[ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open

[RJF]

Hi again everyone! I love the action and the promising wall street journal!!! I had a thought I've been holding off... We need TEE SHIRTS! lol.. I've wanted a Dnotes tee shirt for awhile now. This could be a way for individual stake holders to spread the word. In a few years when Dnotes becomes bigger and people hear about it. They will think back and say to them selves, there must be something to this because I've seen or heard of it before from somewhere. We could possibly even buy the shirts with Dnotes! Which may enthuse more sales and people wearing them nation wide! Lets spread the word together! It may be something that would be better to hold off for now, i don't know just thought id point it out. I cant wait to see the wonderful Dnotes emblem EVERYWHERE! lol

Lets keep it up, thanks for the dedication TEAM!
Daniel

Hi again Daniel, good to hear from you again. Thanks for the kind words. We should have someone submit a DNotes design to the t-shirt contest site that PEACEOFWAR was doing. Any volunteers?

I'm no designer but this is just something i had in my head I thought would be cool. So i designed this on custom ink and obviously could be modified. But I was thinking anyone with there own ideas should post them. In a few weeks we can decide or vote on which ones best. Then PEACEOFWAR can submit it which is an awesome idea.

bigger image = http://s23.postimg.org/bh3k6onmj/Dnotes_img.jpg

This took me 20 minutes. Here's what I did- designed it on custom ink, took a photo with my phone, cropped it, posted it on postimg.org, right click on your photo and copy the URL code. This was the simplest way I could think of you guys may have a better way.

Looks good but I'm not sure about the "fist" graphic. That has several meanings, one being WIRED magazine's anti Clipper "Cyber Rights NOW" graphic, but without the words and, "Maximum Carnage" (1994), which was released for the Super Nintendo and Genesis game consoles. Iron Fist appears in the game Spider-Man: Friend or Foe as a playable character.

Might want to rethink the fist but otherwise nice. Just my 2 cents on the subject...

[Chase]

Bad news for Apple Pay:


"APPLE PAY FRAUD RATES INCREASE 6000% OVER NORMAL DEBIT SWIPES"

"As the technology wars heat up in the merchant payment industry, the establishment’s foray known as Apple Pay has run into some major identity theft and fraud issues. NFS (Near Field Communications) may be clever. Biometric fingerprint scans into iPhones can make a user feel safe and secure, or just forward the user’s information to unknown third parties. At the core of the problem is the weakest link in the Apple Pay chain. The debit card itself.

Fraud and Identity Theft quickly join Apple Pay

Apple gets a nice .15% fee for every Apple Pay based on Apple’s salesmanship on the idea that their new system is more secure than the average credit or debit card swipe. According to Cherian Abraham, who is an advisor to SimplyTapp, which provides the host-card-emulation technology used to allow contact-less payments on devices using Google’s Android operating system, this problem came to light last month. He exposed it in his original blog post, and the problem appears early on in the Apple Pay process.

When a new credit or debit card is entered into the Apple Pay system, Apple sends the user’s information, such as last four digits of the social security number and location. If the information doesn’t match up, the bank will require a call from the consumer to confirm. The bank usually asks for the user to verify the last four digits of their social security number. Banks are reticent to ask too many questions, which would make the process arduous and more inconvenient, dissuading users from using Apple Pay.

According to Abraham, organized crime rings hand out pre-provisioned devices to mules, who then commit fraud with them. Hotbeds for this type of activity occurring include the areas around Miami, FL, and Dallas, TX. Untraceable prepaid cards are the preferred tool of choice, with their quick ability to exchange for goods or cash. Many times, the fraud ring hits Apple stores areas themselves. Isn’t that ironic? This scourge has shown fraud rates rise from 0.1% of overall debit/credit swipe transactions to up to 6% in recent Apple Pay transactions, dependent on bank and area.

Unable to refute the rampant fraud claims, all an Apple Pay spokeswoman could say in response was

“Apple Pay is designed to be extremely secure and protect a user’s personal information. Banks are always reviewing and improving their approval process, which varies by bank.”

Are fraud and identity theft exclusively an Apple Pay problem? Of course not. The new system just has some weaknesses that the criminal underworld has quickly borne out. Debit/credit card based programs are rife with fraud, as shown by the recent cases of mass consumer compromise at major retailers like Target and Home Depot. Tens of millions have had their personal accounts compromised throughout the U.S. using these now antiquated monetary transfer systems. Criminals with 21st century computer technology easily prey upon debit/credit card users.

These kinds of issues are some of the many upgrades Bitcoin provides over the 1950’s technology of the debit card. Transactional fraud and identity theft are virtually non-existent in the Bitcoin ecosystem. Apple Pay didn’t say they could beat that juggernaut in the debit card system, but they did say it would cut it from it’s current rates, and that hasn’t happened.

The establishment is fighting a tech battle against Bitcoin using technology that’s only sixty years old. It seems to be going about as well as can be expected."

https://www.cryptocoinsnews.com/apple-pay-fraud-rates-increase-6000-normal-debit-swipes/

[infovortice2013]

another shirt, not good quality but if like ill do better to print

[Dyna]

Trading Notes:

DNotes has been on an uptrend for more than a week now. It has exhibited more impressive strength than I anticipated. This confirms the fact, that when it comes to high risk investment, no body can be certain of the outcome. It is impossible to incorporate all the possibilities, both positive and negative. We all need to do our research and make our own decision. However, being a high risk investment with potential high returns, it is important to be reminded that one should only invest a small amount of the total available portfolio. Typically 10% is allocated for a basket of high risk/high return investments as part of a balanced asset allocation. This practice alone could be driving some professional investors to the DNotes’ camp. It can be argued that DNotes could be a preferred choice within that basket of high risk investment. I have certainly been reading the “tea leaves” with interest to see if there is an early indication of that. At this point, it is still too early to tell.

It has been an exciting and anxious time. Like some of you I have been anxious to see where DNotes new trading range will settle. It has not settled. We do not know when or at what range it will settle. What I do know is that even the strongest bull will eventually get tired and needs a break. I don’t believe that there is an exception.

Especially in the cryptocurrency space, I am a firm believer that there are three extremely important considerations to examine.  Has the performance appreciation on record been consistent and sustainable? Is the valuation supported by fundamental values with credible growth rate? Are there efforts to pump up the price with exciting ideas without proven track records of disciplined and successful execution accomplished in the past?

Let me conclude with a real life story. When I was quite successful in the computer business in the early 1990s, many approached me for potential investment and partnership. My preference has always been to focus in one big commitment at a time. I am known to be highly focused and not very good at multi-tasking.

However, I like to give others a chance, at least polite enough to give those who tried hard a chance to present their business plan. There was a very persistence young and somehow got a third appointment to present his business plan despite being turned down twice previously. I was already a little annoyed to say the least but still tried to be respectful and listened attentively if he had anything new to add. His ideas were exciting and he came back with addition good ideas. There was nothing else beyond a bunch of “good ideas”. With no interest to meet with him for the fourth time this was what I told him. “Mr. ___, I am sure you can appreciate that I have a very busy schedule. You certainly have a lot of good ideas. However, with due respect, I must put it this way so that we don’t have to go over them for the fourth time. Good ideas are not worth much by themselves. For comparison, if you agree to buy me a cup of coffee I will pay for the tips. That is how much good ideas are worth.” I never saw that young man again.

When investing, don’t base your decision only on just exciting ideas, concepts and possibilities.  “The possibilities are limitless. Sky is the limit.” It may be the case but most likely not. Good luck.

[DNotes]

For the record, I would like to formally request we move to add DNotes to ShapeShift. I know we touched on this before but, have looked at them again and we could integrate their APIs into DNotesVault which would allow deposit of any supported crypto directly converted to DNotes. Would be quite enticing for those holding large amounts of altcoins who don't want to deal with selling and buying on an exchange. They offer live chat and I have included their contact info below:

Email: mail@shapeshift.io

Chat: https://shapeshift.io/index.html  (popup)


And don't forget to vote for DNotes on Cryptsy!

I have contacted them via email asking their process for getting a coin listed on their exchange. I'll let everyone know when they respond.

Excellent, thank you!

What a great find RJF, that service would be amazing if the API were integrated with the Vault. It would certainly make it much easier for holders of Bitcoin to acquire DNotes, because buy / sell walls on exchanges can be very confusing for people unfamiliar with them.

My thoughts exactly. Anything we can do to ease entry into DNotes will be worth the effort.

Received the following response from ShapeShift.IO

"Thanks for contacting us. We'd need to see the currency get more daily exchange volume. There are lots of coins for us to add, so we follow the market generally."

[RJF]

"The establishment is fighting a tech battle against Bitcoin using technology that’s only sixty years old. It seems to be going about as well as can be expected."

This is great quote, should become the Bitcoin anthem...

[RJF]

For the record, I would like to formally request we move to add DNotes to ShapeShift. I know we touched on this before but, have looked at them again and we could integrate their APIs into DNotesVault which would allow deposit of any supported crypto directly converted to DNotes. Would be quite enticing for those holding large amounts of altcoins who don't want to deal with selling and buying on an exchange. They offer live chat and I have included their contact info below:

Email: mail@shapeshift.io

Chat: https://shapeshift.io/index.html  (popup)


And don't forget to vote for DNotes on Cryptsy!

I have contacted them via email asking their process for getting a coin listed on their exchange. I'll let everyone know when they respond.

Excellent, thank you!

What a great find RJF, that service would be amazing if the API were integrated with the Vault. It would certainly make it much easier for holders of Bitcoin to acquire DNotes, because buy / sell walls on exchanges can be very confusing for people unfamiliar with them.

My thoughts exactly. Anything we can do to ease entry into DNotes will be worth the effort.

Received the following response from ShapeShift.IO

"Thanks for contacting us. We'd need to see the currency get more daily exchange volume. There are lots of coins for us to add, so we follow the market generally."

Well, shouldn't be long before they add us if that's the only thing holding up the process. And, on the other hand, if they added us, they would see more exchange volume. Chicken or egg???

[infovortice2013]

Trading Notes:

DNotes has been on an uptrend for more than a week now. It has exhibited more impressive strength than I anticipated. This confirms the fact, that when it comes to high risk investment, no body can be certain of the outcome. It is impossible to incorporate all the possibilities, both positive and negative. We all need to do our research and make our own decision. However, being a high risk investment with potential high returns, it is important to be reminded that one should only invest a small amount of the total available portfolio. Typically 10% is allocated for a basket of high risk/high return investments as part of a balanced asset allocation. This practice alone could be driving some professional investors to the DNotes’ camp. It can be argued that DNotes could be a preferred choice within that basket of high risk investment. I have certainly been reading the “tea leaves” with interest to see if there is an early indication of that. At this point, it is still too early to tell.

It has been an exciting and anxious time. Like some of you I have been anxious to see where DNotes new trading range will settle. It has not settled. We do not know when or at what range it will settle. What I do know is that even the strongest bull will eventually get tired and needs a break. I don’t believe that there is an exception.

Especially in the cryptocurrency space, I am a firm believer that there are three extremely important considerations to examine.  Has the performance appreciation on record been consistent and sustainable? Is the valuation supported by fundamental values with credible growth rate? Are there efforts to pump up the price with exciting ideas without proven track records of disciplined and successful execution accomplished in the past?

Let me conclude with a real life story. When I was quite successful in the computer business in the early 1990s, many approached me for potential investment and partnership. My preference has always been to focus in one big commitment at a time. I am known to be highly focused and not very good at multi-tasking.

However, I like to give others a chance, at least polite enough to give those who tried hard a chance to present their business plan. There was a very persistence young and somehow got a third appointment to present his business plan despite being turned down twice previously. I was already a little annoyed to say the least but still tried to be respectful and listened attentively if he had anything new to add. His ideas were exciting and he came back with addition good ideas. There was nothing else beyond a bunch of “good ideas”. With no interest to meet with him for the fourth time this was what I told him. “Mr. ___, I am sure you can appreciate that I have a very busy schedule. You certainly have a lot of good ideas. However, with due respect, I must put it this way so that we don’t have to go over them for the fourth time. Good ideas are not worth much by themselves. For comparison, if you agree to buy me a cup of coffee I will pay for the tips. That is how much good ideas are worth.” I never saw that young man again.

When investing, don’t base your decision only on just exciting ideas, concepts and possibilities.  “The possibilities are limitless. Sky is the limit.” It may be the case but most likely not. Good luck.

Well, without ideas ,,,,,,,,,,,
and only with ideas ..........


why not clone shapeshift.io ? BitShares has done with https://metaexchange.info/
make good couple with Dnotesvault can be done only 1 direction whateverAlt to Dnotes

[Chase]

"The establishment is fighting a tech battle against Bitcoin using technology that’s only sixty years old. It seems to be going about as well as can be expected."

This is great quote, should become the Bitcoin anthem...

I agree.  There isn't anything else that needs to be said after that statement! 

[DNotes]

another shirt, not good quality but if like ill do better to print

Great job infovortice2013!

[Dyna]

Trading Notes:

DNotes has been on an uptrend for more than a week now. It has exhibited more impressive strength than I anticipated. This confirms the fact, that when it comes to high risk investment, no body can be certain of the outcome. It is impossible to incorporate all the possibilities, both positive and negative. We all need to do our research and make our own decision. However, being a high risk investment with potential high returns, it is important to be reminded that one should only invest a small amount of the total available portfolio. Typically 10% is allocated for a basket of high risk/high return investments as part of a balanced asset allocation. This practice alone could be driving some professional investors to the DNotes’ camp. It can be argued that DNotes could be a preferred choice within that basket of high risk investment. I have certainly been reading the “tea leaves” with interest to see if there is an early indication of that. At this point, it is still too early to tell.

It has been an exciting and anxious time. Like some of you I have been anxious to see where DNotes new trading range will settle. It has not settled. We do not know when or at what range it will settle. What I do know is that even the strongest bull will eventually get tired and needs a break. I don’t believe that there is an exception.

Especially in the cryptocurrency space, I am a firm believer that there are three extremely important considerations to examine.  Has the performance appreciation on record been consistent and sustainable? Is the valuation supported by fundamental values with credible growth rate? Are there efforts to pump up the price with exciting ideas without proven track records of disciplined and successful execution accomplished in the past?

Let me conclude with a real life story. When I was quite successful in the computer business in the early 1990s, many approached me for potential investment and partnership. My preference has always been to focus in one big commitment at a time. I am known to be highly focused and not very good at multi-tasking.

However, I like to give others a chance, at least polite enough to give those who tried hard a chance to present their business plan. There was a very persistence young and somehow got a third appointment to present his business plan despite being turned down twice previously. I was already a little annoyed to say the least but still tried to be respectful and listened attentively if he had anything new to add. His ideas were exciting and he came back with addition good ideas. There was nothing else beyond a bunch of “good ideas”. With no interest to meet with him for the fourth time this was what I told him. “Mr. ___, I am sure you can appreciate that I have a very busy schedule. You certainly have a lot of good ideas. However, with due respect, I must put it this way so that we don’t have to go over them for the fourth time. Good ideas are not worth much by themselves. For comparison, if you agree to buy me a cup of coffee I will pay for the tips. That is how much good ideas are worth.” I never saw that young man again.

When investing, don’t base your decision only on just exciting ideas, concepts and possibilities.  “The possibilities are limitless. Sky is the limit.” It may be the case but most likely not. Good luck.

Well, without ideas ,,,,,,,,,,,
and only with ideas ..........


why not clone shapeshift.io ? BitShares has done with https://metaexchange.info/
make good couple with Dnotesvault can be done only 1 direction whateverAlt to Dnotes

There are legal exposures. We will take our time to do things right. There will come a time when others will come and knock on our door. It is always better to come from a position of strength. We just have to work a little harder if if want to get there faster. We will achieve our goals through hard work; not short cuts.

[OCTOPARTY]

not shorts. cuts.

DNOTES is looking great! that's from a lot of hard work from you guys.

[infovortice2013]

There are legal exposures. We will take our time to do things right. There will come a time when others will come and knock on our door. It is always better to come from a position of strength. We just have to work a little harder if if want to get there faster. We will achieve our goals through hard work; not short cuts.

+5%

jaja thanks Dnotes ,hey is serius but fan and transmit global Dnotes evolution (or want to transmit it )

another shirt, not good quality but if like ill do better to print

Great job infovortice2013!

[mrbum805]

Hey infovortice2013, I like that shirt it looks great! I cant wait to see what else people come up with. I hope these couple designs get people motivated. Just remember stakeholders, if DNotes/community chooses to make a shirt with your design. You can actually tell yourself that you had a helping hand in the growth of DNotes in the beginning days. Think about this. If all goes as well or as planned and you blow of your idea now, in 10 years you may be kicking yourself (even though it'll probably change by then.. unless its awesome!).

[RJF]

Well, it had to happen some day, DNotes on ebay...

http://www.ebay.com/itm/15-DNotes-NOTE-cryptocurrency-counterpart-to-Bitcoin-Litecoin-/111612650940?ssPageName=ADME:SS:SS:US:1120

[TeeGee]

Well, it had to happen some day, DNotes on ebay...

http://www.ebay.com/itm/15-DNotes-NOTE-cryptocurrency-counterpart-to-Bitcoin-Litecoin-/111612650940?ssPageName=ADME:SS:SS:US:1120

That's awesome! Only problem is, is that it says they may not 'ship' to New Zealand. I might have to sit this one out!

[Dyna]

Well, it had to happen some day, DNotes on ebay...

http://www.ebay.com/itm/15-DNotes-NOTE-cryptocurrency-counterpart-to-Bitcoin-Litecoin-/111612650940?ssPageName=ADME:SS:SS:US:1120

Sometimes we forget that we live in a capitalist world. Entrepreneur will invest their money in opportunities that could be profitable. As DNotes get better established, there will be many more who will invest in the DNotes ecosystem, just like the way others have invested in the Bitcoin ecosystem. Many things our community wished for today will happen when the time is right.

The main difference about DNotes is that we planned it as a business and managed it as a business from day one. Essentially we have been able to identify weaknesses and potential pitfalls in the system, as well as opportunities and incorporated a system in our strategic plans to overcome or avoid known problems while exploiting our strengths for the best opportunities. As it has already become apparent, we have taken the lead in establishing what we believe to be the most important part of the ecosystem, in order to position DNotes on the best path and grow it to become a dominant force. We call them strategic properties, including CryptoMoms, DNotesVault and our family of CRISPs. They are all strategically linked and will provide very healthy rate of growth in fundamental values to justify the increasing price of DNotes. Collectively, they will be the most effective means of securing mass acceptance of DNotes as a medium of exchange on a global scale. This is just the beginning. We prefer to start small and have a long way to go before pushing for large scale implementation.

[Dyna]

Bad news for Apple Pay:


"APPLE PAY FRAUD RATES INCREASE 6000% OVER NORMAL DEBIT SWIPES"

"As the technology wars heat up in the merchant payment industry, the establishment’s foray known as Apple Pay has run into some major identity theft and fraud issues. NFS (Near Field Communications) may be clever. Biometric fingerprint scans into iPhones can make a user feel safe and secure, or just forward the user’s information to unknown third parties. At the core of the problem is the weakest link in the Apple Pay chain. The debit card itself.

Fraud and Identity Theft quickly join Apple Pay

Apple gets a nice .15% fee for every Apple Pay based on Apple’s salesmanship on the idea that their new system is more secure than the average credit or debit card swipe. According to Cherian Abraham, who is an advisor to SimplyTapp, which provides the host-card-emulation technology used to allow contact-less payments on devices using Google’s Android operating system, this problem came to light last month. He exposed it in his original blog post, and the problem appears early on in the Apple Pay process.

When a new credit or debit card is entered into the Apple Pay system, Apple sends the user’s information, such as last four digits of the social security number and location. If the information doesn’t match up, the bank will require a call from the consumer to confirm. The bank usually asks for the user to verify the last four digits of their social security number. Banks are reticent to ask too many questions, which would make the process arduous and more inconvenient, dissuading users from using Apple Pay.

According to Abraham, organized crime rings hand out pre-provisioned devices to mules, who then commit fraud with them. Hotbeds for this type of activity occurring include the areas around Miami, FL, and Dallas, TX. Untraceable prepaid cards are the preferred tool of choice, with their quick ability to exchange for goods or cash. Many times, the fraud ring hits Apple stores areas themselves. Isn’t that ironic? This scourge has shown fraud rates rise from 0.1% of overall debit/credit swipe transactions to up to 6% in recent Apple Pay transactions, dependent on bank and area.

Unable to refute the rampant fraud claims, all an Apple Pay spokeswoman could say in response was

“Apple Pay is designed to be extremely secure and protect a user’s personal information. Banks are always reviewing and improving their approval process, which varies by bank.”

Are fraud and identity theft exclusively an Apple Pay problem? Of course not. The new system just has some weaknesses that the criminal underworld has quickly borne out. Debit/credit card based programs are rife with fraud, as shown by the recent cases of mass consumer compromise at major retailers like Target and Home Depot. Tens of millions have had their personal accounts compromised throughout the U.S. using these now antiquated monetary transfer systems. Criminals with 21st century computer technology easily prey upon debit/credit card users.

These kinds of issues are some of the many upgrades Bitcoin provides over the 1950’s technology of the debit card. Transactional fraud and identity theft are virtually non-existent in the Bitcoin ecosystem. Apple Pay didn’t say they could beat that juggernaut in the debit card system, but they did say it would cut it from it’s current rates, and that hasn’t happened.

The establishment is fighting a tech battle against Bitcoin using technology that’s only sixty years old. It seems to be going about as well as can be expected."

https://www.cryptocoinsnews.com/apple-pay-fraud-rates-increase-6000-normal-debit-swipes/

This is extremely important Breaking News.  Perhaps the Headline should be revised to Read: “Bad news for Apple Pay (and Credit Card Companies)”.

It may take years for enough people to understand, but there are radical differences in the production, accounting, storage, and transfer of digital currency as oppose to fiat currency. Essentially there are two very different systems with different philosophies in the creation, storage, book keeping, exchange of assets, and transfer of wealth. Many major business decisions and investments have been made without a sufficient understanding of the total package. Too many articles have been written and published with the wrong conclusions due to a lack of sufficient understanding of both systems. I can write a book on this, or include a chapter in a book if I only have enough hours left at the end the day.  

Let me briefly cover three vital differences between the two systems that are in play here. There are more, in fact many more, to the extent that I have no doubt that digital currency is far superior to fiat currency when we compare and contrast them in a complete and object manner. I am conclusive that digital currency is the future of money, in this digital age. Of course, there are problems, issues or weaknesses, including volatilities, liquidity, store of value and mass acceptance as a medium of exchange. DNotes will continue to resolve all those problems over time and at a minimum, DNotes will reach a level that is equal to or better than any other fiat currency within the next few years.

Fiat currency and its associated credit and debit card payment network systems are based on an absolute dependency on personal identity with multiple exposures that can be and have been compromised. With multiple intermediaries requiring proof of identity for the release of funds, loans and credit approval based of the “holder” of the required private information, this has been proven repeatedly to involve high risk exposures. In practical terms, your personal records are not so private because they are required to be exposed during the transaction, approval and data storage processes.

This has been and will continue to be a huge problem. There is no viable solution on top of a highly inefficient and costly banking and payment network system. Another major difference is that, whether you are going consider it as good or bad, they do keep their ledger and book keeping private. Furthermore, you don’t always need to have the funds already in your account to write a check and pay someone. The holder of your private information is the one granted the ability to add funds to your account (new loan and credit card) or pull funds from your account.

In brief, our current banking, credit and debit card payment network systems must have your private information to conduct business. However, they do keep your transactions private. You can also get away in writing a check to pay someone without money in your account.

By comparison, digital currency does not require or store any private information. It can only be pushed out, or spent by the holder of the private key to the digital wallet. If you don’t have the key to get inside the wallet, you can not “push” the funds out. In addition, you can not send more funds than what is available in the wallet. In this case, it is like the cash in your fiat currency wallet. You can not spend more in cash than you have. Furthermore, all of your transactions and balances are verified and confirmed, by a massive peer to peer computing network, based majority consensus to be legitimate and correct. Only then it is recorded and displayed in a public ledger for everyone to see and verify. Once confirmed, the transaction is not reversible.

This is a far superior system. Those who are yet to be convinced are either uninformed, misinformed, totally misled, or given up on the possibility that digital currency can be stable and a good store of value.

Bitcoin alternative DNotes has demonstrated that stability and good store of value are achievable as demonstrated throughout its existent since February 18, 2014. It is now taking the next major challenge to demonstrate that digital currency is a superior medium of exchange. Equipped with CryptoMoms, DNotesVault, and a whole family of savings plans for the consumers and small business owners, mass acceptance of DNotes as a store of value and a medium of exchange may be only a couple of years down the road. As obstacles of volatilities and store of value are put to rest, the doubt on the superiority of digital currency over fiat currency will become more compelling. Supportive mainstream media and regulators will go a long way in extracting the best of an immensely innovative technology with positive world changing implications.

********************************

Dear DNotes supporters,

Please make an extra efforts to comment on this post. I am considering using the framework of this article for an industry press release. Thanks.

[SmokeysGardens]

Bad news for Apple Pay:


"APPLE PAY FRAUD RATES INCREASE 6000% OVER NORMAL DEBIT SWIPES"

"As the technology wars heat up in the merchant payment industry, the establishment’s foray known as Apple Pay has run into some major identity theft and fraud issues. NFS (Near Field Communications) may be clever. Biometric fingerprint scans into iPhones can make a user feel safe and secure, or just forward the user’s information to unknown third parties. At the core of the problem is the weakest link in the Apple Pay chain. The debit card itself.

Fraud and Identity Theft quickly join Apple Pay

Apple gets a nice .15% fee for every Apple Pay based on Apple’s salesmanship on the idea that their new system is more secure than the average credit or debit card swipe. According to Cherian Abraham, who is an advisor to SimplyTapp, which provides the host-card-emulation technology used to allow contact-less payments on devices using Google’s Android operating system, this problem came to light last month. He exposed it in his original blog post, and the problem appears early on in the Apple Pay process.

When a new credit or debit card is entered into the Apple Pay system, Apple sends the user’s information, such as last four digits of the social security number and location. If the information doesn’t match up, the bank will require a call from the consumer to confirm. The bank usually asks for the user to verify the last four digits of their social security number. Banks are reticent to ask too many questions, which would make the process arduous and more inconvenient, dissuading users from using Apple Pay.

According to Abraham, organized crime rings hand out pre-provisioned devices to mules, who then commit fraud with them. Hotbeds for this type of activity occurring include the areas around Miami, FL, and Dallas, TX. Untraceable prepaid cards are the preferred tool of choice, with their quick ability to exchange for goods or cash. Many times, the fraud ring hits Apple stores areas themselves. Isn’t that ironic? This scourge has shown fraud rates rise from 0.1% of overall debit/credit swipe transactions to up to 6% in recent Apple Pay transactions, dependent on bank and area.

Unable to refute the rampant fraud claims, all an Apple Pay spokeswoman could say in response was

“Apple Pay is designed to be extremely secure and protect a user’s personal information. Banks are always reviewing and improving their approval process, which varies by bank.”

Are fraud and identity theft exclusively an Apple Pay problem? Of course not. The new system just has some weaknesses that the criminal underworld has quickly borne out. Debit/credit card based programs are rife with fraud, as shown by the recent cases of mass consumer compromise at major retailers like Target and Home Depot. Tens of millions have had their personal accounts compromised throughout the U.S. using these now antiquated monetary transfer systems. Criminals with 21st century computer technology easily prey upon debit/credit card users.

These kinds of issues are some of the many upgrades Bitcoin provides over the 1950’s technology of the debit card. Transactional fraud and identity theft are virtually non-existent in the Bitcoin ecosystem. Apple Pay didn’t say they could beat that juggernaut in the debit card system, but they did say it would cut it from it’s current rates, and that hasn’t happened.

The establishment is fighting a tech battle against Bitcoin using technology that’s only sixty years old. It seems to be going about as well as can be expected."

https://www.cryptocoinsnews.com/apple-pay-fraud-rates-increase-6000-normal-debit-swipes/

This is extremely important Breaking News.  Perhaps the Headline should be revised to Read: “Bad news for Apple Pay (and Credit Card Companies)”.

It may take years for enough people to understand, but there are radical differences in the production, accounting, storage, and transfer of digital currency as oppose to fiat currency. Essentially there are two very different systems with different philosophies in the creation, storage, book keeping, exchange of assets, and transfer of wealth. Many major business decisions and investments have been made without a sufficient understanding of the total package. Too many articles have been written and published with the wrong conclusions due to a lack of sufficient understanding of both systems. I can write a book on this, or include a chapter in a book if I only have enough hours left at the end the day.  

Let me briefly cover three vital differences between the two systems that are in play here. There are more, in fact many more, to the extent that I have no doubt that digital currency is far superior to fiat currency when we compare and contrast them in a complete and object manner. I am conclusive that digital currency is the future of money, in this digital age. Of course, there are problems, issues or weaknesses, including volatilities, liquidity, store of value and mass acceptance as a medium of exchange. DNotes will continue to resolve all those problems over time and at a minimum, DNotes will reach a level that is equal to or better than any other fiat currency within the next few years.

Fiat currency and its associated credit and debit card payment network systems are based on an absolute dependency on personal identity with multiple exposures that can be and have been compromised. With multiple intermediaries requiring proof of identity for the release of funds, loans and credit approval based of the “holder” of the required private information, this has been proven repeatedly to involve high risk exposures. In practical terms, your personal records are not so private because they are required to be exposed during the transaction, approval and data storage processes.

This has been and will continue to be a huge problem. There is no viable solution on top of a highly inefficient and costly banking and payment network system. Another major difference is that, whether you are going consider it as good or bad, they do keep their ledger and book keeping private. Furthermore, you don’t always need to have the funds already in your account to write a check and pay someone. The holder of your private information is the one granted the ability to add funds to your account (new loan and credit card) or pull funds from your account.

In brief, our current banking, credit and debit card payment network systems must have your private information to conduct business. However, they do keep your transactions private. You can also get away in writing a check to pay someone without money in your account.

By comparison, digital currency does not require or store any private information. It can only be pushed out, or spent by the holder of the private key to the digital wallet. If don’t have the key to get inside the wallet, you can not “push” the funds out. In addition, you can not send more funds than what is available in the wallet. In this case, it is like the cash in your fiat currency wallet. You can not spend more in cash than you have. Furthermore, all of your transactions and balances are verified and confirmed, by a massive peer to peer computing network, based majority consensus to be legitimate and correct. Only then it is recorded and displayed in a public ledger for everyone to see and verify. Once confirmed, the transaction is not reversible.

This is a far superior system. Those who are yet to be convinced are either uninformed, misinformed, totally misled, or given up on the possibility that digital currency can be stable and a good store of value.

Bitcoin alternative DNotes has demonstrated that stability and good store of value are achievable as demonstrated throughout its existent since February 18, 2014. It is now taking the next major challenge to demonstrate that digital currency is a superior medium of exchange. Equipped with CryptoMoms, DNotesVault, and a whole family of savings plans for the consumers and small business owners, mass acceptance of DNotes as a store of value and a medium of exchange may be only a couple of years down the road. As obstacles of volatilities and store of value are put to rest, the doubt on the superiority of digital currency over fiat currency will become more compelling. Supportive mainstream media and regulators will go a long way in extracting the best of an immensely innovative technology with positive world changing implications.

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Dear DNotes supporters,

Please make an extra efforts to comment on this post. I am considering using the framework of this article for an industry press release. Thanks.

     I regret that this cannot be used for your article, but to me, Apple Pay is like "putting lipstick on a pig". The current payment system is out of date, and will someday be obsolete. That someday, however, may be many decades away. All Apple is doing is building another "layer" on top of a flawed system.

Smokey

[Dyna]

Smokeys, you are correct that Apple Pay is only adding another layer of cost to an already costly oudated payment system. The justification for that extra cost was supposed to be an added layer of security which as it turned made it less secure. It is a fundamental structure problem of massive propotion. There are no viable acceptable solution except for the entire structure to be rebuilt or replaced.