Just read this article, " Brock Pierce: Bitcoin Foundation 'Close To Running Out of Money'", which highlights one of the key factors of why we need the for profit company to support DNotes. It's a different kind of idea that not many would be willing to commit to, it may be hard to believe even now as we close in on our second year, the key will be to stay the course and more and more will believe and understand what we are trying to accomplish through demonstration. As Alan has mentioned many times we need to stand the test of time. We could certainly accelerate our efforts with serious investment, but the timing will be critical. Here is a snippet from the article: The Bitcoin Foundation will soon run out of funds, the foundation's board was told at a meeting on 20th October. The meeting's minutes, published yesterday, show that board chairman Brock Pierce opened the event with the declaration that the Foundation is "close to running out of money". Further disclosures during the meeting show that it is struggling to generate significant revenue. Its last event, the third instalment of its DevCore workshops series held in San Mateo, California on 16th October, earned just $2,000 in sponsorship fees. The foundation has embarked on cost-cutting measures to staunch the flow of cash. September board meeting minutes show that it was spending "5 to 10%" of the "previous budget". The foundation was spending $150,000 a month as recently as last May, according to minutes released at the time. It was operating with a different board and staff led by then executive director Jon Matonis. Burn rates and runway Current foundation spending would stand at $7,500 a month, based on 5% of a $150,000 monthly budget. The foundation had a balance of $59,000, according to minutes from the July board meeting. Based on these estimates, the foundation has funds until next March. Foundation executive director Bruce Fenton said at the October meeting: "We need to do serious fundraising ... Revenue is key, we can't do much more to cut expenses." The foundation currently employs two part-time staff. Fenton runs the organisation as a volunteer. The board pinned much of the expenditure on commitments made by the previous regime. This included vendor invoices, past employee expenses, paid vacation expenses and legal bills. A new board was elected in March amid drama. Candidates complained about an overhaul of the voting system, poor voter outreach and allegations that the organisation was bankrupt. That sounded worse than I expected; more shocking than "should not be a surprise". What was the foundation doing that warranted a $150,000 a MONTH budget?? Have they accomplished anything or was it just a colossal waste of people's money? After a quick look, this is what I was able to find: http://bitcoinfoundation.org/forum/index.php?/topic/1284-the-truth-about-the-bitcoin-foundation/I'm not entirely shocked at the number. However, I too would question where it actually went. Some snippets: Everyone has the right to know the truth: - The Foundation has almost no money left, and just fired 90% of its people. Some will stay on as volunteers. - Core dev can no longer be funded by it, and Patrick Murck is trying to re-create a new Foundation just for core dev, because the current name is tarnished. Do not fall for this. - The current Executive Director (Patrick Murck), will be gone in 2 weeks, and they are trying to find the next person to blame everything on. - Jim Harper was threatened for doing a press release which was (barely) critical of the Foundation after he got elected. The Foundation tries to make sure we hide the truth by subtly threatening us on a regular basis. - If I get asked to leave the Foundation for telling the truth, so be it. The truth is being told.
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Just read this article, " Brock Pierce: Bitcoin Foundation 'Close To Running Out of Money'", which highlights one of the key factors of why we need the for profit company to support DNotes. It's a different kind of idea that not many would be willing to commit to, it may be hard to believe even now as we close in on our second year, the key will be to stay the course and more and more will believe and understand what we are trying to accomplish through demonstration. As Alan has mentioned many times we need to stand the test of time. We could certainly accelerate our efforts with serious investment, but the timing will be critical. Here is a snippet from the article: The Bitcoin Foundation will soon run out of funds, the foundation's board was told at a meeting on 20th October. The meeting's minutes, published yesterday, show that board chairman Brock Pierce opened the event with the declaration that the Foundation is "close to running out of money". Further disclosures during the meeting show that it is struggling to generate significant revenue. Its last event, the third instalment of its DevCore workshops series held in San Mateo, California on 16th October, earned just $2,000 in sponsorship fees. The foundation has embarked on cost-cutting measures to staunch the flow of cash. September board meeting minutes show that it was spending "5 to 10%" of the "previous budget". The foundation was spending $150,000 a month as recently as last May, according to minutes released at the time. It was operating with a different board and staff led by then executive director Jon Matonis. Burn rates and runway Current foundation spending would stand at $7,500 a month, based on 5% of a $150,000 monthly budget. The foundation had a balance of $59,000, according to minutes from the July board meeting. Based on these estimates, the foundation has funds until next March. Foundation executive director Bruce Fenton said at the October meeting: "We need to do serious fundraising ... Revenue is key, we can't do much more to cut expenses." The foundation currently employs two part-time staff. Fenton runs the organisation as a volunteer. The board pinned much of the expenditure on commitments made by the previous regime. This included vendor invoices, past employee expenses, paid vacation expenses and legal bills. A new board was elected in March amid drama. Candidates complained about an overhaul of the voting system, poor voter outreach and allegations that the organisation was bankrupt.
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Word of caution for anyone hoping to take advantage of arbitrage between Cryptsy and Poloniex: I've been waiting 16 hours for a BTC transfer from Cryptsy, and support is extremely slow to respond as usual.
are they having BTC problems? Apparently they being investigated by SEC. I am starting to get cautious with storing too much funds on there! That is apparently still a rumor, Vernon says the following on SEC issue: " We have never been investigated for anything, period. We have never gotten any letters from any of the agencies that they have stated in their article, nor have we been contacted via phone or any other method.” Quote from CoinTelegraph writing about CoinFire allegations. As far as storing funds there, you should NEVER store funds on any exchange, period. Send what you need to make immediate trades then, withdrawal. ANY exchange could go offline at ANY time for ANY reason. None are "too big to fail", it can happen to any business in a flash. Forewarned is forearmed. From prior experience that is solid advice. I know it can be difficult, but it is the safest bet. We have considered storing other coins at DNotesVault for that very reason. It is a possibility for the future.
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I don't get it, are the temples in India supposed to hand over their gold (that was donated by the people as a religious act) to the government?
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I thought this was a neat and interesting way to tackle the scaling issue, found in this article: http://www.coindesk.com/hard-fork-developers-scaling-bitcoin/Scaling Bitcoin Hong Kong returned for day two today, with presentations showcasing the breadth of ideas for how bitcoin’s transaction processing capacity can be improved and the speed at which some have consolidated into plans of action. Audience enthusiasm was more pronounced early in the day as proposals for longstanding ideas such as payment channels via the Lightning Network were demonstrated with renewed clarity, while developer Pieter Wuille wowed with segregated witness (small presentation link) – a proposal for scaling the bitcoin blockchain without requiring a hard fork. [...] Segregated witness The most well-received talk of the day was given by Blockstream co-founder Pieter Wuille, in which the developer made the case that the block size could be increased with only a soft fork to the network, should changes be made to how transaction signatures are handled. “What if we can redesign bitcoin from scratch?” Wuille asked. “What if we were designing an altcoin? There’s no way you would do it the way bitcoin did.” Wuille began the talk by breaking down bitcoin transactions, explaining that they are the sum of inputs and outputs, and that the input contains a signature meant to prove the owner. In Wuille’s model, the witness, or signature, would be separated from the transaction so that adding it would be optional. “Today, they are inherent in the transaction, you can’t remove it. With segregated witness this would be possible when you give to lightweight wallet or dropped from the blockchain after year. We’ll remember the transactions, but not who authorized them,” he said. Overall, the proposal characterizes the current issues with the bitcoin network as its validation and data storage processes. By changing how the network handles signature data, it would increase the bitcoin blocksize to 1.75MB with current transactions, and to 4MB should the majority of these transactions be multisig. "We can increase the block size with a soft fork. This is my proposal," Wuille concluded. The statement was met with applause from the audience, excitement that was mirrored by Wuille who was sometimes unable to contain his enthusiasm onstage.
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I always seem to be scrambling to find the best information to email someone that is interested in finding out more about DNotes. To solve my scrambling dilemma, I've written a 'Welcome to DNotes' letter. Feel free to use it, adjusting it as you see fit, whenever you need to send someone additional information. I've spared the tech details so as not to overwhelm the recipient, but if you have any other ideas for this letter, please post them - someone will always be able to use them. Update the news releases as needed. Welcome to DNotes Digital Currency! - http://cryptomoms.com/forum/dnotes/28/welcome-to-dnotes-digital-currency/1175/msg5576#newVery well written and well thought out letter, than you Chase! I believe you are right on the tech details, most people wouldn't need them. This could easily be customized for a personal approach or to fit the target audience as well, very helpful.
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' . . . it is premature to assume that it's going to go down . . . "
Thanks for your post, Wiser. I was reluctant to ask for info because The Frankenstein of Wild Speculation keeps busting out of the lab, and killing the villagers. Your conclusion accords with mine.
Mark (IndiaMikeZulu), Australia
I agree, and wish they would communicate the issues openly instead of keeping it a secret, the wild speculation is from fear of the unknown (coupled with some bad experiences people have had), which is probably a lot more damaging than whatever issue they are actually facing.
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Digital Currency Weekly Recap 12-6-2015Pub in Scotland Accepts Scotcoin for Stone of Destiny. DogeTipBot Creator Mohland Says Farewell to Cryptocurrency. Zainab Adeiza: Why Nigeria Lags in Digital Currency Response. Goldman Sachs Applies for Patent Related to SETLcoin. http://dcebrief.com/digital-currency-weekly-recap-12-6-2015/
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Good read ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Blockchain Weekly Recap 12-5-2015Goldman Sachs Report Assesses Blockchain Strengths and Weaknesses. CFTC Commissioner Suggests Blockchain Could Put Jobs at Risk. Blockchain Agenda Conference to Open in Seoul. Axlacor Announces New Blockchain Breakthrough for Banks. http://dcebrief.com/blockchain-weekly-recap-12-5-2015/ wow NOTE x 1900 sat in polo i never think we can see this low for DNotes ... buy while you cann ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) cant wait for new Company is built and running ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) dcebrief reports Rocks, Congrats team. Thanks Infovortice! We can't wait either, it's been a long journey already, and time is flying by. As Alan mentioned, it is very comforting to know we still have the support of our long term investors, and it shows on the DNotesVault. DCEBrief is doing much better than I anticipated. Eventually I would like to ramp up and offer more articles.
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Blockchain Weekly Recap 12-5-2015Goldman Sachs Report Assesses Blockchain Strengths and Weaknesses. CFTC Commissioner Suggests Blockchain Could Put Jobs at Risk. Blockchain Agenda Conference to Open in Seoul. Axlacor Announces New Blockchain Breakthrough for Banks. http://dcebrief.com/blockchain-weekly-recap-12-5-2015/
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Cryptopia:I hope that frank and honest is appropriate: the buy-sell split on Poloniex at this second is: 2047-1954. On Cryptopia, 2000- 1003I can only apologise: as a disability pensioner, my budget is tiny; I haven't a penny left to 'plug the gap' on Cryptopia. However, campers: if you remain geniunely convinced that Dnotes is a good buy, then this is the very second to join the fray. (There was mention of the place of ‘speculation’ in a community. I’m tempted to write some Notes on this.): 'Chasin' The Price Down'There are two perspectives here, readers. Back in 2013 (says rockin'-chair-pontification guy . . . ), when coins began to weaken in price, you'd invariably here the following: 'Yeh! Hey! Great time to buy! Lower your average buy-in price!!' And you can now take a trip down Memory Lane -- to visit the graves -- here: https://bitcointalk.org/index.php?topic=588413.0That is -- and we had too little data to know it at the time* -- these coins were what Ian and I call 'dwindlecoins.' Self explanatory. The second perspective is: if at this point -- acting from a better knowledge-base -- you think that Dnotes has a bright future . . . well, let's do the math: One: you buy 10,000 at 5000. Then the price drops to 2000. Ian and I call this 'locked down.' You can either grind your molars until the price regains your break-even point, or; Two: buy 10000 at 2000, which brings your average buy-in (for the 20,000) to 3,500 – but bear in mind that the second packet of 20,000 cost you much much less Bitcoin.Three: then, if you dare, buy another 20,000 – and again the actual Btc cost is low.Thus, you have 40,000 Dnotes with an average buy-in of just 2750. At that point, if Dnotes lifts to, say, 2600 on Poloniex, you’ll already be able to sell a few at 2751 on the lower-volume exchanges. *IndiaMikeZulu has a member who was mining when there were five cryptos. Appreciate the support Mark. Although we feel DNotes is under valued, it is the market demand that ultimately dictates the current price at this rate of release. Hopefully with the launch of the book, the new company, and everything else we have built, the tide will shift in our favor. Just keep in mind, we don't recommend anyone invest more than they can lose, as we can provide no guarantees. P.S. Frank and Honest are always appropriate lol.
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Pretty interesting article here comparing bitcoin to gold in terms of security and bitcoin as a reserve currency. http://insidebitcoins.com/news/nick-szabo-bitcoin-more-secure-than-gold/36100 It is an interesting concept that bitcoin can be more secure than gold, because all you technically need to secure is the private key to be able to access them. "Bitcoin is much easier to store than gold because all one must possess to truly own some bitcoin is the private key to a Bitcoin address. This private key can be stored in a computer, on a piece of paper, or even in one’s own mind. Access to one’s bitcoin can also be protected with a mnemonic phrase. In many cases, information is much easier to protect than a physical object." Bitcoin as a Better Reserve CurrencyDue to bitcoin’s superiority over gold in terms of security, Szabo also mentioned that the digital currency may be useful as a reserve currency for banks and governments. He explained: “Reserve currency — this one [bitcoin] hasn’t been used for yet, but it’s something I envisioned when I was [developing] bit gold and something you could still do with bitcoin. Governments and banks could use [bitcoin] as their reserve currency. When political distrust rises — when wars break out — it’s going to be a lot more secure to be holding cryptocurrency than to be holding gold, especially since a lot of the world’s gold is held and entrusted in the United States anyway.”
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We have really been blessed to find such talented writers for DCEBrief and I am really glad you pointed this out. There is a lot of competition in this space and I feel we are performing very well and meeting the objectives of DCEBrief. We can utilize a variety of articles to draw a lot of attention.
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Bitcoin Weekly Recap 12-4-2015GoPay Integrates Bitcoin Option. Hong Kong Scaling Bitcoin Conference This Week. SEC Files Charges against Zenminer and GAW Miners. Barbados Economists Recommend Central Bank Consider Bitcoin Reserves. Estonia’s Supreme Court Seeks Help Determining Bitcoin Legality. Barry Silbert to Jamie Dimon: Don’t Bank on Bitcoin’s Demise. http://dcebrief.com/bitcoin-weekly-recap-12-4-2015/
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You guys are doing amazing things in the crypto world ! You've got some great articles on dcebrief.com It great to see you guys working with the team over at GameCredits - A great partnership indeed! GameCredits are doing some ground breaking things. Also I'd like to thank you guys again for sponsoring CoinFest UK I am looking forward to working with you for this event and future events ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Thank you batesresearch! It is our pleasure. Happy to support good crypto projects.
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