DNotes 2.0 - Staking, CRISP Interest, DNotes Pay

[TimMarsh]

New additions to the Four Pillars membership site

The videos will be available to watch via the links below for a short period of time, after that they will only be accessible from the membership site.

Chapter 4 – Leadership and
Management

https://youtu.be/hypT4CCC3os

I just watched and enjoyed the Management instalment of this series. It is a well structured video and makes a lot of sense. As a business improvement consultant to many different companies, I discovered that the successful ones that were really going somewhere all had something in common. They had two managers, or people who shared the top two positions in the company. One was always outward facing, charismatic and visionary. That one was the dreamer who proposed amazing things, and inspired the staff who admired and followed.

The other one was organised. This one had a systematic and rational approach to business, a natural planner, and willing to make the hard decisions. I was one of the very few that admired or was inspired by the people in this role. This person often had to throw a bucket of cold water over the other manager's dreams and visions, pulling them apart into feasible and impractical. They would have terrible fights and often found it hard to find common ground, but these pairs would always seem to realise that they depended heavily on the other.

So I agree with Alan that a successful business needs both. But I also understand that both sets of characteristics don't work well in the same room together, and it is very rare indeed to see them both work well in the one head together. But I have seen it a couple of times. These people who manage both personalities, don't run them both at the same time. They can sit around a cup of coffee talking visions, and whip their listeners into a frenzy of enthusiasm. Then they can lock themselves hermit like in their office, and plan it all out, review progress, tweak processes, and write out training plans for a new operation. My experience of these unique individuals is that they have strong and unpredictable mood swings as well.

So my advice would be that if you are one of these two personality types, and can afford to hire your own counterpart, that is the best way to go. If you are not, Alan gives some good advice on developing the missing skills, but even so, I would consider it temporary until you can hire that skill set. In this situation you are lucky if you're the inspired dreamer, they are much harder to find, and almost impossible to harness into a project that is not theirs. You are much better off if you find that you are the natural leader with vision, and can hire the manager. But when doing so, don't look for someone with traits like you, or even someone you like. Find someone with a history of achieving managerial success.

If you're the natural manager and do need to hire the brilliant and charismatic visionary, take great care. Don't fall for the glamour and confidence to the point where you hand over control.  Always take a moment after being swept away by their grand plans, to check through what is possible, what is necessary now, and how practical these directions might really be. Never forget that dreams are crucial, but it still takes hard work to turn them into reality.

[TeeGee]

New additions to the Four Pillars membership site

The videos will be available to watch via the links below for a short period of time, after that they will only be accessible from the membership site.

Chapter 4 – Leadership and
Management

https://youtu.be/hypT4CCC3os

I just watched and enjoyed the Management instalment of this series. It is a well structured video and makes a lot of sense. As a business improvement consultant to many different companies, I discovered that the successful ones that were really going somewhere all had something in common. They had two managers, or people who shared the top two positions in the company. One was always outward facing, charismatic and visionary. That one was the dreamer who proposed amazing things, and inspired the staff who admired and followed.

The other one was organised. This one had a systematic and rational approach to business, a natural planner, and willing to make the hard decisions. I was one of the very few that admired or was inspired by the people in this role. This person often had to throw a bucket of cold water over the other manager's dreams and visions, pulling them apart into feasible and impractical. They would have terrible fights and often found it hard to find common ground, but these pairs would always seem to realise that they depended heavily on the other.

So I agree with Alan that a successful business needs both. But I also understand that both sets of characteristics don't work well in the same room together, and it is very rare indeed to see them both work well in the one head together. But I have seen it a couple of times. These people who manage both personalities, don't run them both at the same time. They can sit around a cup of coffee talking visions, and whip their listeners into a frenzy of enthusiasm. Then they can lock themselves hermit like in their office, and plan it all out, review progress, tweak processes, and write out training plans for a new operation. My experience of these unique individuals is that they have strong and unpredictable mood swings as well.

So my advice would be that if you are one of these two personality types, and can afford to hire your own counterpart, that is the best way to go. If you are not, Alan gives some good advice on developing the missing skills, but even so, I would consider it temporary until you can hire that skill set. In this situation you are lucky if you're the inspired dreamer, they are much harder to find, and almost impossible to harness into a project that is not theirs. You are much better off if you find that you are the natural leader with vision, and can hire the manager. But when doing so, don't look for someone with traits like you, or even someone you like. Find someone with a history of achieving managerial success.

If you're the natural manager and do need to hire the brilliant and charismatic visionary, take great care. Don't fall for the glamour and confidence to the point where you hand over control.  Always take a moment after being swept away by their grand plans, to check through what is possible, what is necessary now, and how practical these directions might really be. Never forget that dreams are crucial, but it still takes hard work to turn them into reality.

I always enjoy reading your comments Tim.

I enjoyed a quote I've read before: "Management is doing things right; leadership is doing the right things." I think it encapsulates a lot of what you have just described.

I really enjoy the odd bit of pop-psychology. And what you've written above aligns quite closely with both that quote, and my views on management and leadership. My personality type (ENTP -- "The Visionary") throws me right into one of those categories that you described, which I hear is very common among entrepreneurs -- we really enjoy overturning old truisms, and finding new opportunities. This often means I have lots of thoughts and solutions coming through my head all the time, and often I feel it is lack of special knowledge that prevents me from being able to categorise them as "feasible" or "why did you think that?". Every third time is a charm.

This became more apparent from my time in the USA, when Brandon and I went to get in on some of that "PhD in business" action Alan has been distributing over the years. As a general thing, I had not encountered many well-versed blockchain engineers or business experts, but in the USA I had people who knew more about both than me in Joe and Alan. This meant they both got to listen to an earful of ever-insta-mined ideas, where I'd listen to the feedback, and then try to reformulate the idea to be workable through every objection, or until the reformed idea was no longer practical. Often these objections are not initially accounted for as a result of not having special knowledge of the particular area I'm creating ideas for. I may have read a lot of literature and technical whitepapers, but I'm not a competent coder that can claim they've already "done it". Bouncing ideas back and forth is a crucial part of any peer-review process, and it is only made possible by having people around you with different expertise or thinking than you.

I learned a lot more practical and crucial lessons about business in 3 months by observing and listening to Alan than I did in in my Information Systems major -- where I chose to follow the business analysis and management specialisation, rather than the more programming-heavy IT solutions option (I wouldn't have been a great coder anyway). There is something to be said about practical versus theoretical knowledge. Having received the teaching of both, I am confident that the lessons taken from observing things in action are wildly different to those taught in schools.

Another observation I had was the benefits of a small team - which invariably means you need to form a team with a broad skillset shared between few members, and sometimes outsourcing where absolutely necessary. The larger the team size, the more lines of communication need to exist between its members, and the more bureaucratic it can become. It is my view that informally structured teams may communicate better than more hierarchically structured ones, and team size makes the former much more difficult. If x is the number of members in a team, each new addition to the team creates x-1 new lines of communication (adding a 10th member adds 9 new potential lines of direct communication). I have observed this having worked in in large organisations, where owners and directors go through multiple lines of lower management tiers to communicate a simple message or feedback, when they could just walk 30 seconds. Then there are smaller and more agile teams like ours where there are much fewer lines of communication required, and it is much easier to keep people in the loop, and on the same page. Inevitably with growth, organisations may need to consider more hierarchical structures. 

 

[DNotes]

All, here are a few more designs from BTCWsie for the DNotes social media:

DNotes Facebook Design 1: https://file.army/i/E86u87
DNotes Facebook Design 2: https://file.army/i/E866al

DNotes Twitter Design 1: https://file.army/i/E86lOk
DNotes Twitter Design 2: https://file.army/i/E86LHH

Please let us know what you think.

[Chase]

All, here are a few more designs from BTCWsie for the DNotes social media:

DNotes Facebook Design 1: https://file.army/i/E86u87
DNotes Facebook Design 2: https://file.army/i/E866al

DNotes Twitter Design 1: https://file.army/i/E86lOk
DNotes Twitter Design 2: https://file.army/i/E86LHH

Please let us know what you think.

Great designs BTCWise!

Tough choice. I like both styles, but if I have to choose a favorite, Design 1 wins by a slight margin.   

[DCEBrief]

Dimon Vows to Stop Talking About Bitcoin – Again

https://dcebrief.com/dimon-vows-to-stop-talking-about-bitcoin-again/

[Chase]

Dimon Vows to Stop Talking About Bitcoin – Again

https://dcebrief.com/dimon-vows-to-stop-talking-about-bitcoin-again/

The problem with thinking the world will never change and/or that your piece of the $$ pie is forever protected by the government:


9 Life-Changing Inventions the Experts Said Would Never Work

1. The Electric Lightbulb

"Everyone acquainted with the subject will recognize it as a conspicuous failure."
Henry Morton, president of the Stevens Institute of Technology, on Edison’s light bulb, 1880.

2. The A/C

"Fooling around with alternating current is just a waste of time. Nobody will use it, ever."
Thomas Edison, 1889.

3. The Personal Computer

"We have reached the limits of what is possible with computers."
John Von Neumann, 1949

4. The Microchip

"But what… is it good for?"
An engineer at the Advanced Computing Systems Division of IBM, commenting on the microchip in 1968.

5. Data Transmission

"Transmission of documents via telephone wires is possible in principle, but the apparatus required is so expensive that it will never become a practical proposition."
Dennis Gabor, Hungarian-British physicist, 1962.

6. Online Shopping

"Remote shopping, while entirely feasible, will flop – because women like to get out of the house, like to handle merchandise, like to be able to change their minds."
TIME, 1966.

7. The Automobile

"The ordinary “horseless carriage” is at present a luxury for the wealthy; and although its price will probably fall in the future, it will never, of course, come into as common use as the bicycle."
Literary Digest, 1899.

8. The Television

"While theoretically and technically television may be feasible, commercially and financially it is an impossibility, a development of which we need waste little time dreaming."
Lee DeForest, American radio pioneer and inventor of the vacuum tube,1926.

9. Possibility

"Everything that can be invented has been invented."
Supposedly said by Charles H. Duell, Commissioner, U.S. Office of Patents, 1899 – except he probably didn’t. So the last word goes to actor and humorist Peter Ustinov:

"If the world should blow itself up, the last audible voice would be that of an expert saying it can’t be done."

http://ecosalon.com/9_life_changing_inventions_the_experts_said_would_never_work/

[Dyna]

Dimon Vows to Stop Talking About Bitcoin – Again

https://dcebrief.com/dimon-vows-to-stop-talking-about-bitcoin-again/

The problem with thinking the world will never change and/or that your piece of the $$ pie is forever protected by the government:


9 Life-Changing Inventions the Experts Said Would Never Work

1. The Electric Lightbulb

"Everyone acquainted with the subject will recognize it as a conspicuous failure."
Henry Morton, president of the Stevens Institute of Technology, on Edison’s light bulb, 1880.

2. The A/C

"Fooling around with alternating current is just a waste of time. Nobody will use it, ever."
Thomas Edison, 1889.

3. The Personal Computer

"We have reached the limits of what is possible with computers."
John Von Neumann, 1949

4. The Microchip

"But what… is it good for?"
An engineer at the Advanced Computing Systems Division of IBM, commenting on the microchip in 1968.

5. Data Transmission

"Transmission of documents via telephone wires is possible in principle, but the apparatus required is so expensive that it will never become a practical proposition."
Dennis Gabor, Hungarian-British physicist, 1962.

6. Online Shopping

"Remote shopping, while entirely feasible, will flop – because women like to get out of the house, like to handle merchandise, like to be able to change their minds."
TIME, 1966.

7. The Automobile

"The ordinary “horseless carriage” is at present a luxury for the wealthy; and although its price will probably fall in the future, it will never, of course, come into as common use as the bicycle."
Literary Digest, 1899.

8. The Television

"While theoretically and technically television may be feasible, commercially and financially it is an impossibility, a development of which we need waste little time dreaming."
Lee DeForest, American radio pioneer and inventor of the vacuum tube,1926.

9. Possibility

"Everything that can be invented has been invented."
Supposedly said by Charles H. Duell, Commissioner, U.S. Office of Patents, 1899 – except he probably didn’t. So the last word goes to actor and humorist Peter Ustinov:

"If the world should blow itself up, the last audible voice would be that of an expert saying it can’t be done."

http://ecosalon.com/9_life_changing_inventions_the_experts_said_would_never_work/

Excellent find, Chase. Thank you very much. Our mindset can do wonders for us or lead us down the wrong path - to be totally dismissive no matter how obvious the case. Jamie Dimon may be a great banker but he has been so dismissive about Bitcoin and digital currency he is fooling himself. He might be his own best salesman and convinced himself that Bitcoin is "fraud" and that the government would destroy it if it becomes success. I find that argument appalling.

I have been intimately involved in the evolution of portable computers. The evolution was fast and furious. Our ideas were always ahead of computing power, battery technology, wireless communication, bandwidth, material science and much more. We were always working on the next best thing. Yet, the industry has taken over twenty years to where we are today. No matter what we wish our industry may take another decade or two to reach mass acceptance.

DNotes is very well positioned to ramp up rapidly but totally patience and disciplined to do the right thing at the right time. From my prospective 2018 will mark the beginning of rapid expansion and exposure for us. After four years of relentless commitment to build a trusted brand with the most essential ecosystems it will finally be our turn to share the spot light. DNotes 2.0 will help us lead the way.

[DNotes]

All, here are a few more designs from BTCWsie for the DNotes social media:

DNotes Facebook Design 1: https://file.army/i/E86u87
DNotes Facebook Design 2: https://file.army/i/E866al

DNotes Twitter Design 1: https://file.army/i/E86lOk
DNotes Twitter Design 2: https://file.army/i/E86LHH

Please let us know what you think.

Great designs BTCWise!

Tough choice. I like both styles, but if I have to choose a favorite, Design 1 wins by a slight margin.  

Good deal, we'll go with that one. It certainly has a bit more brand recognition.

[Dyna]

All, here are a few more designs from BTCWsie for the DNotes social media:

DNotes Facebook Design 1: https://file.army/i/E86u87
DNotes Facebook Design 2: https://file.army/i/E866al

DNotes Twitter Design 1: https://file.army/i/E86lOk
DNotes Twitter Design 2: https://file.army/i/E86LHH

Please let us know what you think.

Great designs BTCWise!

Tough choice. I like both styles, but if I have to choose a favorite, Design 1 wins by a slight margin.  

Good deal, we'll go with that one. It certainly has a bit more brand recognition.

Thanks, BTCWise. Great job. Excellent tie-in of DNotes' logo.

[Dyna]

For better or for worse China continues to be front and center on cryptocurrencies. China has always addressed threats, challenges, and opportunities differently than most countries. That is why they are where they are. Right or wrong, being no more than an opinion – they deserve some credit. So, I do agree with the following statement to an extent:

“decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:”

As they are today, Bitcoin and other digital currencies lack intrinsic value. Without intrinsic value there cannot be pricing stability. It is highly volatile and speculative – it can be easily manipulated by a single individual or a group of individuals with significant buying/trading power. Without pricing stability, they are not suitable for global commerce. They will then remain as speculative trading commodities and never gain mass acceptance in a global scale. That has been the opinion of DNotes since day one; leading us to building a different path where DNotes could eventually be anchored to intrinsic value.

We also believe that no sovereign digital currency will be accepted on a global basis. It must be a trusted, neutral digital currency like DNotes that is specifically built and made accessible for everyone worldwide to participate.  

"PBoC Digital Currency Chief Calls for State Cryptocurrency"

Josiah Wilmoth on 15/10/2017

"The head of the People’s Bank of China’s (PBoC) Digital Currency Research Institute has called for the Chinese central bank to adopt a government cryptocurrency to help bring stability to its fiat currency.

As reported by regional news source Yicai, Institute Director Yao Qian discussed the potential benefits of a government cryptocurrency at an International Telecommunication Union meeting this week. He says that while decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:"

Read more: https://www.cryptocoinsnews.com/pboc-digital-currency-chief-calls-for-government-cryptocurrency/

[BTCWise]

I'm sure the idea of putting away small change into DNotes will get even more attractive once DNotes2.0 enables the investment and staking rewards.

Hi Tim, could you please explain the investment and staking rewards. Thanks in advance

[BTCWise]

Great designs BTCWise!

Tough choice. I like both styles, but if I have to choose a favorite, Design 1 wins by a slight margin.   

Hi Chase, thanks for the feedback. I'm glad you liked at least one of the designs Lol 
I look forward to seeing how it looks on the actual accounts.
Take care buddy

[DNotes]

I'm sure the idea of putting away small change into DNotes will get even more attractive once DNotes2.0 enables the investment and staking rewards.

Hi Tim, could you please explain the investment and staking rewards. Thanks in advance

Hi BTCWise, I'll shoot a short answer here explaining the process.

One of the biggest changes in DNotes 2.0 is the reward structure. Moving from PoW where miners are paid from the blockchain directly for securing the blockchain by utilizing processing power to solve computational problems, to PoS where you utilize your coins to secure the blockchain and paid directly from the blockchain.

Another change to reward structure is the addition of blockchain based CRISP distribution. By simply saving your coins in a wallet, you will receive interest, .1666% monthly (2% annual), as well as 4% annually.

As Tim was suggesting, these two changes will make it more attractive to save your DNotes. First by removing the need for miners that have to invest in hardware and electricity to support the network causing burden on the market, and second by rewarding those who save their DNotes.

[R-J-F]

Dimon Vows to Stop Talking About Bitcoin – Again

https://dcebrief.com/dimon-vows-to-stop-talking-about-bitcoin-again/

The problem with thinking the world will never change and/or that your piece of the $$ pie is forever protected by the government:


9 Life-Changing Inventions the Experts Said Would Never Work

1. The Electric Lightbulb

"Everyone acquainted with the subject will recognize it as a conspicuous failure."
Henry Morton, president of the Stevens Institute of Technology, on Edison’s light bulb, 1880.

2. The A/C

"Fooling around with alternating current is just a waste of time. Nobody will use it, ever."
Thomas Edison, 1889.

3. The Personal Computer

"We have reached the limits of what is possible with computers."
John Von Neumann, 1949

4. The Microchip

"But what… is it good for?"
An engineer at the Advanced Computing Systems Division of IBM, commenting on the microchip in 1968.

5. Data Transmission

"Transmission of documents via telephone wires is possible in principle, but the apparatus required is so expensive that it will never become a practical proposition."
Dennis Gabor, Hungarian-British physicist, 1962.

6. Online Shopping

"Remote shopping, while entirely feasible, will flop – because women like to get out of the house, like to handle merchandise, like to be able to change their minds."
TIME, 1966.

7. The Automobile

"The ordinary “horseless carriage” is at present a luxury for the wealthy; and although its price will probably fall in the future, it will never, of course, come into as common use as the bicycle."
Literary Digest, 1899.

8. The Television

"While theoretically and technically television may be feasible, commercially and financially it is an impossibility, a development of which we need waste little time dreaming."
Lee DeForest, American radio pioneer and inventor of the vacuum tube,1926.

9. Possibility

"Everything that can be invented has been invented."
Supposedly said by Charles H. Duell, Commissioner, U.S. Office of Patents, 1899 – except he probably didn’t. So the last word goes to actor and humorist Peter Ustinov:

"If the world should blow itself up, the last audible voice would be that of an expert saying it can’t be done."

http://ecosalon.com/9_life_changing_inventions_the_experts_said_would_never_work/

I have to steal Ustinov's quote, it's perfect for these "Diamon Days"

[R-J-F]

For better or for worse China continues to be front and center on cryptocurrencies. China has always addressed threats, challenges, and opportunities differently than most countries. That is why they are where they are. Right or wrong, being no more than an opinion – they deserve some credit. So, I do agree with the following statement to an extent:

“decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:”

As they are today, Bitcoin and other digital currencies lack intrinsic value. Without intrinsic value there cannot be pricing stability. It is highly volatile and speculative – it can be easily manipulated by a single individual or a group of individuals with significant buying/trading power. Without pricing stability, they are not suitable for global commerce. They will then remain as speculative trading commodities and never gain mass acceptance in a global scale. That has been the opinion of DNotes since day one; leading us to building a different path where DNotes could eventually be anchored to intrinsic value.

We also believe that no sovereign digital currency will be accepted on a global basis. It must be a trusted, neutral digital currency like DNotes that is specifically built and made accessible for everyone worldwide to participate.  

"PBoC Digital Currency Chief Calls for State Cryptocurrency"

Josiah Wilmoth on 15/10/2017

"The head of the People’s Bank of China’s (PBoC) Digital Currency Research Institute has called for the Chinese central bank to adopt a government cryptocurrency to help bring stability to its fiat currency.

As reported by regional news source Yicai, Institute Director Yao Qian discussed the potential benefits of a government cryptocurrency at an International Telecommunication Union meeting this week. He says that while decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:"

Read more: https://www.cryptocoinsnews.com/pboc-digital-currency-chief-calls-for-government-cryptocurrency/

And who didn't see that coming? China only acts in self interest. Now that there are those in the population who understand crypto, lets make them use government crypto. Typical.

[Brandon Cheliak]

For better or for worse China continues to be front and center on cryptocurrencies. China has always addressed threats, challenges, and opportunities differently than most countries. That is why they are where they are. Right or wrong, being no more than an opinion – they deserve some credit. So, I do agree with the following statement to an extent:

“decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:”

As they are today, Bitcoin and other digital currencies lack intrinsic value. Without intrinsic value there cannot be pricing stability. It is highly volatile and speculative – it can be easily manipulated by a single individual or a group of individuals with significant buying/trading power. Without pricing stability, they are not suitable for global commerce. They will then remain as speculative trading commodities and never gain mass acceptance in a global scale. That has been the opinion of DNotes since day one; leading us to building a different path where DNotes could eventually be anchored to intrinsic value.

We also believe that no sovereign digital currency will be accepted on a global basis. It must be a trusted, neutral digital currency like DNotes that is specifically built and made accessible for everyone worldwide to participate.  

"PBoC Digital Currency Chief Calls for State Cryptocurrency"

Josiah Wilmoth on 15/10/2017

"The head of the People’s Bank of China’s (PBoC) Digital Currency Research Institute has called for the Chinese central bank to adopt a government cryptocurrency to help bring stability to its fiat currency.

As reported by regional news source Yicai, Institute Director Yao Qian discussed the potential benefits of a government cryptocurrency at an International Telecommunication Union meeting this week. He says that while decentralized cryptocurrencies such as bitcoin lack value because they are not anchored to either intrinsic value or a state-backed currency, a government-backed digital currency would provide even more pricing stability than conventional fiat currency:"

Read more: https://www.cryptocoinsnews.com/pboc-digital-currency-chief-calls-for-government-cryptocurrency/

And who didn't see that coming? China only acts in self interest. Now that there are those in the population who understand crypto, lets make them use government crypto. Typical.

I for one wouldn't want to use a currency that places self interest groups above the people, nor would I conduct business using that currency.

[DCEBrief]

Russia Reportedly to Issue CryptoRuble

https://dcebrief.com/russia-reportedly-to-issue-cryptoruble/

[Chase]

Russia Reportedly to Issue CryptoRuble

https://dcebrief.com/russia-reportedly-to-issue-cryptoruble/

"...the 13 percent tax will also be assessed on any value increase users enjoy as a result of that exchange. If, for example, the price of the CryptoRuble rises above the ruble, the difference in value will be taxed."

What a scary scenario this is! Does this mean they are letting a free and open market decide the price (certainly can't use the word value here ) of the CryptoRuble? If the price doesn't go the way they want it to, what's to stop them from issuing more CryptoRubles, or dumping some of their massive holdings on unsuspecting buyers? I doubt the citizens will even understand what they are getting - a government controlled manipulatable digital fiat (for lack of a better description).

If they are issuing CryptoRubles in addition to traditional Rubles, what does that mean for their money supply?

[SCeeYong]

RE: "PBoC Digital Currency Chief Calls for State Cryptocurrency"

So the Mainland Chinese government really went ahead as I correctly forsaw they would.

I will not be surprised if the Chinese government  or its monetary authority creates a centralized  national cryptocurrency given the fact that China is a global crypto currency mining power.

Moreover, the cryptocurrency market is too lucrative for them to not get involved and be in astute control , economically and politically.

[Brandon Cheliak]

Russia Reportedly to Issue CryptoRuble

https://dcebrief.com/russia-reportedly-to-issue-cryptoruble/

"...the 13 percent tax will also be assessed on any value increase users enjoy as a result of that exchange. If, for example, the price of the CryptoRuble rises above the ruble, the difference in value will be taxed."

What a scary scenario this is! Does this mean they are letting a free and open market decide the price (certainly can't use the word value here ) of the CryptoRuble? If the price doesn't go the way they want it to, what's to stop them from issuing more CryptoRubles, or dumping some of their massive holdings on unsuspecting buyers? I doubt the citizens will even understand what they are getting - a government controlled manipulatable digital fiat (for lack of a better description).

If they are issuing CryptoRubles in addition to traditional Rubles, what does that mean for their money supply?

In my opinion it could be a recipe for disaster. Without coinciding economic growth, more dollars chasing the same amount of goods does nothing to increase the prosperity of a nation, in fact it has left many nations in ruin. Their plan is innovative, but has some major flaws which could severely hurt the rubles value in terms of purchasing power.

Imagine there were 1,000,000,000 rubles, and you introduced 1,000,000 crytpo rubles into the equation, first traded at a 1:1 rate. Well let's say only 10,000 of those crypto rubles end up on the open market because people are holding, expecting that the value will increase. After some time passes, other people are now feverishly trying to get their hands on crypto rubles, especially after they hear about how people who invested in them are much better off. This high demand and restricted supply could drive the price up sky high. I'm not here to debate the price ceiling, but let's see what impact a crypto ruble valued at 1,000 rubles would have on the purchasing power of their currency... Granted production stayed the same, and your initial monetary base was 1 billion rubles, by adding another 1 billion rubles in money, you have effectively debased the money supply by 50%. The same could be said for any cryptocurrency adding too much money to the world's total supply at any given time; it could cause rapid currency debasement, and needs to be done with surgical precision.