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motienvolam
Member
 Offline
Activity: 291
Merit: 20
I love my wife and my little girl
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March 10, 2019, 11:30:13 PM |
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In aspect of regulations, I agreed: There are some of my reasons to agree with regulations: - Protecting investors better from scam projects - Reducing bad impacts and bad reputation on blockchain in general and crypto projects in particular due to scam projects. - Attracting more official, and big organizations locally and globally to join crypto, accept and partner with available blockchain-based platforms; or self-build their own platforms to use. - Fastly expanding use cases of blockchain technology and crypto. |
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Dyna
Legendary
Offline
Activity: 1610
Merit: 1060
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March 11, 2019, 12:36:26 AM |
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Trust is invaluable in financial services. DNotes is always committed to be the inclusive and trusted digital currency since the day of launch five years ago. I agreed that for digital currencies to furnish and resume its rapid growth path there must be some rules and regulations to facilitate consumer protection, efficiency, orderly conduct, and secured storage of assets. |
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TeeGee
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March 11, 2019, 02:39:46 PM |
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Trust is invaluable in financial services. DNotes is always committed to be the inclusive and trusted digital currency since the day of launch five years ago. I agreed that for digital currencies to furnish and resume its rapid growth path there must be some rules and regulations to facilitate consumer protection, efficiency, orderly conduct, and secured storage of assets. I think the twins make a fair point, that we need to fix the trust issue within the industry -- and I think a lot of that regulation is the government opening up the existing system to cryptocurrency so that professionals can come in and work towards that improved reputation. Though the fact cannot be discounted that they are pushing for regulations that would add costs and stifle competition for Gemini, and thus, industry innovation would be limited to existing club. |
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DCEBrief
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March 11, 2019, 10:43:47 PM |
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Trust is invaluable in financial services. DNotes is always committed to be the inclusive and trusted digital currency since the day of launch five years ago. I agreed that for digital currencies to furnish and resume its rapid growth path there must be some rules and regulations to facilitate consumer protection, efficiency, orderly conduct, and secured storage of assets. I think the twins make a fair point, that we need to fix the trust issue within the industry -- and I think a lot of that regulation is the government opening up the existing system to cryptocurrency so that professionals can come in and work towards that improved reputation. Though the fact cannot be discounted that they are pushing for regulations that would add costs and stifle competition for Gemini, and thus, industry innovation would be limited to existing club. Agreed. That's always been the main danger of anything more expansive than light-touch government regulation. Where government extensively regulates, you have large industry players lobbying to shape rules that tend to block smaller startups from entering the market. That's why a light-touch approach is the only way to remain innovative and competitive. Good observation, T. |
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TeeGee
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March 12, 2019, 04:13:50 PM |
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Trust is invaluable in financial services. DNotes is always committed to be the inclusive and trusted digital currency since the day of launch five years ago. I agreed that for digital currencies to furnish and resume its rapid growth path there must be some rules and regulations to facilitate consumer protection, efficiency, orderly conduct, and secured storage of assets. I think the twins make a fair point, that we need to fix the trust issue within the industry -- and I think a lot of that regulation is the government opening up the existing system to cryptocurrency so that professionals can come in and work towards that improved reputation. Though the fact cannot be discounted that they are pushing for regulations that would add costs and stifle competition for Gemini, and thus, industry innovation would be limited to existing club. Agreed. That's always been the main danger of anything more expansive than light-touch government regulation. Where government extensively regulates, you have large industry players lobbying to shape rules that tend to block smaller startups from entering the market. That's why a light-touch approach is the only way to remain innovative and competitive. Good observation, T. There are multiple beneficial scenarios that I can see going forward: One is that some of the regulatory agencies make decisions that would see the financial system opened up to cryptocurrencies. This would allow them to be networked properly with the traditional financial system. Regulatory oversight of many players could be beneficial, but I believe this would best be within the capacity of forced transparency and adherence to best practices -- as opposed to expensive licencing and costly regulatory requirements that can cost hundreds of thousands, perhaps even millions to comply with. The other would be what some agents in the space are doing, whereby they actively publish daily data, proof of funds, solvency and other materials that prove the health of the project or business. There is also the possibility that independent agencies can give 'approval stamps' or other such things in a much more cost-efficient manner than otherwise. However, there would need to be checks to ensure that these independent agencies are not as prone to corruption -- for example two audits could be conducted by two separate appraisers that do not know one another and do not work in the same division (one is out of city). Each company would be appraised twice per year (once by each appraiser). I'm sure they could think of some fancy way to use blockchain to mitigate potential corruption -- though I think there will be better strategies than the above going forward that can promote transparency in the medium term. Either way, it's good to see people moving along in the space -- though most of that effort has been to turn cryptocurrency into a wing of traditional finance. The Winkelevoss twins want to be an additional intermediary to take a clip off the ticket when you make payments. The opportunities and cost reductions that cryptocurrencies offer make them comparably more profitable than existing systems, and could make it much easier to bank those in developing nations. |
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DNotes (OP)
Legendary
Offline
Activity: 1932
Merit: 1111
DNotes
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March 14, 2019, 02:05:32 PM |
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Trust is invaluable in financial services. DNotes is always committed to be the inclusive and trusted digital currency since the day of launch five years ago. I agreed that for digital currencies to furnish and resume its rapid growth path there must be some rules and regulations to facilitate consumer protection, efficiency, orderly conduct, and secured storage of assets. I think the twins make a fair point, that we need to fix the trust issue within the industry -- and I think a lot of that regulation is the government opening up the existing system to cryptocurrency so that professionals can come in and work towards that improved reputation. Though the fact cannot be discounted that they are pushing for regulations that would add costs and stifle competition for Gemini, and thus, industry innovation would be limited to existing club. Agreed. That's always been the main danger of anything more expansive than light-touch government regulation. Where government extensively regulates, you have large industry players lobbying to shape rules that tend to block smaller startups from entering the market. That's why a light-touch approach is the only way to remain innovative and competitive. Good observation, T. There are multiple beneficial scenarios that I can see going forward: One is that some of the regulatory agencies make decisions that would see the financial system opened up to cryptocurrencies. This would allow them to be networked properly with the traditional financial system. Regulatory oversight of many players could be beneficial, but I believe this would best be within the capacity of forced transparency and adherence to best practices -- as opposed to expensive licencing and costly regulatory requirements that can cost hundreds of thousands, perhaps even millions to comply with. The other would be what some agents in the space are doing, whereby they actively publish daily data, proof of funds, solvency and other materials that prove the health of the project or business. There is also the possibility that independent agencies can give 'approval stamps' or other such things in a much more cost-efficient manner than otherwise. However, there would need to be checks to ensure that these independent agencies are not as prone to corruption -- for example two audits could be conducted by two separate appraisers that do not know one another and do not work in the same division (one is out of city). Each company would be appraised twice per year (once by each appraiser). I'm sure they could think of some fancy way to use blockchain to mitigate potential corruption -- though I think there will be better strategies than the above going forward that can promote transparency in the medium term. Either way, it's good to see people moving along in the space -- though most of that effort has been to turn cryptocurrency into a wing of traditional finance. The Winkelevoss twins want to be an additional intermediary to take a clip off the ticket when you make payments. The opportunities and cost reductions that cryptocurrencies offer make them comparably more profitable than existing systems, and could make it much easier to bank those in developing nations. Touched on a few great points here. It is a sensitive balance and I agree good light touch regulation would start with transparency. Basic consumer investor protection could include a registration process for those seeking investment, verification of the people involved, and as you said a public means for investors to verify. You would know for sure they are who they say they are where to find them when and if they don't do as they say they are going to. Then reporting requirements that would allow the investor to know what is going on with their investment. This would make it much easier to hunt down bad actors and hold them accountable, preventing a good portion from entering the market in the first place. I am positive the industry will pick back up and head in the right direction, this is still just the beginning and DNotes is on the right path to bring the world changing potential of digital currency to the masses. |
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DNotes (OP)
Legendary
Offline
Activity: 1932
Merit: 1111
DNotes
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March 15, 2019, 03:45:57 AM |
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Dyna
Legendary
Offline
Activity: 1610
Merit: 1060
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March 15, 2019, 01:25:56 PM
Last edit: March 17, 2019, 04:07:32 AM by Dyna |
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Great advice, “Opportunity Belongs to Those who are Ready.” We all get a “lucky break” sometime. Unfortunately, we don’t always recognize it and missed the opportunity. Often, we take things for granted, unprepared, and sometime clueless for a lack of knowledge. It pays to learn, share, and inspire. Thanks for a great story. Mariya. |
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Dyna
Legendary
Offline
Activity: 1610
Merit: 1060
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March 15, 2019, 01:49:32 PM |
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Thank you, motienvolam for your positive thoughts on DNotes. It is objective to look at DNotes and observe that the cup is half full with potential for more. Beyond that, it is accurate to recognize that we have many cups out there being filled. We are committed to the long-term - casting a very wide net, in our strive to promote an inclusive trusted digital currency that will benefit everyone worldwide. HERo is doing very well, opening more doors for us than we had imagined possible. |
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Dyna
Legendary
Offline
Activity: 1610
Merit: 1060
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March 16, 2019, 09:41:10 PM |
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From DNotes Telegram
Quote from Dan Theisen today:
Hi Alan. I would like to get your thoughts on the new regulations put forward by Wyoming, Colorado, USA etc. With the securities laws in favor of tokenization of equity, is this something DNotes Global is interested in pursuing? I know it steers away from Reg A+, etc funding that is part of the business plan, but is this a new option for funding?
Quote from Alan Yong today:
Dan, if DNotes Global were doing business in the state of Wyoming or Colorado, instead of Illinois, I would be somewhat excited. It is good news for the industry, in that each state has taken a move in the right directions.
More specifically, Wyoming new laws give cryptocurrencies the same treatment as money within the state. “With a bank at the helm, rather than a trust company, it can operate in all 50 states. It is also known that the SEC prefers a bank over a trust company to be a qualified custodian for digital assets.”
This could be significant and beneficial when DNotes Global is in the position to have its own bank. If located in Wyoming, it could operate in all 5o states as “qualified custodian” and meet SEC requirements upon approval of necessary applications. However, it is still quite burdensome and subject to annual “surprise audit.”
Frankly, I am less excited about the Colorado new regulations. The new regulations exempt “the securities registration requirements under the Colorado Securities Act (CSA), (and) persons dealing in these digital tokens will be exempt from the securities broker-dealer and salesperson licensing requirements under the CSA.” This will make it easier to raise capital using broker-dealers. But until the conditions in our industry are more favorable, dealer-brokers can not help much.
Overall, I am very optimistic about the future of our industry. Although it could take another two to three years for the regulatory landscape to be properly shaped and settled, we are certainly making progress with more states like Wyoming and Colorado taking a lead to gain competitive advantage.
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TeeGee
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March 18, 2019, 01:50:54 PM |
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Hopefully the changes will have the desired effects -- and increase liquidity across many markets, including those that are smaller. I'm given more confidence by Bitcoin's relative stability in the last few months, and of course we're all looking forward for a more stable climb that will have widespread positive effects on the whole industry. |
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