Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 239. (Read 814542 times)

Okay got it. I understand that much more and it's actually downloading the blocks now. Thankyou again for the help!

Going back to the DNotes elevator pitch, Dyna, I think it makes a lot of sense to refer people to the forum, or where they can find out more, because there's a lot of ground to cover in 30 seconds otherwise.

Here are some thoughts I had as I was thinking about it.

1. DNotes is technically a cryptocurrency (or digital currency), but it's more than that. It's the seed of an entire economy, and also a foundation on which many future businesses will be built. You mentioned a trading platform and Coinbase like wallet in an earlier post.

2. DNotes can be thought of as shares in this economy and foundation for future enterprises. Buying DNotes isn't like buying shares in Pepsi, where the share is only about Pepsi products. It's like buying shares in every venture which will ever be built upon DNotes or even just use DNotes.

3. The actual value of DNotes is a distillation of the total value of everything built on DNotes divided by the number of DNotes in circulation. Since DNotes is going to keep adding value by creating things like the forum, the vault, and those "secret" future enterprises you can't discuss yet, then it's reasonable to expect that the price of DNotes on trade exchanges is going to keep trending upwards, and there's no particular limit as to how far upwards it will go since there's no particular limit on the value that can and will be built with it and upon it.

4. I think from an investor perspective it's important to work in how DNotes will bring the unbanked access to the financial world. I have some friends who are missionaries in a pretty remote area and their latest update letter talked about how they are working on a smartphone app to help their people group read the Bible in their own language. I'm reading this and thinking: "This is a remote area and a fairly primitive people group (primitive enough that their language doesn't yet have a written translation of the Bible... And yet the majority of them have smartphones, because even before making a print version of the Bible, they are working on a Bible app." I read about how it's projected that there will be up to 5 billion smart phones in the world soon from that interview that was posted here. If people can log into the DNotes vault using a smartphone web browser, if they can log into Poloniex using a smart phone browser, I already know that they can log into Bitcoin faucets using a smartphone web browser, (see my Could I retire on faucets thread on CryptoMoms), then we have a situation where with just a cell phone data plan, the phone itself, and some education (which we are providing on the CryptoMoms forum, see especially the guides section), people all over the world who have no bank accounts, no computers, who live out in the middle of nowhere, can get involved in DNotes and its economy. The bottom line here is that DNotes has the potential to enter a whole (very huge) segment of the world population that up until now has basically not counted when it came to traditional investments.

The challenge with elevator pitches is that since you only have 30 seconds you don't have time to go into all the details and steps that could take a potential investor from wherever he is to gaining a more profound understanding of your product. Only with DNotes, it's not just about the product. It's almost like you also have to explain what a factory is or something. Tough to do in 30 seconds. Because you can't possibly explain everything it's very easy to have the whole pitch sound very much like a bunch of hype. Even if what sounds like hype is substantiated, it's tough to convey that substance in 30 seconds.

So, I'm thinking, instead of trying to cover it all in 30 seconds, try to focus on one or two points about DNotes that would make it interesting to an investor, and which in some way connects to what the investor knows, give the talking point and then one or two facts that substantiates it, then end with directing the investor to how/where they can learn more. Maybe have a printed business card or brochure with some key short url links on it. I guess this means to have an entire "investor" section on the DNotes website. Or just link to some truly informative and helpful posts on the Cryptomoms forum? Personally, I think the way the unbanked in remote regions of the world will be able to actually acquire and use the product (DNotes) would be very interesting to an investor because you're talking about opening up a whole new financial market. If the investor is of the altruistic or philanthropic variety, then obviously you work in more language about how DNotes can really help make life better for the poor. But I realize that doesn't tickle the ears of every investor.

Here's another interesting angle I just thought about. DNotes is the product. It's also the share ("stock"). Here are some questions to develop: What does it mean for someone who owns the product to also own a stake in the company? This makes a poor person who only has a few DNotes to his name an investor and stakeholder as well as consumer. How would that alter the way we think of how economics works, etc.? How do we envision someone who owns DNotes and uses them as a product to be like? How do we envision someone who owns DNotes and holds them as an investment to be like? Do people switch from using them as product to using them as investment often? How does that look like? What would the world look like if the line between consumer and investor was blurred like that?

Related to that, it probably would be helpful to have some idea in mind of what it looks like for DNotes to be used as a product, and what it looks like for DNotes to be used as an investment.

Anyway, lots more than what would fit into the elevator pitch, but I'm guessing thinking about these things can only help, right?

Hi Daniel,

You should have your coins backed up in multiple locations. The only file that you need to backup is the wallet.dat located in:
C:\Documents and Settings\WINDOWSUSERNAME\AppData\Roaming\DNotes or C:\Users\WINDOWSUSERNAME\AppData\Roaming\DNotes

How it works is, your encrypted private keys and public keys are stored in the file. There is some other stuff, but that isn't important for the purposes of backing up. At any point in time, if you want to recover your coins you need the following three things:
-Your wallet.dat file
-Your password you used to encrypt the wallet
-The latest version of the DNotes wallet program

Note: Your wallet.dat file only needs to be backed up once. It should only be backed up after it is encrypted. Any time you add a new receiving address, or change your encryption password, it should be backed up again.

The wallet.dat file contains the private and public keys, which can be used to verify and send coins, but your actual coins are not stored in the file. They are stored in the blockchain, which is distributed among all the wallets and nodes on the network.

Back to your problem. You can get stuck when updating the blockchain, usually on various mini forks that occur in the network when things happen like finding a block on an old fork because they were mining on the wrong version. It has no impact on the coins in your wallet. There are a couple things you can do. The first thing I would like you to do is verify you are connecting the correct nodes. Go to C:\Documents and Settings\WINDOWSUSERNAME\AppData\Roaming\DNotes or C:\Users\WINDOWSUSERNAME\AppData\Roaming\DNotes and open the file named DNotes.conf (case specific) and make sure these nodes are listed:

addnode=n6.dnotescoin.com
addnode=n7.dnotescoin.com
addnode=n4.dnotescoin.com
addnode=n5.dnotescoin.com
addnode=128.199.239.199
addnode=95.85.44.200
addnode=162.243.225.90

If those were already listed, you can simply try closing and re-opening the wallet. Waiting an hour or so and see if it continues updating the block count. If they aren't listed you can add them and just restart the wallet.

If the problem still isn't resolved at this point, you can close the wallet, delete all the files in C:\Documents and Settings\WINDOWSUSERNAME\AppData\Roaming\DNotes, except the DNotes.conf and wallet.dat and backups you may have made of it, open the wallet and begin the blockchain download process from scratch. If you need any help with any of these steps or still have any issues, shoot me an email and I will respond promptly.

Great post TeeGee!  

I believe that banks may have no other option than to adopt the Blockchain, DNotes, and whatever other currencies come along for the ride.  Investors are always looking for the best performers and they will be pulling a lot of money out of traditional bank investments like mutual funds in order to invest in the new digital currency / technology boom.  Digital currencies will seriously undercut the bank's profit and embracing them may be the only way for banks to stay profitable for their shareholders.

There is one thing that puzzles me.  You can't be living in the industrialized world and not have heard of banks collapsing, investors losing everything (FDIC and CDIC only cover cash deposits), or loss of purchasing power.  A lot of people may not know the term "loss of purchasing power", but everyone has heard a story from a parent or grandparent... "Back in my day (a.k.a. the good old days), I could buy 3 loaves of bread for a dollar!"  It's the same dollar - what happened to it??  They realize they can't buy as much with it because it doesn't keep up with rising costs.  Here's the puzzling part - people hear this over and over, year after year, and those same people put what little money they manage to save into a "risk free" savings account at the bank earning under 1% per year (less if you factor in inflation).  Why??

I believe this may be the answer...



                  

so a little update on my wallet issue. it has not even downloaded one block and is stuck at 90.92 percent.  I'm in the debug logfile and i see a lot of stuff i don't like

ERROR: CBlock::ReadFromDisk() : GetHash() doesn't match index
ERROR: Reorganize() : ReadFromDisk for connect failed
InvalidChainFound: invalid block=4abb9b688271f1c08d37  height=652609  work=128751936566847813  date=05/17/15 02:16:01
InvalidChainFound:  current best=0258bd458fd032979085  height=594101  work=95779098832669148  date=04/06/15 09:08:50
InvalidChainFound: WARNING: Displayed transactions may not be correct!  You may need to upgrade, or other nodes may need to upgrade.
ERROR: SetBestChain() : Reorganize failed
ERROR: AcceptBlock() : AddToBlockIndex failed
ERROR: ProcessBlock() : AcceptBlock FAILED

any thoughts no rush i know you guys are hard at work. maybe, can i back my coins up on another computer with my backup folder?

edit: oh and CryptoBroker79 I have like a bunch of copys of dnote folders so i dont really know what can and cant be deleted it seems dangerous to start deleting stuff even backed up

Great discussion has been going on in our forum the last few days. I have been reading every word of it and wish I have time to participate. Keep up the good work.

The elevator pitch assignment is still out waiting for inputs and participation.

Here is another assignment: We need a general purpose slogan that can best characterizes DNotes.

Here are the first two to get you started:

"DNotes is more than just a currency. It is a currency with a purpose for all of humanity working together for the mutual benefits of everyone, regardless of their social or financial standing".

"DNotes is more than just a currency. It is a global digital currency with purposeful solutions benefiting ALL mankind; rich or poor".

For your reference our branding DNotes slogan is: "DNotes is the Digital Currency of The Future With Lasting Value". Of course, it is built with trust and integrity.

Thanks, mrbum805. DNotes is still at its infancy. Based on what we have accomplished over the last 4 months, DNotes is significantly undervalued at this time. But, for all practical purposes, it is the collective opinion of investors that dictate what DNotes value is; purely a function of supply and demand. Personally, I believe that DNotes is posed for a significant uptrend. What could be very different this time around is that many high net worth investors only learned about DNotes recently. Once some of them start acquiring DNotes, small investors would have missed the best opportunity to invest.

Yes I am doing that with my boss's uncle. I'm showing him the forum. He invests a lot in fuel but doesn't have much interest changing it up. My boss even asked him why he hasn't bought any Dnotes. He responded I only like investing in fuel (Even through the drop in fuel. I lost 3-4x in one of his preferred stocks till it goes back up. Dnotes is up 2.5 to 3x to the USD, so with the drop of bitcoin, in the same course of time). I really believe however if Dnotes keeps this pace going their will be a lot more of those types of investors that will come join us.

Oh by the way, I've hardly moved my investments around this last year. I was invested about 10 percent of my portfolio in Dnotes and a near year later its looking more like 35-40 percent of my portfolio without including new coins I just bought. I can't wait to see that see that percent number in a few more years. It is exciting!

I thought I'd give a brief(ish) history of my view on why bankers behave the way they do in the current economic climate.

In 1989, bank CEO's earned 100x avg salary, by 2007, it had risen to 500x. This is while share prices were lower in real terms than they were in the early 1990's. Clearly banks have not been performing, why are they making all this money when they are performing so poorly? During the financial crisis, 25% of the world GDP was drafted by governments to prop up banks - a significant risk.

This is a crisis that has been brewing for 150 years, there are privatized returns and socialized risks. Banking started some ~200 years ago. All bank were unlimited liability - if you lost money, you were liable - if you crashed your bank, you would get taken all the way to debtors prison. Banks in this time took very few risks - cash and equivalents were 30% of the average banks assets, and equity 50% of liabilities on average. Compare this to recent exposures, where cash and equivalents were only 3% of liabilities... so a bank that owes 1 million dollars to investors, holds only 30 thousand dollars in cash. Before limited liability corporations, shareholders were liable for losses - so if a bank crashed, people would come after shareholders to pay the lost money, which gave incentive to shareholders to make sure banks didn't do anything stupid. Banks were controlled AND owned by shareholders.

Problems eventually rose in that, Governments wanted more access to capital, so they created the limited liability corporation, drawing more capital into banks - because shareholders would no longer be dragged to debtors prison if the bank went under, and bankers would take more risk by lending credit without the worry of paying a price for being wrong. Banks mostly rejected the idea at the time, deeming it unsafe:

A depositor would be much more likely to trust his money with the bank whose shareholders he knew must yield up to him the uttermost farthing - Turner, some prominent banker of the time.

You see, once you limit liability, banks suddenly get much bigger. There has been an almost 90% percent consolidation of banks from about 700 to just a few. There were no longer requirements to vet the shareholders because there were so many of them. Before the limited liability corporation - banks would interview their shareholders to make sure they had the money, knew what they were doing, weren't idiots etc. Now with millions of people investing in banks, there is no requirement. By the 1930s there was near complete separation between ownership and control of banks. Reserve capital largely vanished.

Nearly all global investment banks switched from private partnerships to limited liability public companies in the early 1990s. This meant increases in profits without increasing risk, Banks could then profit from volatility and make larger risks without threat of losses. When banks had unlimited liability for their losses, they leveraged only 3 to 4 times their liabilities in loans, that had increased to 30 or more times by 2007. Banks used to have single digit returns, in 2007 it was averaged at around 30%.

Bad taxes played their part in poor banking behaviour also. Interest on debt tends to be tax-deductible, equity financing is not. If you borrow to invest, your investment is tax deductible, but if you have money or a physical asset to use as equity, it tends to not be tax deductible. When a country has 30-40% taxation, this creates a massive incentive to go into debt.

Debt > equity - you save 30-40%. Debt becomes more valuable than equity - of course banks will go into debt, it would be fiscally irresponsible not to! (yes, I actually just said that). I don't think banks are completely to blame though - the Government changed the rules, so we can't just blame the players. One big problem is that banks don't like to signal when they're facing trouble. By the time you hear of bank trouble, it is already too late. I stated earlier that banks consolidate to become larger and larger, which earns them 'too big to fail' status, and encourages governments to prop them up in the event of a financial crisis. Shorter-term investors and bank executives make extreme profits from volatility. Average bank share ownership is now only 3 months, down from an average of 3 years in 1998.

But why do we need banks? (traditional reasoning)

* Inflation - banks offer a small ROI that protects savings from inflation.
* Taxes - retirement savings plans (401k's etc) - if you put your money into the stock market, you pay lesser taxes, which rolls much more money into the stock market.
* Fiat currency - has no individualization / personalization to it - no way to identify what is yours and what is not (which the blockchain solves).
* Laws - many laws effectively forcing you to put your money in a bank and then into the stockmarket - compulsory retirement savings is one such example.


I'm sure it is easy to see that the Blockchain, and DNotes can fix many of these, if not all of these problems if you're aware of how the technology works. I don't think we should be surprised at all to see banking behaviour the way it is, and it certainly is not going to change.

Wasn't quite as concise as I hoped

Very interesting read on itBit's banking law charter and the US state individual regulations.

What itBit's Banking Law Charter Really Means

Houman B Shadab is a professor of law at New York Law School. Here, he discusses what itBit's recent banking law charter means for other digital currency exchanges operating in the US and beyond.

Since their inception, bitcoin exchanges have operated under a fog of legal uncertainty. Just one day after the New York-based exchange itBit announced it had obtained a banking law charter giving it the ability to operate in all 50 states, a California official called that into question.

Almost every state has its own licensing requirements for traditional money transmitters that include payment processors and money transfer firms like Western Union. The safe but costly route for bitcoin exchanges would be to obtain a license in each state that requires it for virtual currency businesses. But it's unclear which do.

[...]

ItBit was able to bypass much of the uncertainty about being required to obtain state money transmitter licenses. It accomplished this by obtaining a trust charter under New York banking law, which is generally required of exchanges in the state.

http://www.coindesk.com/in-itbit-we-trust/

Great job, mrbum805. In most cases, it is a lot easier to get someone to donate 40 bucks for "whatever" than to convince someone to invest 40 bucks in DNotes that could yield very high returns one day. What is even more amazing is that, most people believe what they learned from the news media than others who may be significantly more knowledgeable on the subject. I am beginning to think that the most effective way to convince others not to miss this great opportunity ( and I mean it very sincerely) is to simply persuade them to visit our forum.

"(Have you heard of Bitcoin? (Yes/No ...) Bitcoin as a technology will change the world more than the Internet has. Like any new technology, as a currency it has its share of problems. DNotes is a second generation Bitcoin. I believe that it is very well positioned and posed for huge potential price appreciation. You may not want to miss out on this one. I strongly recommend that you visit their forum and read some of the news reports. Just Google "DNotes Alan Yong")"  

It will be good to be able to bring Humanity to a new level of awareness and enhancement in practical values for general self improvement and improvement of the Planet in general but it will take quite a bit of time and more new people coming in with different mindsets than just the ad hoc wild west type of stuff we have mainly seen happen in Crypto in general. I do have some optimism that DNOTES can change the face of Crypto for the more positive outcomes.

Agree with both of you really. It is very rare that I read something and change my mind afterwards, but it took just one paper to change my whole philosophical viewpoint on what it meant to be 'human'. The short digression does seem to indicate an overall high spirit about how DNotes is going. This forum is beautiful from the standpoint that it will be the record of events that led to a successful venture, the development and implementation of an idea. One day somebody will write a book on it, perhaps wiser - who writes for Bitcoins (and DNotes yah?).

If I have a spare pocket of time tonight, I will write a concise post about why I believe the banking system behaves the way it does, and the community can derive some more DNotes differences to help a new thread that will be created when I've met some rather immediate deadlines.

I'm more with RJF on the philosophical aspects of "enhancing" humanity. Some things are probably best left as they are; there are unintended consequences to making enhancements which alter the perception of what it means to be human.

Also with RJF on for the most part keeping the topic on DNotes. But the last page or two made for some very interesting reading. It was enjoyable. I think overall people are feeling good about how things are going, and that's always a good sign

Yes and what confused me was that it used to have the green sliding bar for the block count. It wasn't till I accidentally left the mouse on the warning that i saw the block count catching up. Anyway that's great! Because I have way to many coins on there to lose. Thanks again!

By the way I could not believe I was able to convince my boss to buy 40 bucks worth of Dnotes. It took almost a year of convincing and updating. That's the third person I've had come join us. The funny thing is I think there will be a day everyone around me is kicking themselves.

Keep up the good work! You guys ROCK!
Daniel

No problem at all. The message is correctly stated, but also alarming, when it is not up to date.

got it just figured that out finally.. thanks for the help

You can get the current block in the lower right hand corner, or go to Help > Debug Window > Console, then type getblockcount and press enter.

that's what's weird it its not even attempting to connect from what i can tell. its not giving me the block number bar or anything just a warning. i had updated it back in dec or nov whenever the update was. i just was loging on to check up on the wallet and i saw that warning

If the last time you connected was December it has some catching up to do. What is your current block number?