the opportunity being presented to them. Not unlike how they tackled the Internet in 1995.”

However, it is important to take notes that in the beginning the banks and credit card companies were totally against Bitcoin as a new currency and had little appreciation for the blockchain technology.

When they realized that the potential threat could become real they started hiring high priced consultants. The author pointed out that “many banks have established so-called innovation and research centers with multi-million dollar budgets. But that’s not enough.” I agree. But that is good for PR and it can be an effective tool to push back, buy more time and create some confusion and fear for the digital currency industry.

But make no mistake about, the banks may take time to adapt and change but it will happen. They will exploit the best of the blockchain technology to their advantage. I am certain that battle plans are on the drawing board to confuse and slow down our industry. The banks will eventually have their version of digital currency. It will be a centralized digital currency with high fees for service and a drastic reduction in payroll cost. Many jobs will be lost.

Correct me if I am wrong, this is the only sizable industry with over 250,000 jobs, and growing rapidly, that does not have an industry association or any form of a united voice or leadership to promote and protect its best interest. That is something to think about.