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Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 217. (Read 814541 times)

legendary
Activity: 1806
Merit: 1029
This is a good day for CryptoMoms. It's about time.


A Woman To Appear on US$10 Bill By 2020, Women in Bitcoin To Receive More Recognition?

Written by: Jp Buntinx
2015/06/19 11:54 AM
http://bitcoinist.net/a-woman-to-appear-on-us10-bill-by-2020/


One thing that can be said about the financial world is that it is mostly dominated by males in every aspect. Even though there are plenty of powerful and smart women in the financial sector, they often get overlooked by their male counterparts. But that situation is about the change, as, for the first time in over a century, there will be a female on the US$10 dollar bill in 2020.

Women Deserve More Respect and Praise In The Financial World


The year 2020 is not picked at random, as this date will mark the 100-year anniversary of the passing of the 19th United States Amendment. You may know the 19th Amendment for its most important aspect of giving women the right to vote. It seems only logical to mark such a historic celebration by, once again, featuring a female face on the US$10 bill.

Even though there have been no female faces on the US currency bills since the country’s inception of paper money in 1928, there have been some notorious faces on US currency in the past. Back in 1886, Martha Washington’s face was depicted on every US$1 silver certificate. Furthermore, both Shoshone guide Sacagawea and Susan B. Anthony have been represented on gold and silver dollar coins.
This decision should not come as a surprise to US citizens, as Senator Jeanne Shaheen recently introduced legislation to put a woman on the US$20 bill. And the reasoning behind the higher denomination note – US$20 bill vs. US$10 bill – stems forth from current honoree Andrew Jackson’s opposition to paper money.

Sometimes, these legislations receive support from an unexpected corner. President Barack Obama voiced his support for putting a woman on paper currency. His precise words that it is “a pretty good idea”. Needless to say, such a nod of approval from the world’s mightiest person is invaluable.
Bitcoin To Show Women Some Support Next?

Just like the financial world is being dominated by males, so is the world of Bitcoin and digital currency, unfortunately. Not because there is a lack of brilliant woman in Bitcoin – although more are always welcome – they hardly ever seem to make it to a “position of power”. However, that situation might change any day now, and most of the Bitcoin community would see it as a welcome change to boot.


Personally, as a woman having to deal with the world, what I actually want is not so much recognition, but power. And what I mean by power isn't the "I want to take over the world" kind of power. I mean the power to do what needs to get done in my sphere of influence, whether it be with my family, my work, or my community. To the extent that recognition helps me do what needs to be done, it is welcome. Recognition for its own sake, though, without accompanying power, is actually kind of annoying.

I don't want to claim to speak for all women here, but I'm curious if recognition doesn't mean something different to men in general than it does to women--recognition with or without accompanying power/authority. Men and women, I'd be curious about what recognition means to you personally. If this is too OT, I could open up a thread on CryptoMoms.
legendary
Activity: 1932
Merit: 1111
DNotes
I will go check it out now and see how I can vote. I lvoe the idea of the customized debit card as well and well worth it for DNOTES millionaires.. Wink I was away for a few days so now I am back will catch up with the news here. Hope you are all keeping well. Smiley

Hi qiwoman, thank you! We encourage everyone to vote for DNotes on https://coinomat.com/coinvoting.php. DNotes is currently ranked 4th.
legendary
Activity: 1610
Merit: 1060
This is a good day for CryptoMoms. It's about time.


A Woman To Appear on US$10 Bill By 2020, Women in Bitcoin To Receive More Recognition?

Written by: Jp Buntinx
2015/06/19 11:54 AM
http://bitcoinist.net/a-woman-to-appear-on-us10-bill-by-2020/


One thing that can be said about the financial world is that it is mostly dominated by males in every aspect. Even though there are plenty of powerful and smart women in the financial sector, they often get overlooked by their male counterparts. But that situation is about the change, as, for the first time in over a century, there will be a female on the US$10 dollar bill in 2020.

Women Deserve More Respect and Praise In The Financial World


The year 2020 is not picked at random, as this date will mark the 100-year anniversary of the passing of the 19th United States Amendment. You may know the 19th Amendment for its most important aspect of giving women the right to vote. It seems only logical to mark such a historic celebration by, once again, featuring a female face on the US$10 bill.

Even though there have been no female faces on the US currency bills since the country’s inception of paper money in 1928, there have been some notorious faces on US currency in the past. Back in 1886, Martha Washington’s face was depicted on every US$1 silver certificate. Furthermore, both Shoshone guide Sacagawea and Susan B. Anthony have been represented on gold and silver dollar coins.
This decision should not come as a surprise to US citizens, as Senator Jeanne Shaheen recently introduced legislation to put a woman on the US$20 bill. And the reasoning behind the higher denomination note – US$20 bill vs. US$10 bill – stems forth from current honoree Andrew Jackson’s opposition to paper money.

Sometimes, these legislations receive support from an unexpected corner. President Barack Obama voiced his support for putting a woman on paper currency. His precise words that it is “a pretty good idea”. Needless to say, such a nod of approval from the world’s mightiest person is invaluable.
Bitcoin To Show Women Some Support Next?

Just like the financial world is being dominated by males, so is the world of Bitcoin and digital currency, unfortunately. Not because there is a lack of brilliant woman in Bitcoin – although more are always welcome – they hardly ever seem to make it to a “position of power”. However, that situation might change any day now, and most of the Bitcoin community would see it as a welcome change to boot.
legendary
Activity: 1932
Merit: 1111
DNotes
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.

Okay, thanks. Hoping someone heard something. I've looked everywhere and emailed them. I'm just over concerned when a good chunk, 20%, goes offline. Ill post here if i here back from them.

I hope for the best. I've been noticing over the past few weeks that it was getting more and more challenging to request withdrawals from Allcoin. That's never a good sign. I'm hoping it's something that can easily be fixed and that they're working on it.

Yeah, it is likely just temporarily down.

its up! time to move some coin around
Edit: still got a bug or something wont let me send coins out

Good, they have a message on their twitter, so looks like all is good.

"Some of our servers crashed and we're fixing them, just wait us for few hours."

Hopefully everyone is storing any larger amounts offline or in the vault.
member
Activity: 92
Merit: 12
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.

Okay, thanks. Hoping someone heard something. I've looked everywhere and emailed them. I'm just over concerned when a good chunk, 20%, goes offline. Ill post here if i here back from them.

I hope for the best. I've been noticing over the past few weeks that it was getting more and more challenging to request withdrawals from Allcoin. That's never a good sign. I'm hoping it's something that can easily be fixed and that they're working on it.

Yeah, it is likely just temporarily down.

its up! time to move some coin around
Edit: still got a bug or something wont let me send coins out
legendary
Activity: 1932
Merit: 1111
DNotes
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.

Okay, thanks. Hoping someone heard something. I've looked everywhere and emailed them. I'm just over concerned when a good chunk, 20%, goes offline. Ill post here if i here back from them.

I hope for the best. I've been noticing over the past few weeks that it was getting more and more challenging to request withdrawals from Allcoin. That's never a good sign. I'm hoping it's something that can easily be fixed and that they're working on it.

Yeah, it is likely just temporarily down.
legendary
Activity: 1806
Merit: 1029
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.

Okay, thanks. Hoping someone heard something. I've looked everywhere and emailed them. I'm just over concerned when a good chunk, 20%, goes offline. Ill post here if i here back from them.

I hope for the best. I've been noticing over the past few weeks that it was getting more and more challenging to request withdrawals from Allcoin. That's never a good sign. I'm hoping it's something that can easily be fixed and that they're working on it.
IMZ
legendary
Activity: 1498
Merit: 1000
Tee hee . . . hard not to be 'over concerned.' It'll be okay.

Ian and I are checking out this Australian 'pay anyone with Bitcoin' service, 'Living Room of Satoshi.'

V. v. interesting! Details to follow.

Mark (IndiaMikeZulu), Australia
member
Activity: 92
Merit: 12
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.

Okay, thanks. Hoping someone heard something. I've looked everywhere and emailed them. I'm just over concerned when a good chunk, 20%, goes offline. Ill post here if i here back from them.
legendary
Activity: 1932
Merit: 1111
DNotes
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.

Hi mrbum805, no news as of yet regarding why it is down. If I see anything I'll reply here.
member
Activity: 92
Merit: 12
anyone have any thoughts as to allcoin being down? God I hope its not another mintpal crisis i barley squeezed out okay.
legendary
Activity: 1932
Merit: 1111
DNotes
For anyone who is new to DNotes or hasn't been following the forum lately, DNotes is the only digital currency at Silicon Dragon NY 2015.  Way to go Alan and DNotes!!!

      Smiley Smiley Smiley


Silicon Dragon NY 2015
Nasdaq MarketSite
4 Times Square

Monday at 17:30 (EDT)

Silicon Dragon NY 2015: GLOBAL INNOVATION REVOLUTION - LED BY THE WORLD'S LEADING TECH TITANS, CHINA & THE U.S. (+ India, Israel)

DEALMAKER PANEL
Jim Robinson, Co-founder/Managing Partner, RRE Ventures
Pat Kenealy, Managing Director, IDG Ventures USA
Alessandro Piol, Partner & Co-founder, Alphaprime Ventures
Annemarie Tierney, VP, Strategy & New Markets, NASDAQ Private Market
Claudia Iannazzo, Partner, Pereg Ventures
Moderator: Rebecca Fannin, Silicon Dragon / Forbes

INNOVATION SPOTLIGHT: Digital Currencies
Francesco Rulli, Founder, BitLanders & BitCharities
Sarah Martin, VP, Digital Currency Council
Alan Yong, Founder, DNotes
Moderator: Porter Bibb, Managing Partner, MediaTech Capital Partners

TECH CHATS
Mark Hookey, CEO, DemystData
Ronald Li, Founder, Novoheart
Ding Ding, Founder, SayWhat
HIGHLIGHT
Mobile photos of Beijing every day life taken through the lens of China tech guru Frank Yu  
MODERATORS: Christine Lu, Founder, 8x8; Bill Holstein, Business Journalist and Author

4 more days!
legendary
Activity: 1932
Merit: 1111
DNotes

This will undoubtedly leave a few criminals pretty nervous, but for the blue chip digital currencies with nothing to hide, it is nothing more than a step in the road to legitimate mass acceptance.


Elliptic Announces The Bitcoin Big Bang - A Breakthrough In Bitcoin Anti-Money Laundering


Elliptic (www.elliptic.co), the bitcoin analytics and security firm, today announced a breakthrough in bitcoin transaction monitoring and compliance. In an industry first, the company has launched ‘The Bitcoin Big Bang’ (www.elliptic.co/bigbang), an interactive visualisation that plots the emergence and interconnectivity of the key players in bitcoin since its genesis in 2009.

While the full transaction history of every bitcoin in existence (the blockchain) has always been a matter of public record, until now, the ownership of individual addresses has remained largely anonymous. This has allowed illicit marketplaces such as The Silk Road to proliferate, and discouraged bitcoin’s mainstream adoption by the finance industry.

Elliptic CEO, Dr. James Smith, said, “If digital currency is to take its legitimate place in the enterprise it inevitably must step out of the shadows of the dark web. Our technology allows us to trace historic and real-time flow, and represents the tipping point for enterprise adoption of bitcoin. We have developed this technology not to incriminate nor to pry; but to support businesses’ anti-money laundering obligations. Compliance officers can finally have peace of mind, knowing that they have performed real, defensible diligence to ascertain that their bitcoin holdings are not derived from the proceeds of crime.”

For the past year, Elliptic’s team of PhD data scientists and engineers has worked to map the full 35 GB transaction history of the bitcoin blockchain. Using proven heuristics and sophisticated network analysis, The Bitcoin Big Bang visualisation identifies more than 250 of the largest entities and the historical transactions between them. Illicit marketplaces and money laundering services are identified by name, while standard entities are described purely by their primary business to protect privacy.

Elliptic has harnessed the underlying technology supporting the visualisation to deliver a full suite of ground-breaking anti-money laundering (AML) services. The API will enable real-time compliance, by alerting recipients of bitcoin payments linked to known thefts, illicit marketplaces and other criminal activity.

Dr. Smith continued, “Elliptic’s founding principle is to bring confidence and certainty to enterprises working with bitcoin. We were the first bitcoin custodian to provide comprehensive insurance, the first to be Big Four accredited and now the first to visualise the flows of bitcoin and explode the anonymity myth of the blockchain.”

The Elliptic AML suite will be available in July to a select group of early customers.

http://finance.yahoo.com/news/elliptic-announces-bitcoin-big-bang

Very cool. This should help people to understand anonymity in bitcoin. I've read many articles insinuating that it is anonymous. To the average person you wont know who is doing what, but if the government wanted to track down money laundering and other elicit activities, that is entirely feasible.
hero member
Activity: 846
Merit: 535
I really like the suggestions listed here for grading trustworthiness of crypto ventures. I took some time to read through the suggestions and I agree entirely! One thing that I think is not lost on anybody here is that Government regulations tend to lag behind industry innovation. It stands to reason that once an company / crypto takes the charge to become an established, trusted leader in the industry, there will be an opportunity for a neutral, entirely non-government organisation to promote trust by having criteria by which crypto businesses are judged. I imagine this would work similarly to how coffee brands can use a 'fair trade' trademark on their products. This organisation could be an offshoot of the first crypto company to gain 'mass acceptance' and trust by consumers. I think this company could one day be a DNotes subsidiary.

In that light, it becomes difficult to decide whether governments will bring forward useful regulation, or the industry will have a truly trusted, mass-accepted crypto company first.

Alternatively, any crypto community / company can voluntarily take the opportunity to provide information and guarantees that their competitor do not. This not only improves competitive position of a company in its class, but also attracts more people to use crypto because they will feel more secure using it - growing the crypto economic pie. We have seen DNotes do this already, it is not hard to find out information about Alan Yong, nor smokey's gardens which is a business closely tied to this venture (and the first to accept DNotes!! - how is that going?). DNotes has also put up a guarantee fund to insure their vault service in the case of a breach. Competitors pay attention to what is happening in their industry, and honest market participants will, over time, gain more market share. This will only encourage other businesses to do the same.

Just another way DNotes is leading the pack.
legendary
Activity: 1638
Merit: 1005

This will undoubtedly leave a few criminals pretty nervous, but for the blue chip digital currencies with nothing to hide, it is nothing more than a step in the road to legitimate mass acceptance.


Elliptic Announces The Bitcoin Big Bang - A Breakthrough In Bitcoin Anti-Money Laundering


Elliptic (www.elliptic.co), the bitcoin analytics and security firm, today announced a breakthrough in bitcoin transaction monitoring and compliance. In an industry first, the company has launched ‘The Bitcoin Big Bang’ (www.elliptic.co/bigbang), an interactive visualisation that plots the emergence and interconnectivity of the key players in bitcoin since its genesis in 2009.

While the full transaction history of every bitcoin in existence (the blockchain) has always been a matter of public record, until now, the ownership of individual addresses has remained largely anonymous. This has allowed illicit marketplaces such as The Silk Road to proliferate, and discouraged bitcoin’s mainstream adoption by the finance industry.

Elliptic CEO, Dr. James Smith, said, “If digital currency is to take its legitimate place in the enterprise it inevitably must step out of the shadows of the dark web. Our technology allows us to trace historic and real-time flow, and represents the tipping point for enterprise adoption of bitcoin. We have developed this technology not to incriminate nor to pry; but to support businesses’ anti-money laundering obligations. Compliance officers can finally have peace of mind, knowing that they have performed real, defensible diligence to ascertain that their bitcoin holdings are not derived from the proceeds of crime.”

For the past year, Elliptic’s team of PhD data scientists and engineers has worked to map the full 35 GB transaction history of the bitcoin blockchain. Using proven heuristics and sophisticated network analysis, The Bitcoin Big Bang visualisation identifies more than 250 of the largest entities and the historical transactions between them. Illicit marketplaces and money laundering services are identified by name, while standard entities are described purely by their primary business to protect privacy.

Elliptic has harnessed the underlying technology supporting the visualisation to deliver a full suite of ground-breaking anti-money laundering (AML) services. The API will enable real-time compliance, by alerting recipients of bitcoin payments linked to known thefts, illicit marketplaces and other criminal activity.

Dr. Smith continued, “Elliptic’s founding principle is to bring confidence and certainty to enterprises working with bitcoin. We were the first bitcoin custodian to provide comprehensive insurance, the first to be Big Four accredited and now the first to visualise the flows of bitcoin and explode the anonymity myth of the blockchain.”

The Elliptic AML suite will be available in July to a select group of early customers.

http://finance.yahoo.com/news/elliptic-announces-bitcoin-big-bang
legendary
Activity: 1932
Merit: 1111
DNotes
With the news and talk about regulation going on recently, I believe it may be a good idea if we voice our opinion on what favorable and fair regulation would look like from our standpoint. Many of us know the industry pretty well and understand what the major risk factors are for consumer security with digital currency.

In your own opinion, what would you consider fair regulation to protect consumers without hindering advancement?

I'm not an expert, but here's how I would approach it.

1. Set up a set of standards related to website security, amount of funds backing up user accounts, insurance coverage (if there ever is such a thing), and various other reasonable precautions that large sites which hold user funds should be taking.
2. Next, set up a grading system of some sort. So an A rated company adheres to the strictest standards, whereas a C or D rated company adheres to more lenient standards.
3. The conditions which must be met for each grade are clearly and publicly posted so everyone knows.
4. Companies can post their grade based on what standards they are following. Potential users see it and can make an informed decision based on their own risk tolerance. Some consumers may choose to only deal with A and B companies. Others may be fine with doing some business with C and D companies.
5. Adhering to these standards is completely voluntary. No one forces any business to meet those standards. However, if they don't meet them, they don't get to advertise themselves as an A rated company. They may lose a lot of potential customers but most likely save on their up front costs. Companies can at any time "upgrade" to a higher grade by meeting that grade level's standards.
6. Standards would be determined by some sort of group of knowledgeable industry leaders and whoever else might make up these types of groups.
7. There is some sort of neutral auditing group whose job it is to review companies and determine which standards they are meeting and issue them their "grade." This auditing group also posts all participating companies and their grades on a website that anyone can read, so that companies claiming to have a certain grade can be checked against the auditing group's list. That site could also be educational about what the standards mean and why they are important, and can also warn people about certain types of sites which are plain never going to make the grade and why (Bitcoin doublers, for example).
8. Everything is done as transparently as possible.
9. A company that uses other companies (for example a retail site that has a 3rd party payment gateway) should have a page where all their third parties and their grades are posted as well.

The bottom line is that in my opinion, the kind of "regulation" that really serves the public is standardization which makes it very clear how a service measures up in terms of various conditions the general public would or should care about. A service can either make the grade or not but it has the right to exist and conduct business regardless. But the company making the grade is likely to attract more customers.

I'm not a huge fan of companies being "forced" to make a certain standardization grade, because I believe that potential customers have the right and ability to make an informed decision. I do believe that such criteria should be well known and it should be very transparent how grades are determined and given out and then the public decides which companies to patronize based on those grades. Basically, the government or some kind of regulatory body can really help everyone by setting and enforcing standards (or at least overseeing that process), and making it clear how businesses measure up. But then leave the choice to the consumer. Maybe I will only trade on an A rated exchange but someone else might be fine with a B rated exchange because the fees are lower. Startup businesses should have the freedom to exist and gradually "level up" on their grades so as not to be priced out of even starting. They would have to work harder to earn their customers' trust but at least they could be conducting business while raising funds to meet various criteria. A reputable online business is going to voluntarily take certain precautions to make sure their customers' accounts and funds are as secure as possible, but probably won't be able to start off using the absolute most state of the art security systems. That should be fine as long as what they do have (and don't have) is clearly disclosed, or at least what grade they have.


"Startup businesses should have the freedom to exist and gradually "level up" on their grades so as not to be priced out of even starting."  I think the whole concept of levelling up is brilliant, wiser!  Maybe they could even be limited to what markets their coin, stock, etc could be sold on similar to the lowest level of the stock market being the OTC / pink sheets.  Everyone knows those are the most risky stocks to buy.



Chase/Wiser; totally agree here. And one thing really stands out, website security. I, personally, would put very little regulation on the "coin" itself and focus more on the security of websites dealing with the public, especially exchanges. I tend to compare crypto with cash when discussing human interaction. I can still hand you a dollar, or one hundred thousand dollars for that matter, in private, you to me, without jumping through any hoops. In other words, I can transfer wealth to you without regulation. The whole regulatory nightmare exists on a previous level where you obtain that cash, and in the banks where you "store" it.

In other words, the end transaction of moving money from me to you, in private has no inescapable regulatory burden. If I remain unbanked and outside the financial system, regulations do not really effect me as long as I don't need to enter that system.

I realize that in real life this is near impossible but, there are plenty people doing it even here in the US. These people live off the grid and outside what you and I consider "society". Not really a bad thing but, not for most of us.

Getting back to the issue at hand, in crypto, its the "last mile" that is the problem. There will always be bad actors, it's human nature and it's easy to take advantage of someone hiding behind a website. Also, I don't believe in KYC and AML laws, basically, they are useless and present an extreme barrier to entry to our our industry. They raise the bar so high over the heads of entrepreneurs that innovation and free thinking are eliminated and replaced with "the same old crap" from established entities pretending to be startups.

My vision of fair and balanced regulation and crypto business startup would go something like this:

Prerequisites for the business,

1. If you want to start an online crypto business, identify yourself. No handles or nicks, use real names.
2. Clean, verified background check, no criminals allowed.
3. Prove you have the resources to cover your proposed operation, put up a bond or guarantee reserves large enough to cover possible customer losses.
4. Have a solid business plan, not just an idea.
5. If more than sole proprietor, incorporate, LLC, etc for legitimacy and your own protection.
6. Apply for and obtain the license described below.  

Government, (I would prefer one licensing agency for the country but, we all know this is not possible)

1. It's ok for states to issue their own license but, the fees must be fair and the wording must include the ability to recognize another states regulations without having to obtain a license in a state other than the one the crypto business resides in. This could be federal but does not have to be. States could form a consortium or similiar agency for uniform regulation across all 50 US states.

2. Be reasonable. It doesn't cost $5000.00 to verify information, make a database entry and issue a piece of paper. And, use a 5 yr renewal base at a lower cost than the initial license.

3. Require the basics not the world. Include 1 through 6 above and allow self policing for AML and KYC requirements. Set a transaction amount where this reporting would kick in but realize that due to the very nature of the technology, traditional reporting is not going to work for most crypto businesses.

Again, the biggest issue I see is the rush towards applying existing, archaic regulations to crypo especially when it is not even possible to meet those requirements. And, right along with this is very real possibility of having 50 different licenses requiring basically the same stuff but all wanting multiple thousand dollar fees for issue. That's crazy. The states need to be uniform in their control and allow out of state businesses to access customers without another license burden as long as the business has a license in it's primary state of residence.

Again, I hate to say it but, perhaps one federal requirement that superseeds the states would make sense though it is highly unlikely that could happen.



It doesn't make sense to me for each state to have different rules and requirements either.

I imagine it will be some day, but I would like the regulations to be separated by the type of the service offered. A hot wallet service being the highest risk, then hot exchange wallet services that don't hold any coins (i really don't know what you call this version, but some services dont store any coins in hot wallets, making them lower risk), then multi signature wallet services, then cold storage services would be the lowest risk.

Most of the regulation today seem to intentionally make the cost of entry high to prevent just anyone from joining. This is a huge disservice to the public and goes against small business while lending monopolized markets.

That is a good point as well kanus1113, different levels of consumer risk may constitute a different level of regulation.
sr. member
Activity: 452
Merit: 250
With the news and talk about regulation going on recently, I believe it may be a good idea if we voice our opinion on what favorable and fair regulation would look like from our standpoint. Many of us know the industry pretty well and understand what the major risk factors are for consumer security with digital currency.

In your own opinion, what would you consider fair regulation to protect consumers without hindering advancement?

I'm not an expert, but here's how I would approach it.

1. Set up a set of standards related to website security, amount of funds backing up user accounts, insurance coverage (if there ever is such a thing), and various other reasonable precautions that large sites which hold user funds should be taking.
2. Next, set up a grading system of some sort. So an A rated company adheres to the strictest standards, whereas a C or D rated company adheres to more lenient standards.
3. The conditions which must be met for each grade are clearly and publicly posted so everyone knows.
4. Companies can post their grade based on what standards they are following. Potential users see it and can make an informed decision based on their own risk tolerance. Some consumers may choose to only deal with A and B companies. Others may be fine with doing some business with C and D companies.
5. Adhering to these standards is completely voluntary. No one forces any business to meet those standards. However, if they don't meet them, they don't get to advertise themselves as an A rated company. They may lose a lot of potential customers but most likely save on their up front costs. Companies can at any time "upgrade" to a higher grade by meeting that grade level's standards.
6. Standards would be determined by some sort of group of knowledgeable industry leaders and whoever else might make up these types of groups.
7. There is some sort of neutral auditing group whose job it is to review companies and determine which standards they are meeting and issue them their "grade." This auditing group also posts all participating companies and their grades on a website that anyone can read, so that companies claiming to have a certain grade can be checked against the auditing group's list. That site could also be educational about what the standards mean and why they are important, and can also warn people about certain types of sites which are plain never going to make the grade and why (Bitcoin doublers, for example).
8. Everything is done as transparently as possible.
9. A company that uses other companies (for example a retail site that has a 3rd party payment gateway) should have a page where all their third parties and their grades are posted as well.

The bottom line is that in my opinion, the kind of "regulation" that really serves the public is standardization which makes it very clear how a service measures up in terms of various conditions the general public would or should care about. A service can either make the grade or not but it has the right to exist and conduct business regardless. But the company making the grade is likely to attract more customers.

I'm not a huge fan of companies being "forced" to make a certain standardization grade, because I believe that potential customers have the right and ability to make an informed decision. I do believe that such criteria should be well known and it should be very transparent how grades are determined and given out and then the public decides which companies to patronize based on those grades. Basically, the government or some kind of regulatory body can really help everyone by setting and enforcing standards (or at least overseeing that process), and making it clear how businesses measure up. But then leave the choice to the consumer. Maybe I will only trade on an A rated exchange but someone else might be fine with a B rated exchange because the fees are lower. Startup businesses should have the freedom to exist and gradually "level up" on their grades so as not to be priced out of even starting. They would have to work harder to earn their customers' trust but at least they could be conducting business while raising funds to meet various criteria. A reputable online business is going to voluntarily take certain precautions to make sure their customers' accounts and funds are as secure as possible, but probably won't be able to start off using the absolute most state of the art security systems. That should be fine as long as what they do have (and don't have) is clearly disclosed, or at least what grade they have.


"Startup businesses should have the freedom to exist and gradually "level up" on their grades so as not to be priced out of even starting."  I think the whole concept of levelling up is brilliant, wiser!  Maybe they could even be limited to what markets their coin, stock, etc could be sold on similar to the lowest level of the stock market being the OTC / pink sheets.  Everyone knows those are the most risky stocks to buy.



Chase/Wiser; totally agree here. And one thing really stands out, website security. I, personally, would put very little regulation on the "coin" itself and focus more on the security of websites dealing with the public, especially exchanges. I tend to compare crypto with cash when discussing human interaction. I can still hand you a dollar, or one hundred thousand dollars for that matter, in private, you to me, without jumping through any hoops. In other words, I can transfer wealth to you without regulation. The whole regulatory nightmare exists on a previous level where you obtain that cash, and in the banks where you "store" it.

In other words, the end transaction of moving money from me to you, in private has no inescapable regulatory burden. If I remain unbanked and outside the financial system, regulations do not really effect me as long as I don't need to enter that system.

I realize that in real life this is near impossible but, there are plenty people doing it even here in the US. These people live off the grid and outside what you and I consider "society". Not really a bad thing but, not for most of us.

Getting back to the issue at hand, in crypto, its the "last mile" that is the problem. There will always be bad actors, it's human nature and it's easy to take advantage of someone hiding behind a website. Also, I don't believe in KYC and AML laws, basically, they are useless and present an extreme barrier to entry to our our industry. They raise the bar so high over the heads of entrepreneurs that innovation and free thinking are eliminated and replaced with "the same old crap" from established entities pretending to be startups.

My vision of fair and balanced regulation and crypto business startup would go something like this:

Prerequisites for the business,

1. If you want to start an online crypto business, identify yourself. No handles or nicks, use real names.
2. Clean, verified background check, no criminals allowed.
3. Prove you have the resources to cover your proposed operation, put up a bond or guarantee reserves large enough to cover possible customer losses.
4. Have a solid business plan, not just an idea.
5. If more than sole proprietor, incorporate, LLC, etc for legitimacy and your own protection.
6. Apply for and obtain the license described below.  

Government, (I would prefer one licensing agency for the country but, we all know this is not possible)

1. It's ok for states to issue their own license but, the fees must be fair and the wording must include the ability to recognize another states regulations without having to obtain a license in a state other than the one the crypto business resides in. This could be federal but does not have to be. States could form a consortium or similiar agency for uniform regulation across all 50 US states.

2. Be reasonable. It doesn't cost $5000.00 to verify information, make a database entry and issue a piece of paper. And, use a 5 yr renewal base at a lower cost than the initial license.

3. Require the basics not the world. Include 1 through 6 above and allow self policing for AML and KYC requirements. Set a transaction amount where this reporting would kick in but realize that due to the very nature of the technology, traditional reporting is not going to work for most crypto businesses.

Again, the biggest issue I see is the rush towards applying existing, archaic regulations to crypo especially when it is not even possible to meet those requirements. And, right along with this is very real possibility of having 50 different licenses requiring basically the same stuff but all wanting multiple thousand dollar fees for issue. That's crazy. The states need to be uniform in their control and allow out of state businesses to access customers without another license burden as long as the business has a license in it's primary state of residence.

Again, I hate to say it but, perhaps one federal requirement that superseeds the states would make sense though it is highly unlikely that could happen.



It doesn't make sense to me for each state to have different rules and requirements either.

I imagine it will be some day, but I would like the regulations to be separated by the type of the service offered. A hot wallet service being the highest risk, then hot exchange wallet services that don't hold any coins (i really don't know what you call this version, but some services dont store any coins in hot wallets, making them lower risk), then multi signature wallet services, then cold storage services would be the lowest risk.

Most of the regulation today seem to intentionally make the cost of entry high to prevent just anyone from joining. This is a huge disservice to the public and goes against small business while lending monopolized markets.
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DNotes
Interesting concept here, blockchain based gift cards to prevent fraud and theft.

Why The Bitcoin Blockchain Could Make Gift Cards, A Consumer Favorite, Even More Beloved

[...]

Over the years, gift cards such as $10 Starbucks SBUX +0.42% cards, $50 Target TGT +0.72% cards and $100 iTunes cards have become a handy go-to item for gifts and prizes. According to the National Retail Foundation, they’ve been the number one most requested holiday item eight years running. The amount of money put on gift cards in 2014 was about $125 billion, according to CEB TowerGroup, which provides market insights in financial services.

But the industry suffers from a lot of fraud. The current system relies on trust that the processor, distributor, reseller, gift buyer and gift receiver won’t steal the 16- to 19-digit code on a gift card and use it before the recipient can shop with it. It’s basically like handing a key from person to person, hoping no one makes a copy along the way.

But the system has a lot of leakage, from stealing by employees, counterfeiting and skimming of numbers. According to the National Retail Foundation, 78% of retailers have been the victim of gift card fraud. Usually, it’s not possible to tell a code has been compromised until the gift recipient tries to redeem it, and then it’s impossible to identify who the fraudster was.

Using the blockchain would represent an improvement in security over this system. A blockchain-powered process generates a new address for each transaction, even if the ultimate destination is the same. So, a consumer would receive a gift card into her wallet with one address and send that gift card back to the merchant’s wallet with another address. A fraudster can’t reuse any of these addresses to obtain the value from the card.

[...]

http://www.forbes.com/sites/laurashin/2015/06/17/why-the-bitcoin-blockchain-could-make-gift-cards-a-consumer-favorite-even-more-beloved/
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For anyone who is new to DNotes or hasn't been following the forum lately, DNotes is the only digital currency at Silicon Dragon NY 2015.  Way to go Alan and DNotes!!!

      Smiley Smiley Smiley


Silicon Dragon NY 2015
Nasdaq MarketSite
4 Times Square

Monday at 17:30 (EDT)

Silicon Dragon NY 2015: GLOBAL INNOVATION REVOLUTION - LED BY THE WORLD'S LEADING TECH TITANS, CHINA & THE U.S. (+ India, Israel)

DEALMAKER PANEL
Jim Robinson, Co-founder/Managing Partner, RRE Ventures
Pat Kenealy, Managing Director, IDG Ventures USA
Alessandro Piol, Partner & Co-founder, Alphaprime Ventures
Annemarie Tierney, VP, Strategy & New Markets, NASDAQ Private Market
Claudia Iannazzo, Partner, Pereg Ventures
Moderator: Rebecca Fannin, Silicon Dragon / Forbes

INNOVATION SPOTLIGHT: Digital Currencies
Francesco Rulli, Founder, BitLanders & BitCharities
Sarah Martin, VP, Digital Currency Council
Alan Yong, Founder, DNotes
Moderator: Porter Bibb, Managing Partner, MediaTech Capital Partners

TECH CHATS
Mark Hookey, CEO, DemystData
Ronald Li, Founder, Novoheart
Ding Ding, Founder, SayWhat
HIGHLIGHT
Mobile photos of Beijing every day life taken through the lens of China tech guru Frank Yu  
MODERATORS: Christine Lu, Founder, 8x8; Bill Holstein, Business Journalist and Author

And again congrats to the team at DNotes, without everyone putting in thoughts and energy to this we would not be where we are now... and that is with Alan presenting here.  So very proud of everyone who contributes here no matter how large or small every bit of chatter makes one think about the future.
member
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From CryptoMoms Forum:

Quote from: Ashley on Today at 01:23:39 AM

This is pretty good, it's what the writer thinks might trigger mainstream adoption.


"Cryptocurrency: This Is How Digital Money Will Challenge the Global Economic Order"

https://www.linkedin.com/pulse/cryptocurrency-how-digital-money-challenge-global-economic-casey?trk=hp-feed-article-title

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

Quote From Shepherd:

Imagine how much wider the use of cryptocurrency would be if a major retailer such as Walmart switched to a blockchain- based payment network in order to cut tens of billions of dollars in transaction costs off the $350 billion it sends annually to tens of thousands of suppliers worldwide.  ………….

If Mexico became the first crypto-focused government, it could turn itself into a crypto-tech hub, encouraging governments of the many other developing nations that it trades with to follow
.”

These are exciting possibilities but, in my humble opinion, highly unlikely to happen. A rapid large scale adoption is very risky and massively destructive. Could Walmart quietly acquire $1 billion worth of Bitcoin just to fill the cash requirement pipeline without causing rampant volatilities? Not likely. It could be a logistic nightmare.

However, over the longer term of 5 to 10 years, mass acceptance of digital currency is inevitable, provided that there is a stable trustworthy digital currency. That digital currency may not be Bitcoin.

DNotes firmly believes that it is possible to systematically create a digital currency from the ground up that is superior to fiat currency in meeting the full functions of money as a unit of account, a medium of exchange and a store of value. To be superior as the global digital currency, it must be a stable trustworthy digital currency available for everyone irrespective of financial standings. It must start with a solid foundation with a gradual acceptance at the grass-root level.

Read More:
‘DNotes Will Be Known as the Currency with a Purpose’
http://cointelegraph.com/news/114557/dnotes-will-be-known-as-the-currency-with-a-purpose


Most generally the first horse out of the gate is not the winner.  The winner is the, steady as she goes horse, who is about mid-pack.
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