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Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 79. (Read 814539 times)

RJF
hero member
Activity: 616
Merit: 500
Online since '89...
'Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently?'

May I say 'both'? Bitcoin is 'running block' for us, Wiser: first-to-market. Once an individual, though, has some competency with Bitcoin, they may well consider other cryptos, and choose one of those.

And here is where I put in a plug for IndiaMikeZulu's model, P2P-friendly: if you set someone up with Not-Bitcoin as their first crypto, you then have a fine chance that they will both stick with that coin, and become part of its P2P/merchant network.

Have you noticed my constant interest in the altcoin-cap-to-Bitcoin-cap ratio? Your question is why I watch it. And just a couple of days ago, there were four cryptos running multi-mil-$ trading-volumes!

Mark (IndiaMikeZulu), Australia

All markets are fundamentally alike. Do we all still drive Ford Model T cars? After the ground breaker has had some success, the innovators come out of the woods, happens all the time, everywhere. If you build a better mouse trap....

Bitcoin is exactly like the Model T. It's not the first but, it is the first SUCCESSFUL crypto.  Some people innitially saw both as a threat, some saw them as a amazing opportunity to change the future. Human nature will always trump the statistics and predictions, on both sides of any issue. Crypto, in some form, will always be with us far into the future. DNotes could well be the replacement for the Model T.
hero member
Activity: 493
Merit: 500
'Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently?'

May I say 'both'? Bitcoin is 'running block' for us, Wiser: first-to-market. Once an individual, though, has some competency with Bitcoin, they may well consider other cryptos, and choose one of those.

And here is where I put in a plug for IndiaMikeZulu's model, P2P-friendly: if you set someone up with Not-Bitcoin as their first crypto, you then have a fine chance that they will both stick with that coin, and become part of its P2P/merchant network.

Have you noticed my constant interest in the altcoin-cap-to-Bitcoin-cap ratio? Your question is why I watch it. And just a couple of days ago, there were four cryptos running multi-mil-$ trading-volumes!

Mark (IndiaMikeZulu), Australia

I've thought of this as a signifigant advantage for us at DNotes (and any other well managed altcoins). With Bitcoin to take the initial mainstream media firestorm for being different, DNotes can swoop in for the kill when the media is all tuckered out and loses the will to fight.
legendary
Activity: 1932
Merit: 1111
DNotes
Blockchain Weekly Recap 1-16-2016

Bitcoin XT Misses Desired Consensus Deadline.
Blockchain’s Impact Examined at ESMA Financial Innovation Event.
Ethereum Developer Mandeleil: Blockchain Could Help Solve Identity Hacking.
Blockchain Timestamps Aid in Credit Card Fraud Battle.

http://dcebrief.com/blockchain-weekly-recap-1-16-2016/
IMZ
legendary
Activity: 1498
Merit: 1000
'Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently?'

May I say 'both'? Bitcoin is 'running block' for us, Wiser: first-to-market. Once an individual, though, has some competency with Bitcoin, they may well consider other cryptos, and choose one of those.

And here is where I put in a plug for IndiaMikeZulu's model, P2P-friendly: if you set someone up with Not-Bitcoin as their first crypto, you then have a fine chance that they will both stick with that coin, and become part of its P2P/merchant network.

Have you noticed my constant interest in the altcoin-cap-to-Bitcoin-cap ratio? Your question is why I watch it. And just a couple of days ago, there were four cryptos running multi-mil-$ trading-volumes!

Mark (IndiaMikeZulu), Australia
hero member
Activity: 493
Merit: 500
A reminder for everyone participating in FF4DC'S NFL Playoff Challenge, make sure to set your lineup before tomorrow!

If you forgot to set your lineup in the first week, I'd recommend picking players who were on a bye so you recieve a point multiplier to aid your comeback. If you forget to set your lineup this week, your chances of winning are all but over!

http://m.playoffchallenge.fantasy.nfl.com/group/241421
legendary
Activity: 1806
Merit: 1029

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.

Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently? I personally am putting my money on independent mass acceptance of other altcoins.

Mass acceptance of digital currency will not happen for another 5 to 10 years, and it is not dependent on Bitcoin being widely accepted as a medium of exchange. However, the digital currency that gained mass acceptance must be commonly used as a medium of exchange, meeting the full functions of money. Having said that, the success of Bitcoin is valuable in paving the way, creating the necessary ecosystem, like a Coinbase. As you correctly pointed, owners of Bitcoin ecosystem are business minded. They respond the best opportunities.

Currency stability is crucial as a medium of exchange in global commerce. For a variety of reasons DNotes is just as volatile as any other altcoin today. As it is, it's not a viable medium of exchange. In that sense, we are correct for not pushing DNotes as a form of payment.

Everything that we have been doing is to put DNotes on the best path to be a stable currency with reliable long term appreciation. We have plenty of work to do to make that happen. Once that is achieved DNotes will break out of the "sleeper mode" and get the attention of the likes of Coinbase. Until then, it is fine to fly below the radar.


As I have a whole bunch of DNotes currently locked up in various retirement accounts in the vault, five to ten more years of "flying below the radar" in anticipation of mass acceptance of digital currency is about perfect timing for me Smiley

Today's prices make for a fantastic buying opportunity, which I believe I will be taking advantage of in the next few days...

DNotes has been casting a very wide net. Frankly, our strategic positioning is not that easy to understand or appreciate.

I appreciate it--at least the part I do understand. I have not sold a DNote in at least six months. I'm in this for the long haul Smiley
legendary
Activity: 1610
Merit: 1060

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.

Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently? I personally am putting my money on independent mass acceptance of other altcoins.

Mass acceptance of digital currency will not happen for another 5 to 10 years, and it is not dependent on Bitcoin being widely accepted as a medium of exchange. However, the digital currency that gained mass acceptance must be commonly used as a medium of exchange, meeting the full functions of money. Having said that, the success of Bitcoin is valuable in paving the way, creating the necessary ecosystem, like a Coinbase. As you correctly pointed, owners of Bitcoin ecosystem are business minded. They respond the best opportunities.

Currency stability is crucial as a medium of exchange in global commerce. For a variety of reasons DNotes is just as volatile as any other altcoin today. As it is, it's not a viable medium of exchange. In that sense, we are correct for not pushing DNotes as a form of payment.

Everything that we have been doing is to put DNotes on the best path to be a stable currency with reliable long term appreciation. We have plenty of work to do to make that happen. Once that is achieved DNotes will break out of the "sleeper mode" and get the attention of the likes of Coinbase. Until then, it is fine to fly below the radar.


As I have a whole bunch of DNotes currently locked up in various retirement accounts in the vault, five to ten more years of "flying below the radar" in anticipation of mass acceptance of digital currency is about perfect timing for me Smiley

Today's prices make for a fantastic buying opportunity, which I believe I will be taking advantage of in the next few days...

DNotes has been casting a very wide net. Frankly, our strategic positioning is not that easy to understand or appreciate.

legendary
Activity: 1806
Merit: 1029

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.

Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently? I personally am putting my money on independent mass acceptance of other altcoins.

Mass acceptance of digital currency will not happen for another 5 to 10 years, and it is not dependent on Bitcoin being widely accepted as a medium of exchange. However, the digital currency that gained mass acceptance must be commonly used as a medium of exchange, meeting the full functions of money. Having said that, the success of Bitcoin is valuable in paving the way, creating the necessary ecosystem, like a Coinbase. As you correctly pointed, owners of Bitcoin ecosystem are business minded. They respond the best opportunities.

Currency stability is crucial as a medium of exchange in global commerce. For a variety of reasons DNotes is just as volatile as any other altcoin today. As it is, it's not a viable medium of exchange. In that sense, we are correct for not pushing DNotes as a form of payment.

Everything that we have been doing is to put DNotes on the best path to be a stable currency with reliable long term appreciation. We have plenty of work to do to make that happen. Once that is achieved DNotes will break out of the "sleeper mode" and get the attention of the likes of Coinbase. Until then, it is fine to fly below the radar.


As I have a whole bunch of DNotes currently locked up in various retirement accounts in the vault, five to ten more years of "flying below the radar" in anticipation of mass acceptance of digital currency is about perfect timing for me Smiley

Today's prices make for a fantastic buying opportunity, which I believe I will be taking advantage of in the next few days...
legendary
Activity: 1610
Merit: 1060

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.

Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently? I personally am putting my money on independent mass acceptance of other altcoins.

Mass acceptance of digital currency will not happen for another 5 to 10 years, and it is not dependent on Bitcoin being widely accepted as a medium of exchange. However, the digital currency that gained mass acceptance must be commonly used as a medium of exchange, meeting the full functions of money. Having said that, the success of Bitcoin is valuable in paving the way, creating the necessary ecosystem, like a Coinbase. As you correctly pointed, owners of Bitcoin ecosystem are business minded. They respond the best opportunities.

Currency stability is crucial as a medium of exchange in global commerce. For a variety of reasons DNotes is just as volatile as any other altcoin today. As it is, it's not a viable medium of exchange. In that sense, we are correct for not pushing DNotes as a form of payment.

Everything that we have been doing is to put DNotes on the best path to be a stable currency with reliable long term appreciation. We have plenty of work to do to make that happen. Once that is achieved DNotes will break out of the "sleeper mode" and get the attention of the likes of Coinbase. Until then, it is fine to fly below the radar.
legendary
Activity: 1806
Merit: 1029

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.

Do you think mass acceptance of another coin, such as DNotes, is in any way dependent on mass acceptance of Bitcoin? Or could it happen independently? I personally am putting my money on independent mass acceptance of other altcoins.
legendary
Activity: 1610
Merit: 1060

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...

You are absolutely correct. Non-reversible transaction upon confirmation and nearly zero transaction fees are among the most attractive features of using digital currency as a medium of exchange. Once those features are removed, mass acceptance of Bitcoin will not be achievable in a million years.
sr. member
Activity: 452
Merit: 250

Surprised more aren't talking about replace by fee. One of the biggest advantages for digital currency is paying for digital products and micro transactions, with instant transfer of funds and instant delivery, where you will be able to only change the fee amount but the receiving address is a huge issue for me. 0 confirmation transactions are no longer feasible with this type of change as it raises the risk of fraudulent transactions. Not saying that 0 confirmation transactions were't risky, but there is a certain level of acceptable risk. They are heading down the steep road of reversible transactions...
legendary
Activity: 1610
Merit: 1060
There would be too much to quote here, this is a must read for everyone if you haven't come across it already, The resolution of the Bitcoin experiment by Mike Hearn. Fair warning, it is a bit disheartening to read but an important view point to consider from a former bitcoin core developer. Mike is clearly passionate and disappointed, even open source communities need good leadership that is not driven by greed and self interest.

I don't think the main point here is that Bitcoin will fail. It is very likely to be replaced, though, by a cryptocurrency that actually does effectively address the issues.

Right now, Bitcoin is the most accepted channel for connecting crypto to USD (and other fiat currencies), but that could literally change overnight, especially if a renowned service like CoinBase starts offering DNote/fiat trades (or pick any other reputable altcoin). If it truly becomes easier for the customers and the business to go through a new altcoin/fiat channel, then that's what's going to happen. As the article indicates, the Coinbase people are primarily businessmen, and they will go with what works. If Bitcoin quits working, Coinbase and companies like it will still be around, just using something else. It's really that simple.

I personally think Bitcoin will be around for quite a while, but it's doubtful whether it will remain the primary cryptocurrency. Quite frankly, there are better options out there, and the only reason they aren't being fully utilized is that they haven't reached the necessary critical mass of people knowing about and adopting them. Once that critical mass is reached, Bitcoin will be displaced as the primary. It will then continue to be used for some niche uses (as many altcoins are used now), and its capacity will fall to about what its block size can actually handle.

If you've put all your eggs in the Bitcoin basket, then the news from this article is very sad. However, if you keep the big picture in mind (especially the overall altcoin landscape), then it's really not as big a deal as the author makes it sound. It doesn't seem any different to me than say the first computer company being displaced as the market leader by a newer one that does computers better. Happens all the time.

Technology always evolve and get better. There are many smart people in our industry capable of solving any technical problem, given the leadership and support, the lack of which is not helpful in the case of Bitcoin. However, Bitcoin is not going away anytime soon, though it may remain as a speculative trading vehicle, with limited use as a medium of exchange.

It is a massive undertaking to build a viable digital currency capable of meeting the full functions of money. In my opinion, the possibility of accomplishing such ultimate goal is remote, without strong leadership, commitment, and long term vision, working constructively as a group. Drama of this nature promotes a culture of "build and destroy" so prevalent in our industry.

 
legendary
Activity: 1806
Merit: 1029
There would be too much to quote here, this is a must read for everyone if you haven't come across it already, The resolution of the Bitcoin experiment by Mike Hearn. Fair warning, it is a bit disheartening to read but an important view point to consider from a former bitcoin core developer. Mike is clearly passionate and disappointed, even open source communities need good leadership that is not driven by greed and self interest.

I don't think the main point here is that Bitcoin will fail. It is very likely to be replaced, though, by a cryptocurrency that actually does effectively address the issues.

Right now, Bitcoin is the most accepted channel for connecting crypto to USD (and other fiat currencies), but that could literally change overnight, especially if a renowned service like CoinBase starts offering DNote/fiat trades (or pick any other reputable altcoin). If it truly becomes easier for the customers and the business to go through a new altcoin/fiat channel, then that's what's going to happen. As the article indicates, the Coinbase people are primarily businessmen, and they will go with what works. If Bitcoin quits working, Coinbase and companies like it will still be around, just using something else. It's really that simple.

I personally think Bitcoin will be around for quite a while, but it's doubtful whether it will remain the primary cryptocurrency. Quite frankly, there are better options out there, and the only reason they aren't being fully utilized is that they haven't reached the necessary critical mass of people knowing about and adopting them. Once that critical mass is reached, Bitcoin will be displaced as the primary. It will then continue to be used for some niche uses (as many altcoins are used now), and its capacity will fall to about what its block size can actually handle.

If you've put all your eggs in the Bitcoin basket, then the news from this article is very sad. However, if you keep the big picture in mind (especially the overall altcoin landscape), then it's really not as big a deal as the author makes it sound. It doesn't seem any different to me than say the first computer company being displaced as the market leader by a newer one that does computers better. Happens all the time.
RJF
hero member
Activity: 616
Merit: 500
Online since '89...
There would be too much to quote here, this is a must read for everyone if you haven't come across it already, The resolution of the Bitcoin experiment by Mike Hearn. Fair warning, it is a bit disheartening to read but an important view point to consider from a former bitcoin core developer. Mike is clearly passionate and disappointed, even open source communities need good leadership that is not driven by greed and self interest.


I found it to be an emotional opinion from someone who clearly feels cheated. One man's opinion I suppose but, still good reading. As with most things in the tech world that have developed a following, Bitcoin and the underlying technology will continue on without him.

legendary
Activity: 1932
Merit: 1111
DNotes
There would be too much to quote here, this is a must read for everyone if you haven't come across it already, The resolution of the Bitcoin experiment by Mike Hearn. Fair warning, it is a bit disheartening to read but an important view point to consider from a former bitcoin core developer. Mike is clearly passionate and disappointed, even open source communities need good leadership that is not driven by greed and self interest.






legendary
Activity: 1932
Merit: 1111
DNotes
[sigh] I've been thinking on this for a while: in respect of crypto-currency exchanges, 'if in doubt, assume the worst' should be policy.

Mark (IndiaMikeZulu), Australia

Unfortunately that is turning out to be solid advice. 
legendary
Activity: 1932
Merit: 1111
DNotes
Bitcoin Weekly Recap 1-15-2016

Xapo Founder Casares Added to PayPal Board
As Netflix Rapidly Expands, CFO Extols Bitcoin
Bitcoin Group to Begin Share Trading
Russian Investigative Committee Chairman Concerned About Ruble Devaluation
Bitcoin Option Added to Jackpocket Lottery App

http://dcebrief.com/bitcoin-weekly-recap-1-15-2016/
legendary
Activity: 1610
Merit: 1060
Cryptsy finally posts a meaningful update. Unfortunately it's not good news. Yes, money was stolen (so it wasn't just "technical difficulties"); one option is filing for bankruptcy. They are hoping they might be able to recover the lost funds (apparently they are sitting in a wallet and haven't moved since the theft), but it's a long shot. Trading and withdrawals suspended indefinitely, although it looks like some markets are active. Also, not sure if it's just BTC and LTC withdrawals they are suspending or all of them.

http://blog.cryptsy.com/post/137323646202/announcement/

Disappointing to say the least. Hopefully the lost funds can be recovered or otherwise worked out.

Paul Vernon: "This worked fine for awhile, as profits decreased due to low volume and low Bitcoin prices, we would adjust our spending accordingly.  It wasn’t until an article from Coinfire came out that contained many false accusations that things began to crumble.   The article basically caused a bank-run, and since we only had so much in reserves for those currencies problems began."
 
Other than the obvious mismanagement, which, in reality, a LOT of businesses in the same position would have done, the statement above about "Coinfire" is key to a rampant problem in the industry, irresponsible reporting. Some people think "freedom of the press" means you can publish anything you want, accuse anyone of anything and, outright lie to the public without consequence. Nothing could be further from the truth especially in a new industry where why too much illegal activity already exists. The Press has a RESPONSIBILITY and a legal mandate to report ONLY the truth. Truth meaning well researched FACTS supported by proven events and publicly available information. It is NOT their job to ruin businesses and peoples lives for the sake of headlines and self gratification oh, and money, there's always the money.

And to make matters worse, since so little real content/information is available, ever article and statement has the instant ability to go viral. No chance to make corrections or pull an article, it's already global right after penning the last sentence. I'm sure (?) as the industry matures this will be better controlled and some sense of responsibility will overtake the "wild west" attitude of our fringe press but, even the traditional news sources would sacrifice honesty and accuracy for ratings so, I suppose it's up to us to communicate the truth. Sad.

So, in a way, Cryptsy was the victim here in more ways than one. The thing I still have trouble understanding is Paul's silence. He didn't have to reveal everything, hell, he didn't have to reveal ANYTHING, all he had to do was to communicate, to reassure customers, to say "We're working on it, sorry for the inconvenience" This alone would have softened the blow when the truth was revealed, perhaps enough to allow them to continue operations with their customer's help and understanding instead of angst and mistrust.

To ALL you new crypto businesses out there I say this: COMMUNICATE!  No matter what the problem, no matter how bleak the outcome may be, your fault or not, TELL YOUR CUSTOMERS SOMETHING! When I was in the the Internet Provider business we had one solid rule that was unbreakable: "talk to the customer, we all work for them."



I agree, RJF. Cryptsy is a sad case and another setback for the industry. Damage control should have kicked in immediately. When there is a problem of this magnitude, people would only accept excuses for so long before they started speculating. This inevitably led to the  "Coinfire" bad press.

As you correctly pointed out; "COMMUNICATE!  No matter what the problem, no matter how bleak the outcome may be, your fault or not, TELL YOUR CUSTOMERS SOMETHING!"

 
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