Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 214. (Read 148870 times)

Wow! I SO agree with you! I am sick and tired of people who are no different from me "protecting" me from myself, it's insulting. "Accredited" status or not, it's the principle of government babysitting us that I cannot stomach. Every headline about Senators, Congressmen and other elected officials being charged with finance related offences, going bankrupt, lying, cheating, the whole nine yards is disgusting to me. "Let he who is without sin cast the first stone" Where do these people get the right to decide our fate and tell us where we can and cannot invest?

PS: I'm stealing that quote by Franklin, one of my favorites and I need a new tag line... 
 

https://ebitnews.com/ico/dfinity-blockchain-ico-cloud-tezos/

There is a part of me that definitely doesn't like this, and a smaller part of me that does.

I could tell a long story, but the summary is that many years ago I wanted to invest in Facebook through the secondary markets at a time when it was a $10b company. I wasn't allowed too, because I wasn't already accredited (read: already rich). So I had to go to rich people I knew with my thesis. Nobody took my advice. Now FB is one of the most valuable corporations in the world. Thanks SEC for letting me participate in that upside as a poor person!!

That's a huge thing I like about Crypto. I have my thesis. And nobody can tell me to act on it or not with some artificial market-altering rules. So, it's annoying that I can't participate in DFINITY, or MIT's Enigma project, and several others....because I'm still not rich enough to meet the SEC definitions for being accredited. 7-8 years later. And NOTHING has changed.

Yet, something about ICOs (read: all the scams) is also unpalatable.

In general, I am Laissez Faire Libertarian w.r.t. economics. I think access >>>> risk. People should be able to make their own mistakes within a framework. And disallowing all access in the name of security, is bullshit.

As Ben Franklin said, "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

The optimistic take that we saw is encouraging, and in particular the nod that was given to the fact that younger generations take a keen interest in cryptocurrencies, and that those interests should not be discriminated against.

What will be crucial in the coming months will be for regulators around the world to give some clarity regarding ICO and cryptocurrencies, which will prevent more people from taking the wrong courses of action -- though these should be foreseeable: if you undertake an ICO, be prepared for future ramifications retrospectively by governments. It is my view that regulators need to provide this clarity in a sense that they can reasonably enforce. If the community accepts these provisions, then regulatory compliant applications could capture the vast majority of the cryptomarket. This would make the investigation of unsavoury activities that use cryptocurrencies much easier for financial authorities, while also adding legitimacy to cryptocurrency markets used in the manner that the vast majority of us wish to use them.

I appreciate hearing your optimistic take. I especially like that the lawmakers appeared to be knowledgeable. That is always a good sign. I'm sure the differences between ICO tokens and cryptocurrencies will be clarified over time.

I was generally impressed by their knowledge of the industry. Even the Senators were quite knowledgeable. Overall, it was very positive and measured. I took it as great news for our industry.

“There was a clearer response when the discussion turned to the regulation of initial coin offerings. “We should regulate ICOs like we regulate securities offerings,” Clayton said. “End of story.” 

It is quite clear that the SEC will treat ICO tokens as securities offerings, the sale of which is a violation of U. S. Securities laws, unless registered or exempt with the SEC.

He noted that companies selling "tokens" in their ICOs are different than companies selling cryptocurrency.”  https://finance.yahoo.com/news/sec-cftc-testify-senate-apos-065435895.html

This certainly sounds confusing. I assume that he meant that ICO involves the sale of a batch of pre-mined tokens of which all or a portion of it are sold for money or other cryptocurriencies. In the second case, I guess that he was referring to other cryptocurrencies that never used their coins to raise money. Bitcoin and DNotes are good examples.  “companies selling cryptocurrency”? Not sure if there is a clear and easy way to describe it. He might be trying to communicate to coins that never raised money using ICOs not to worry, since there has not been any sale of securities involved. Until there is a better term to differentiate the two, it will remain confusing.   

Knowing how badly this could have gone, I think this is almost wonderful news. I'm really impressed with this:

Giancarlo also expressed an understanding of the generational nature of digital currency innovation:

“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one.”


This comment was from another article in Yahoo finance:

“We should regulate ICOs like we regulate securities offerings,” Clayton said. “End of story.” He noted that companies selling "tokens" in their ICOs are different than companies selling cryptocurrency.

This sounds very promising for cryptocurrencies -  I may have to take back my comments on regulators not knowing the difference between cryptocurrency and ICOs, and "lumping them into one big bitcoin boat". 

SEC, CFTC Testify Before Senate on What's Needed for Virtual Currency  -  https://finance.yahoo.com/news/sec-cftc-testify-senate-apos-065435895.html

I found the SEC/CFTC Senate Committee on Banking hearing in Washington on Tuesday inspiring and forward-looking. Although, it was by no means definitive or comprehensive, I felt that it was positive, fair and objective. It was acknowledged that what we are witnessing could be “transformational” and become very big. I took it that timely attention in confronting the challenges while preserving opportunities for the innovative technologies to flourish was warranted. I was also encouraged by the CFTC Chairman Giancarlo’s remark that the “currency” component goes together with the underpinning blockchain technologies. He said, “It’s important to remember that if there were no Bitcoin, there would be no distributed ledger technology (DLT)”. He is correct.  Just one or the other would not have gained my attention or justification to characterized it as the greatest technology revolution since the Internet.

There is a frequent lack of understanding, that under existing rules and regulations there are no provisions for the SEC to register or grant an exemption to a cryptocurrency, as we know it. Being a decentralized autonomous entity, no one controls it. It is self-governing by algorithm with embedded rules.  

As it is today, the SEC can only interface with human – individuals, partnership, companies, etc., using it as its only means of getting full disclosure of all relevant materials, representations, and reporting requirements. In most cases it is very burdensome – complex, costly, and time consuming.

From my prospective, it is not possible for a coin to be a registered or exempt ICO with the SEC. A third party must be involved as an individual, partnership or company. This should clearly explain why not one single ICO is registered or exempt with the SEC, according to Chairman Jay Clayton.  If there is a way around it, I certainly will be all out to have DNotes launch the first ICO with the SEC approval – registered or exempt.

Senate Banking Committee Holds Hearing on Crypto

https://dcebrief.com/senate-banking-committee-holds-hearing-on-crypto/

Thank you, Joe, for your relentless efforts to make this listing possible.

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Welcome acryptodealer, those are great questions. We are working on the documentation for answering those questions in great detail as we speak, including a white paper and pitch deck. I would recommend the brief description I can provide here and now does not do the overall system justice, and it will take some research as well as waiting for our detailed documentation, but I will provide a high level description:

DNotes is a decentralized digital currency and in order to make the decentralized digital currency useful in the centralized world it requires third party involvement to create a 'bridge'. DNotes Global, Inc. is the bridge, and the ecosystem it is creating are all parts and pieces of that bridge, but we took it a step further by creating a cross ownership model between the currency and the company to further increase the bond between them and the interest between the two.

Currently as part of the ecosystem, we have several pre-revenue generating entities, they include:
DCEBrief - a news and information media outlet that delivers objective and informative news on the latest developments in the world of digital currency. News is presented in the condensed format needed by busy executives, business owners, regulators, and other decision-makers. Aside from a platform to educate this group and others on truth versus misconceptions in the digital currency industry, DCEBrief will be an invaluable media resource for global coverage of all DNotes initiatives.
DNotesVault - offers the familiar custodial relationship investors are accustomed to by providing all our stakeholders with secure, guaranteed online storage for their DNotes. With its likely future evolution into an exchange / bank, it will not only operate as a trusted facilitator of everyday transactions like automatic deposits and payroll deductions into our various CRISPs (Cryptocurrency Investment Savings Plans), it will be a financial cornerstone in global commerce and small business success.
CRISP - Cryptocurrency Investment Savings Plans. Currently Kids, Retirement, Employee Incentive Benefits, Students.
The Four Pillars of Business Success - Revenue from “The Four Pillars of Business Success”, a book written by Alan Yong in which he shares four decades worth of business expertise, will help fund future projects and provides valuable exposure for DNotes, our CRISP program, and the rest of the ecosystem. The Four Pillars member site is an affordable e-mentorship program that provides access to Alan and his team, additional resources, and materials that expand on the concept of the book.
As well as the The Four Pillars of Business Success Membership site and Video Series.
CryptoMoms - addresses a great need within the industry for accurate digital currency education, straightforward and unbiased news, and representation from women. CryptoMoms, launched by DNotes in 2014, provides a digital currency learning center not just for women, but for anyone that would like to learn or ask questions in a friendly and helpful environment. It will also act as a stepping stone toward adoption of DNotes by women’s small businesses.

From there we intend to expand our ecosystem providing digital currency services and platforms as well as into NextGenVC. NextGenVC will be built from a model we will be using for DNotes Global Inc, to build a successful business, identify companies in need of help. Depending on the unique situation, potentially help them raise funds, train them using the four pillars business model and work with their staff, help them create DNotes CRISP programs for their employees, help them accept DNotes for payments and B2B in-network DNotes offerings, build DNotes and DNotes based blockchain applications that help utilize our platform to improve their efficiency.

Here are some links for research reference:
The DNotes story, which also Chapter 15 of the Four Pillars book: http://dnotescoin.com/the-dnotes-story-an-unfolding-big-bold-idea-of-global-scale/
Tim's Podcast interview on the bitcoin podcast: http://dnotescoin.com/the-bitcoin-podcast-had-tim-goggin-from-the-dnotes-team-on-the-show-to-talk-about-dnotes/
Alan's CEO CFO interview: http://www.ceocfointerviews.com/interviews/DNotesGlobal17.htm
The DNotes roadmap: http://dnotescoin.com/dnotes-roadmap/
Our blog: http://dnotescoin.com/blog-main-hub/

I can recommend signing up for our newsletter at: http://dnotescoin.com/
When we release the documentation and videos with those greater details, our newsletter subscribers will receive them.

Also, regarding your final question:
We are at the early planning stages of two rounds of funding – Reg. D 506 (c) for $2.5 million, followed by Reg. A+ Mini IPO Title IV Tier 2 to raise up to $50 million from accredited and non-accredited investors worldwide, within a 12-month period. We plan to have DNotes Global, Inc.’s common stock listed on OTCQX secondary market soon after the closing of the A+ funding round.

I have to say the video is quite impressive and the animations were incredible. However the video raised lots of questions. How do you guys intend to make Dnotes global big and successful? Also how do you plan on making the consulting business a success? Also for accredited investors where can we see the business plan and what secondary markets will it trade on if any?

Denver Dan, thanks for sharing. I had the opportunity to watch an extensive portion of the SEC/CFTC Senate Committee on Banking hearing in Washington today. Although, it was by no means definitive or comprehensive, I felt that it was positive, fair and objective. It was acknowledged that what we are witnessing could be “transformational” and become very big. I took it that timely attention in confronting the challenges while preserving opportunities for the innovative technologies to flourish was warranted. I was also encouraged to recall a remark that the “currency” component go together with the underpinning blockchain technologies. Just one or the other would not have gained my attention or justification to characterized it as the greatest technology revolution since the Internet.

There is a frequent lack of understanding, that under existing rules and regulations there are no provisions for the SEC to register or grant an exemption to a cryptocurrency, as we know it. Being a decentralized autonomous entity, no one controls it. It is self-governing by algorithm with embedded rules. 

As it is today, the SEC can only interface with human – individuals, partnership, companies, etc., using it as its only means of getting full disclosure of all relevant materials, representations, and reporting requirements. In most cases it is very burdensome – complex, costly, and time consuming.

From my prospective, it is not possible for a coin to be a registered or exempt ICO with the SEC. A third party must be involved as an individual, partnership or company. This should clearly explain why not one single ICO is registered or exempt with the SEC, according to Chairman Jay Clayton.  If there is a way around it, I certainly will be all out to have DNotes launch the first ICO with the SEC approval – registered or exempt.

The path that we chosen is certainly burdensome, costly, and time consuming, but the best path in consideration of available options and our long-term vision. My biggest challenge so far has been recruiting a team of professionals who have sufficient working knowledge to assist us with sufficient comfort of the realities of our industry. It has not been easy, and the current state of our industry is certainly not helpful. Nonetheless, I am totally committed to make it happen. I trust that the launching of DNotes 2.0  on March 18, 2018 will give us great momentum to move our Reg. A+ Mini-IPO forward.

Nice job Tee-Gee! Can't wait for it to materialize!

Didn't actually see it Denver Dan but, several of my co workers did and they said was pro Bitcoin. They will leave the market alone and concentrate efforts on making sure only legal ICOs are allowed and they will be regulating ICOs and Exchanges, a good thing, in my opinion but keep an eye on them! Overall very positive for crypto here in the US and countries that follow our lead.

If anyone had a chance to watch the CFTC/SEC hearing today in Washington, I'd be curious to hear your opinion.  In my opinion, this hearing in general was positive for the future of cypto currencies.  While still pretty vague in many aspects, there appears to be support for moving this technology forward.  A majority of the concern was with scams and "unregulated" ICO's.  While I couldn't agree more, I doubt many of these are in their jurisdiction.  My hope, as time goes on, we'll see a self regulating body come to the surface.  These blockchains are world wide, and obviously no one country can govern this space.  

One of the points made, was how not one ICO has come to the SEC for their approval.  I can only imagine the hurdles that must be jumped over to even get this far.  I know the DNotes team has at some level, looked at this avenue in the past.  Can you share your thoughts on what it would take to be the "first" company to apply for this ICO approval, and possibly why DNotes has chosen not to take this road?  We see the many benefits of the Reg A+, title IV, tier II, mini IPO offering, however this approval process is expensive and time consuming.  Could the application for an ICO, through the SEC/CFTC achieve the same results, and less headache perhaps, as what is trying to be achieved through the Reg A+, title IV, tier II, mini IPO offering?  

While this would not offer DNotes Global Inc. the exposure to the OTC, and traditional market participation, could this be an alternative for future funding while gaining notoriety for being the "first" ICO application?  Could it also cut down on the burdensome expenses, audits and compliance hurdles?  What about a relationship with potential banking partnerships needed to move forward in the future?  ie future exchange, on/off ramp.  (Pretty sure I know the answers to last couple questions)

To take this a little further, as crypto currencies become more excepted and banks possibly feeling threatened and auditors not necessarily willing to risk their name on the dotted line, how could this effect DNotes Global Inc.'s ability to be/stay in compliance?  Could an legitimate ICO eliminate this?  (Is that an oxymoron?)  Something tells me any path taken here in the U.S., will have nothing but red tape and hurdles.

I believe 100% DNotes is taking the right path, but my hope is third parties wont make it too difficult to achieve a third party-less system.

Excellent work Tim and video team! The amount of work that went into that video was incredible and it shows in the result.

Thank you very much for the kinds words DYNA. It is an extremely difficult ecosystem to visualise and animate in a brief video, or to animate full stop. Once people work out what we are doing, at the moment when the ecosystem is, at least partially designed and in plain view, it will become much easier to understand and DNotes may well be considered one of the most forward thinking projects of the early crypto-era (like I do).

The operative word here is "people" as I see it. "People" will do dumb and impetuous things, we all have, it's in our nature. So, for the last 50 years or so, it's been fine to use your card for anything you want right? Including illegal items I might add. Has there ever been limitations on what you can buy with your credit card, other than monetary limits, at merchants who accept credit cards? No. So what's the real story here? The "banks" (in quotes because they are no longer banks, your "money" is not there, it's been invested or spent in ways you will never know about.) Are, for the first time, facing competition and they have no clue how to deal with it other than the "full frontal assault" because, I will argue, they are not "real" businesses, they occupy a sector of the economy that gives very little to no value back to the customer, they produce nothing, and they are not really needed. Banks are obsolete.

But, you say, I can get a car loan, mortgage, have a safe place to keep my money, I need a bank! The only reason you need a bank is because banks have worked hard for hundreds of years to make you dependant. Just like a good drug dealer they reel you in a little bit at a time with promises of great things, fancy homes, new cars, money to take that wonderful vacation or, start your own business and live the good life. Credit, credit, credit, it's their life's blood sucking yours out. All without doing anything but signing on the dotted line. We are indentured servants, we pay and pay and die poor with unpaid mortgages and auto loans.

What can we do about it? Inside the system, nothing, unless you want to live as a pauper and die broke passing your debts to your children. Outside the system, we can take financial matters into our own hands or, at least make more financial decisions on our own, keeping banks at the fringe of our financial world only because the rest of society hasn't seen the light. Crypto allows for this, if it survives and thrives.

As with many things in life, we can turn to Shakespeare for the final note from Hamlet: "The lady doth protest too much, methinks" The Banks should embrasse crypto and start thinking about how to integrate it into their systems if they want to survive. Life is all about change, even rocks were away, nothing is permanent. Cut up that card!