TimMarsh
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Professional cryptocurrency writer incl DNotes.
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December 26, 2017, 05:54:39 AM |
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Brandon, that 1,416 minutes sounds really bad, and it is just under twenty-four hours. So I looked up the times for bank transfers over Christmas just to compare. Turns out that a bitcoin transaction only takes between 16–25% of the time taken by the banks. Times vary but bank transfers sit between 4–6 days. http://www.smh.com.au/business/payment-processing-takes-christmas-break-20111219-1p1xg.htmlhttp://www.telegraph.co.uk/finance/personalfinance/expat-money/8860887/Christmas-is-coming-but-whats-the-best-way-to-transfer-money-abroad-in-time-for-the-festivities.htmlAnd while you're right that bitcoin is a long way from meeting a daily transaction needs, you've made me wonder if other cryptocurrencies are missing out on the poor performance criticism only because their systems are under less load. Over the last year, bitcoin transactions per day peaked at 490,644 on December 14. https://blockchain.info/charts/n-transactionsSo I grabbed some other data to compare it with and found that bitcoin was the second highest with Ethereum managing more than three times as many transactions per hour. This is impressive considering that the Ethereum network is also running a lot of other processes through its in-built programming language. What I get from this little dig around is that the only reason for bitcoin not meeting the current demand is design decisions that determine the bitcoin coding. The fact that decentralised consensus works at all is amazing and fantastic, but in the case of bitcoin, it appears to be failing the general community at this stage. And I'm left wondering if the main cause of this is that it is not community consensus anymore. Instead it is the consensus of a few massive mining operations who seem to carry a lot more weight than the few community nodes mining away on their personal computer.  |
Cryptocurrencies will level the playing field. I'm paid to write, but not paid to promote.
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Brandon Cheliak
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December 26, 2017, 07:02:33 AM |
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Brandon, that 1,416 minutes sounds really bad, and it is just under twenty-four hours. So I looked up the times for bank transfers over Christmas just to compare. Turns out that a bitcoin transaction only takes between 16–25% of the time taken by the banks. Times vary but bank transfers sit between 4–6 days. http://www.smh.com.au/business/payment-processing-takes-christmas-break-20111219-1p1xg.htmlhttp://www.telegraph.co.uk/finance/personalfinance/expat-money/8860887/Christmas-is-coming-but-whats-the-best-way-to-transfer-money-abroad-in-time-for-the-festivities.htmlAnd while you're right that bitcoin is a long way from meeting a daily transaction needs, you've made me wonder if other cryptocurrencies are missing out on the poor performance criticism only because their systems are under less load. Over the last year, bitcoin transactions per day peaked at 490,644 on December 14. https://blockchain.info/charts/n-transactionsSo I grabbed some other data to compare it with and found that bitcoin was the second highest with Ethereum managing more than three times as many transactions per hour. This is impressive considering that the Ethereum network is also running a lot of other processes through its in-built programming language. What I get from this little dig around is that the only reason for bitcoin not meeting the current demand is design decisions that determine the bitcoin coding. The fact that decentralised consensus works at all is amazing and fantastic, but in the case of bitcoin, it appears to be failing the general community at this stage. And I'm left wondering if the main cause of this is that it is not community consensus anymore. Instead it is the consensus of a few massive mining operations who seem to carry a lot more weight than the few community nodes mining away on their personal computer. I agree that inability to achieve consensus in direction has been a major detriment to Bitcoin, plaguing it for years now. There has likely been hundreds of thousands of man hours wasted, developing implementations and code that ended up being scrapped. When a group of nodes start running a different version of the software, this creates a fork with the exact same transaction history and balances that existed prior to the fork, but moving forward each would operate independently. How miners play their part in deciding which is the predominant blockchain, is by processing transactions; because if there were no miners, transactions would not be processed. Less supported blockchains are also much more susceptible to a 51% attack, especially if there are some large players or groups with massive hashing power capabilities in the given algorithm. Theoretically, the majority of nodes could be running a version of Bitcoin with larger block sizes, but the majority of miners may still be more inclined to run the original and continue to process full blocks because there are more transaction fees (1000+tx/block @ $30 average tx fee). When it comes down to it, even the little guy can still play a part in deciding the future direction of Bitcoin. On the Bitcoin network, a node is a node. Given that there are less than 12,000 nodes at this moment (most in data centers), a collaborative effort could still easily be mounted by ordinary people to implement new code more conducive to scaling Bitcoin. But if the miners are not incentivized enough to make the switch, does this really solve any problems? This argument has been going on for what seems like an eternity in the industry, and no ground has been made to break the stalemate. |
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dzonikg28
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December 26, 2017, 09:21:08 AM |
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So, anyone have thoughts on the recent market crash? Are Futures Contracts causing instability? Market manipulation? Seems rather odd how quickly it happened and, how deeply. Also odd how one commercial trader predicted it almost exactly...
There is a lot of politics in the background of course, but honestly a crash was imminent anyway. Bitcoin is a constantly uptrending roller coaster. And a roller coaster sometimes goes a little down to then go up even faster. Bitcoin will recover regardless of Roger Ver and the crap he is talking all day. I'm going to have to disagree with your roller-coaster metaphor dzonikg28, but stand with you on your intended points. In fact, I'm going to go a step further. Roger Ver is talking about the weaknesses of bitcoin and this seems to be hurting its value. The more the large holders and miners see value being hurt by disfunctionality in bitcoin, the more they are likely to support genuine improvements to its code. And the more the code behind bitcoin improves, and the more useful bitcoin is, the higher its true value can climb. As for futures contracts and commercial traders manipulating the price, I think it is unlikely. I have no doubt that given the skill and opportunity, they would certainly do it. And I imagine that the current low is a great time for them to buy a reserve to sell futures against. I just don't think they've got what it takes to pull it off. But that doesn't mean there hasn't been an incidental effect. It is hard for the whales to cash-out a significant amount without impacting the price. But selling a chunk to futures traders is a good opportunity and it is possible that taking advantage of that has hit the price a little. This article from a couple of days ago talks about the concept: https://www.bloomberg.com/view/articles/2017-12-21/bitcoin-billionaires-may-have-found-a-way-to-cash-outBut I'm most comfortable putting it down to the range of complex influences that have caused previous dips in prices. Some of it might be algorithmic trading. Maybe after watching it climb fast, unreasonable expectations have made the slight slowdown seem worrisome. Possibly the fact that bitcoin has attracted many inexperienced investors to try their hand means the market is more emotional and reactive than more standard types of investments. Maybe the weather has more to do with the price of bitcoin than its functionality does. How about Christmas putting a pinch on budgets causing investors to cash in despite a drop in price? If the Christmas budget theory is correct, maybe we can expect a leap in price as people invest their cash presents where they'd never risk money earned through hard work. So the only thing I know for sure is that Jamie Dimon is green with jealousy that the market ignored him, but reacts when Roger Ver goes public. But you've got to be enjoying the media circus that spends a month calling bitcoin a bubble, and then when the price dips, writes pages speculating about what strange thing could have interrupted such a strong climb. I am very confident that the Bitcoin protocol will evolve into the direction that society wants it to. Scalability issues will be tackled. The roller coaster metaphor was more related to how network effects enfold in networks that involve money. While for a messaging app there is nothing to lose if you join a network and (generally) no incentive to leave the network. You don't see Facebook have 100 mil users one day, 50 mil users the next day and 300 mil users the day after. It rather is growing very constantly/exponentially until you reach a certain level of saturation. There is no herd behavior in an economic sense or FUD. With Bitcoin/cryptocurrency/markets in general, network effects work differently because there are financial incentives involved. Bitcoin will "crash" and "pump" in monetary terms, but I am certain that the overall trend line for the user base will keep growing very constantly. I am aware that some people left BTC and joined some other project/coin, but many of the big (institutional) players will most likely focus on Bitcoin in the first place and that in turn creates an incentive to stay in Bitcoin after all for a loooong time. |
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DNotes (OP)
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DNotes
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December 26, 2017, 03:58:45 PM |
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Dyna
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December 26, 2017, 04:51:23 PM |
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DNotes Global, Inc. Announces Partnership with Geneca for Blockchain Technology Development“We have been searching for the best possible firm to expand our development team for DNotes 2.0 and beyond, and we are proud to announce we have acquired the services of Geneca. Geneca shares both our business philosophy and our vision for making DNotes a technology leader, making them the ideal partner for our rapid expansion plans.”That is right. Though our efforts intensified recently, we have spent the last two years looking at hundreds of potential software development firms. We never came across any we ranked above an “A-“ grade. Geneca is our perfect “A+” They are exceptional and will go a long way in our success. The timing is perfect too.
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CoinMenX
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December 26, 2017, 07:19:14 PM |
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can i find where is specifical of coin?
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wiser
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December 27, 2017, 01:35:34 AM |
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I bet that explains the recent rise in DNotes' price. Great job! And Merry Christmas to all! |
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TimMarsh
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Professional cryptocurrency writer incl DNotes.
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December 27, 2017, 04:18:55 AM |
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This really is great news and I can see by reading the Geneca website that there is more to the perfect match than using the same corporate colours. I was particularly interested in their software development methodology because I've been reading a bit about the subject recently. From what I've learnt, methodologies can sit on a spectrum from multiple iterations of responsive designs all the way to a single meticulously planned and executed project. No methodology fits all development needs, because they all have their strengths and weaknesses. The responsive methodology is great for projects that have evolving needs and are working in new and unchartered areas. This is particularly applicable to cryptocurrency where things need to fit customer needs and usage patterns and where much of the technology planned is untested. The other end of the spectrum is great for mission critical software that can't afford to go wrong or get hacked. Things like flight controls for aircraft or the software that manages medical devices. Or the software that manages large and frequent transactions of customer money. This is also a great fit for cryptocurrency. So in reading Geneca's website I was curious to see which way DNotes Global Inc. had chosen to go. I noticed text like: "We begin this process first by defining what must be built to ensure that your business goals are achieved. By understanding the outcome, our team will be equipped to anticipate any issues that could arise. We accomplish this through use of Geneca’s three proprietary products: Experience Inventory, Virtual Wall Gantt, and Joornal." This looks like it is up the 'meticulously planned' end of the spectrum. But then straight after this I read: "Once building commences, Geneca will engage and align with your team using quick sprints and scheduled showcases. This will allow visibility ensuring that you see progression along the way." In contrast, customer engagement and short development cycles are the hallmark of a 'responsive design' methodology. This is confirmed later by "To make a beloved product, we must stay focused on what matters, listen carefully to employees and customers, and make improvements early and often. So it seems DNotes Global Inc. have discovered a software development company that takes the best of both methodologies and has integrated them. Seeing that the responsive methodology, popularly referred to as 'Agile' only got a foothold sixteen years ago and only in this decade has really developed in popularity, I then noticed that Geneca had been in operation three years before the movement started and have developed along side it for 19 years. For me, this explains how the company could have begun with much more meticulous methodology and then absorbed the best parts of responsive methodology as they evolved. In recognising this combination, I really see how Geneca's approach appears to be the perfect fit for cryptocurrency projects. |
Cryptocurrencies will level the playing field. I'm paid to write, but not paid to promote.
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zecon
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spattered throughout the golden ethers
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December 27, 2017, 06:58:06 AM |
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Very solid news.
It's back to looking up at the DNotes ecosystem..
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If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.
— Jim Rohn
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malvino
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December 27, 2017, 12:25:33 PM |
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Hi!
Is POS now working? Where can I find info about that?
Thanks!
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TeeGee
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December 27, 2017, 01:39:13 PM |
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Hey everyone, I hope everybody has had a great Christmas with their family and friends. It seems the markets have also been busy at this time, and the press release was very welcome news as we move forward into the new year.
BTCwise, I have indeed a 95% completed video that I hope will have the finishing touches on it completed within the next week or two, when I'm able to re-record a couple of audio segments for it. Thus far the animations are very impressive, and a lot of time (3 weeks full time work) was spent on the animations alone by the animator. I also have several other video projects that are queued up, one of which will be to promote the IPO. That video will need to be to the highest quality possible, and I expect will take a lot of time and effort to get to the DNotes standard.
There is also a whitepaper that my colleagues have indicated is approximately 85-90% complete. I completed writing the bulk of it a few months ago, but we chose not to release it until we made our decision regarding the direction of our IPO, where the necessary changes could be made. The whitepaper is approximately 20 pages, and should be around 6 thousand words when it is released. We really want to nail these videos, and the whitepaper, to best communicate to potential investors what DNotes currency, and DNotes Global are all about.
A lot of work has gone into the above two projects, which we have briefly mentioned in passing previously in the forum. But as with all things we do, we do them at the most opportune time, which for us made sense nearer the time of the IPO. We are also working together at this time on our investor pitch -- so there should be many more exciting releases going into the new year in lieu of our mini-IPO, where we will be seeking up to 50 million dollars via Reg A+ crowdfunding.
Be sure to check in on the forum, and follow our facebook pages for updates, and look out for updates in the mainstream media about us going forward.
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Dyna
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December 27, 2017, 02:13:19 PM |
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Hi!
Is POS now working? Where can I find info about that?
Thanks!
Hi malvino. DNotes is still a mineable Proof of Work (PoW) coin but will not be for too much longer. We are migrating to Proof of Stake (PoS) in the 1st quarter of 2018. Our efforts are now joined by a large team - Geneca, with a drastically increased development budget. This is a very large scale multi-year project at a substantial investment in the millions of dollars. As I have said before, DNotes will be a technology leader in our industry. We are a very committed team with the mindset that to succeed in any business one must commit to "be equal to and better than the competitors." |
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Dyna
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December 27, 2017, 02:18:27 PM |
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Thank you for sharing, TOM47. I encourage everyone to help get the words out. We are taking DNotes to the next level. |
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Dyna
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December 27, 2017, 02:26:05 PM |
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Very solid news.
It's back to looking up at the DNotes ecosystem..
Thank you, zecon. All of our ecosystems have been put in place as strategic building blocks. When we are ready to scale we can do it quickly with a foundation already built. We are very long-term oriented but very strategic in everything we do. DNotes will be the rising start in 2018. |
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Dyna
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December 27, 2017, 02:39:09 PM |
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Hey everyone, I hope everybody has had a great Christmas with their family and friends. It seems the markets have also been busy at this time, and the press release was very welcome news as we move forward into the new year.
BTCwise, I have indeed a 95% completed video that I hope will have the finishing touches on it completed within the next week or two, when I'm able to re-record a couple of audio segments for it. Thus far the animations are very impressive, and a lot of time (3 weeks full time work) was spent on the animations alone by the animator. I also have several other video projects that are queued up, one of which will be to promote the IPO. That video will need to be to the highest quality possible, and I expect will take a lot of time and effort to get to the DNotes standard.
There is also a whitepaper that my colleagues have indicated is approximately 85-90% complete. I completed writing the bulk of it a few months ago, but we chose not to release it until we made our decision regarding the direction of our IPO, where the necessary changes could be made. The whitepaper is approximately 20 pages, and should be around 6 thousand words when it is released. We really want to nail these videos, and the whitepaper, to best communicate to potential investors what DNotes currency, and DNotes Global are all about.
A lot of work has gone into the above two projects, which we have briefly mentioned in passing previously in the forum. But as with all things we do, we do them at the most opportune time, which for us made sense nearer the time of the IPO. We are also working together at this time on our investor pitch -- so there should be many more exciting releases going into the new year in lieu of our mini-IPO, where we will be seeking up to 50 million dollars via Reg A+ crowdfunding.
Be sure to check in on the forum, and follow our facebook pages for updates, and look out for updates in the mainstream media about us going forward.
Thank you, TeeGee. We deeply appreciate your immense contributions to the success of DNotes. We have been working very hard for the last four years doing things that are of great long-term strategic value to making DNotes' vision a reality, though what we have done have contributed little to the market price of DNotes. Our believe is to always do the right thing and let the market price takes care of itself. |
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wiser
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December 27, 2017, 02:43:09 PM |
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Thank you, TeeGee. We deeply appreciate your immense contributions to the success of DNotes. We have been working very hard for the last four years doing things that are of great long-term strategic value to making DNotes' vision a reality, though what we have done have contributed little to the market price of DNotes. Our believe is to always do the right thing and let the market price takes care of itself.
The market seems to be taking care of itself alright. I kinda hope it doesn't move up too quickly as I'm still in buying/accumulation mode  |
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