Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 79. (Read 814547 times)

'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

'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

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

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

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

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.

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.

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.

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...

Wow! Mike Hearn's piece caused quite the media firestorm!

http://www.coindesk.com/bitcoin-branded-a-failure-as-media-erupts-over-mike-hearns-contentious-exit/

So much drama!

Edit: Here's a rebuttal piece: https://medium.com/@coreychambers1/the-resolution-of-the-bitcoin-experiment-a-rebuttal-to-mike-s-lengthy-obituary-bb1154f72b42#.4ouh1mjff

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.

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.

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.

[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

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."