Thanks kubminer I will add it to our list. |
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Here's something I would like to hear some comments on. I initially posted this in the Digibyte forum since they were discussing the issue but, I would like to see what everyone here thinks:
"I'm hearing a lot of noise about Bitcoin's "flaw" regarding non reversible transactions. This is both a good and bad feature in the protocol depending on what the transaction is for. Perhaps, a solution would be to change the code so the transaction IS reversible for some period of time or, until the receiving party physically accepts it. Thoughts?"
Seems this is one of the holdups for mass adoption although most of that noise is coming from the established money/credit providers. Do you agree?
This is my take and I will try to make it brief. The irreversible feature of Bitcoin is an important security component and a great selling point to merchants. Legitimate merchants stand by their products and services they sell. Buyers have full recourse to a refund of their payments, if they so demand, within some reasonable scope of limitations, either directly or through the court of laws. I do not see this as an added risk exposure to the consumers, but a significant protection for merchants. Reversible payments will drastically increase merchants’ risk exposure and a huge deterrent to mass merchant adoption. Anonymity, with the exception of certain merchants, is also a deterrent to mass adoption. Unfortunately, I am having a very busy day and do not have the time to elaborate this further. I will conclude that in the absence of the irreversible feature and a required true anonymity for DNotes my optimism for the success of DNotes would be severely degraded. That is how strongly I feel about these two functions of Bitcoin as a digital currency technology. I was trying to find an article I had read awhile ago about chargebacks, but haven't found it yet. It gave the details on things like most reversed transactions are from online purchases, a lot of them are consumer fraud (receiving the merchandise, but saying you didn't), etc. I'm of the opinion that this ("bitcoin's flaw") is just the credit card companies using this fact as their trump card. Things will evolve and work themselves out and their argument will become mute. Some of this can be dealt with on the shipping side ie. shipping insurance to guarantee receipt and in good condition where the customer must acknowledge upon receipt. Best sellers ratings for reputable online businesses. Apps that will recognize the addresses of the businesses on your safe list and issue you a warning if necessary, etc. Who knows, this could weed out bad businesses and bad customers. I did find this article on how much chargebacks cost merchants: "The Unknown Costs of a Chargeback" - http://www.chargeback.com/blog/the-unknown-costs-of-a-chargebackThanks, Chase. That is an excellent article about the staggering cost of Chargeback. It is a serious burden to merchants and a lot of them are small business owners struggling to find enough money to cover the next payroll. When it is the merchant's fault they should absolutely take every responsibility to make the customer whole and satisfied. The consumer fraud component is the most troubling. If payments using Bitcoin are reversible, the negative impact will be crippling. We can forget about mass merchant adoption. The banks, credit/debit card companies, and the likes of Western Union will win the war. Irreversible payment does not equate to “no refund; all sales are final.” Reputable merchants will stand by the products and services you purchased, irrespective of the form of payment used. .5% cost was a bit of an eye opener for me, that is substantial, and reversible transactions would only make that figure grow. |
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The following article is quite good but I personally think it takes a lot more than stated to achieve mass acceptance of Bitcoin. My personal rating of the article is "quite good but incomplete". Let us know what you think. It may help others to gain a better understanding why DNotes has taken a different path to enable mass consumer and merchant adoption of Digital Currency.
How Bitcoin Will Achieve Mass Acceptance (Op-Ed
[/b]) by Guest Author @ 2015-01-28 01:00 PM By Dwain Findlay Note: The following article has been hand picked for being one of the standouts in the Ziftr article contest on the topic of what needs to happen for Bitcoin to enter the mainstream. Happy reading. What will be the impetus of Bitcoin mass acceptance? There are basically three schools of thought on this topic, Merchant Adoption, Third World Unbanked, and Wall Street Investment.All three of these avenues to mass acceptance are compelling reasons for the spread of Bitcoin and all of them will play role in world wide acceptance of the digital currency but I believe that Wall Street investment will be the initial and primary impulsion that moves Bitcoin out of the esoteric world of technology enthusiasts and internet back alleys like Silk Road and into the mainstream of finance and commerce. Let us first examine merchant adoption. The conventional wisdom says when a significant percentage of merchants start accepting Bitcoin, it will facilitate mass acceptance by consumers. The problem is that wider merchant adoption has not thus far translated into an increase in consumer demand for the currency. This is evident from the recent 30% price decline despite bitcoin acceptance from major online retailers such as Dell, Overstock and even Microsoft. Although merchants have an incentive to accept bitcoin (since they save 2%-3% in processing fees and they don’t have to worry about charge backs), consumers are offered no compelling reason to use bitcoin for purchases instead of a credit card. But what about bitcoin’s potential in the third world market? Yes, Bitcoin has a huge potential for the over 2.5 billion unbanked people in developing countries. The problem is that most people receiving Bitcoin from relatives in the United States or Europe will need to convert them to their local currency, thus dumping their bitcoins back on the market. Also they will need access to a Bitcoin ATM or open a bank account in order to convert their bitcoin into the local fiat. Unfortunately it is still far too early in the currency’s evolutionary process to penetrate those markets since there are few if any Bitcoin ATMs or cryptocurrency exchanges in those countries. Now let’s take a look at the last scenario: Wall Street investment. The emergence of Bitcoin investment trusts could be a game changer for the mass acceptance of the Cryptocurrency. Once investment firms begin purchasing large quantities of the currency, it should ignite a price surge that will take it to new heights. At a recent government auction, one investment firm purchased 40,000 bitcoins but since these coins were not purchased from a cryptocurrency exchange, it had no effect on the price. That will soon change when institutional investors such as insurance companies and retirement funds start to invest. This large influx of capital will drive the price of bitcoin far beyond the US$1,100 high of one year ago. But how will this lead to mass acceptance? Well, it is the bandwagon effect: when the price goes up dramatically Bitcoin gets a lot of attention from the news media. This is precisely what happened a year ago when the price was at an all time high. Media hype creates awareness and curiosity in the minds of consumers. Soon these people jump on the Bitcoin bandwagon by purchasing some bitcoin. Retailers begin to notice that a significant number of consumers own bitcoin and worry that if they don’t accept the currency they will be at a competitive disadvantage to the retailers who do. This leads to mass adoption by retailers that are trying to avoid being left behind in the new cryptocurrency revolution. This is how I believe mass acceptance will come about http://cointelegraph.com/news/113381/how-bitcoin-will-achieve-mass-acceptance-op-ed************************************** What happened to "We the people"? He does mention the fact in his last paragraph that when enough consumers own bitcoin, merchants / mass adoption will follow. DNotes is going about it the right way by getting it into the hands of the people first and has done so since day one. As far as the Wall Street investment part goes, I agree with a lot of what he said. The media attention, the huge spike in demand / price will certainly bring a lot more people into cryptocurrency. It will be different this time though, because "we the people" holding DNotes will be here before the institutional investors, and that never happens. Good point, Chase. Broad base and widespread ownership (we the people are owners, savers, and spenders) is another impetus. I do not disagree with the author but of strong opinion that it takes more than that. Let is continue building the list. 1. Merchant adoption 2. Third World Unbanked 3. Wall Street Investment 4. Broad base and widespread ownership using CR.I.S.P. as the catalyst. Strongly agree with Chase's point and this is just the beginning of DNotes approach. As mentioned above, it will take many parts, pieces, and people working together to make DNotes the well oiled machine we envision. |
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Dnotes is popular and stable from the start.
Thanks Youghoor, it is nice to see people recognize the achievements of DNotes. |
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Here's something I would like to hear some comments on. I initially posted this in the Digibyte forum since they were discussing the issue but, I would like to see what everyone here thinks:
"I'm hearing a lot of noise about Bitcoin's "flaw" regarding non reversible transactions. This is both a good and bad feature in the protocol depending on what the transaction is for. Perhaps, a solution would be to change the code so the transaction IS reversible for some period of time or, until the receiving party physically accepts it. Thoughts?"
Seems this is one of the holdups for mass adoption although most of that noise is coming from the established money/credit providers. Do you agree?
What are the most compelling arguments for needing such a feature? Edit: It seems to me that reversing a transaction is a function of credit companies, payment processing companies, and banking institutions. All of which will likely exist in the cryptocurrency world. It is not an inherit feature or function of the money itself. |
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I am delighted and honored to announce the appointment of Marc Fortenberry, whom you all know well as “mafort1469”, as our Director of CR.I.S.P. For Employee Benefits. Marc has graciously accepted the appointment as follows: “Alan, I am truly thankful and honored to be chosen for this position. I accept. Thank you. You can announce me by my name with a link to my LinkedIn page. Another fully transparent member, I believe, will always help. I am very excited to become part of this team and will not let you or the team down. Thanks again!! Sincerely, Marc Fortenberry” https://www.linkedin.com/pub/marc-fortenberry/35/23a/341Congratulations, Marc and welcome to the DNotes Family of Worker Bees. Welcome aboard Marc! The galley is down the main hatch and to your left...  Great news! Glad to hear you accepted the position. |
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Was anyone else here a victim of the Butterfly Labs pre-order scandal? I finally received my miners that were ordered December 2013.
Yep, doesn't seem much we can do about it. Outdated overpriced mining hardware. Did they give you some extra gh/s? They tripled the gh/s. Which is less than 10% of the profitability than at the time of their original shipping date. But it's still better than nothing! That's disappointing, glad they at least gave you guys a little more hashing power. |
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Quick recap:
I like Director of CR.I.S.P. for Retirement as well.
Agree checkbox upon creating a CR.I.S.P for Retirement account will state:
"I agree that my current and future deposits made to this account will be locked and not available for withdrawal for duration or length of time I selected. I understand that any request for hardship withdrawal will be considered on a case by case basis."
Somewhere on the retirement dashboard it will state:
"Depositors are reminded that compliance with all existing and future laws governing financial instruments, reporting, paying of taxes or fees and digital currency regulation is the express responsibility of the depositor."
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my client will not download the newest DNotes blockchain.. can you help? i downloaded newest version from github, deleted my data folders.. i start with "-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 " but still same error: {
"version" : 1010000,
"protocolversion" : 1010000,
"walletversion" : 60000,
"balance" : 0.00000000,
"blocks" : 353739,
"connections" : 13,
"proxy" : "",
"difficulty" : 23.04448336,
"testnet" : false,
"keypoololdest" : 1422278282,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"mininput" : 0.00010000,
"errors" : "WARNING: Displayed transactions may not be correct! You may need to upgrade, or other nodes may need to upgrade."
}
coinwarz says there are 493,881 blocks.. Hi manfred87, Everything looks good, you have connection, you are downloading blocks, the version looks right, I would restart the client and give it a couple hours (I think about 4 hours is typical now, depending on your machine). If you have already given it some time, the only thing you can do is delete the blk*.dat files from your data directory and start re-downloading the blockchain, the client can get stuck sometimes or hooked onto a bad connection, you may even want to delete your peers.dat. |
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Here is the latest version.
CR.I.S.P. for Retirement initial features:
Separate tab in the DNotesVault for Retirement Dashboard
The retirement dashboard will include:
1) Display Number of Accounts
2) Display Total amount on Deposit in DNotes and USD
3) Display Total USD Value at time of Deposit
4) A button to create a retirement account with the following form:
a) Select from 5, 10, 15, or 20 year plans paying 0.7%, 0.8%, 0.9%, and 1% monthly bonuses.
b) Type a label for this account, the label will default 5YEAR, 10YEAR, 15YEAR, and 20YEAR respectively
5) A table with each of your retirement accounts with the following columns
a) The account label
b) An address that may deposit DNotes at any time
c) Number of DNotes
d) The USD deposit value
e) The Current USD value
f) A withdrawal button
Note: If you click the withdrawal button before the term has ended, you will be sent to a hardship withdrawal form.
g) A date of completion for each account.
Bonuses will be paid monthly until the 1,000,000 DNotes retirement fund is exhausted.
If you have any comments, please let us know, we will lock these features in tomorrow.
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Added a DNotes board on the cryptomoms forum. http://cryptomoms.com/forum/I thought about having different sub categories (like News, Future Projects, General Discussion, Development), but that often makes it more confusing. Thoughts? |
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Very cool, thanks for the information. Beyond that, I think it is a great idea to have some of this information over on the cryptomoms forum. Having a primary category dedicated to individual DNotes initiatives could make it easier to digest. Is that kind of what you and Chase were thinking? |
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wow some one just bought 100 dnotes on ComKort for 19900 sats each
Hopefully they know we are available on other exchanges as well. |
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Let's make the deadline for feature requests for the CR.I.S.P. for Retirement program initial launch: Sunday, January 25th. Here is the list of current feature requests:
1) Separate tab in the DNotesVault for Retirement accounts
2) Create a retirement account, similar to creating a regular address/account in the vault
3) Lock out feature to allow users to basically 'timed send' themselves a retirement fund (lump sum or broken into a payment structure)
4) Track USD value of deposits, as they are deposited, as well as current USD value of their DNotes (withdrawals may pose a bit of a problem with this feature, if a user withdraws from a retirement account)
I need everyone's input. Quote this post and leave your comments, yes you want them or not necessary and any other suggestions you may have.
All the features sound great. Is is possible (or a good idea?) to have a running balance of the funds that have been deposited specifically for retirement, similar to the Vault balance? Or possibly the number of retirement accounts or addresses? Maybe both the balance and number of accounts? I was thinking what a great show of faith and support that would be in the long term potential of DNotes. Just a thought. Chase, absolutely. Each individual retirement account information display value remains private and only the account/password owner can view it. However, the database collects the aggregate current and accumulative total at our disposal to display various data we consider important. This can include total number of retirement accounts, total deposit, performance % gain/loss, industry comparables and others. I am not ready to drive our Dev. team crazy, and so, will point out that feature up grade can be expected over time. We can also expect that we will be pushing very hard for IRA tax deferred status at the appropriate time. The site itself will likely be substantially upgraded in the future to include many other features and services. That is part of our growth path. That is another great suggestion Chase! Please note the quotes are from a lost post, posted by mafort1469. "I would like to add a 4th and that being a beneficiary if something happens to original investor and length of time no activity in the vault before contact is made to beneficiary (sig. other, spouse, children, etc. might not know about investment)." Beneficiary has been a topic of debate for us. We all agree some form of beneficiary is a great idea, but it does pose a few challenges: -Our contact with the account holder is via email. If a user doesn't log into their account for x amount of time, we need to contact them via email and ask them to essentially confirm they are still able to manage their account, which is where we run into the first problem. People change, lose, and stop checking their email constantly. For instance, 17% of Americans create a new email address every 6 months and 30% change their email annually. From these statistics alone, 30% of our members will likely wind up with their beneficiary being contacted yearly. Source: http://www.convinceandconvert.com/convince-convert/15-email-statistics-that-are-shaping-the-future/-The next problem is how do we contact the beneficiary. Based on the content, we may or may not slip through the regulations outlined in the CAN-SPAM act ( http://www.ftc.gov/tips-advice/business-center/can-spam-act-compliance-guide-business). At a $16,000 per email fine, we need to be sure. We could contact them via snail mail, but based on the figures in the last point, if we have 1,000,000 users we could wind up sending out hundreds of thousands of letters every year (This would likely be a viable option in the future). The only solution I have come up with is a beneficiary must be an account holder at the DNotesVault. This ensures we have the right to email the beneficiary without issues and allow us to keep the process automated. Does that sound like a reasonable requirement? Also, the only thing we would be doing is notifying the beneficiary. Using this process, we would still need legal documentation the account holder has passed and they are the rightful recipient. It may include the need for a court order authorizing the ownership transfer depending on the regulatory guidance on the transfer of digital property at that time. What is the length of time to constitute "no activity" 1,2,3,4, or 5 years? How many days should be given to original owner to constitute "no response" before contacting the beneficiary? 30 or 60 days? "PS. And a 5th for some standard growth charts (put in 100 Dnotes/month then ~worth in 10,20 years with ~value increases). Hmm difficult i know, but would add benefit/interest if people could actually see what they could have in 10,20 years." Would this be like a retirement calculator? "PSS. I have numerous others coins, but liking DNotes so much now I just might convert what I have to attain 10%-20% in DNotes holdings. Keep up the good work everyone!!!" Glad to hear you will be purchasing DNotes! Thank you for your support. These are great suggestions. |
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Let's make the deadline for feature requests for the CR.I.S.P. for Retirement program initial launch: Sunday, January 25th. Here is the list of current feature requests:
1) Separate tab in the DNotesVault for Retirement accounts
2) Create a retirement account, similar to creating a regular address/account in the vault
3) Lock out feature to allow users to basically 'timed send' themselves a retirement fund (lump sum or broken into a payment structure)
4) Track USD value of deposits, as they are deposited, as well as current USD value of their DNotes (withdrawals may pose a bit of a problem with this feature, if a user withdraws from a retirement account)
I need everyone's input. Quote this post and leave your comments, yes you want them or not necessary and any other suggestions you may have.
All the features sound great. Is is possible (or a good idea?) to have a running balance of the funds that have been deposited specifically for retirement, similar to the Vault balance? Or possibly the number of retirement accounts or addresses? Maybe both the balance and number of accounts? I was thinking what a great show of faith and support that would be in the long term potential of DNotes. Just a thought. Chase, absolutely. Each individual retirement account information display value remains private and only the account/password owner can view it. However, the database collects the aggregate current and accumulative total at our disposal to display various data we consider important. This can include total number of retirement accounts, total deposit, performance % gain/loss, industry comparables and others. I am not ready to drive our Dev. team crazy, and so, will point out that feature up grade can be expected over time. We can also expect that we will be pushing very hard for IRA tax deferred status at the appropriate time. The site itself will likely be substantially upgraded in the future to include many other features and services. That is part of our growth path. That is another great suggestion Chase! |
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Let's make the deadline for feature requests for the CR.I.S.P. for Retirement program initial launch: Sunday, January 25th. Here is the list of current feature requests:
1) Separate tab in the DNotesVault for Retirement accounts
2) Create a retirement account, similar to creating a regular address/account in the vault
3) Lock out feature to allow users to basically 'timed send' themselves a retirement fund (lump sum of broken into a payment structure)
4) Track USD value of deposits, as they are deposited, as well as current USD value of their DNotes (withdrawals may pose a bit of a problem with this feature, if a user withdraws from a retirement account)
I need everyone's input. Quote this post and leave your comments, yes you want them or not necessary and any other suggestions you may have.
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Quote from Dyna; Jan 20, 2015-01-21 This is a very good discussion. Keep track of the key points and continue this discussion for a few days. I will be posting a general overview of CR.I.S.P. for Retirement late this evening or early tomorrow. One of our targets is small business owners. I believe the vast majority of their retirement accounts are seriously under funded. DNotes will likely become very successful because we care about others who are struggling to make ends meet. That is quite a refreshing difference which will eventually be the driver of mass consumer and merchant adoption of DNotes. Let's make DNotes mutually useful and beneficial to all. It should not be about the pride of authorship but the sharing of a new era of opportunities so that we all can benefit from this greatest technology revolution since the internet. ************************************* (This is just an unfinished draft to get things started.) CR.I.S.P. For Retirement – A General Overview CR.I.S.P. for Retirement is an unstructured and self-directed plan, using DNotes as the investment vehicle to supplement retirement savings. Re-occurring savings, in any amount, may be added at any time. This savings plan can be started with any amount of DNotes by opening an account at DNotesVault with an expanded registration at CR.I.S.P. for Retirement landing page. DNotesVault is a web wallet for DNotes, available to all DNotes’ stakeholders, at no cost. All coins at DNotes Vault are guaranteed with a coin match program held in a separate cold storage wallet, in a different location. In the event that the DNotesVault is compromised and your coins have been stolen, 100% of your lost DNotes will be replaced through a guarantee fund with a verifiable balance always in excess of the total DNotesVault deposit. DNotes is the most stable digital currency among over 500 coins in the cryptocurrency space. It has also been one of the best performers based on return on investment. $100 invested in DNotes in March 2014, when it was first traded was worth over $2,000 by the end of 2014. Although there are no assurances that the value of DNotes will continue to appreciate at the same rate, or significantly lower, there are reasonable expectations that being an early stage investment and its strong growth path, DNotes has the potential to deliver potential high rate of returns. High potential returns investments are typically associated with high risk. Do not invest more than you can afford to loose in case of a total loss. Bitcoin and DNotes are among the leaders in the new digital currency industry expected to be the next greatest technology revolution since the internet. This is an early stage or ground investment opportunity often associated with high risk for potential high returns. Seasoned investors typically budget no more than 10% of their portfolio in their asset allocation for high risk investment. We strongly recommend that you consider doing the same. CR.I.S.P. for Retirement should only be funded as a supplemental savings vehicle to your overall retirement savings. DNotesVault is just a secure web wallet to store your DNotes at no cost to its stakeholders. It does not buy, sell, or exchange any fiat currency, digital currency or any property. Buying DNotes safely online may take some time if you're not already involved in cryptocurrency trading. Consider this process like setting up a brand new bank account, in that once you are setup, it is easy to use....... http://dnotesvault.com/dnotes.php .............. Small point: Substitute "simply" for "just" as used in "DNotesVault is just a secure web wallet..." After reading several times, this looks excellent, very well written. I agree with RJF's recommendation. |
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