DNotes 2.0 - Staking, CRISP Interest, DNotes Pay

[Dyna]

I'm afraid those within the financial industry that are content with the status-quo, may end up being left behind. Expecting government protection (calls for banning bitcoin, bailouts, etc), rather than seeing the potential of cryptocurrencies to boost shareholder returns, may leave the old-school thinkers in the 'irrelevant' category.

This industry is growing fast and a lot of it is behind closed doors until product ready. While bitcoin ETFs have not received regulatory approval yet, it is only a matter of time before the financial guru's figure out how to make financial products that can work within the guidelines. This will likely include looking at other cryptocurrencies that are not trying to dodge authority.


Bitcoin ETFs on the Horizon

http://www.barrons.com/articles/bitcoin-etfs-on-the-horizon-1506140918

Thank you, Chase. ETFs will be common in the future and it will not be limited to just Bitcoin. Given the time, I firmly believe that DNotes will be on the list.

The process of change is often time consuming and challenging – especially when you must give up a good thing that you like, comfortable with, and emotionally attached to. One can be subjective, dismissive, in denial, and not cohesive with a defending argument. Such was the case with Jamie Dimon recent CNBC interview, “ Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down," Dimon said during an interview with CNBC-TV18 in New Delhi on Friday: https://www.cnbc.com/2017/09/22/bitcoin-jpmorgans-jamie-dimon-lays-into-bitcoin-again.html

Jamie Dimon is well respected as a bank CEO but this interview was not cohesive in logic and frankly embarrassing in technical argument. He did not seem to know what he was talking about. It reminded me of a Matthew Driver, President (South East Asia) of MasterCard, on virtual currencies: “All of a sudden you’re having crypto-currencies being manufactured on an anonymous computer in an anonymous location.”

https://www.youtube.com/watch?v=bO4jHXjCXw8&feature=youtu.be
Here are two cases in point that people at high level are capable of saying stupid things. Yes, near-term many will be left behind, but only to catch-up later, paying a high price.

We are still at the infancy of a massive technology revolution. There is plenty of time to catch-up. We are still on the ground floor. Taking our time to do the right thing and build a solid brand will be of great value to DNotes’ stakeholders.

[Dyna]

Great article Cindy.

It seems an interesting product for Canadians to get involved with, but it remains disappointing to see that the 'gatekeepers' of venture funding and other financial products are making sure that only the most wealthy people in society can have a turn with it.

Indeed, excellent article.

The vast majority of people are terribly behind in saving for their retirement. A small savings at this early stage could make a significant difference 10 to 20 years from now. That is one of the main reasons we created DNotesVault and the family of CRISPs.

[Dyna]

Former US Regulator: Crypto Enthusiasts Should Take Lead on Regulation

https://dcebrief.com/former-us-regulator-crypto-industry-should-take-lead-on-regulation/

There are some good points here. I believe our industry should be promoting fair and reasonable regulation that does not inhibit the technology. It's easy to get confused when people talk about "regulating digital currency", I don't believe there is such a thing as regulating a decentralized digital currency itself, but the services provided that allow you to use them is where you need to focus.


In an opinion piece published by CNBC today, former CFTC commissioner Bart Chilton suggests that digital currency enthusiasts need to be more active in seeking regulation for their industry if they want Bitcoin to have the “bright” future that many of them envision. In the op-ed, Chilton says that there are two main reasons for the currency’s recurring problems in recent years.

His first observation is that “digital currencies like Bitcoin aren’t like stocks.” As Chilton notes, most of these cryptocurrencies have no company assets that give them intrinsic value. As a result, their value is determined solely by what buyers are willing to pay to take ownership of them.

The second reason is that they are “largely unregulated by governments. They lack the type of AML and KYC protections that banks are required to provide, and offer few customer safeguards to protect against exchange failure. On the regulatory front, there is no effective surveillance of trading, no authorized investigators, and no punitive legislation to ensure that “bad actors” are deterred from criminal activities. According to Chilton, “This all makes digital currencies exceedingly susceptible to fraud and manipulation. It's an open range for abuse.”

To remedy those apparent weaknesses, he suggests that digital currency enthusiasts shouldn’t wait for regulations to be imposed upon the industry. Instead, they should invite “appropriate regulatory oversight” and take the lead on its development.

That is likely sound advice, and it comes from a man who has spoken highly of digital currency and the blockchain in the recent past. In 2016, Chilton called for then-President Barack Obama to embrace Bitcoin and its technology to ensure that the US shared in its potential economic benefits. Moreover, Chilton seems to recognize that digitization of money is inevitable. The question is how quickly it occurs, and what form it ultimately takes.

This is a really important statement, and should be the catalyst for the cryptocurrency community to establish its own self-regulating body.

There are many benefits for industries that self-regulate. And there are plenty of examples and models to base development on. In the USA, the National Association of Realtors, the American Medical Association, in Australia and many other countries the organisation the rates movies and other media is self-regulated. And I think the best example online of successful self regulation is the W3C.

Because cryptocurrency is traded internationally, and has little relation to their countries of origin, it is also unlikely that regulation at a national level would be effective, or functionally coordinated between countries.

By self-regulating, national governments would be much more likely to accept the burden being lifted from their legislative shoulders, so long as the outcomes ensured consumer safety as effectively as possible. And by removing the motivations and justifications of government interference, the cryptocurrency industry could gain the level of stability and trust that is crucial to its early and efficient success.

So I'm openly calling for a consortium to self-organise, invite all the relevant stake holders, model itself on successful self-regulating organisations, establish a standards and certification authority, and let market forces be the ultimate consequence of failing to gain accreditation and comply with their established standards.

Then consumers can invest with confidence in projects that meet standards and have attained certification. Or they can knowingly risk their money on projects that failed to gain certification and forego their right to complain about being swindled by their greedy investments. In such an established environment, all that national governments would need to do, is monitor the consortium, and recommend that citizens avoid investing in projects that failed to gain certification by the cryptocurrency certification board.

I would like to see DNotes take a responsible position in promoting and guiding the development of such a consortium.

Thanks, Tim. I read the article and like it a lot. A self-regulating global association for our industry sounds intriguing. It would be amazing for DNotes to have the honor to the leadership role but that is a huge undertaking. It may make more sense for the current Digital Currency Council to evolve into such an organization: 

http://www.digitalcurrencycouncil.com/
https://www.digitalcurrencycouncil.com/tag/banking/

Yes Alan, I quite agree that taking a leadership role in establishing a self-regulating body would be a huge undertaking. DNotes has it's own mission and it would not be wise to dilute its energy by taking on such responsibility. By a 'responsible position' I was intending something more like a stakeholder or advisory role. I see DNotes as a long term player who genuinely has the best interests of the cryptocurrency industry at heart. When many other voices might want outcomes that favour short-term gains, it is important that the stable players with extensive business experience also get heard.

Thanks for providing the links. I see the Digital Currency Council as a great contender for such a role. If not, the people it has attracted are certainly the pool of talent that should be encouraged to move in this direction. I see that they already provide certification services for recognising professional skills. So clearly they have some understanding of the structures required for a self-regulating body. I do hope you bring it up with them.

Thanks, Tim. Well said. I believe in focusing like a laser beam on missions and priorities. Right now it's almost all on DNotes. Once DNotes 2.0 is successfully launched, we will begin to expand our software development aggressively. It will take a lot to make the projects on our road-map a reality. We are committed to make DNotes a technology innovation leader in our industry. Always remember that DNotes is more than just a digital currency. It is a purposeful digital currency to help make our world a little better. We must start with a solid foundation and make DNotes accessible to anyone worldwide who wishes to participate, irrespective of financial standing.

We believe that, sometimes,  leadership is about showing and not about telling. We certainly hope that DNotes is leading by example. 

[DNotes]

Former US Regulator: Crypto Enthusiasts Should Take Lead on Regulation

https://dcebrief.com/former-us-regulator-crypto-industry-should-take-lead-on-regulation/

There are some good points here. I believe our industry should be promoting fair and reasonable regulation that does not inhibit the technology. It's easy to get confused when people talk about "regulating digital currency", I don't believe there is such a thing as regulating a decentralized digital currency itself, but the services provided that allow you to use them is where you need to focus.


In an opinion piece published by CNBC today, former CFTC commissioner Bart Chilton suggests that digital currency enthusiasts need to be more active in seeking regulation for their industry if they want Bitcoin to have the “bright” future that many of them envision. In the op-ed, Chilton says that there are two main reasons for the currency’s recurring problems in recent years.

His first observation is that “digital currencies like Bitcoin aren’t like stocks.” As Chilton notes, most of these cryptocurrencies have no company assets that give them intrinsic value. As a result, their value is determined solely by what buyers are willing to pay to take ownership of them.

The second reason is that they are “largely unregulated by governments. They lack the type of AML and KYC protections that banks are required to provide, and offer few customer safeguards to protect against exchange failure. On the regulatory front, there is no effective surveillance of trading, no authorized investigators, and no punitive legislation to ensure that “bad actors” are deterred from criminal activities. According to Chilton, “This all makes digital currencies exceedingly susceptible to fraud and manipulation. It's an open range for abuse.”

To remedy those apparent weaknesses, he suggests that digital currency enthusiasts shouldn’t wait for regulations to be imposed upon the industry. Instead, they should invite “appropriate regulatory oversight” and take the lead on its development.

That is likely sound advice, and it comes from a man who has spoken highly of digital currency and the blockchain in the recent past. In 2016, Chilton called for then-President Barack Obama to embrace Bitcoin and its technology to ensure that the US shared in its potential economic benefits. Moreover, Chilton seems to recognize that digitization of money is inevitable. The question is how quickly it occurs, and what form it ultimately takes.

This is a really important statement, and should be the catalyst for the cryptocurrency community to establish its own self-regulating body.

There are many benefits for industries that self-regulate. And there are plenty of examples and models to base development on. In the USA, the National Association of Realtors, the American Medical Association, in Australia and many other countries the organisation the rates movies and other media is self-regulated. And I think the best example online of successful self regulation is the W3C.

Because cryptocurrency is traded internationally, and has little relation to their countries of origin, it is also unlikely that regulation at a national level would be effective, or functionally coordinated between countries.

By self-regulating, national governments would be much more likely to accept the burden being lifted from their legislative shoulders, so long as the outcomes ensured consumer safety as effectively as possible. And by removing the motivations and justifications of government interference, the cryptocurrency industry could gain the level of stability and trust that is crucial to its early and efficient success.

So I'm openly calling for a consortium to self-organise, invite all the relevant stake holders, model itself on successful self-regulating organisations, establish a standards and certification authority, and let market forces be the ultimate consequence of failing to gain accreditation and comply with their established standards.

Then consumers can invest with confidence in projects that meet standards and have attained certification. Or they can knowingly risk their money on projects that failed to gain certification and forego their right to complain about being swindled by their greedy investments. In such an established environment, all that national governments would need to do, is monitor the consortium, and recommend that citizens avoid investing in projects that failed to gain certification by the cryptocurrency certification board.

I would like to see DNotes take a responsible position in promoting and guiding the development of such a consortium.

Thanks, Tim. I read the article and like it a lot. A self-regulating global association for our industry sounds intriguing. It would be amazing for DNotes to have the honor to the leadership role but that is a huge undertaking. It may make more sense for the current Digital Currency Council to evolve into such an organization: 

http://www.digitalcurrencycouncil.com/
https://www.digitalcurrencycouncil.com/tag/banking/

Yes Alan, I quite agree that taking a leadership role in establishing a self-regulating body would be a huge undertaking. DNotes has it's own mission and it would not be wise to dilute its energy by taking on such responsibility. By a 'responsible position' I was intending something more like a stakeholder or advisory role. I see DNotes as a long term player who genuinely has the best interests of the cryptocurrency industry at heart. When many other voices might want outcomes that favour short-term gains, it is important that the stable players with extensive business experience also get heard.

Thanks for providing the links. I see the Digital Currency Council as a great contender for such a role. If not, the people it has attracted are certainly the pool of talent that should be encouraged to move in this direction. I see that they already provide certification services for recognising professional skills. So clearly they have some understanding of the structures required for a self-regulating body. I do hope you bring it up with them.

Thanks, Tim. Well said. I believe in focusing like a laser beam on missions and priorities. Right now it's almost all on DNotes. Once DNotes 2.0 is successfully launched, we will begin to expand our software development aggressively. It will take a lot to make the projects on our road-map a reality. We are committed to make DNotes a technology innovation leader in our industry. Always remember that DNotes is more than just a digital currency. It is a purposeful digital currency to help make our world a little better. We must start with a solid foundation and make DNotes accessible to anyone worldwide who wishes to participate, irrespective of financial standing.

We believe that, sometimes,  leadership is about showing and not about telling. We certainly hope that DNotes is leading by example. 

Agreed on all points Alan, we will continue to relentlessly pursue the progression of DNotes and tackle each hurdle as they come. I believe that DNotes 2.0 will help in making "DNotes accessible to anyone worldwide who wishes to participate, irrespective of financial standing".

[DNotes]

Just got off the phone with Ken, he is back online and getting squared away. We will have the new github repository uploaded tomorrow and we will be updating daily.

[Brandon Cheliak]

Juniper Research: IBM Ranked No 1 Blockchain Technology Leader
http://www.businesswire.com/news/home/20170918005492/en/Juniper-Research-IBM-Ranked-1-Blockchain-Technology


I think this is a neat project IBM is starting out on https://www.ibm.com/blockchain/, but they will be up against A LOT of competition from fintech and payment sector players, who won't willingly give up their market share.

[Variant386]

Hi all, Ive been meaning to introduce myself, Tim G knows me, Pete from NZ. Ive been a DNotes hodler for a couple of years or so and it is now by far my largest crypto holding. I really appreciate the project, people and approach. Very much looking forward to the launch of 2.0. I am a video producer by trade but have been closely following crypto since 2013 when I had a little BTC mine going. I am excited about the future for crypto and DNotes!

[DNotes]

Hi all, Ive been meaning to introduce myself, Tim G knows me, Pete from NZ. Ive been a DNotes hodler for a couple of years or so and it is now by far my largest crypto holding. I really appreciate the project, people and approach. Very much looking forward to the launch of 2.0. I am a video producer by trade but have been closely following crypto since 2013 when I had a little BTC mine going. I am excited about the future for crypto and DNotes!

Welcome Variant386! Thanks for joining us on the forum and appreciate the comments.

[DNotes]

Juniper Research: IBM Ranked No 1 Blockchain Technology Leader
http://www.businesswire.com/news/home/20170918005492/en/Juniper-Research-IBM-Ranked-1-Blockchain-Technology


I think this is a neat project IBM is starting out on https://www.ibm.com/blockchain/, but they will be up against A LOT of competition from fintech and payment sector players, who won't willingly give up their market share.

Pretty interesting, it does appear they are targeting the enterprise level applications. Pricing starts at 1,000 monthly per peer and per member. I agree they will have a lot of competition as well.

[Dyna]

Hi all, Ive been meaning to introduce myself, Tim G knows me, Pete from NZ. Ive been a DNotes hodler for a couple of years or so and it is now by far my largest crypto holding. I really appreciate the project, people and approach. Very much looking forward to the launch of 2.0. I am a video producer by trade but have been closely following crypto since 2013 when I had a little BTC mine going. I am excited about the future for crypto and DNotes!

Hi Pete, welcome to DNotes’ forum. Delighted to finally meet you, especially to learn that DNotes is now by far your largest crypto holding. Thanks to Tim G. He is an amazing young man. I enjoyed spending a good part of this summer with him.

No other project would have drawn me out of my retirement like DNotes has. A 12-hour day was quite typical and Tim matched that and a little more. We have a very committed team at DNotes - always appreciative of the opportunity to do the right thing that can be benefit a lot of people one day. DNotes 2.0 is the key component of our next phase. We are looking forward to a great future for DNotes and our industry.

[TeeGee]

Hi all, Ive been meaning to introduce myself, Tim G knows me, Pete from NZ. Ive been a DNotes hodler for a couple of years or so and it is now by far my largest crypto holding. I really appreciate the project, people and approach. Very much looking forward to the launch of 2.0. I am a video producer by trade but have been closely following crypto since 2013 when I had a little BTC mine going. I am excited about the future for crypto and DNotes!

Hello Pete! I trust living in Mexico is treating you well , welcome to our forum -- we too are very excited about the launch of 2.0, and what we'll be capable of doing so far as building more products into our ecosystem that will be supported by the 2.0 platform and its features.

[Variant386]

Thanks for the warm welcome all. One small question, when we shift to POS 2.0 the article states an investment return of 2% PA with the CRISP 2.0. I am wondering if this will be sufficient incentive for long term investment? Or am I missing something? (more likely)

[ermaxinc]

When release POS ?
September is already over!

[Dyna]

When release POS ?
September is already over!

Please refer to my quote below from the previous page 67. There are other comments as well. Thanks.

"September 23, 2017, 01:07:02 AM

Hi ermaxinc. The launch of DNotes 2.0 has been delayed. The learning curve has been more demanding than anticipated and the amount of customized C# coding is also more than we anticipated. As much as I am always very conservative in estimating time-line and cost, I have been down this route before. Big complex projects like DNotes 2.0 development often ended up taking longer and costing more; sometime with more problems than expected. Fortunately, in our case, there are no major known problems.

A lot of that is because of the inherent challenges in dealing with the unknows. It is even more pronounced in our decentralized open source environment. There are heaps of contributions and work-around but very time consuming to sort through. It is not uncommon to end up with incomplete solutions, with the last most difficult 10% unfinished.

I anticipate that it will take a few more months and we will update our community on any significant developments. Meanwhile, our developer will be working with his team and create a git repository on GitHub.

DNotes 2.0 is a large-scale project creating a new coin to replace DNotes with a 1:1 coin swap. We are migrating from our current Proof of Work (POW) to Proof of Stake (POS).  This is a multi-year project leading to 100% conversion to C#, along with numerous applications to best support our projects as outlined on our road-map: https://bitcointalk.org/index.php?topic=1924858.0"

[Dyna]

Thanks for the warm welcome all. One small question, when we shift to POS 2.0 the article states an investment return of 2% PA with the CRISP 2.0. I am wondering if this will be sufficient incentive for long term investment? Or am I missing something? (more likely)

You are always welcome, Variant386.

The maximum annual return is around 8% generated from three different sources:

1. Monthly payout of .1666% (2% annual) every 30 days CRISP reward,

2. Approximately 2% (annual) staking reward for supporting our staking network.

3. CRISP reward of 4% paid to CRISP account balance every 365 days. 

One of DNotes missions is to promote long-term savings. We are making every effort to make it easy and accessible for anyone world to participate. At the same time, we are also committed to build stakeholder value for the long-term. DNotes is uniquely different in many ways.

[DNotes]

Thanks for the warm welcome all. One small question, when we shift to POS 2.0 the article states an investment return of 2% PA with the CRISP 2.0. I am wondering if this will be sufficient incentive for long term investment? Or am I missing something? (more likely)

You are always welcome, Variant386.

The maximum annual return is around 8% generated from three different sources:

1. Monthly payout of .1666% (2% annual) every 30 days CRISP reward,

2. Approximately 2% (annual) staking reward for supporting our staking network.

3. CRISP reward of 4% paid to CRISP account balance every 365 days.  

One of DNotes missions is to promote long-term savings. We are making every effort to make it easy and accessible for anyone world to participate. At the same time, we are also committed to build stakeholder value for the long-term. DNotes is uniquely different in many ways.

The two CRISP rewards require no action by the user as well. Any amount of DNotes held in a wallet for 30 day or 365 day period will be awarded the CRISP reward.

The staking reward will be more variable, depending on the number of people staking at any time,  but set with a target of 2% for each user annually. This only requires that you have the wallet running with an internet connection and set to staking. Every block a winner be chosen for the stake reward, and the more coins you are staking the higher your chance of receiving the stake reward.

[DCEBrief]

Japan’s FSA to Put Country’s Crypto Exchanges Under ‘Full Surveillance’

https://dcebrief.com/japans-fsa-to-put-countrys-crypto-exchanges-under-full-surveillance/

[TeeGee]

Japan’s FSA to Put Country’s Crypto Exchanges Under ‘Full Surveillance’

https://dcebrief.com/japans-fsa-to-put-countrys-crypto-exchanges-under-full-surveillance/

This could well be a wise move going forward to prevent the many exchange collapses and resulting customers funds we've seen lost over time re: mintpal, moolah, cryptsy etc.

[TimMarsh]

Japan’s FSA to Put Country’s Crypto Exchanges Under ‘Full Surveillance’

https://dcebrief.com/japans-fsa-to-put-countrys-crypto-exchanges-under-full-surveillance/

This could well be a wise move going forward to prevent the many exchange collapses and resulting customers funds we've seen lost over time re: mintpal, moolah, cryptsy etc.

Running "30 FSA and finance bureau experts" will not be cheap either, so I imagine the Japanese government believes they'll get a return on this investment for their country and its population. It makes sense to provide a safer environment if you want your population to invest in cryptocurrencies. This to me indicates that Japan sees it as a potential for increasing the populations wealth.

I guess the flipside to this is concern that an attack on a poorly run exchange could lead to the investments of Japanese funds being stolen and removed from the country. Both considerations indicate yet again, that as the market capitalisation of cryptocurrencies increases, governments are not just taking it seriously, their investing in staff and departments to manage it.

I wonder if having monitored and secure exchanges will give these businesses a more dependable reputation which will then attract foreign investment through them. This government sponsored security could lead to increased international business for Japanese exchanges.

[TeeGee]

Japan’s FSA to Put Country’s Crypto Exchanges Under ‘Full Surveillance’

https://dcebrief.com/japans-fsa-to-put-countrys-crypto-exchanges-under-full-surveillance/

This could well be a wise move going forward to prevent the many exchange collapses and resulting customers funds we've seen lost over time re: mintpal, moolah, cryptsy etc.

Running "30 FSA and finance bureau experts" will not be cheap either, so I imagine the Japanese government believes they'll get a return on this investment for their country and its population. It makes sense to provide a safer environment if you want your population to invest in cryptocurrencies. This to me indicates that Japan sees it as a potential for increasing the populations wealth.

I guess the flipside to this is concern that an attack on a poorly run exchange could lead to the investments of Japanese funds being stolen and removed from the country. Both considerations indicate yet again, that as the market capitalisation of cryptocurrencies increases, governments are not just taking it seriously, their investing in staff and departments to manage it.

I wonder if having monitored and secure exchanges will give these businesses a more dependable reputation which will then attract foreign investment through them. This government sponsored security could lead to increased international business for Japanese exchanges.

I think another potential major bonus of this move could be the safer light that large hedge funds and professional traders with large amounts of money to play with will view investments in BTC, with a larger offering of crypto trading products available - ETF and even pension fund investments. When these types of investors begin to take an interest in a new market, it could be a signal that government will by necessity need to take a relatively friendly view towards cryptocurrency markets. Say a Japanese pension fund invested 100m into Bitcoin, the interests of the BTC community, and the Japanese government / people become aligned.