Thanks mafort1469, that could be a useful tool for DNotes in the future. |
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There will be many remaining fiat currencies and dozens of digital currencies a generation from now. But imagine how much better our world would be if among them there is one stable, trustworthy global digital currency that treats everyone equally. Equal value for all without the need of intermediary or the oversight of any central authority or verification of personal data. That is what I mean in suggesting that digital currency will have staggering world changing implications. That is what DNotes is striving for; one stable trustworthy digital currency for all. The whole world is ready and desperately in need of such a currency. Sadly our political leaders are not. Exactly! Digital currencies will reflect an important cultural change, from not just being 'money' with a picture of a long-dead president, or queen on it, to having that content represented by an image, contract... anything. This will make an allowance, and need for many digital currencies, but at least one will definitely be required to facilitate global commerce without need for political borders. The interesting thing about that, is during times of political turmoil and/or inflation, people can move their assets to DNotes, which has a globally supported value; the troubles of one country will not cause significant volatility for a global digital currency. I also thing that given the argument for 'fiat' is that they are more stable due to massive market caps (likened to being gigantic ships in the sea, unaffected by the waves and Bitcoin being a tiny raft that gets thrown around), then given a global currency could have a much larger market cap if it were used anywhere in the world, I could foresee even greater stability in the long-term. Governments would be powerless to stop the spending of digital currencies even if they wanted to, however they could create severe penalties for people caught using exchanges to purchase it. I think nation states like Zimbabwe may worry that, if their currency began to have stability issues, then more people would change their wealth to digital currency, which would only compound the rate that the nation's unit of money was dumped on the market. It is very true that the whole world is in need of a Digital Currency for global commerce like DNotes that would insulate developing nations from currency crisis, and established ones from risky monetary policy. I personally think the world needs much less centralized control, in particular, for currency, but have known that political leaders were never ready for it and would make life difficult. I sat there with my friends thinking about how to 'free money' from political prison for years, without ever knowing what digital currency was. After learning about crypto, I saw all of them as just a money making opportunity to do as a 'hobby', where I'd one day sell them for dollars. Almost every Altcoin was just relying on a small market of people who wanted to keep their financial activity 'anonymous', or enjoy the novelty of 'value' that was not controlled by any central entity. Not one stated it's goal was to become the dominant global medium for payment processing! The most amazing thing about DNotes though, is that the team have set out to achieve the same thing that I said I supported, but never had any concept how to achieve, let alone begin going about! Awesome work  glad to be part! It is awesome to see DNotes having news written on it, excellent job to the Author and Alan Yong. The DNotes entity and mindset is going places. Thanks TeeGee, you are correct, DNotes was created to be a global digital currency. We have dedicated ourselves to nurture DNotes and help it along as it grows, and our efforts and development is focused on becoming that global digital currency. |
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Wow... "The RBZ said customers who still have stashes of old Zimbabwean dollar notes can walk into any bank and get $1 for every 250 trillion they hold. " Adopting a global digital currency does seem like the way to go. |
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Some of this may sound familiar to many of you. Major Challenges Facing Bitcoin AdoptionBitcoin has already been existence for more than half a decade yet it has a long way to go before achieving mainstream acceptance. In fact, the challenges facing bitcoin back then are still pretty much the same ones it is struggling to surpass now. The Trouble with Bitcoin When it was first introduced, the main obstacle was the technical jargon and computer background needed to understand the concept itself. Bitcoin involves computers solving complex algorithms in order to verify transactions, something that was difficult to grasp by the common man. From then, the features of bitcoin made it popular among members of the Dark Web or underground market. Bitcoin became prevalent in use with money laundering and criminal activities such as drug deals or assassination attempts, lending a negative light on its reputation. This has also earned the ire of government officials and financial regulators who are having a hard time monitoring the activity in this industry. Many have made an effort to understand how the bitcoin ecosystem works while others dismissed the cryptocurrency as illegal. The volatility in prices has also made it difficult for most people to accept bitcoin as a regular means of payment. You need it to be accessible, you need it to be usable and you need it to be relatively stable,” says Jonathan Chester, founder and CEO of Bitwage. “We need to work on how do we bring people in and how do we capture the mainstream audience,” said Connie Gallippi of Bitcoin Foundation. She believes that the concept has to be made less complicated in order to capture the interest and trust of the general public.As of now, three out of four Americans haven’t even heard of the six-year-old digital cash, a study conducted by the research firm GfK and The Street recently revealed. Source: http://www.newsbtc.com/2015/06/12/major-challenges-facing-bitcoin-adoption/ |
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Hello Friends, I'm new here. next 2 weeks will dedicate my presence here just to study. I'm Israeli journalist and poet. know: there is a lot to study about this amazing field of digital currencies
Hi matatyau-cohen and welcome to DNotes! Thank you. I'll bring here my views and ideas and try together to go forward Welcome matatyau-cohen! Thank you for joining us. Look forward to it. |
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Here's an interesting news article: Are Bitcoin Startups Bound to Crush the Banks?Bitcoin Startups are getting into every sector of the financial business, and the banks know it. Online businesses have been threatening the banks, and now a massive wave of Bitcoin startups are innovating the financial sector up to the point that banks needed to act. Personal-finance startups are helping consumers balance their checkbooks online. Refinancing startups are taking advantage of cheap debt to offer students better rates on loans; on the other hand, all these new startups are introducing an innovative and more simplistic approach for the financial business industry. All of it is taking a lot of the business away from banks. The biggest firms on Wall Street have been employing all sorts of tactics to defend their top line from invasions coming from new technologies such as Bitcoin. But now we are seeing a new turning point. Many big banks are now investing in startups. Increasingly, seed-stage ventures and accelerators have been formed as Wall Street firms snap up a piece of hundreds of pre-IPO companies. Wells Fargo has backed a handful of startups through its accelerator. One has the potential to help big banks get slimmer on staffing. Kasisto is a platform for financial institutions providing clients virtual personal assistants. And Bank of America has sponsored tech accelerators in New York, London, and Charlotte. Sometimes banks wind up jointly investing in the same startup, like Motif Investing, an online broker. Both JP Morgan and Goldman Sachs backed that platform. JP Morgan also backed Square, along with numerous big banks’ investment arms. And even Morgan Stanley, which has had a relatively muted presence in the investing scene, has struck deals to back companies like messaging platform Perzo and Eris Exchange. Goldman Sachs also backed Square, along with other big startups. Other deals for the bank have included Kensho, a market data analytics firm. Goldman is even backing Bitcoin startups. It seems that Banks are now looking towards earlier stage investments and opportunities; they cannot risk being left behind. Technologies such as Bitcoin are seen has innovations that can bring up a lot of potential to the financial industry and this time, the Bitcoin Industry and the Blockchain technology has finally caught their interest.http://www.newsbtc.com/2015/06/12/are-bitcoin-startups-bound-to-crush-the-banks/It is a very interesting article Chase. Financial institutions should absolutely get involved in digital currency. It only makes sense. |
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A step in the right direction here. GOOD NEWS: NO VAT ON BITCOIN IN SWITZERLANDBitcoin users do not have to pay value added tax (VAT) on bitcoin in Switzerland. The Swiss Tax Administration (ESTV) has announced there will be no VAT on bitcoin transactions, according to Bitcoin Association Switzerland. The news brings hope not only to bitcoin users in Switzerland, but worldwide. Switzerland has a global reputation for financial security. Bitcoin supporters want governments to view bitcoin as a method of payment, not as a delivery of goods or a service subject to a VAT. Bitcoin supporters have noted that it will be difficult for bitcoin to become an accepted currency if bitcoin transactions are subject to VAT. “This is excellent news for bitcoin in Switzerland as it provides the legal certainty we need to professionally operate our business,” said Niklas Nikolajsen, CEO of Bitcoin Suisse AG, a bitcoin brokerage. Swiss bitcoin organizations called for clarification The ESTV made its decision after three Swiss bitcoin organizations asked it clarify the legality of VAT in regards to bitcoin. The bitcoin organizations formally presented their request in February of 2014. ESTV addressed whether the transfer of bitcoins constitutes a delivery of goods or a service. ESTV decided that the transfer of bitcoins constitutes neither of these. Switzerland treats bitcoins like any other means of payment. A bitcoin merchant does not charge VAT. Paying for a pizza with bitcoins is not a barter trade, and therefore it cannot trigger double taxation.Trading bitcoins for Swiss Francs is an exchange of legal tender against a non-official means of payment. The trade is no different than exchanging of Swiss Francs for Euros. Transaction fees that bitcoin brokerages charge are exempt from VAT under article 21 section 2 of the Swiss VAT act. [...] https://www.cryptocoinsnews.com/good-news-no-vat-bitcoin-switzerland/ |
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Jeff is one of my new connections on LinkedIn professional network. He is an amazing writer, Ghostwriter, Speaker, and Inc. Magazine Contributing Editor. Among other things, it reminds that we all get "lucky breaks" from time to time. Most people don't recognize, appreciate, or take advantage of them and simply let them pass by. I wish DNotes fell on my lap ten years earlier but instead of wishing what I cannot chance I consider it as my luckiest break of a life time. If it is being reflected that way, it is because I believe that it is. As Henry Ford said, “Whether you think you can, or you think you can't--you're right.” Enjoy. Quote from: Jeff HadenInfluencer Ghostwriter, Speaker, Inc. Magazine Contributing Editor Ten Choices You Will Always Regret Making Hindsight is a funny thing. Look forward and the path seems uncertain, the future unpredictable. Look back and all the dots seem to connect... except the dots that mark the choices you didn't make, and the risks you didn't take. Here are choices you will someday regret having made: 1. Choosing not to be brave. Being brave doesn't mean you aren't afraid -- in fact, the opposite is true. Courage without thought or meaning is simply recklessness. Brave people aren't fearless;they've simply found something that matters more to them than fear. Say you're scared to start a business. Find a reason that means more: creating a better future for your family, wanting to make a real difference, or hoping for a more rewarding and fulfilling life. Once you find a greater meaning, you also find courage. See fear not as something to shrink from but as something to overcome -- because that's all it is. Read More: https://www.linkedin.com/pulse/ten-choices-you-always-regret-making-jeff-hadenThis quote from his article resonates with me. Once I set myself on a path and have determined I am going to do something, I won't stop until it happens. 3. Choosing not to say, "I will." A boss once gave me what I thought was an impossible task. I said, "OK. I'll try." He told me trying didn't matter--as long as I didn't quit, I'd finish it. Trying didn't enter into it. Persistence was all that mattered. Often we say, "I'll try," because that gives us an out. Our egos aren’t on the line. Our identities aren’t on the line. After all, we're just "trying." Once you say, "I will," your perspective changes. What previously seemed insurmountable is no longer a matter of luck or chance but of time and effort and persistence. When what you want to do really matters, don't say, "I'll try." Say, "I will," and then do everything possible to keep that promise to yourself. |
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Worth a read. Bitcoin company ditches New York, blaming new regulationsIt’s been barely a week since the BitLicense was released, and it has already driven a bitcoin startup out of New York. ShapeShift.io, a bitcoin startup that allows people to quickly exchange digital currencies without an account or arduous signup process, has completely cut off service to New York in response to the state’s new regulatory policy for digital currency businesses. The BitLicense, which was finalized last week, sparked fear among the bitcoin community during its revision process over the past year, and now that it is out, has courted criticism for the various licenses and approvals it requires of companies that store and transmit money for customers. It is seen as too stringent and restrictive of innovation. The BitLicense backlash began last week with official statements and responses from bitcoin startup executives as well as policy pundits. ShapeShift is the first business to promptly ‘get out of dodge’ in response to the policy. (Bitcoin wallet provider Xapo moved its headquarters to Switzerland last month, but stated that it was not out of fear of regulation.) [...] https://fortune.com/2015/06/11/bitcoin-shapeshift-new-york-bitlicense/ |
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Interesting coindesk survey on who really uses bitcoin. Women are getting more involved according to this survey. New CoinDesk Report Reveals Who Really Uses Bitcoin[...] Despite a growing number of initiatives such as Bitcoin Women's Day, women using bitcoin are still a minority, with over 90% of bitcoin users in our survey identifying as male. Though this figure is a minuscule improvement (5.2%) from the male majority seen in previous surveys. With regards to race, 65.8% of respondents in the survey identified as 'White'. Second came 'Asian'. While these figures reinforce the young, white, male stereotype, other findings – such as average income – are more surprising. The question of average earnings providing a very even split across all earning brackets. Those earning $50,000–$100,000 came top, at 23.9%. One in five said their household income was below $25,000. [...] http://www.coindesk.com/new-coindesk-report-reveals-who-really-uses-bitcoin/ |
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" . . . why would banks even consider looking into the blockchain technology?"
Existential threat.
"Why would they spend time on this?"
Figure out how to stymie or (profitably) integrate it.
"It would seem to me they would not want this to pan out . . . "
Nope, they don't want it to; and the better they know their enemy, the better their chances of it not panning out.
IMZ Mark
Personally I don't see why banks wouldn't eventually try to integrate digital currency, once they understand how to properly secure it. Utilizing it for back end transactions and also offering digital currency services for consumers. Many of us who are interested in digital currency believe in 'being your own bank', however I'm sure there is a large population of people who would like to have it integrated into existing system. If enough people demand using digital currency, the banks will have to evolve, or suffer from losses. |
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The following was published by Blackhawk Engagement Solutions - "A Leading Global Provider of Customized Incentive and Engagement Solutions." It is a great source of information on employee incentive benefits. Some of the interesting facts within it include: - More than half of America's companies use incentive programs. - U.S. organizations spend over $100 billion annually on them. - Incentives (other than cash) are a $46 billion industry. The industry has more than doubled in the last 10 years. Organizations with higher than average employee engagement have: - 27% Higher Profits - 50% Higher Sales - 50% Higher Customer Loyalty - 38% Above Average Productivity - 155% Higher Stock Returns Exploring Employee Incentives - http://www.bhengagement.com/employee-rewards-recognition/Nice find. Here is a little tidbit we can use for our employee incentive benefits program: What makes incentives do well? To be successful they must: Promote or encourage specific actions By a specific audience To produce measurable outcomes Through integrated motivational strategies During a defined time period. |
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I just wanted to give a shout out to what a great job you all are doing on the community dynamics aspect. I've seen how the various DNotes founders and established team members have patiently answered questions posed by people new to the thread (or even people who have been out of the loop for a while), even when those same questions have been answered more than once in the past. Answers to those questions always come with a warm welcome. It's like you're just happy to have people on board in whatever way they are comfortable with, whether it be inquiring, participating, or even challenging. This graciousness really sets DNotes apart. Great job, DNotes team! And thank you. I really enjoy hanging out here. It's also been a joy to contribute where I've been able.
Thank you Wiser! There is a lot of information about DNotes in this thread and don't expect everyone will be able to read through all of it. Questions are always welcome, and we appreciate everyone who takes the time post here. |
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"Obviously, MasterCard has been trying to exploit this tendency, taking advantage of the uninformed and misinformed public at large, including political leaders and regulators world wide."
It certainly seems that way.
There is too much to cover in that article that is inaccurate or misleading.
"speed and safety of digital currencies [do] not hold up, not least given that on average it takes 10 minutes for a block to be verified" - So in an hour on average the transaction is completely verified, instead of 24-48 'business' hours like my mastercard? Either way you get instant notification, but verification of transaction, bitcoin wins by a long shot.
"digital currencies are far more susceptible to hacking attacks" - I wonder how one could substantiate that claim? Several times in my life my account (mastercard) had someone withdrawing money from across seas. This also means they hacked have my personal information as well. Yet my bitcoins are still safe and sound since I started.
"To achieve economies of scale, the higher marginal costs of digital currencies will lead to a reduction in the number of miners down to a monopoly miner, defeating the original design of digital currencies and opening them up to system-wide fraud." - It is a competitive industry just like any other. I don't know what possible evidence you could have to substantiate this. Hundreds of thousands of miners are just going to give up?
"The "current blockchain process" doesn’t provide sufficient transparency" - From where I am sitting it is a lot more transparent than the credit card networks. If you ever plan to purchase anything with your bitcoin, it is basically 100% transparent.
"Finally, MasterCard believes the government should develop consumer protections which would force digital currency companies to create a formal consumer complaint process and enable the reversal of unauthorised charges." - Government consumer protections are fine, providing they are logical and don't inhibit progress. I like the use of the word reversal, like they can reverse CC transactions... lol. All they do is add a new transaction for the exact same amount back to the sender.
The arguments do clearly lack some knowledge of cryptocurrencies. |
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p2p is unstoppable  In a way yes. In the U.S. they have the potential to inhibit innovation and business through regulation. I hope that is not the case. Countries like Argentina, who are embracing digital currency, will eventually become world leaders, while the rest of us watch on the sidelines. |
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MasterCard's assessments on digital currencies.... MasterCard: Digital Currency’s Risks Outweigh the Benefits [...] "We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies [do] not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks."[...] Consumer protection MasterCard's submission suggests any new regulation the UK government creates should address the current lack of consumer protections in the digital currency space. One of the risks it flags is that consumers currently have no form of official redress if they use digital currency to make a purchase and the merchant fails to deliver their goods. To further highlight the safety of the existing financial system in comparison, the document references the UK’s Financial Services Compensation Scheme, which guarantees customers of registered companies up to £85,000 per person in compensation if the firm goes out of business. The response makes numerous references to the high-profile failure of bitcoin exchange Mt Gox, highlighting how customers can suffer due to the lack of protections in the digital currency space. MasterCard also believes bitcoin users are in danger as the cost of mining bitcoins will rise when usage of the currency increases, until the cost becomes unsustainable. It continues: "To achieve economies of scale, the higher marginal costs of digital currencies will lead to a reduction in the number of miners down to a monopoly miner, defeating the original design of digital currencies and opening them up to system-wide fraud."[...] Final recommendations MasterCard suggests the government should create regulation that addresses the risks associated with cryptocurrency while still enabling lawful digital currency businesses to "flourish". The "current blockchain process" doesn’t provide sufficient transparency, it says, and regulation should require all transactions to go through regulated and transparent administrators, which would be supervised by relevant domestic, European or global authorities. Digital currency companies should also be licensed and supervised in the same way non-bank money transmitters are. They should be required to "perform Know Your Customer checks, maintain an AML program, file suspicious activity reports and address cybersecurity vulnerabilities". Finally, MasterCard believes the government should develop consumer protections which would force digital currency companies to create a formal consumer complaint process and enable the reversal of unauthorised charges.http://www.coindesk.com/mastercard-digital-currencys-risks-outweigh-the-benefits/ |
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In 2007 I started helping a struggling small business owner to diversify his seasonal heating business to include a second seasonal business to even out cash flow. That gave birth to Smokeys Daylily Gardens, one of the largest Daylily growers in the world today. Our web developer and internet guru, whom I have been working with closely for many years introduced me to Bitcoin in November 2013. When I finally decided to do some serious research, I could not stop thinking that we finally have all the needed parts to help alleviate some significant global problems that had not been possible before.
So... you first heard about Bitcoin in November 2013, and launched DNotes in February 2014. Of course you went into it with plenty of computer and entrepreneurial experience, but even so, that was some serious cramming. Welcome to DNotes forum. JBGardner. Hope to see you here often. This is a very friendly and helpful community. Feel free to ask any questions and let us know if there is anything we can be of help. I have heard of Bitcoin before November 2013 but did not know enough to even form an opinion. So you are correct, that was some serious cramming for a few months. I visited every single forum, invested and studied a few very closely. I still spend a lot of time these days to ensure that I stay deeply informed. This is a very complex and challenging industry with a lot of moving parts. We are fortunate to have a very knowledge team. Welcome JBGardner! Look forward to seeing you here again. |
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And, if anyone is interested in helping to stop the State of North Carolina from regulating digital currencies, or at the very least, show them they need to consider opinions other than those of the big money financial institutions, please go to http://bitcoinregs.org/ and sign the two letters going to the state legislature there. Please understand, I have no problem with regulation when it is actually fair and reasonable not one sided and crushing. The only voice we have in these debates, the only way to sway opinions without the financial bat of Wells Fargo, MasterCard, etc, is to speak up load and clear and make OUR opinion known. Remember, even if your not into Bitcoin itself, these regulations affect ALL coins and digital, crypto based offerings. What affects Bitcoin, affects us all. Fight the fair and honest battle, don't let big money run your life, tell 'em to give crypto a chance. Haven't read the bills yet, but I certainly support your standpoint. I encourage everyone to take a serious look. |
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