Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 138. (Read 814547 times)

How's it going minerpage? Haven't seen you here in a while.

Unbelievable how the "good old boy" system tries all the dirty tricks in the book to eliminate BTC "competition". One can only hope that the market catches up quick enough before the irreparable damage is done.

Sounds like collusion to me. The tables are slowly turning and big business will find it more difficult to operate withing the "good old boy" system as time goes on. Politicians, who have belonged to that system since the beginning of time, are also feeling pressure to investigate incidents such as this from an ever more aware public. It's sort of like coming out of a long coma. First you see the light, then you start to focus and your brain begins to process the world around you, then you become fully aware and take action.

Yes, kudos to Senator Matthew Canavan for taking that action. Lets hope others see the light as well...

Agreed, collaborating to destroy a specific legitimate business, and creating a monopoly, should be illegal anywhere in the world. Kudos to Senator Matthew Canavan.

Speaking to the Australian Financial Review, ACCC chairman Rod Sims said the investigation was in its early stages:

"It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way."

The chairman added: "We are asking the banks why they acted as they did and what contact there was between them."

The investigation was prompted by Queensland Nationals Senator Matthew Canavan, who reportedly urged the ACCC to investigate whether the banks had acted in an anti-competitive manner, after they reportedly decided to shut the accounts of some 17 bitcoin businesses.

Banks Investigated for Closure of Bitcoin Company Accounts

The Australian Competition and Consumer Commission is investigating the actions of banks in the country, after they reportedly closed down the accounts of various bitcoin operating businesses. The investigation was prompted by Queensland Nationals Senator Matthew Canavan

http://www.coindesk.com/banks-investigated-for-closure-of-bitcoin-company-accounts/?utm_source=CoinDesk+subscribers&utm_campaign=cdde5aeb97-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-cdde5aeb97-78905009

Looks like somebody is taking this seriously for a change....

I will be very busy trying to get another project started, over the next two weeks, and will only check in twice a day with minor comments. Keep up with the good work.

“Banking is predicated on a fairly simple premise that has given bankers and Wall Street operators the feeling of an exclusive, old boys club”

It is never easy to give up a good thing.  However, they will have to learn pretty quickly before someone come in and start eating away their nice dinners. That seemed t0 be happening in Singapore as reported:

“bankers scramble to understand the impact of blockchain's distributed ledger technology that underpins cryptocurrencies like Bitcoin, and Ripple's service. People queued for over an hour for the first session and the Innotribe overflow seating area looked like this...”
   

Brett King Become a fan
Host of the Breaking Banks Radio Show

In Singapore this week, the incredible response to the discussion on the "blockchain" at SIBOS Innotribe is indicative of a massive shift taking place globally in banking. FinTech, or Financial Technology, is taking over the world of banking and financial services as most of what we've thought of as banking is now simply becoming encoded in software. Software and algorithms that many are arguing may be better at doing banking and managing our money than banks themselves.

Banking is predicated on a fairly simple premise that has given bankers and Wall Street operators the feeling of an exclusive, old boys club. Information scarcity and access to proprietary bank networks has made the operation of financial services a mysterious, yet defensible 'black box' capability. Those that have long made money off the street and within the biggest banks of the world have righteously defended the need for regulation, bank charters and rules like anti-money laundering and "know-your-customer" requirements to protect the market. The very fabric of that system is starting to come undone at the seams.

SIBOS is the world's largest financial service conference. It started in 1978 with just 300 participants, but in Singapore this year SIBOS expects more than 7,000 attendees from 140 countries around the world. Walking around the SIBOS conference exhibition floors you see all the world's biggest banks UBS, HSBC, Citibank, ABN Amro, and then we see all the Singapore brands like UOB, OCBC Bank and DBS.

This morning, the first morning of the conference, however, all eyes and ears were on the session entitled New Kids on the Blockchain. An estimate 1,000 people were crammed into an area meant to house approximately 200 people at the opening Innotribe session this morning, as bankers scramble to understand the impact of blockchain's distributed ledger technology that underpins cryptocurrencies like Bitcoin, and Ripple's service. People queued for over an hour for the first session and the Innotribe overflow seating area looked like this...

Simon Taylor, one of the instigators behind Barclay Bank's recent adoption of the blockchain and a panelist on the blockchain session, spoke about the reason Barclays is focusing on the technology
"The Blockchain could solve a whole host of issues, not least cost issues, and make life easier for Barclay's clients. It's our duty to aggressively understand the impact of this technology on the way the bank needs to work moving forward. If we don't attack this innovation at the edges of the bank, then we can't shape the control functions within the bank or help SME's leverage off this new technology."
Rumors at Innotribe suggested that Barclays is about to announce some major initiatives in NYC prototyping various blockchain applications.

Neal Cross, from Singapore's DBS Bank Innovation Lab also sat on the morning's blockchain panel and had an even more compelling vision of the technology's impact on banks

"The big thing for DBS is that blockchain technology has the potential to enable businesses to interact without a central authority, and what should attract banks is that it comes pre-tested in respect to scale and security as the underlying infrastructure of bitcoin. The potential to reduce risk, reduce complexity and improve the trade finance value chain is something that DBS is partnering with a number of other banks on. If banks aren't looking at leading technologies like blockchain, then they may not be able to survive the wave of disruption from the thousands of FinTech and technology companies coming their way."

Meanwhile across the floor of the exhibition space where the Innotribe session was being overwhelmed by attendees, Wells Fargo was showing off their latest banking technology

This well illustrates the forces acting on Wall Street and the banking industry globally today. Banking hasn't really changed that much in the last 200 years, but the forces that are impacting banking this decade are better understood by technologists, programmers and user experience designers, than they are by bankers.

If the Innotribe event at SIBOS is any indication the best banks in the world in a decade will likely be technology companies, whether they have a bank charter or Wall Street office is entirely optional.

Thanks Mark, your points are well taken, we are all working towards the same goals and our industry could benefit by working together where helpful.

It's a bit after the fact, but here is some information that would have been helpful.

UK‘s Baldwin Describes Benefits of Cryptocurrency and Blockchain Tech
Britain’s interest in FinTech was highlighted again this week as the Economic Secretary of HM Treasury once again affirmed the government’s commitment to realizing the potential benefits of digital currency and the blockchain. In her speech, Harriet Baldwin MP mentioned the UK government’s March commitment to spend £10m on cryptocurrency and distributed ledger research, while also acknowledging the need for an intelligent regulatory scheme that doesn’t unduly stifle innovation.

http://dcebrief.com/blockchain-weekly-recap-10-17-2015/

The fact that we have committed to bring digital currency exchanges into regulation has been welcomed by industry, and it’s already resulted in digital currency businesses relocating to the UK.

For example, Circle, a bitcoin services company, has announced that it is planning to open a London office from which it will coordinate its European expansion. Why the UK? Well, Circle were very clear: it was because of our positive attitude to FinTech and to digital currencies.

https://www.gov.uk/government/speeches/uk-to-lead-on-big-data-research-says-harriett-baldwin

Morning. Thanks so much for your birthday wishes.

Maintaining good relations with other crypto communities is simply good sense. Think of farmers: they're all in direct competition; but they all co-operate without hesitation on some issues.

Cryptomoms particularly stands to benefit long-term from this -- I wonder if this community quite understands the uniqueness of this initiative. To the best of my knowledge, there is no other site -- 'pan-crypto' -- like it on Planet Krypto.

The hard part is not being taken as a troll. (They're thick on the ground, them trollzes!) But regular polite interactions will give you the necessary positive reputation.

Mark (IndiaMikeZulu), Australia

Good deal, happy birthday Uno.

DCEBrief is a class act!!

This is published in the weekly recap:

"Unobtanium Reaches Veteran Cryptocurrency Status as it Celebrates its Second Year"

"Unobtanium, the first 'Crypto Commodity' was first launched October 18, 2013. Stop by and wish their community a happy 2nd birthday."  https://bitcointalk.org/index.php?topic=527500.new#new

http://dcebrief.com/digital-currency-weekly-recap-10-18-2015/

All, here is the second weekly digital currency recap. Please send your comments and feedback.

Digital Currency Weekly Recap 10-18-2015

http://dcebrief.com/digital-currency-weekly-recap-10-18-2015/

There are many great ideas. Payoffs can only come with successfully executed action plans. Unfortunately, that has often been lacking.

Thanks, for the reminder, Chase. I just posted on behalf of CryptoMoms. I noticed that you mentioned DNotes.

This is one of the better articles I came across recently:

“Lean business models and frugality are the order of the day for bitcoin companies in 2016.”
I agree. DNotes is the model for everyone to follow. We have created a trusted brand, built a strong community and a purposeful ecosystem, without asking for a single donation outside of our core stakeholders and founders. Neither have we accepted a single $ in VC funding.

“The bitcoin industry is still years away from maturity.”

Correct. We have a long way to go, but it will be so massive that those with the right business models that can survive the test of time will reap huge rewards.

“Unfortunately, many business were launched on the back of overly optimistic industry growth projections.”

True. The easiest way to raise seed and VC money is to have a business plan written on a piece of napkin with an imaginary road map and an impressive growth projection, after both parties had a few drinks. (Caution: only slightly stretched)

My point is that, as sad as it may be, it is easier to impressive most people with exciting ideas, because there is nothing can be proven at the time of the presentation. Once that idea is being put to test, it becomes a very different story. In my opinion, there has been a lot of money thrown at not very smart ideas. We are now seeing the result of very high rate of failures.


“there just isn’t currently enough volume to support all the exchanges, payment gateways and wallet providers that have sprung up, let alone the number of secondary service providers.”

Great observation. The smart ones will evolve into other business or collaborate and partner with promising emerging players, well positioned to be future leaders, as in the case of DNotes. It will not surprise me that DNotes becomes one of the most sought after strategic partners in 2016.


“Bitcoin businesses will need to learn very quickly that they have to grow with the industry rather than ahead of it.”

Good advice, but unfortunately many learned their lessons after the fact. They only come to realize that they “should have, ….. could have …”  when they found themselves without a company or a job.

“Well-backed business with patient investors or those that are owner-operated with a low cost base will be best placed to survive.”

Is the author referring to DNotes? That is what we are about. Most of our investors are here for the very long term. Less than 1% of DNotes depositors ever withdrew their DNotes from the DNotesVault. We work very hard and we are patient investors.

“{A lot of investors are now chasing so-called ‘blockchain ideas’}”

Blockchain technology offers massive potential. In numbers, this could match the large number of PC business owners during the early years of personal computers. Like personal computer, there will be a few big winners, with many making a decent living, while others never realized their dreams.



What 2016 Holds for Bitcoin Businesses
Charlie Woolnough (@CoinCorner) | Published on October 18, 2015 at 11:00 BST

Charlie Woolnough is a co-founder of CoinCorner, a consumer-focused bitcoin services business. In this article, he gives his view on the current state of the bitcoin industry and what companies in the space should expect from next year.

The bitcoin industry is still years away from maturity. Unfortunately, many business were launched on the back of overly optimistic industry growth projections. The hard reality is, there just isn’t currently enough volume to support all the exchanges, payment gateways and wallet providers that have sprung up, let alone the number of secondary service providers, such as bitcoin compliance solutions, that have been created to support the first wave of service providers.

Belt tightening
Many of these businesses will need to take radical steps to survive the next few years while consumer adoption catches up with service provider expectation. We are already seeing signs of this where those business that haven’t been able to reach critical mass are forced to close, resize,pivot or merge with competitors.

Expect to see this trend accelerate in the next 12-18 months. Even those companies that have raised large amounts of investment aren’t immune to the situation. Indeed, they will now have a different type of pressure to deal with – the pressure of investor expectation and the fight to avoid the dreaded ‘down round’ if they need to secure further funds to continue operating, which many will.

Bitcoin businesses will need to learn very quickly that they have to grow with the industry rather than ahead of it. Consumer education and the public promotion of bitcoin is admirable, not to mention required, but we are still several years away from sports sponsorship being an optimal use of company funds.
Well-backed business with patient investors or those that are owner-operated with a low cost base will be best placed to survive.

Blockchain needs bitcoin (or at least its user base)
A lot of investors are now chasing so-called ‘blockchain ideas’. However, it’s not always entirely clear how a lot of these ideas will generate revenue or gain user traction any time soon. A sensible approach would be for blockchain businesses that are targeting consumers to partner with more established bitcoin business that are already operating in the space and have reached a critical mass of users.

At least then they would have ready access to a consumer base that has some appetite for more nascent blockchain-related services. It’s hard to imagine people who haven’t already experimented with bitcoin, suddenly rushing to register assets on the blockchain, for example.

Surely it’s those people that have adopted and experimented with bitcoin that will be the most likely early adopters of blockchain services as well. For many, bitcoin will become the gateway to the blockchain. It’s how people will get comfortable with the technology.

The banking issue
It has been said many times that bitcoin needs a killer app to become mainstream. However, don’t we have that already in the form of extremely cheap peer-to-peer payments? What is needed is a more seamless consumer experience between traditional finance and bitcoin.

Bitcoin is currently functioning in spite of an awkward relationship with banks. If this relationship could be improved then bitcoin could thrive. How can we ever hope to get greater consumer adoption for bitcoin when many users’ first experience is the loss of £25 for an international bank transfer or a 3% credit card fee for the pleasure of acquiring their first bitcoin. It’s self-defeating and means only diehards and those keen on experimentation will make the leap from fiat to crypto currency.

So, how do we bridge the gap between banking and bitcoin? Unsurprisingly, the answer lies in banking’s favourite arena of regulation and compliance.

Regulation
Regulation is required to give banks the certainty they need to provide banking facilities to the sector. How a bitcoin business then satisfies a bank that they are in compliance with any relevant regulation is the next big hurdle. This is where regulators need to realise that applying traditional compliance metrics to bitcoin is pointless.

A new paradigm is needed that recognises and embraces the unique characteristics of bitcoin. As a result, bitcoin compliance and those who create products that are able to help get banks comfortable with bitcoin, is critical to the development and growth of the sector. Herein lies the acid test, if the bitcoin compliance providers can’t create a product that banks approve of, they won’t get many clients.
It will be interesting if the Isle of Man’s new Designated Business Act, which comes into force in the next few weeks and requires crypto businesses to register with the island’s financial regulator, does anything to enhance bank’s appetite for the sector.

Ten predictions for 2016
1.   Bitcoin companies with just one business line will increasingly become disintermediated by those that offer multiple services.
2.   Investor clamour for all things blockchain will return full circle as blockchain start-ups begin to partner with more established bitcoin businesses.
3.   Sadly more bitcoin business will close or consolidate.
4.   Bitcoin adoption will continue to move slowly forward – mass consumer adoption is still in the future.
5.   The relationships between banks and bitcoin business will begin to thaw as more sophisticated bitcoin compliance solutions come to the market.
6.   We will see fewer and fewer pure bitcoin start-ups – those that already exist now have too much of a head start.
7.   Bitcoin legislation will begin to evolve at a faster pace and will help give the sector added credibility.
8.   There will be more fraud related to altcoins.
9.   Investment in the sector will plateau until consumer adoption dramatically increases.
10.   The price of bitcoin will remain relatively static around the $200-$300 range.

Final thought
Ultimately, bitcoin will survive and gain greater public adoption – the technology is simply to compelling to ignore. However, whether many of the companies currently operating in the space will survive long enough to reach the promised land remains to be seen.

Lean business models and frugality are the order of the day for bitcoin companies in 2016. A loyal and growing customer base will surely help as well.

To learn more about what happened in the bitcoin and blockchain space in the third quarter of this year, see our latest State of Bitcoin and Blockchain Report

Source: http://www.coindesk.com/what-2016-holds-for-bitcoin-businesses/

Today is Unobtanium's 2nd birthday (that is old in crypto!) and they have invited other communities to drop in and say hello. 

This blog post was published a few months ago by Ziftr.  There was a ZiftrCoin, but it doesn't seem to be active anymore.  The post was interesting in that the author feels that it is a lack of security and customer rewards programs that is holding back mainstream adoption by consumers of mobile payments.


Security and Rewards: The Keys to Mainstream Consumer Adoption of Mobile Payments

http://blog.ziftr.com/2015/07/21/security-and-rewards-the-keys-to-mainstream-consumer-adoption-of-mobile-payments/