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Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 41. (Read 814545 times)

hero member
Activity: 493
Merit: 500
This is pretty cool, will be interesting to follow along to see where it leads: USAA Expands Bitcoin Integration to All Members

USAA is expanding its bitcoin integration by allowing all accountholders to connect and view balances on Coinbase from its USAA.com website following its November pilot program.

In a post today, USAA called the pilot run successful and stated that support for the mobile app would likely be rolled out in March. Both USAA.com and the USAA mobile apps were part of the initial trial.


This is very interesting indeed, and this isn't the first time USAA has been vocal about supporting Bitcoin. Organizations with an established reputation becoming involved in Bitcoin is exactly what the industry could use. I like that they are providing exposure to such a fine group of people who have served their country proudly. If anyone deserves to reap the benefits of early adoption, it's them.
legendary
Activity: 1610
Merit: 1060


Great story Thomas. This would be a great time for colleges and universities to step up and meet this challenge. Wouldn't it be something for students to actually have a job when they graduate? Wink

Excellent article. It will be a near term challenge for many employers, especially finding good software engineers with the appropriate of our industry. A good business experience is a big plus.   
legendary
Activity: 1638
Merit: 1005


Great story Thomas. This would be a great time for colleges and universities to step up and meet this challenge. Wouldn't it be something for students to actually have a job when they graduate? Wink
member
Activity: 72
Merit: 10
This is pretty cool, will be interesting to follow along to see where it leads: USAA Expands Bitcoin Integration to All Members

USAA is expanding its bitcoin integration by allowing all accountholders to connect and view balances on Coinbase from its USAA.com website following its November pilot program.

In a post today, USAA called the pilot run successful and stated that support for the mobile app would likely be rolled out in March. Both USAA.com and the USAA mobile apps were part of the initial trial.


Banking, insurance, investing. Seems like a good match for crypto. Integrated with coinbase I assume you can buy and sell and transfer purchase investments.
legendary
Activity: 1932
Merit: 1111
DNotes
This is pretty cool, will be interesting to follow along to see where it leads: USAA Expands Bitcoin Integration to All Members

USAA is expanding its bitcoin integration by allowing all accountholders to connect and view balances on Coinbase from its USAA.com website following its November pilot program.

In a post today, USAA called the pilot run successful and stated that support for the mobile app would likely be rolled out in March. Both USAA.com and the USAA mobile apps were part of the initial trial.
legendary
Activity: 1932
Merit: 1111
DNotes

No doubt fractional reserve is a problem, but I dont believe you can just rip it away without serious consequences. DNotes plan makes the most sense to me, to become a global supplemental digital currency, over time this can be a pathway to replacement of fractional reserve systems and debt based economy.

The double spending attack is just thrown in there without any regards to context. This is why we have confirmations, to prevent double spending.

Its a shame, and, irresponsible when the media uses terms and references they don't really understand. Reporters are more interested in the page view than the content and that is becoming a big problem across the board not just crypto-currency. There's a very old saying the media needs to re-aquaint itself with:

"Better to remain silent and be thought a fool than to speak and remove all doubt."



This is one of the worst instances of misinformation. It can be said that bitcoin was created to solve the double spending issue of digital currency as one of the primary objectives.
sr. member
Activity: 420
Merit: 250
AKA RJF - Since '14 - On line since '84

No doubt fractional reserve is a problem, but I dont believe you can just rip it away without serious consequences. DNotes plan makes the most sense to me, to become a global supplemental digital currency, over time this can be a pathway to replacement of fractional reserve systems and debt based economy.

The double spending attack is just thrown in there without any regards to context. This is why we have confirmations, to prevent double spending.

Its a shame, and, irresponsible when the media uses terms and references they don't really understand. Reporters are more interested in the page view than the content and that is becoming a big problem across the board not just crypto-currency. There's a very old saying the media needs to re-aquaint itself with:

"Better to remain silent and be thought a fool than to speak and remove all doubt."

sr. member
Activity: 452
Merit: 250
legendary
Activity: 1610
Merit: 1060

The blockchain hiring crunch is starting:


Consulting Firms Face Talent Shortage As Blockchain Offerings Grow

http://www.coindesk.com/consulting-firms-hiring-blockchain-talent/?

The biggest challenge is hiring enough of those who have "tech and business expertise." This is a replay of the "DOT.COM era". Hundreds of "blockchain projects" are likely to have been started without a viable business model. "Me too" mentality is among the highest causes of business failures.

PwC, he said, "is looking for individuals that have tech and business expertise so that it can continue to help clients focus on use cases to explore and commercialize the tech.

"For us, we’re looking for people that cut across all domains, and there aren’t a lot of people out there," he said.
legendary
Activity: 1610
Merit: 1060

I expect surprises from our industry. That has been the fuel that makes it exciting. This one is a little bit of a shocker:

The purpose would be turned upside down……..  erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system??" Really? (Don’t get me wrong, I am not on the side of the bank).

Perhaps the headline should read “Central Bank of England Getting Ready to Bring Big Banks” Sounds interesting but what are the unintended consequences? As a group, aren’t they way too big to fail? Banks and the financial services industry will bear the highest cost of disruption from digital currency and blockchain technology, but it will take decades to adapt and adjust.

Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr George Danezis, who is working on the design at University College London.”
May be some will. Most will have plenty of time. Big changes do not happen over night. Rough landing will hurt everyone.


Central banks beat Bitcoin at own game with rival supercurrency

•    Ambrose Evans-Pritchard
13 MARCH 2016 • 12:29PM

Computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.

The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.
The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system. 

“Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr George Danezis, who is working on the design at University College London.
"My advice is that companies should play very close attention to what is happening, because this will not go away," he said.  Layers of middlemen in payments systems face a creeping threat across the nexus of commerce, stockbroking, currency trading or derivatives. Many risk extinction over time.
“Deep in the markets there are dark pools buying and selling shares, and entities that facilitate that foreign exchange. There are Visa, Master, and PayPal. These are the sorts of guys that we are going to disrupt,” he said.
University College drafted the plan after being encouraged by the Bank of England last year to come up with a radical design for a secure digital currency. The Bank itself has an elite four-man unit grappling with the implications of crypto-currencies and blockchain technology.

Central banks at first saw Bitcoin as a rogue currency and a threat to monetary order, but they are starting to glimpse ways of turning the new technology to their advantage.

The findings of the University College team were delivered to the Network and Distributed System Security Symposium (NDSS) in San Diego, revealing for the first time what may be in store. Dr Danezis said a national pilot project could be up and running within eighteen months if a decision were made to launch such a scheme.

The RSCoin is deemed more likely to gain to mass acceptance than Bitcoin since the ledger would remain exclusively in the hands of the central bank, with the 'trust' factor of state authority. It would have the incumbency benefits of an established currency behind it.

"It seems very unlikely that, to any significant extent, we'll ever be paying for things in Bitcoins, rather than pounds, dollars, or euros," said Ben Broadbent, the Bank of England's Deputy Governor. There were an estimated $5bn of Bitcoin transactions in the US last year, a remarkable phenomenon but a trivial sum in the greater scheme of things.

Mr Broadbent said the attraction is the settlement mechanism used by Bitcoin, the so-called 'distributed ledger'. "The function goes right to the heart of what central banks do," he said in a speech earlier this month.

Bitcoin is inherently limited, a niche for aficionados and the ideological heir's of the 19th Century 'free banking' movement. Its code restricts it to a limit of 21 million Bitcoins, and it can handle only seven transactions per second.  "It is a Peter Pan system, and it doesn't really grow up," said Dr Danezis.
Critics say it is also vulnerable to "double spending attacks", a form of manipulation where the same money is paid to two different people. One of them is tricked and receives nothing. The victim has no legal recourse.

University College's RSCoin is safer, faster, and far less less volatile. It can scale up indefinitely.  Its beauty is that it cuts out the middleman, and reduces costs to a wafer thin level.

Mr Broadbent said such a currency could greatly widen the balance sheet of a central bank, hinting that the system could be designed in such a way that ordinary people could by-pass the commercial banks and hold balances directly with the Bank of England - a staggering concept. "It's likely you'd see money moving out of existing deposits," he said.

Mr Broadbent said the system could in principle be used to cover government services, tax collection, and benefit payments. It is more likely to start with the settlement of bonds and equities, and for exchanges and clearing houses.

The settlement systems used by central banks – CHAPS, TARGET2, and Fedwire – are expensive and rely on stagnant technology. The UK-based CHAPS system handled £68 trillion of transactions last year.

RSCoin may be irresistible for central banks. Dr Danezis said it is allows them to turn the money tap on and off with calibrated precision, and lets them track the sort of counterparty liabilities that nearly blew up the financial system during the Lehman crisis. "There would be instant visibility. They could react very quickly in an emergency, " he said.

Ultimately it could achieve some of the objectives of 'narrowing banking' proposed by Adam Smith, or the Chicago Plan put forward by US economists in the 1930s - but never enacted - to transfer control of money creation from private banks to the state. Arguably, this would make the financial system safer and less prone to boom-bust cycles.

Dr Danezis said there are three big centres of research and innovation into the fast-moving area of 'Fintech' and crypto-currencies. The City is at the cutting edge. "The game is between London, New York, and Silicon Valley in California," he said.
Source:

http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own-game-with-rival-supercurrency/
legendary
Activity: 1638
Merit: 1005

The blockchain hiring crunch is starting:


Consulting Firms Face Talent Shortage As Blockchain Offerings Grow

http://www.coindesk.com/consulting-firms-hiring-blockchain-talent/?
legendary
Activity: 1610
Merit: 1060
That is quite surprising.


Microsoft reverses course, says 'no thanks' to Bitcoin payments

The company's change in policy comes after accepting the cryptocurrency to pay for goods on the Windows Store for over a year.

Nick Mediati | @dtnick
PCWorld Mar 13, 2016 11:22 AM

Bitcoin’s day in the sun at Microsoft appears to be over, at least for now. According to a report on Softpedia published Friday, the purveyor of all things Windows has decided to stop taking the cryptocurrency after accepting it as a form of payment on the WIndows Store since late 2014.

Sure enough, Microsoft published a short help doc to its website that confirms the chance in policy.

The reasoning behind the change isn’t exactly clear—Microsoft has yet to openly explain why it will no longer accept Bitcoin—but for its part, Softpedia speculates that it just didn’t catch on as a way to pay for goods on the Windows Store, and that “Microsoft had no reason to continue keeping it as a supported digital currency.”

The story behind the story: Microsoft first announced that it would accept Bitcoin in the U.S. Windows Store back in December 2014, and at the time, it was kind of a big deal. Bitcoin enthusiasts had long hoped that the cryptocurrency would become a widely accepted alternative to traditional currencies, but so for that hasn’t happened, for a variety of reasons.

Existing Bitcoin balances honored
If you have unused Bitcoin credited to your Microsoft account, you need not worry about losing it. Although Microsoft isn’t accepting new Bitcoin payments, you can still use any remaining Bitcoin balance credited to your Microsoft account to make purchases on the store, but Microsoft will not refund your remaining balance.

Source:
http://www.pcworld.com/article/3043657/data-center-cloud/microsoft-reverses-course-says-no-thanks-to-bitcoin-payments.html

Perhaps they should start excepting DNotes...  Grin


A little early, RJF. May be next year.
sr. member
Activity: 420
Merit: 250
AKA RJF - Since '14 - On line since '84
That is quite surprising.


Microsoft reverses course, says 'no thanks' to Bitcoin payments

The company's change in policy comes after accepting the cryptocurrency to pay for goods on the Windows Store for over a year.

Nick Mediati | @dtnick
PCWorld Mar 13, 2016 11:22 AM

Bitcoin’s day in the sun at Microsoft appears to be over, at least for now. According to a report on Softpedia published Friday, the purveyor of all things Windows has decided to stop taking the cryptocurrency after accepting it as a form of payment on the WIndows Store since late 2014.

Sure enough, Microsoft published a short help doc to its website that confirms the chance in policy.

The reasoning behind the change isn’t exactly clear—Microsoft has yet to openly explain why it will no longer accept Bitcoin—but for its part, Softpedia speculates that it just didn’t catch on as a way to pay for goods on the Windows Store, and that “Microsoft had no reason to continue keeping it as a supported digital currency.”

The story behind the story: Microsoft first announced that it would accept Bitcoin in the U.S. Windows Store back in December 2014, and at the time, it was kind of a big deal. Bitcoin enthusiasts had long hoped that the cryptocurrency would become a widely accepted alternative to traditional currencies, but so for that hasn’t happened, for a variety of reasons.

Existing Bitcoin balances honored
If you have unused Bitcoin credited to your Microsoft account, you need not worry about losing it. Although Microsoft isn’t accepting new Bitcoin payments, you can still use any remaining Bitcoin balance credited to your Microsoft account to make purchases on the store, but Microsoft will not refund your remaining balance.

Source:
http://www.pcworld.com/article/3043657/data-center-cloud/microsoft-reverses-course-says-no-thanks-to-bitcoin-payments.html

Perhaps they should start excepting DNotes...  Grin
sr. member
Activity: 420
Merit: 250
AKA RJF - Since '14 - On line since '84
Should be good make another pool for DNotes ?

I was mining for a long time in DNotespool, is sad, but just now pool not have enought hash to run profitable. long long time between blocks found

im having issues of loosing hash, i conect 7 mhash 2 days pass i have 6 mhash two days pass i have 5 mhash 1 week i have little bit moar than 4.3 mhash, maybe i just a sucker blowing my internet just to know if this happen to other miners in pool or is just my problem.

Good weekend 4all


VERY interesting! I've experienced the exact same thing. Start with around 80 MH/s and watch it slowly drop over a period of several days until it's down to 4 to 5 MH/S. This happens AFTER the DIFF settles. If I reset the miners and reconnect, it goes back to normal and repeats the cycle. I thought it was my end for while but don't seem to have the issue on most other pools although a couple do the same thing but over a much longer time period.

Any ideas would be welcome...


I can't say with certainty, but I believe that is because the way vardiff is setup on DNotesPool. Maybe you can give me a few examples of ones that do not do it so I can see what the difference might be?

Also, for DNotes supporters who wish support DNotes by mining at a dedicated pool, send me a PM and I will setup an additional reward structure if you want to dedicate some of your hashing power to a DNotes dedicated pool over the next 6-12 months.


One example of a pool that remains quite steady is the Gulden pool at:

http://nlg.hardcoreminers.com


Ahh, do you use the static difficulty ports?

Nope. On NLG I use Var Diff port 3026. Use 8333 on DnotesPool
legendary
Activity: 1610
Merit: 1060
That is quite surprising.


Microsoft reverses course, says 'no thanks' to Bitcoin payments

The company's change in policy comes after accepting the cryptocurrency to pay for goods on the Windows Store for over a year.

Nick Mediati | @dtnick
PCWorld Mar 13, 2016 11:22 AM

Bitcoin’s day in the sun at Microsoft appears to be over, at least for now. According to a report on Softpedia published Friday, the purveyor of all things Windows has decided to stop taking the cryptocurrency after accepting it as a form of payment on the WIndows Store since late 2014.

Sure enough, Microsoft published a short help doc to its website that confirms the chance in policy.

The reasoning behind the change isn’t exactly clear—Microsoft has yet to openly explain why it will no longer accept Bitcoin—but for its part, Softpedia speculates that it just didn’t catch on as a way to pay for goods on the Windows Store, and that “Microsoft had no reason to continue keeping it as a supported digital currency.”

The story behind the story: Microsoft first announced that it would accept Bitcoin in the U.S. Windows Store back in December 2014, and at the time, it was kind of a big deal. Bitcoin enthusiasts had long hoped that the cryptocurrency would become a widely accepted alternative to traditional currencies, but so for that hasn’t happened, for a variety of reasons.

Existing Bitcoin balances honored
If you have unused Bitcoin credited to your Microsoft account, you need not worry about losing it. Although Microsoft isn’t accepting new Bitcoin payments, you can still use any remaining Bitcoin balance credited to your Microsoft account to make purchases on the store, but Microsoft will not refund your remaining balance.

Source:
http://www.pcworld.com/article/3043657/data-center-cloud/microsoft-reverses-course-says-no-thanks-to-bitcoin-payments.html
legendary
Activity: 1932
Merit: 1111
DNotes
Found this interesting piece on coindesk. Bitcoin and Public Blockchains Will Power the Smart Contracts Revolution

[...]  

Target market

But who needs this service? Why would someone seek an environment where such un-alterable settlement would offer any efficiency? Well, like all things blockchain, these features will find their efficiency through any agency that stands to gain from the regulatory benefits of not having custody of funds.

Or, better still, these features would offer efficiencies in the world of the underserviced, where custodians for these funds are either unavailable – or worse still, to be found amongst the company of problematic institutions without insurance or verified holdings.

At the moment, two distinct classes of 'blockchains' are tackling this market: public blockchains such as bitcoin, and distributed ledgers (sometimes labelled "private blockchains").

However, both systems have shortcomings in their current forms that are impacting their ability to find widespread adoption.

Private blockchains miss the efficiencies of smart contracts in a number of obvious ways.

Chiefly, bearer assets are not supported, and thus value of any kind is not escrowed. This means that despite the outcomes in which a "distributed ledger" or "private blockchain" determines how funds should be routed, moderation and regulatory hurdles will nonetheless be present at the time funds are delivered through an incumbent network.

This begs the question as to why the custodian of the funds doesn't just execute a user's code on their own servers, perhaps with a cryptographically verifiable receipt. Thus far, users haven't needed such features on registered assets, and the jury's out as to whether there will be any efficiency here going forward.

If you believe that the 'blockchain' was the invention of digital bearer assets by Satoshi Nakamoto, then public blockchains are necessarily where all smart contract efficiencies will manifest. However, these systems are also encumbered with non-trivial technical hurdles.

Primarily, the notion of "fungibility" is still the source of a large part of the burden for these systems, as it would be assumed that securities for which a bearer could be reversibly determined will still enable regulators and moderators to exercise roadblocks in a smart contract's execution.

Thus far, only the bitcoin blockchain is tackling this hurdle, with promising developments in the form of "confidential transactions" and even "coin joining".

Another hurdle that still remains the source of much debate in the public blockchain space is that of the "Hash Strength" of a public blockchain. Put simply, this strength represents the amount of energy burned to secure a blockchain.

As the financial gains for those executing contracts in a public blockchain increases, so too does the incentive for an attacker to disrupt that blockchain. In the case of bitcoin, the cost to disrupt the blockchain is approximately $1m US dollars per day, which is formidable, though still a bit too small for the aspirations of many large institutions.

And for comparison, the next largest public smart contract platform, Ethereum, is trivially dismissable at a current "hashrate" of about $25,000 usd per day.


[...]

One note I wanted to make on "cost to disrupt the blockchain" being 1m US per day, or Ethereum being 25k per day. I feel this statement trivializes what it would actually take. That figure might be close to accurate, assuming you could actually rent or purchase that much hashrate on a daily basis, and the owners who rented it to you would allow it to be used for such a purpose. The initial investment required for that kind of equipment would be more like 300 million, assuming you could find enough manufacturers who could produce that kind of output in a reasonable timeframe. Never mind the cost and limitations of running that kind of equipment.

Otherwise a pretty good article.
legendary
Activity: 1932
Merit: 1111
DNotes
Should be good make another pool for DNotes ?

I was mining for a long time in DNotespool, is sad, but just now pool not have enought hash to run profitable. long long time between blocks found

im having issues of loosing hash, i conect 7 mhash 2 days pass i have 6 mhash two days pass i have 5 mhash 1 week i have little bit moar than 4.3 mhash, maybe i just a sucker blowing my internet just to know if this happen to other miners in pool or is just my problem.

Good weekend 4all


VERY interesting! I've experienced the exact same thing. Start with around 80 MH/s and watch it slowly drop over a period of several days until it's down to 4 to 5 MH/S. This happens AFTER the DIFF settles. If I reset the miners and reconnect, it goes back to normal and repeats the cycle. I thought it was my end for while but don't seem to have the issue on most other pools although a couple do the same thing but over a much longer time period.

Any ideas would be welcome...


I can't say with certainty, but I believe that is because the way vardiff is setup on DNotesPool. Maybe you can give me a few examples of ones that do not do it so I can see what the difference might be?

Also, for DNotes supporters who wish support DNotes by mining at a dedicated pool, send me a PM and I will setup an additional reward structure if you want to dedicate some of your hashing power to a DNotes dedicated pool over the next 6-12 months.


One example of a pool that remains quite steady is the Gulden pool at:

http://nlg.hardcoreminers.com


Ahh, do you use the static difficulty ports?
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