Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 383. (Read 814544 times)

It should not be a surprise that I often do not agree with a lot “expert opinions” in our industry but Mr. Lenihan made a lot of good points in this article.  Our industry is certainly lacking in Entrepreneurs who understand every component of the industry, not just the money side. One can hedge and lock all you want but there is a cost for the protection of currency loss because of the high volatilities which can easily out weight any potential cost savings relative to using fiat currency as a form of local and global payment.

FirstMark Director:       Bitcoin Needs Entrepreneurs Who Understand Money

Pete Rizzo (@pete_rizzo_) | Published on December 7, 2014 at 14:25 GMT
http://www.coindesk.com/firstmark-director-bitcoin-needs-entrepreneurs-understand-money/

Despite the record levels of venture capital pouring into the bitcoin ecosystem, there is still one determining factor that is holding back overall ecosystem development – the inexperience of the technology's entrepreneurs.

At least, that's the opinion of FirstMark Capital managing director Lawrence Lenihan, who, despite overseeing his firm's first bitcoin investment in Coinapult this October and being a self-described "bitcoin bull", argues that many current bitcoin entrepreneurs fail to understand how the traditional financial system works.

Lenihan, whose firm has backed marquee startups such as Lumosity, Pinterest and Shopify, indicated that this knowledge gap has impacted his firm's ability to capitalize on its own interest in the bitcoin ecosystem.

Lenihan told CoinDesk:
"I think, honestly, a lot of people in bitcoin don't understand money. They might understand bitcoin because they read about it and were early on it, but they don't understand how the global money system works and that's when this thing really takes off. In terms of FirstMark's investment, we need industrial-strength businesses and I want to see industry-strength entrepreneurs start them."
Despite his critique of the ecosystem, the SecondMarket board member indicated that he first learned of bitcoin through that company's chairman and former CEO Barry Silbert, and remains convinced of the technology's long-term potential.

"I am a gigantic believer that, once you get through all the bullshit around bitcoin and the pretense, you're going to see how unbelievably instrumental this is going to be as a currency, as an asset and as a platform," he added.

Threat from traditional finance:
To bridge this gap and grow bitcoin to its full potential, Lenihan suggests that entrepreneurs with an established knowledge about the financial system are needed.

"The guys who work with money now, understand it," Lenihan said. "They can learn bitcoin. I think it will be harder for the bitcoin people to really learn about money in the way that these financial institution people do."

Lenihan, however, acknowledged that bitcoin entrepreneurs are not "burdened by historical bias", a factor that potentially enables them to innovate. Still, he asserted his belief that those with traditional training who are able to begin to think more openly about bitcoin will be best positioned to tackle challenges that garner investment from firms like FirstMark.

"The companies that we want to back, I want to see people who understand the security consequences around money, the transactional consequences around money," he added.

Coinapult, he said, met and exceeded this requirement. Lenihan went so far as to call the team "the best of the technologists and the tinkerers in the bitcoin world," adding:
"It was a no-brainer to take a stake in them."

Locking in value:
Lenihan argued that the key differentiator for Coinapult is how it aims to reduce bitcoin's volatility through its LOCKS product, which allows users to lock in the value of their bitcoin to another asset, be it gold or US dollars.

Calling it an innovative consumer application, Lenihan stated that he believes more products like this are needed to help introduce consumers to bitcoin. Notably, LOCKS is only available to consumers outside the US.

"The success of bitcoin is going to happen when no one knows it's bitcoin," he said. "With LOCKS, what you have is portable money that you can spend wherever you are and it removes you from the volatility risk that's inherent in bitcoin at this point in time."
Lenihan suggested that such solutions wouldn't be needed should bitcoin payroll be more common, but that as long as US dollars and bitcoin co-exist, consumers will want to be protected from price fluctuations between the two currencies.

"If I'm paid in dollars and I have bitcoin, that value is changing every single day. I don't want that, that's not why I'm using it, I'm using it to spend," he continued, echoing a belief issued by thought leadersin the space.

Playing a waiting game:
Ultimately, Lenihan indicated that while "everyone" in venture capital is looking into bitcoin, he's comfortable waiting for choice investments given the long growth timeline the technology will likely take.

"Everyone is taking a look at bitcoin, but I don't think it's going be the next big thing," he said. "I think it will look like it's never going to be a thing, then it will be the most gigantic thing."

Lenihan went so far as to envision a future where bitcoin disrupts the highest levels of the established financial infrastructure, adding: "Before you know it, you're going to see governments that aren't going to try to print money, they're not going to have dollars, they're going to distribute bitcoins because all the people have cellphones."

As for the question of how this transition will take place, Lenihan was less specific, suggesting it may take a "cataclysm that roils governments" for bitcoin to be more widely adopted.

Lenihan concluded:
"Will we have something like that in the next five years? Yeah, I think so. But, it's going to take something like that to really make that happen."

Great job team. All that hard and some cold sweat will pay off. My sincere thanks and appreciation to all of you who have been so patience and supportive of our efforts. Sometime, the simplest concepts are the hardest to implement. DNotes is created for everyone. Being the most consumer- friendly with utmost easy of use and unprecedented deposit guarantee will be hard to match. That was a great launch and the news coverage will continue to spread around the world.

Next up is CR.I.S.P. for Kids, with a scheduled press release going out early next week. I strong encourage everyone to participate by sponsoring as many children as possible. We will try our best to help out in some ways. The early birds get the worms.

Detail information about CR.I.S.P. for Kids is available at DNotesVault (bottom left of page):
https://dnotesvault.com/crisp-for-kids.php

Children between the ages of 1 to 20 are qualified to participate in this program. Post only Birthday (omit year), Likes, deposit address and a message, as you wish. To get a better idea, please visit CR.I.S.P. for Kids forum at CryptoMoms. You must register and be approved before you can post: http://cryptomoms.com/forum/cryptomoms-com/5/kids-with-a-cr-i-s-p/530/30

Note: CR.I.S.P. Kids Rich List has not been updated yet. The USD vaule has gone up quit a bit. That is the power of long term appreciation.

The first official batch of withdrawals from the DNotesVault has been processed.

     The best thing I can see is that the funds are verifiable for all the world to see. If you click on the address displayed just below the words "Guarantee Fund" on the Dnotes Vault Website, it displays the balance on hand, including deposit and withdrawal amounts and dates. Where I grew up, that is called "putting your money where your mouth is".

Smokey

That is a demonstration of our commitment to ensure that your savings are safe and secure. Have you check out the verifiable fund? Click on the address below, it immediately displays the fund balance through the Blockchain CryptoBox Explorer. I thought that is really cool. You can see the guarantee fund balance,and deposits sent to that address.

Bankers need to understand that the Blockchain technology and digital currency is superior to fiat in some ways. If you don't have it you can not spend, display it or send it. Shall we say, the Blockchain rejects any "insufficient fund check" at the click of the mouse.

Hey all, opened my vault account, looks really good. Especially the guarantee fund, no matter how good someone says their security is it is hard to believe them, but with a guarantee fund I know my coins are safe.

That was definitely painful reading, it's a good thing we already knew what they were talking about!

Google Translate is hard on the brain... 

I would have an editing field day with that one!!  I think the new trainee got his first assignment at putting something into his own words!! 

Once I finish the pay outs for our asset backed little baby, I will also be buying up more DNOTES to open a separate addy in the Vault for backing qbk asset fund with DNOTES too.. DNOTES is the New Gold.. 

I found one that is quite entertaining with Cryptsy's Logo literally left and center of DNotesVault.

Read at you own risk, if you are not sitting down. Just be forewarned that it is not the original copy of our press release.

http://cryptocoinupdates.com/stable-bitcoin-alternative-dnotes-launches-dnotesvault-with-unprecedented-cryptocurrency-deposit-guarantee/

That is a good one. I like the way they highlighted the key points.

Lots of positive compliments about DNotesVault. Be sure to checkout the verifiable address of the Guarantee Fund. One click and you are there. Quite impressive.

That was great qiwoman2! 

one more - http://binaryoptionevolution.com/blog/2014/12/10/stable-bitcoin-alternative-dnotes-launches-dnotesvault-unprecedented-cryptocurrency-deposit-guarantee/

I've heard VERY positive comments from everyone that has checked out DNotesVault!

Very well done. Enjoyed reading it.

DNotesVault looks great, well done. This platform opens up a wide variety of opportunities for savvy entrepreneurs, and provides the opportunity for non profit organizations to grow with DNotes. I've added DNotesVault links to both www.FF4DC.com and www.V4DC.com. Both organizations are doing an indefinite giveaway for Firefighters and Veterans that sign up for DNotesVault. In the future, funding PTSD treatment services will be our number one priority.

Nice write up, very informative.

Thanks qiwoman! Looks great.

My humble news blog post enjoy.. http://bitbillions.net/2014/12/10/altcoin-news-dnotes-vault-launched-to-bring-stability-in-an-uncertain-world/

  Sorry was a bit late, My Parents just now went to sleep... 

Here's another one:

http://thebitcoinnews.com/2014/12/10/stable-bitcoin-alternative-dnotes-launches-dnotesvault-with-unprecedented-cryptocurrency-deposit-guarantee/

Impressive! I just registered my account, looks very easy to use. Should make for a great tool for expanding the DNotes user base. Great job DNotes team!