Enjoy this article, Why Bitcoin Startups Have the Right to Innovate,published on Coindesk from Mark Toohey. "Mark Toohey is a commercial lawyer who has worked as general counsel in the media, telecommunications, software and IT industries. At Adroit Lawyers, his clients include bitcoin and blockchain firms that have had difficulties securing bank accounts."
In the article he discusses the shutting down of digital currency business bank accounts. Then proceeds:
"The banks do have a serious role to play. Any reasonable person accepts we live in a perilous era when preventing money laundering or terrorism financing is important."
"A far more important issue should have been considered by the regulators. How will the important and legitimate rights of smaller FinTech businesses be protected?"
"If Australia is to be an innovative nation, this imbalance must be addressed. It is absolutely crucial that FinTech businesses have a right to compete"
There are huge lessons here for the banking industry.
It is quite possibly in the bank’s own best interests that they be restrained from any ‘inadvertent’ or indiscriminate retaliation when business threats emerge in the near future.
The power of a bank to arbitrarily close the accounts of competing businesses must be limited. There is a clear case for a swift and effective review process when closures occur.
A bank account is central to any FinTech business. It is their oxygen. There must be swift and effective ways to resolve issues. They can’t survive weeks or months. They need a way to have an account closure independently and immediately considered and adjudicated. When warranted, the account must be promptly reactivated.
The time for government action is now.
Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 46. (Read 814539 times)
March 06, 2016, 01:02:05 PM
March 06, 2016, 09:56:25 AM
Digital Currency Weekly Recap 3-6-2016
247Exchange Now Serving Canada
Ledger TrustZone: Turn Your Smartphone into Bitcoin Wallet
New Ethereum Platform Launches: Homestead
End of World at Hand; Mass Panic Erupts
http://dcebrief.com/digital-currency-weekly-recap-3-6-2016/
247Exchange Now Serving Canada
Ledger TrustZone: Turn Your Smartphone into Bitcoin Wallet
New Ethereum Platform Launches: Homestead
End of World at Hand; Mass Panic Erupts
http://dcebrief.com/digital-currency-weekly-recap-3-6-2016/
March 05, 2016, 10:34:15 PM
From CryptoMoms:
Quote from: Ashley on Today at 12:32:49 AM
Good question. Can private private blockchains be trusted?
Can Trust-Based Private Blockchains Be Trusted? http://www.coindesk.com/can-trust-based-private-blockchains-be-trusted/
Quote From Shepherd Today:
Thanks for posting the link, Ashley. The answer is "No". But to be fair, no one that I know of has ever claimed that "private" or "permissioned" blockchain is a trustless consensus system. Private blockchain is just a glorified version of database. The trustless consensus system that makes digital currency and blockchain highly revolutionary is replaced with "trusted" intermediaries.
"Private" or "permissioned" blockchain is centralized and must be based on trusted parties and we know that "trusted" parties can not be trusted 100% of the time. Hence, I am in total agreement with the authors' conclusion below:
"There's a warning here for companies seeking to utilize blockchain technology: beware and become aware. Beware the software-workaround salesman selling 'eternal immutability'. Become aware of the underlying elegance of bitcoin – it's not the software that makes bitcoin so efficient, it's the economics.
As can be expected, when it comes to blockchain technology and historical record immutability, there really isn't a free lunch."
Quote from: Ashley on Today at 12:32:49 AM
Good question. Can private private blockchains be trusted?
Can Trust-Based Private Blockchains Be Trusted? http://www.coindesk.com/can-trust-based-private-blockchains-be-trusted/
Quote From Shepherd Today:
Thanks for posting the link, Ashley. The answer is "No". But to be fair, no one that I know of has ever claimed that "private" or "permissioned" blockchain is a trustless consensus system. Private blockchain is just a glorified version of database. The trustless consensus system that makes digital currency and blockchain highly revolutionary is replaced with "trusted" intermediaries.
"Private" or "permissioned" blockchain is centralized and must be based on trusted parties and we know that "trusted" parties can not be trusted 100% of the time. Hence, I am in total agreement with the authors' conclusion below:
"There's a warning here for companies seeking to utilize blockchain technology: beware and become aware. Beware the software-workaround salesman selling 'eternal immutability'. Become aware of the underlying elegance of bitcoin – it's not the software that makes bitcoin so efficient, it's the economics.
As can be expected, when it comes to blockchain technology and historical record immutability, there really isn't a free lunch."
March 05, 2016, 09:14:05 PM
‘Alt-cap-to-total-crypto-cap ratio.’ My mistake – right maths, wrong label. Anyway, it just hit 20%:
one if five of all dollars in cryptos is now in altcoins.
one if five of all dollars in cryptos is now in altcoins.
At this rate Bergman will get his wish, 50% in 2016, this year for sure.
March 05, 2016, 07:12:35 PM
‘Alt-cap-to-total-crypto-cap ratio.’ My mistake – right maths, wrong label. Anyway, it just hit 20%:
one if five of all dollars in cryptos is now in altcoins.
one if five of all dollars in cryptos is now in altcoins.
March 05, 2016, 05:32:12 PM
The shareholders of this Italian bank have already seen a 90% loss in the value of their investment and the bank is asking for more. The next banking crisis?
Italian Bank's Survival at Stake in Vote on Stock Listing
http://www.bloomberg.com/news/articles/2016-03-04/italian-bank-s-survival-at-stake-in-vote-on-stock-listing
Looks like they have been in crisis mode for some time, even with recent reforms they still can't seem to manage bad debt and make a profit. Time will tell but it looks like the implications could be rather devastating. Having an alternative would help alleviate some of these problems, then maybe people wouldn't have to fight to keep the banks alive by sacrificing their money in investments where one looses 90% of the value and keeps requiring more. I'm sure there is more to the story, but this is what I see.
March 05, 2016, 03:47:48 PM
The shareholders of this Italian bank have already seen a 90% loss in the value of their investment and the bank is asking for more. The next banking crisis?
Italian Bank's Survival at Stake in Vote on Stock Listing
http://www.bloomberg.com/news/articles/2016-03-04/italian-bank-s-survival-at-stake-in-vote-on-stock-listing
March 05, 2016, 11:51:18 AM
Marked for delisting on c-cex!
Wargo, thank you for bringing this to our attention. I received an email noticed too. Our volume on Ce-Cex has always been quite low, but it is good to maintain our listing, if possible.
Based on Ce-Cex's email it will be delisted if an "average trading volume for the last month has not exceeded 0.2 BTC/day (or 6 BTC for last 30 days): ...... We will not remove those coins if they reach minimum trading volume requirement."
I will do my best to increase my trading at Ce-Cex. Any help from our community will be very much appreciated.
The book is still on track to be completed this month. We are hopeful that it will be published in early April with a dedicated website. This is the largest project we have embarked in our history and expected to be a very significant foundation block to help propel DNotes forward. Although, it has been extremely demanding for me, I believe that it is well worth it. We will be posting more details later. And again, my sincere thanks to those of you who have been working hard to support me on this project. It is an awesome book, accomplished with great team efforts.
Even though our volume is primarily at PoloniEx, history has proven we need access to multiple exchanges. It would be a great idea if we can support C-Cex and keep DNotes listed.
March 05, 2016, 11:16:28 AM
Blockchain Weekly Recap 3-5-2016
Bank of Russia Working Group Analyzing Blockchain’s Usefulness
Five New R3 Blockchain Trials Completed
BigChainDB: Scalable Blockchain Processes Million Writes each Second
RBC Partners with Ripple for Blockchain PoC
ISITC Survey Highlights Financial Industry Interest in Blockchain
http://dcebrief.com/blockchain-weekly-recap-3-5-2016/
Bank of Russia Working Group Analyzing Blockchain’s Usefulness
Five New R3 Blockchain Trials Completed
BigChainDB: Scalable Blockchain Processes Million Writes each Second
RBC Partners with Ripple for Blockchain PoC
ISITC Survey Highlights Financial Industry Interest in Blockchain
http://dcebrief.com/blockchain-weekly-recap-3-5-2016/
March 05, 2016, 08:29:20 AM
Marked for delisting on c-cex!
Wargo, thank you for bringing this to our attention. I received an email noticed too. Our volume on Ce-Cex has always been quite low, but it is good to maintain our listing, if possible.
Based on Ce-Cex's email it will be delisted if an "average trading volume for the last month has not exceeded 0.2 BTC/day (or 6 BTC for last 30 days): ...... We will not remove those coins if they reach minimum trading volume requirement."
I will do my best to increase my trading at Ce-Cex. Any help from our community will be very much appreciated.
The book is still on track to be completed this month. We are hopeful that it will be published in early April with a dedicated website. This is the largest project we have embarked in our history and expected to be a very significant foundation block to help propel DNotes forward. Although, it has been extremely demanding for me, I believe that it is well worth it. We will be posting more details later. And again, my sincere thanks to those of you who have been working hard to support me on this project. It is an awesome book, accomplished with great team efforts.
March 05, 2016, 05:02:09 AM
Marked for delisting on c-cex!
March 04, 2016, 08:48:32 PM
Overall, Dnotes, you are 100% right. At this second, though, my mob is watching to see whether alt prices start to shift against Bitcoin. The alt-cap-Btc-cap ratio is almost 20% at this second.
[The whole house-clearing here is ringing with the calls of birds: emus, kookaburras, wattle birds, crows, wrens, fantails.]
[The whole house-clearing here is ringing with the calls of birds: emus, kookaburras, wattle birds, crows, wrens, fantails.]
March 04, 2016, 06:56:47 PM
That is the sort of thing we can't afford in our industry, it is very destructive.
Over the last few days both sides have accused the other of using increasingly aggressive and dirty tactics. The Core team says the network is congested because Classic advocates are spamming the network with low fee transactions miners can't be bothered to accept. Classic says that users who attempt to run nodes or mine blocks with their software have been hit with DDoS attacks that cripple their computer networks.
Many in the US Bitcoin community had hoped that hitting this crisis point — a network maxed out, transactions faltering — would result in closure, with miners quickly moving to adopt whichever chain proved more valuable to their economic interests. But so far the debate is dragging on without one side claiming a clear victory, leaving tens of thousands of consumer transactions stranded in limbo.
March 04, 2016, 04:23:51 PM
This short article is worth a read:
Uganda’s Mobile Money Censorship is a Testament to Bitcoin
"On election day, Ugandans woke up to no social media and no mobile money services. Nearly 20 million mobile money users were unable to access the service for at least two-and-half days."
http://michaelkimani.me/2016/03/01/ugandas-mobile-money-censorship-is-a-testament-to-bitcoin/
Interesting read and learned something new too:
"So what is the Tunnelbear VPN of Money?
Bitcoin!
Bitcoin is a censorship resistant digital currency, electronic peer to peer cash, the first of its kind. Unlike mobile money, when you own bitcoin, no one can stop you from transferring it because it is decentralized. It cannot be shut down because it is not issued by central authorities like banks or Telcos."
March 04, 2016, 04:12:10 PM
This short article is worth a read:
Uganda’s Mobile Money Censorship is a Testament to Bitcoin
"On election day, Ugandans woke up to no social media and no mobile money services. Nearly 20 million mobile money users were unable to access the service for at least two-and-half days."
http://michaelkimani.me/2016/03/01/ugandas-mobile-money-censorship-is-a-testament-to-bitcoin/
March 04, 2016, 02:46:56 PM
Going to have a designer work on the cover for the book. For your reference, here is the mock design. We have changed a few things since, like the title Improve Your Odds: The Four Pillars of Business Success. If anyone has any ideas, or is interested in participating in the design, now would be a good time. We are getting closer by the day, so we want to get everything ready.
Good mock-up. Would be interesting to see what the designer comes up with. Professional and eye catching is what I would suggest.
I like the mock design as well, especially the gears as a representation of a system. I recommend having some visual representation of a "system". I would also recommend some inspirational quotes from Dyna if they can be worked in, maybe on the inside of the cover?
Thank you kanus1113! I've given the designer full creative license for now, but those are great recommendations. We'll see what they come up with.
March 04, 2016, 02:20:31 PM
Bitcoin Weekly Recap 3-4-2016
Japanese Lawmaker Seeks Bitcoin Consumption Tax Exemption
British Central Bank Deputy: Electronic Sterling Would Endanger Banks
BidorBuy Accepting Bitcoin
HashFast Bankruptcy Recovery Claims Could Be Helped by Court Ruling
Coinbase Launches Product to Enable Bitcoin Purchases with Debit Card
NH: No Tax Payments Using Bitcoin
http://dcebrief.com/bitcoin-weekly-recap-3-4-2016/
Japanese Lawmaker Seeks Bitcoin Consumption Tax Exemption
British Central Bank Deputy: Electronic Sterling Would Endanger Banks
BidorBuy Accepting Bitcoin
HashFast Bankruptcy Recovery Claims Could Be Helped by Court Ruling
Coinbase Launches Product to Enable Bitcoin Purchases with Debit Card
NH: No Tax Payments Using Bitcoin
http://dcebrief.com/bitcoin-weekly-recap-3-4-2016/
The New Hampshire bill that failed is strange and a little disappointing, I guess it goes to show how little digital currency is really understood.
"New Hampshire - the state with the proud motto of “Live Free or Die”- has reportedly decided that its citizens’ liberty does not include the freedom to use Bitcoin as a payment method for their taxes. The state’s House of Representatives recently rejected House Bill 552, which would have required the State Treasurer to create a plan that would have the state government accept Bitcoin as a payment option for fees and taxes."
March 04, 2016, 02:16:02 PM
Going to have a designer work on the cover for the book. For your reference, here is the mock design. We have changed a few things since, like the title Improve Your Odds: The Four Pillars of Business Success. If anyone has any ideas, or is interested in participating in the design, now would be a good time. We are getting closer by the day, so we want to get everything ready.
Good mock-up. Would be interesting to see what the designer comes up with. Professional and eye catching is what I would suggest.
I like the mock design as well, especially the gears as a representation of a system. I recommend having some visual representation of a "system". I would also recommend some inspirational quotes from Dyna if they can be worked in, maybe on the inside of the cover?
March 04, 2016, 11:46:02 AM
This is a really interesting article from Pew Research on how concerned people are with the privacy of their personal information. I wonder if they are aware of how much of this information comes from the current financial system?
The state of privacy in America: What we learned
1. Fully 91% of adults agree or strongly agree that consumers have lost control of how personal information is collected and used by companies.
2. Americans express a consistent lack of confidence about the security of everyday communication channels and the organizations that control them.
3. For most Americans who are making decisions about sharing their information in return for a product, service or other benefit, the context and conditions of the transactions matter.
4. Some 74% say it is “very important” to them that they be in control of who can get information about them, and 65% say it is “very important” to them to control what information is collected about them.
5. Some 86% of internet users have taken steps online to remove or mask their digital footprints, but many say they would like to do more or are unaware of tools they could use.
6. Many Americans struggle to understand the nature and scope of data collected about them.
7. Young adults generally are more focused than their elders when it comes to online privacy.
8. Americans are divided when it comes to their level of concern about surveillance programs.
9. A majority of the U.S. public believes changes in law could make a difference in protecting privacy – especially when it comes to policies on retention of their data.
10. Many technology experts predict that few individuals will have the energy or resources to protect themselves from “dataveillance” in the coming years
http://www.pewresearch.org/fact-tank/2016/01/20/the-state-of-privacy-in-america/
"1. Fully 91% of adults agree or strongly agree that consumers have lost control of how personal information is collected and used by companies."
Very interesting and concerning, but not surprising.
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