Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 81. (Read 814547 times)

I found this a very interesting read, Bitcoin, other alt-currencies offer more choices for consumers


U.S. government policies over the years, starting with the National Banking Act of 1863, a law intended to help finance the Civil War, have established a near-monopoly for the U.S. government over how people may pay for things they want.

By compelling everyone to use the one-size-fits-all government-backed currency, consumers’ options are reduced, neglecting their actual needs. The rise of alt-currencies is an attempt to fill that vacuum.

A recent paper by Kenyon College economics professor William Luther explains Bitcoin and other virtual currencies are already serving consumers better than government-backed money.

“The most likely place for a cryptocurrency to accomplish widespread acceptance would seem to be where the incumbent money is managed poorly since, in these cases, the benefits could be sufficiently high to warrant the costs of switching and coordination,” Luther wrote. “In Kenya, where many are unbanked but have cell phones, Vodafone’s m-pesa system has taken off. If the incumbent money were especially unstable, such users might opt to use their phones to transfer cryptocurrencies instead.”

Allowing alternative currencies to arise and evolve in the United States could have huge economic benefits. In a study on how the Federal Reserve’s money monopoly affects the U.S economy, Thomas Hogan, an assistant professor of economics at West Texas A&M University, writes, “Considering that banks issuing private notes in Hong Kong, Scotland, and Northern Ireland earn hundreds of millions of dollars annually, it appears that U.S. banks may be missing an opportunity to earn billions of dollars in annual profits.”

Regardless of whether the currencies are digital or physical, allowing consumers to experiment and try out new currencies offered by private entities ultimately results in a better “product” and a better experience for consumers seeking something different than the traditional government-backed dollar. In time, currencies possessing more qualities desired by consumers, such as reliability, will gain greater consumer adoption, and those currencies will win out over less desirable alternatives.

Ending the U.S. government’s virtual monopoly over the money business and allowing free-market principles to do their thing, both online and in the real world, is an idea that’s sure money.

     It has been my experience that a lot of successful businesses have one thing in common: Either a commited husband/wife team, and/or a family business. There are certainly handicaps to having a family business. BUT, in my opinion, the benifits outweigh the downsides. At one point in time, over half of my 20 employees were family members. One of the downsides of a family business is having to fire or disipline those you love. Case in point:
     I have had to fire all three of my children at one time or another. Hell, I have fired one of em MORE than once. And I mean a real firing, done for the right reasons, and done correctly. They all hurt me as a Dad, but the worst was firing my only son. He was pretty big for his age, and helped on the masonry crew since he was 12 years old. I usually worked on the "brick crew" also (loved the work, designing and building fireplaces and chimneys) and worked with him closely for many years. I hired him full time right out of high school, at the age of eighteen. I think he was 20 or 21 years old when he was let go. We were both bawling our eyes out, I could not help it. I felt like Abraham, about to sacrifice his child. I felt like I had failed my son. It all turned out well, he went out into the world, and found out dear old Dad was not such a terrible boss after all. I hired him back after about a year. I sold the company a few years ago, and he still works for the folks I sold the company to. I am trying to get him to come up to Michigan and help me grow daylilies, but so far no success! He likes his damn job too much!!
     
     Smokey

No excuse can or should be used to justify ignoring so many customers for so long. Having said that, if you are married and planning to start your own business or already owing a business here is an unedited quote from my book:

"If you are married, have your spouse pledged to be supportive of your business venture, for better or for worse, otherwise get the best paying job you can find or you will be handicapped right off the gate. Should things get rough, your home is your only refuge to rejuvenate to fight for another day. With or without a formal commitment, your spouse is already your business partner. Would your spouse make the rest of your day better so that you can be energized to have another productive day building the future dreams for your family? Or is it a case that your bad days at work aren't bad because it was after work when things often got rough? If you cannot have peace, comfort, and support when you come home after a long day, your chances of being better than the competition will be greatly diminished."

Lol. I will still give them a chance to explain. I'm frustrated but still hopeful they can pull it back together.

I understand there is a nasty divorce and gag orders involved in the mystery why Vernon has not spoken out. Even so, it's shaky at best...

This is a good move.  Digital Currency Group is led by Barry Silbert who started DCG after selling SecondMarket to Nasdaq. He is one of the most active supporters of the Bitcoin industry with many excellent projects in the works. It is all very good for our industry. When things are done right, there are massive opportunities for everyone.

Smart investors should start focusing on long term projects that serve a meaningful purpose with strong leadership and commitment behind it. We are witnessing the greatest technology revolution since the Internet. But most importantly, unlike the Internet, anyone can participate, starting out with pocket change. That itself is historic and one of the reasons I am so passionate in my commitment to help build DNotes as the trusted global digital currency for everyone worldwide to participate. I am certain that Silbert and his investors will be making a lot of money out of their investment, but not everyone can participate.

Found this in my email: "We are excited to announce that CoinDesk is being acquired by Digital Currency Group (DCG), a leader in the bitcoin and blockchain industry and one of CoinDesk’s earliest investors and supporters."

Cryptsy:
"Regarding other issues that have been apparent at Cryptsy for the last couple months, I will be making another post to explain what has been happening in the next couple days."

http://dcebrief.com/the-most-popular-bitcoin-news-in-2015-from-social-media/

     Sad story indeed. Crypsy would make a good case study. From my perspective, if a "normal" company acted in this way, death would be instant. Common sense has had it's foot on Crypsy's throat for some time now, and it refuses to die!! When I look at the history of Crypsy's actions, I wonder "how in the hell did this company survive for so long?" It was very successful DESPITE itself! (Key word there is WAS). Unless someone else steps in, we may as well start throwing dirt on em.


     Smokey

I do not see any likelihood that Bitcoin or digital currency will be banned in the US. The legal classification of it may continue to be in consistent, presenting a different set of challenges. But even those will be resolved over time. The US market is huge, though its population is only a fraction of that of China.

As pretty well demonstrated in the current turmoil of the Chinese stock market, there is a strong "casino investing" mentality in China. With the Chinese stock market on the decline, Bitcoin and other digital currencies are filling the void at the right time. Unfortunate, P & D thrives in a highly speculative and manipulative environment.

Quote from: indiamikezulu on Today at 09:35:51 AM

Hey ya, Chase! Ian and I recall Mintchip. It was the first 'government' coin that we ever saw!

And investment opportunity? Here's my stab in the dark:

the article mentions 'creating applications.' So the commercialisation around those, and the fact that it's 'government-backed'* precludes the volatility that remains a real problem for everyone except crypto-geek traders.

*which assumes that those involved still believe in Santa, perpetual-motion machines, and the stability of fiat currencies.

Mark (IndiaMikeZulu), Australia

Quote From Shepherd Today:

One would assume that if acquired by a private party, the Canadian government would not be involved. It would operate as a decentralized digital currency with leadership guidance. But I am not going to hold my breath on that. This industry continues to generate a lot of confusing claims, making it increasingly difficult to separate the real thing from the wishful.

And Cryptsy 'closed.' Gos flyin' hot.

https://www.cryptsy.com

Warning from Cryptsy!


BigVern ‏@cryptsy  1h1 hour ago

A new phishing attempt is out. It is not from cryptsy. Do not acknowledge it

20 retweets 13 likes
Reply   Retweet  20   
Like 13 
More

This is one to be taken seriously, depending on the team, funding, and other resources behind it.

Tee hee hee . . .

This Day in History – about three weeks ago . . .

Fed Reserve says:

‘With the economy performing well and expected to continue to do so . . . ‘

http://www.reuters.com/article/us-usa-fed-idUSKBN0TY2EX20151218

This Day Actually Today Day:

'Not even Nevsky know how bad things will get . . . '

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12096071/Not-even-Nevsky-knew-how-bad-things-will-get-or-for-how-long.html

Mark (IndiaMikeZulu), Australia

I'm not exactly sure how this is going to work, but I'm keeping an eye on it. It still has the flaws of being centralized (??) and pegged to floundering fiat currencies. If it is pegged, where is the investment potential?


Bitcoin-Like MintChip Acquired By Canada's nanoPay With Digital Cash Future Promise

http://www.forbes.com/sites/rogeraitken/2016/01/12/bitcoin-like-mintchip-acquired-by-canadas-nanopay-with-digital-cash-future-promise/

Caught my attention as well. I've never worried that crypto would be banned in the US. Regulate it to death and make it difficult and costly, that's a different story. But I feel as though our government is embracing it more, it's a slow process, time will tell.

There is a lot of really interesting information in this story.  This is one of the points that stood out to me:

"American legislation has defended Bitcoin well. The Citizens United case has made the legal precedent of money as a form of speech and information, which has huge ramifications for Bitcoin. If the U.S. Government wants to ban Bitcoin, they risk creating a solid legal precedent that Bitcoin is money and is a legal form of information and speech by Constitutional law and current legal constructs. Not a road any government bureaucrat wants to head down."

I spent over two hours using every angle starting with Crypto Capital. Frankly, I could not connect all the dots with some level of comfort. Sometime, it better to miss the train than jump onto the wrong train.