Australian Bitcoin-Exchange Closures
‘A whole bunch of stuff is slightly untrue in really important ways.’
Ian Ridgwell
“Two pioneering Australian fintech companies were off and running on Wednesday under the pleased eye of trumpeter of innovation and Prime Minister, Malcolm Turnbull.”
http://www.afr.com/technology/malcolm-turnbull-on-hand-as-new-ipo-investment-app-launches-20151007-gk3ci5Storm in a teacup . . . almost.
The Reuters article is not very accurate. The attack is real, but exchanges aren’t being closed so much as having to scramble for every fewer accommodating banks. There’s very very little discussion or awareness of what’s going on.
The
overall situation remains one of agitation, but far from wholly negative – for example, three of the banks involved in the closures are trialing cryptos, and check the article referenced above.
Interestingly, campers, what Ian and I found ourselves eager to say is:
Australians are lost and exhausted deep in a postmodern maze of corporate gobbledee talk and leave-a-message-after-the-beep and debt-fueled-affluence time-poverty.
What this will ultimately mean for cryptos we don’t know, but we agree that great efforts must be made to ease the way for The 99%.
Mark
Thanks, for the post, Mark. Very informative. DNotes has a clear vision right from the "get-go" that we must build a trusted brand, if the currency were to have sustainable value. Time is on our side, as long as we stay the course; demonstrating absolute integrity and trustworthiness. We must plan our destiny and govern our destiny. Only with that can we remain with a high level of confidence that DNotes will one day be the trusted global digital currency for everyone worldwide.
DNotes is the only digital currency with its own ecosystem being built block by block and 100% funded by some of its stakeholders. This is no small undertaking in terms of cost or efforts, but, without a doubt, the right thing to do for the best interest of all our stakeholders and our industry.
We recognize that our world is not perfect and will never be. There will always be the inherent tendency to protect one's own self-interest before others; occasionally at the cost of others. Banks and credit/debit card companies are the incumbents that will be most seriously disrupted by Bitcoin and other digital currencies like DNotes.
They are now reacting, out of fears, and pushing back. Over the long term, that will hurt them more than help them. I am glad that you confirm the fact that, "The attack is real, but exchanges aren’t being closed so much as having to scramble for every fewer accommodating banks."
We believe that there will always be some "smart banks", just like, there will always be some "good guys." Those could be our best friends and we are on a mission to find them. If all failed, we will be our own bank. We govern our own destiny; hence all that extra efforts and costs to ensure that we are building a complete system that can collaborate or be self-sustaining by itself.