Melanie Shapiro is founder and CEO of the Case company. I'm not sure if I posted it previously, but case is a handheld bitcoin device that uses multi signature (user and third party have to sign the transaction) with built in mobile communication. I was pretty impressed with the device, take a look into it. Anyway, found this excellent write up based on a pseudo interview with Melanie Shapiro. It is really worth a read, covers most of the issues and benefits of digital currency. Here is a snippet, but I recommend reading the article. Having My Mind Changed About Bitcoin: How Dr. Shapiro Did ItMelanie Shapiro worked me over with a series of soft/hard-edged quotes that shifted my opinion about Bitcoin dramatically. I don't know about you, but I find quotations to be one of the finest learning tools around. My two favorite quotesters are Winston Churchill and Mark Twain. So I decided to use Melanie's quotes here to try and convert you if you're not a Bitcoin supporter and even if you are, Melanie's quotes will provide you with more ammunition. "There's a lot of misconception about what bitcoin actually is due to media narratives. The most popular reference I hear mentioned is Silk Road, but Silk Road wasn't enabled by bitcoin. People forget or don't realize that Silk Road was enabled by Tor, an 'anonymizing' proxy network. Bitcoin isn't actually an anonymous currency it's pseudo-anonymous. Want to know what's anonymous? Cash." "The math and technology behind the blockchain is difficult for most to understand, but the beauty is - you don't have to get it to use it. Do you really get how the internet works? TLS/SSL? DNS? HTTPS?" http://www.huffingtonpost.com/billrobinson/having-my-mind-changed-on_b_7613676.html |
|
|
|
The Grexit issue is very concerning, I'm not entirely sure how anybody didn't see this possibility coming!!! Like, if you were Greek, wouldn't it have made sense to move your savings away from a Greek bank years ago to mitigate the risk of a total loss? It proves that Government backed Currencies are no safer than the new Digital Currencies.
I'm sure many did, invested in digital currency and commodities and possibly even foreign currency, but generally people tend to be complacent. The working class, with minimal savings, are likely suffering the most. |
|
|
|
Decent article on bitcoin becoming money. The headline isn't as bad as it seems. Volatile Bitcoin still isn't moneyIs bitcoin ever going to become money? That's certainly on the mind of bitcoin enthusiasts and backers of the blockchain record-keeping technology that potentially makes it possible. It's also on the minds of the economists at central banks, who wonder how the new currency will affect their ability to manage inflation and economic growth. The answer to the question depends on the answer to a much deeper question: What is money, anyway? To me the answer has always seemed simple: Money is what you exchange for goods and services. But plenty of people don't seem to be on the same page. You see many declare stubbornly that "gold is money," even though they can't go into McDonald's and use their gold collectible coins to buy a Big Mac. What these gold bugs mean is that in their view gold will hold its value during the long term. They predict that in 100 years they will be able to trade their gold collectible coins for whatever the dominant currency is then, and use that currency to buy about as many Big Macs as they could today if they sold their collectible coins for dollars. But being a good long-term store of value isn't really a desirable characteristic in a currency. The reason this is true comes from a very deep fact in finance: the trade-off between risk and expected return. In general, if you want something whose value is stable in the short term, you will need to accept that it won't go up much--or may even go down--in the long term. If you want to build your wealth, you will have to accept some short-term fluctuations. [...] http://www.arkansasonline.com/news/2015/jun/28/volatile-bitcoin-still-isn-t-money-2015/Perhaps rather than trying to completely conform to a traditional financial standpoint, Bitcoin should be more worried about taking advantage of the shortfalls and inefficiencies in the current system and capitalizing on markets that traditional finance just can't compete with. Fiat won't go away overnight, neither will debt based systems. The best we can do is offer a far superior alternative to the old system, smart people will get on board, others will stay in their comfort zone. I think we should be moving away from the word stability, as deflationary currencies are designed for reliable value appreciation, not stability. I recently saw a comment about DNotes 30x value appreciation being far from stable, which is a valid point. Thank you for bringing up this important issue, CryptoBroker79. The comment regarding our common characterization of DNotes as the most “stable” digital currency is a comment in response to my blog post “How we characterize Bitcoin is very Important” on LinkedIn (6-28-2015) as follows: Zennon Kapron 1st
Asia Financial Services Market Research / Author of Chomping at the Bitcoin
“Good commentary, but just to clarify, "appreciating 30 times" is not stable even in the crypto industry”.https://www.linkedin.com/pulse/how-we-characterize-bitcoin-extremely-important-alan-yongAlan's Response: Mr. Kapron point that “appreciating 30 times" is not stable even in the crypto industry”
is totally valid. Technically “stable” means remains the same, solid, strong, steady, firm, sure, steadfast. In our case, for the lack of a better word, “stable” has been used as a part of our PR efforts to compare and contrast against the word “volatile” with a suggestive message that being stable is better than being volatile. Let us know if you can think of a better word or a better way to describe DNotes favorable uptrend. I have attempted to associate it with “reliable long term appreciation with higher highs and high low”, a factually correct trend-line ( http://coinmarketcap.com/currencies/dnotes/#charts). It is a great point, I personally have always viewed DNotes as a growth model, in terms of price, advancements, and user base. Much like companies such as Amazon, the goal is it to continue growing. Neither volatile nor stable may not be the appropriate term to use, something like growth maybe more in line. Here are my suggestions, someone may have already mentioned a few of these in passing. -Steady value appreciation -Lasting growth potential -Resilient uptrend -Stable price ascension As for the website, DCEBrief.com looks great and your reasoning for the choice makes sense. Thanks CryptoBroker79, those are great suggestions. |
|
|
|
|
We've registered DCEBrief.com for the new website. Short for Digital Currency Executive Brief. With the following criteria: Short and descriptive and/or not easy to come to a false conclusion about the content without further inquiry, and easy enough to say. Sounded out D C E Brief.
Still open to suggestions if anyone would like to make any better suggestions.
|
|
|
|
Decent article on bitcoin becoming money. The headline isn't as bad as it seems. Volatile Bitcoin still isn't moneyIs bitcoin ever going to become money? That's certainly on the mind of bitcoin enthusiasts and backers of the blockchain record-keeping technology that potentially makes it possible. It's also on the minds of the economists at central banks, who wonder how the new currency will affect their ability to manage inflation and economic growth. The answer to the question depends on the answer to a much deeper question: What is money, anyway? To me the answer has always seemed simple: Money is what you exchange for goods and services. But plenty of people don't seem to be on the same page. You see many declare stubbornly that "gold is money," even though they can't go into McDonald's and use their gold collectible coins to buy a Big Mac. What these gold bugs mean is that in their view gold will hold its value during the long term. They predict that in 100 years they will be able to trade their gold collectible coins for whatever the dominant currency is then, and use that currency to buy about as many Big Macs as they could today if they sold their collectible coins for dollars. But being a good long-term store of value isn't really a desirable characteristic in a currency. The reason this is true comes from a very deep fact in finance: the trade-off between risk and expected return. In general, if you want something whose value is stable in the short term, you will need to accept that it won't go up much--or may even go down--in the long term. If you want to build your wealth, you will have to accept some short-term fluctuations. [...] http://www.arkansasonline.com/news/2015/jun/28/volatile-bitcoin-still-isn-t-money-2015/Perhaps rather than trying to completely conform to a traditional financial standpoint, Bitcoin should be more worried about taking advantage of the shortfalls and inefficiencies in the current system and capitalizing on markets that traditional finance just can't compete with. Fiat won't go away overnight, neither will debt based systems. The best we can do is offer a far superior alternative to the old system, smart people will get on board, others will stay in their comfort zone. I think we should be moving away from the word stability, as deflationary currencies are designed for reliable value appreciation, not stability. I recently saw a comment about DNotes 30x value appreciation being far from stable, which is a valid point. Thank you for bringing up this important issue, CryptoBroker79. The comment regarding our common characterization of DNotes as the most “stable” digital currency is a comment in response to my blog post “How we characterize Bitcoin is very Important” on LinkedIn (6-28-2015) as follows: Zennon Kapron 1st
Asia Financial Services Market Research / Author of Chomping at the Bitcoin
“Good commentary, but just to clarify, "appreciating 30 times" is not stable even in the crypto industry”.https://www.linkedin.com/pulse/how-we-characterize-bitcoin-extremely-important-alan-yongAlan's Response: Mr. Kapron point that “appreciating 30 times" is not stable even in the crypto industry”
is totally valid. Technically “stable” means remains the same, solid, strong, steady, firm, sure, steadfast. In our case, for the lack of a better word, “stable” has been used as a part of our PR efforts to compare and contrast against the word “volatile” with a suggestive message that being stable is better than being volatile. Let us know if you can think of a better word or a better way to describe DNotes favorable uptrend. I have attempted to associate it with “reliable long term appreciation with higher highs and high low”, a factually correct trend-line ( http://coinmarketcap.com/currencies/dnotes/#charts). It is a great point, I personally have always viewed DNotes as a growth model, in terms of price, advancements, and user base. Much like companies such as Amazon, the goal is it to continue growing. Neither volatile nor stable may not be the appropriate term to use, something like growth maybe more in line. |
|
|
|
Decent article on bitcoin becoming money. The headline isn't as bad as it seems. Volatile Bitcoin still isn't moneyIs bitcoin ever going to become money? That's certainly on the mind of bitcoin enthusiasts and backers of the blockchain record-keeping technology that potentially makes it possible. It's also on the minds of the economists at central banks, who wonder how the new currency will affect their ability to manage inflation and economic growth. The answer to the question depends on the answer to a much deeper question: What is money, anyway? To me the answer has always seemed simple: Money is what you exchange for goods and services. But plenty of people don't seem to be on the same page. You see many declare stubbornly that "gold is money," even though they can't go into McDonald's and use their gold collectible coins to buy a Big Mac. What these gold bugs mean is that in their view gold will hold its value during the long term. They predict that in 100 years they will be able to trade their gold collectible coins for whatever the dominant currency is then, and use that currency to buy about as many Big Macs as they could today if they sold their collectible coins for dollars. But being a good long-term store of value isn't really a desirable characteristic in a currency. The reason this is true comes from a very deep fact in finance: the trade-off between risk and expected return. In general, if you want something whose value is stable in the short term, you will need to accept that it won't go up much--or may even go down--in the long term. If you want to build your wealth, you will have to accept some short-term fluctuations. [...] http://www.arkansasonline.com/news/2015/jun/28/volatile-bitcoin-still-isn-t-money-2015/ |
|
|
|
I wish DNOTES could be widely adopted in Greece right now. With all the fiscal fiasco taking place there and uncertainly, DNOTES would be a welcome tool towards prosperity for the GREEK PEOPLE. I will tweet at the GREEK Government tonight in favor of adopting DNOTES into the SYSTEM..You never know someone, somewhere might read it.
There are only two things preventing that: Knowledge of crypto in general and, wide spread awareness of DNotes. Go for it! Agreed! Thank you qiwoman! |
|
|
|
Perhaps it pays to wait... New York Releases 31-Page BitLicense Application FormThe New York State Department of Financial Services (NYDFS) has released the application forms that Bitcoin companies in the state must complete by August 8 in order to register their businesses. The BitLicense was formally adopted earlier this week through publication in the New York State Register. All Bitcoin firms must now complete the 31-page application form and pay a non-refundable US$5,000 application fee in order to continue operating. Jesse Powell, co-founder and CEO of Kraken, said heavy compliance costs on digital currency exchanges made it more difficult to operate profitable exchanges. He continued: “Many fear it will stifle innovation in the industry and exclude New York from the developing currency.” -Jesse Powell, co-founder and CEO of Kraken The final revisions to the New York State regulatory program on digital currencies were released earlier this month by the superintendent of financial services for the NYDFS Ben Lawsky, with minor updates to improve functionality and make state regulators’ roles more clear. Following its official adoption, the application form was released yesterday for Bitcoin companies to fill out. Aside from basic company information, it asks applicants to list all jurisdictions where they have licenses, or have applied for them, as well as indicate whether they have ever been the subject of regulatory or enforcement action in any jurisdiction. Companies must provide copies of all insurance policies, as well as biographical information on all company directors and stockholders. They must also provide an organization chart of the company’s management structure, along with “an explanation of the methodology used to calculate the value of virtual currency in fiat currency.” Applicants must also provide an investigative background report prepared by an independent investigatory agency for each individual applicant, including information such as credit history, employment history, and motor vehicle ownership history. Three personal references from non-relatives are required for all applicants. The BitLicense has prove controversial, with Eobot last week becoming the third firm to exit the state as a result of the new regulations. Though Lawsky has said regulators “need to realize their own limitations; recognize what they do not know, and keep an open mind when approaching new technologies,” many have criticized the scope of the regulations. Users on Reddit reacted sarcastically to the length of the application form, with cointastical saying: “Thank you, Mr. Lawsky, for regulating this industry!!! Might you, by chance, know anyone who can help me comprehend the 31 pages of this document, complete the application, and then comply with the requirements? Yourself, perhaps?” Another user assumed Lawsky’s name, replying to the above message with: “I worked tirelessly on the BitLicense, only taking big companies with deep pockets advice, so that I could come up with a complex process only my consulting firm will be able to help you with.” Source: http://cointelegraph.com/news/114681/new-york-releases-31-page-bitlicense-application-formNew York State Department of Financial Services (NYDFS) gets 1st prize in the category of "How Not To Do It!" Really, a 31 page application form?? I groan if something has 2 pages - lol. I did enjoy the Reddit comments and even though they were meant to be funny, they sure have a lot of truth in them. I agree. New York is definitely showing the way NOT to regulate Bitcoin and crypto. I hope that if regulation is a must, that it is complementary to the technology. Who wants to pay $5000 to fill out a 31 page request for a license? I also see that DNOTES is definitely taking a stance to help educate so that's a plus. $5000 yearly, plus the cost of meeting and reporting on the requirements. Each state that follows, will include the same costs. The investment to operate in the US will be in the millions every year. |
|
|
|
Some of the problems confronting the industry would be what is listed in "What major obstacles does DNotes face to achieve success?" Maybe we should continue with this post. 
What technologies are most important to the future and success of DNotes?
1 ) An easy to use merchant payment verification system that doesn't require a third party
2 ) Cloud storage of the blockchain. Wallets sync with cloud instantly and no lag time at startup. This is a centralized item, however, but would be of great benefit. Instant syncing, instant sending, etc.
3 ) Versatile tipping program for various websites and social media outlets
4 ) POS style reward system
5 ) Making DNotes secure for everyone to use no matter their situation
6 ) Instant exchange functionality for the DNotesVault
7 ) Total smartphone solution for all DNotes functionality including vault and instant exchange functionality
What major issues with the existing financial system can DNotes solve?
1 ) Instant transfers of money.
2 ) Micro transactions, under $1 are not feasible. The transaction fees make micro transactions unprofitable if not impossible.
What services are most important to the future and success of DNotes?
1 ) Direct and simple fiat to DNotes exchange.
2 ) DNotes investment fund that is SEC approved and tradeable on a major stock exchange
3 ) Accessibility and Ease of Use
4 ) CLEARLY outlining benefits, programs, future of DNotes
5 ) 24/7 support
6 ) Multilingual support
7 ) Assurance of store of value
8 ) Credit/Debit Card
9 ) ATM services
10 ) Refill service for prepaid/sim cards
What major obstacles does DNotes face to achieve success?
1 ) Half of the world's population does not have banking access and is therefore excluded from participating in economic growth.
2 ) Combating and rising above the bad reputation bitcoin has (whether it is deserved or not).
3 ) Mainstream media negativity of any cryptocurrency in general.
4 ) Develop global name recognition. When people think "crypto" or "Bitcoin" now, they should simply think "DNotes" in the future.
What will aid the growth/evolution of DNotes, leading to mass adoption?
1 ) COOP's in Micro Communities
Agreed, it will be very helpful when considering the content of the new site. If anyone has any further suggestions regarding the obstacles, that would help. |
|
|
|
|
Revisions to the idea for the new site:
We are going to make it neutral. Still including a dedicated DNotes section but more of an industry site. It will become a DNotes asset, just like CryptoMoms and DNotesVault.
The intent will be to help educate our industry and regulators in a meaningful way. There are a multitude of problems we can address with this site from media to regulation and the general lack of understanding of our industry. Targeting busy political leaders and business executives.
|
|
|
|
There will be a new website for DNotes, catering to investors and executives. The DNotesCoin.com site will continue as a user based site (tech specs, links to resources, downloads, mining, ect), and we will eventually upgrade the design as well as make it more friendly for DNotes users. The focus of the new site will be executive summaries of DNotes mission and efforts and a gateway for our relationship with government and regulation (including regulatory recommendations). This will allow us to point readers directly to the information they need in a quick and easy to digest format. It will be blog style and include other points of interest like press releases and bio's. We need your feedback and recommendations! What are the most important topics we need to cover? Examples: DNotes regulation recommendations, DNotes general executive summary, Plans for the future of DNotes, etc What features should the site have? Examples: Meet the team, Press releases, News feed, Alan's corner, DNotes projects, etc If you can voice your opinion on what would be the most important, it will help us to decide how to build the site without cluttering it. Even if someone has already mentioned something, if you feel strongly that it needs to be added or even excluded, please let us know. |
|
|
|
Thanks, TeeGee. I will admit that I always worked very hard in whatever I am committed to do and I am a firm believer that gaining the "Master" knowledge of the trade of the industry one is involved in is a huge competitive advantage. I have been in communication with a lot "industry knowledgeable" people this week mostly because of my earlier presentation at NASDAQ. With due respect, I am concerned that there is a serious lacking of knowledge on many critical issues or problems confronting our industry.
Here are my basis rules in problem solving. 1) If you do not know the problem you can not solve the problem. 2) You can not solve the problem you are not committed to solve. I can go on but I am sure you got the point.
Most people of power and wealth do not spend much time out side if issues they they are not intimately involved in. DNotes and CryptoMoms have developed a massive amount of rich contents that anyone who care to read every word of it could pass the "Master" level test. In reality, that is not going to happen. Our community, must come together soon to develop a site where "Executive Summary" on many important issues are available at a glance for interested parties.
I agree with you there is a major knowledge vacuum among people who have the power to influence. I'm small potatoes and I know more than most, which can be scary. I've been busy but I'm happy to write content for the educational site that's developed. That can be my contribution. But yes, we have to take the lead in educating, for sure. Gotta run pick up my kiddos from camp! Thanks for the offer Wiser, we will certainly let know you. |
|
|
|
Morning, all.
Congrats on finishing, Tee Gee.
We Us IndiaMikeZulu folk find ourselves considering Dnotes as our sorta 'reserve currency,' in some preference to Bitcoin.
Tee Gee and I should soon be puddlin' around with some ideas on our Guild. And I delight to put up a little content at Cryptomoms.
Mark (IndiaMikeZulu), Australia
Thank you Mark, we appreciate your support. Your help and input has been invaluable to us and CryptoMoms! |
|
|
|
Perhaps it pays to wait... New York Releases 31-Page BitLicense Application FormThe New York State Department of Financial Services (NYDFS) has released the application forms that Bitcoin companies in the state must complete by August 8 in order to register their businesses. The BitLicense was formally adopted earlier this week through publication in the New York State Register. All Bitcoin firms must now complete the 31-page application form and pay a non-refundable US$5,000 application fee in order to continue operating. Jesse Powell, co-founder and CEO of Kraken, said heavy compliance costs on digital currency exchanges made it more difficult to operate profitable exchanges. He continued: “Many fear it will stifle innovation in the industry and exclude New York from the developing currency.” -Jesse Powell, co-founder and CEO of Kraken The final revisions to the New York State regulatory program on digital currencies were released earlier this month by the superintendent of financial services for the NYDFS Ben Lawsky, with minor updates to improve functionality and make state regulators’ roles more clear. Following its official adoption, the application form was released yesterday for Bitcoin companies to fill out. Aside from basic company information, it asks applicants to list all jurisdictions where they have licenses, or have applied for them, as well as indicate whether they have ever been the subject of regulatory or enforcement action in any jurisdiction. Companies must provide copies of all insurance policies, as well as biographical information on all company directors and stockholders. They must also provide an organization chart of the company’s management structure, along with “an explanation of the methodology used to calculate the value of virtual currency in fiat currency.” Applicants must also provide an investigative background report prepared by an independent investigatory agency for each individual applicant, including information such as credit history, employment history, and motor vehicle ownership history. Three personal references from non-relatives are required for all applicants. The BitLicense has prove controversial, with Eobot last week becoming the third firm to exit the state as a result of the new regulations. Though Lawsky has said regulators “need to realize their own limitations; recognize what they do not know, and keep an open mind when approaching new technologies,” many have criticized the scope of the regulations. Users on Reddit reacted sarcastically to the length of the application form, with cointastical saying: “Thank you, Mr. Lawsky, for regulating this industry!!! Might you, by chance, know anyone who can help me comprehend the 31 pages of this document, complete the application, and then comply with the requirements? Yourself, perhaps?” Another user assumed Lawsky’s name, replying to the above message with: “I worked tirelessly on the BitLicense, only taking big companies with deep pockets advice, so that I could come up with a complex process only my consulting firm will be able to help you with.” Source: http://cointelegraph.com/news/114681/new-york-releases-31-page-bitlicense-application-form |
|
|
|
Hello all!
I'm back to life again, just completed my last exam for the semester... albeit alive on one and a half hours sleep.
Now I can begin the projects I've wanted to get onto these last few weeks (after some sleep). I think a separate informational page in either a blog style, or one that has a link to a google drive document (read only) that certain forum members have editing privileges could be a great way for people that work in regulation related fields to have a gander at.
It would be correct in my view, to focus on making ascertaining DNotes as simple as possible in any form- whether that be from dollars or from other crypto. It's really cool that wiser wrote a crypto guide on how to buy crypto, perhaps we should throw that link in the sticky.
Off to bed.
- TeeGee
That's excellent TeeGee! Google drive is a great option. Thinking through it a bit more with that in mind, I think it would be better presented and received in a website format and we would likely use Google drive for the source content and collaboration. |
|
|
|
Reading this article reminded me of some of the plans for the DNotesVault, such as providing API's and other tools for merchants to accept payments eventually. What other tools and API's do you think the DNotesVault could provide for merchants and users? Bitcoin Success Hinges on CIOs Embracing Open Platforms, APIsCIOs investigating bitcoin and other digital currencies must consider how willing they are to embrace a more open IT architecture, as well as a growing number of service providers, says a security chief at one bitcoin startup. “It comes down to understanding and embracing more of an open source mentality when it comes to software, and really going to more of a service-oriented architecture that looks to utilize a lot more APIs and plug into a lot of different pieces,” said William Dennings, security chief at bitcoin startup Bitreserve. APIs, short for application program interfaces, are a set of tools that allow applications to communicate and share data with one another. [...] http://blogs.wsj.com/cio/2015/06/24/bitcoin-success-hinges-on-cios-embracing-open-platforms-apis/A feature I thought of earlier today was to have a way that a user could lock up funds in his or her vault, either vault-wide or address specific. There could be several lockdown periods, such as two weeks, 30, 60, and 90 days. There should be a way to initiate a lockdown without having to log into the account, for example, by texting "lockdown" followed by user's vault email address to a specific number. This would allow a user to halt any withdrawals if he or she suspects the account has been compromised (and the user's email address has also been compromised)--as could happen if a user's laptop computer were lost or stolen (let's face it, most of us do not adequately encrypt our computers!). I would think a user who is planning to deposit and hold might also trip the lockdown period on any "savings" accounts so as to remove temptation to spend funds which are intended to be saved. There would be some kind of procedure in place for lifting the lockdown (and allowing withdrawals) that would involve among other things, waiting out the lockdown period, changing the password, and communicating in some way that all is well. I'm also all for making it easy to accept online payments from others, so having plugins that integrate DNotes vault with existing ecommerce plugins would be great. If I ever run a successful online retail operation which takes payments in DNotes, one feature I would love to see is for payments I receive to be automatically divided and sent to different addresses within the vault. For example, I might want to take 10% of each payment I receive and put it in my retirement CRISP (you know, pay myself first), then the rest I might divide up between an expense account (to cover costs), my spending money, my CRISP for kids accounts, my employee benefits account (if I had employees), and my favorite charity. Basically, it would be the beginnings of automating the accounting and bookkeeping. I'm not sure what DNotes has planned for an exchange or trading platform, but one thing I would love to see is the equivalent of Cryptsy or Poloniex with one major variation: The base currency that all altcoins trade to or from is DNotes, not Bitcoin. Besides that, one feature Cryptsy has that I love is autosell. You can program your account to automatically sell any coin upon deposit. One feature Poloniex has that I really love is the ability for users to lend funds to margin traders. I'm doing very well lending out Bitcoin at 0.06% daily interest rate. And can't forget something like Coinbase which would link DNotes directly to fiat and a fiat bank account. I'm not selling DNotes right now, but when I do, it would be so nice if I didn't have to first convert to Bitcoin in order to convert to fiat. Wiser, those are excellent ideas. We are watching itBit very closely and see how it plays out. They are incorporated and licensed as a bank charter. It took me a while to established an account with them. A great deal of personal data was needed. Those who don't like banks to begin with will have issues. There are no easy solutions. Our exchange will incorporate a lot of what you mentioned and more. I believe there will come a day when savings for retirement can be deducted payrolls and deposited directly to DNotesVault and they are taxed deferred. Agreed, I know RJF would love the autosell features, as well as potential merchants. |
|
|
|
Reading this article reminded me of some of the plans for the DNotesVault, such as providing API's and other tools for merchants to accept payments eventually. What other tools and API's do you think the DNotesVault could provide for merchants and users?
Here's something I posted back in February on APIs: "Just thinking about ways to help people start an account and it occurred to me that if they could use other crypto currencies that would make entry much easier. I know there are issues with converting fiat to crypto but, how about crypto to crypto? What if a person could simply select from a drop down menu one or more of some of the top performing coins and instantly convert that amount to DNotes that is automatically deposited in a retirement or, other vault account? No third parties, no exchanges to deal with manually, the vault site does the calculation and API calls could make the exchange. I'm not an expert in this area but I believe this could be totally automated without re-inventing the wheel. Something to think about. The easier it is to get onboard, the better." If we could receive almost any coin and convert/deposit it to a customers vault account as DNotes, that would be amazing... Great recall, RJF. I remember this comment very well. Now that DNotesVault is fairly mature it may be worth giving it some serious thought. Not totally comfortable with potential legal issues. On the surface, it appears that crypto to crypto exchange should be okay. If that assumption is acceptable than why couldn't DNotesVault accept Bitcoin in exchange for DNotes. Well, it will make DNotesVault an exchange and require licensing and other regulatory requirements. Granted this is an unsettled legal issue and will likely get different legal opinion. That may explain when certain unlicensed exchanges where fiat currency is not involved, they are allowed to continue to operate. This may also varies from state to state. It was and still is a great suggestion. Agreeing with Dyna, without the proper licensing, it could be too high of a risk. The day will come where we are properly funded or partnered to have correct licensing for this though. |
|
|
|
Converting a pre-approved list of alt-coins, including Bitcoin, to DNotes within DNotesVault is not a big technical challenge. The unsettled regulatory requirements may be more challenging than we like to believe. Let's keep our options on the table for now.
I have no doubt regulation is going to be a challenge to navigate. In my feature dream list I'm assuming regulation is not an issue... but I realize that is not reality. I'm curious, Dyna. Were any of the people you met at Silicon Dragon in any way involved in the financial regulatory process? If not, did they know anyone who was? It seems to me that one proactive thing that could be done starting now (OK, I'm sure you've already been doing this for months) is engaging in friendly dialog with regulators and regulation decision makers about the subject. I figure the more that can be openly discussed before it becomes an issue the better. And those discussions just might shape relevant regulatory policy in a positive way. Thanks Wiser, that is a great idea. One of the things Alan and I have discussed is having an outlet for this sort of information and provide a direct link to interested parties. Including regulatory issues and recommendations, executive summaries for DNotes and DNotes related topics. 1 option is in CryptoMoms or in dedicated threads on CryptoMoms, however we feel it would easily get lost and potentially cluttered. DNotesVault is not a likely candidate because of the subject matter and we want to keep DNotesVault as clean as possible. Another option is a dedicated blog style website that would allow commenting and active participation. I would like to hear everyone's comments on this subject. Where and what format do you feel would be best for this type of information? |
|
|
|
|
Show Posts
