Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 219. (Read 148848 times)

I would tend to agree on this but, only at the current time, and only with certain cryptos. A digital replacement for fiat CAN be stable if thats what we really want. I think too much emphasis is placed on the "Holy Grail" of stability. In fiat, be it paper, coin or electronic, yes, stability is needed and desired for a 100 dollar bill to represent a steady and constant value so it's buying power remains more or less constant as it is a physical thing that cannot be physically altered to represent different values, the proof is in what you can exchange it for . But, due to inflation and all the other forces that push and pull on the money supply, stability is not really attainable, if you rob Peter you have to pay Paul, it's a wash somewhere. In digital there could be an instant price to payment ratio that could be adjusted on the fly.

I would argue that a digital representation of value does not need to remain so stable since the conversion rates and actual value can change without the whole issue of a physical "dollar" always saying "I represent one dollar" In a truly electronic world with a digital money supply, value can be allowed to change and those assigning the value need to be much more attentive to inflation/deflation or, the code can handle it without human intervention depending on volume and circulation among other factors. That's a whole conversation right there: Do we let crypto maintain its on value via supply and demand or, do we control it if it is being used in the global market in everyday transactions?

Imagine this: You go to the super market and your looking to get some steaks for dinner. Some are priced at 3 DNotes a pound and some are priced at 5 DNotes a pound. There both look exactly the same and are both the same cuts. Without any input from you, your wallet brings up a quick overview of each. You see that the 5 NOTE steak has been grass fed, free ranged and contains 1/3 less hidden fat and no preservatives in the packaging and comes from a local farm. The other, not so much! Not hard to spend the other 2 NOTE but hold on, your wallet tells you the value of NOTE is trending upward and predicts that if you wait for ten to fifteen minutes you will save 20 percent on your purchase. You go about your other shopping and come back later, pick up your steak, scan it with your wallet and head home.

I believe bankers like the woman in the article and others in the Banking & Financial industries are so set in their "physical" ways they can't really see what is possible with "virtual" or crypto even though it's right there in front of them every day. They refuse to open their minds for various reasons crypto far outpaces physical including pride, ignorance, self interest and the belief that there could never be a way to transact and store value that is better than what they have known all their lives.  Some speak without ever taking the time to learn about their "adversary" as they would call crypto, some speak with authority but without knowledge and some just speak because they have been told to do so. But, I am convinced that most of these detractors have been told to speak against Bitcoin and don't have much choice if they want to continue in their industry.

As sad this is this, when their industry finally realizes what crypto can really do for finance, those same people that bashed it on behalf of their handlers will be out of a job.

It's a shame really, some of crypto's most vocal detractors are brillant people who just cant bring themselves to the realization that what they have been supporting all their lives may possibly be coming to an end and, actually SHOULD come to an end. The world is place of constant change. Everything here, even the very bedrock itself, is constantly changing and being reborn. Money is not immune to this natural process and neither are we.

PS: There are also those who have honed their skills of theft and deception that don't want to relearn in a different medium, learn to spot them and ignore them, their in the news quite a bit!  

Thanks for the great reporting, Ken. I would have missed this one if not for DCEBrief. It has been a week of Bitcoin and cryptocurrency trashing based on "alternative facts" or plain knowledge deficit. It can get a little annoying.

On the other hand, I believe that it is healthy to objectively point out deficiencies and room for improvement, so typical of emerging technologies at their early stages of development.

Though we may wish that things are better, I respect Riskbank Deputy's opinion that we still have many challenges to over come. At DNotes, we recognize those remaining challenges, and working hard to address them.

Read more:

Skingsley offered that assessment during a panel discussion on Thursday, and suggested that digital currencies don’t currently “meet the criteria” required for them to be considered as money:

"They can be called an asset, fine, but they are not a very good version of money because it's not a very stable store of value where they fluctuate a lot. And it's not a very efficient medium of exchange because you don't buy your groceries with bitcoin."

She did, however, acknowledge that demand for alternatives to cash has been growing in her country, and said that the central bank was open to people choosing their preferred payment options – “as long as they are safe and efficient.”

Skingsley also confirmed that the Riksbank is still trying to determine whether it will rely on blockchain technology if it moves forward with its own ekrona digital currency.

Riksbank Deputy: Cryptocurrencies “Not a Very Good Version of Money”

https://dcebrief.com/riksbank-deputy-cryptocurrencies-not-a-very-good-version-of-money/

I am happy to announce that phase one of the book project is now 100% completed. This is a significant milestone. It took me over a year to write the book and almost another year to produce the 70 video series with full transcripts and bullet points. I couldn't have done it without the encouragement, editing assistance, feedback, and other support from so many of you. Thank you all very much.

It will take a little time for things to settle down. Our continued education efforts will help. DNotesEDU will play an important role in that regards and we certainly appreciate your contributions. Hope this will lead to a healthy balance of consumer protection and personal freedom.  

We are delighted with the progress. There is a lot of mutual respect for both teams committed to contribute their highest professional standards. Those are the hallmarks of successful teams that out-perform others every time. 

Is this currency being used as a utility token anywhere?

Glad to hear you are so confident in the decision to go with Geneca, I know the screening process to find the right firm was extensive to say the least. Keep up the good work everyone, looking forward to seeing the final product!

I don't think too many people would argue against everyone on earth being entitled to monetary autonomy; from those choosing to use cash, crypto, and all the way to digital fiat money. So long as one monetary system's rules or structural design isn't oppressive to those who choose to use an alternative system, there won't be any catastrophic friction to these centralized and decentralized systems becoming a bit more intertwined. That being said, if a nation wishes to completely retain its monetary sovereignty, regain their monetary sovereignty through a domestic cryptocurrency, or only deem certain cryptocurrencies legal tender, they are free to do so.

If the will of the people living in a country is for their government to pass rules that their citizens should abide by when dealing in cryptocurrency, their wishes should be respected and outside wills not be imposed on them. I know countries all over the world will either find a way to use cryptocurrencies which suits their needs and is beneficial, or they will fall behind very quickly, as the distinct advantages cryptocurrency offers are exploited by more and more organizations. Even if those organizations may be deemed black market as RJF alluded to.

In regard to the need for drafting laws relating only to cyrptocurrency, there are already laws on the books to prosecute 99.9% of crimes that occur involving cryptocurrency/ICOs. Instead of passing any non-essential laws, maybe it's time to develop better tools that enhance a law enforcement officers capability to enforce existing laws. If a cryptocurrency business or similarly styled entity operates within any given legal jurisdiction, it is their responsibility to abide by domestic laws, even if they operate strictly in global currencies. But for those who want to play by their own rules, might I remind you that 64% of earths ocean area is international waters...

All, just a quick update on Geneca. Things are progressing nicely, even faster than expected. Their team is amazing, quickly grasping why we are going this specific direction and and thinking about how we can progress forward with the same vision for DNotes. The development team is very knowledgeable and able to quickly communicate methodically to help us solve problems on the fly. Very impressed.

Digital Currency Council has been engaging our lawmakers on those issues for sometime. I am sure more need to be done.
http://www.digitalcurrencycouncil.com/

Tim, I fear as much. Painting the industry with a broad brush will be a big mistake – damaging the industry while creating more problems. Instead they should identify the specific problems of concern and focus their resources in solving those problems.

They must be mindful that digital currency is the future of money. Coupled with the underpinning blockchain technologies we are already witnessing massive changes and transformations not seen before. Those nations that seek to understand the technologies and create an environment that fosters the participation of honest promoters and investors, with practical regulations and guidelines, will gain a significant economic advantage over those that choose to fight it.

“develop identity management systems based on blockchain technology.”

This is already happening. Think of it this way – your phone is a unique piece of you but must match up with other data stored in the blockchain and elsewhere.

The goal is to have less than one in a million chance of an error, once your unique identity is confirmed. I believe that we can get there.

That makes me wonder... have any industry representatives attempted to reach out to the Trump Administration to educate the key lawmakers and enforcers on the nuts and bolts of the technology? If they're getting their news from the MSM like most people, their perception would be rather skewed. I've thought of reaching out myself, but I think it would make more sense to do it as a concerted effort among various industry leaders. Not sure if I would be considered an industry leader LOL.

Wow! That is quite the heist. The part I don't understand is why 523 million NEM were kept in a hot wallet. I can't believe that is the amount that gets withdrawn on a daily basis because that would represent over 5% of the entire NEM coin supply.

The fascinating thing about this situation is that if they try and make it hardy to access and use, they will bias usage towards those who have no other alternative, which brings in a larger proportion of criminal usage. Then as a result, a large proportion of tools and services supporting its use will also be targeting the most profitable customer base, criminals. So attempting to fight cryptocurrency adoption increases the problem they are trying to avoid.

Accepting that a minority of people will use cryptocurrency for criminal activity, in exactly the same way that cash is used, would enable them to focus on how to encourage adoption with systems that favour those who are open about their transactions, such as those that accept cryptocurrency payments in exchange for legitimate goods and services.

And there are already strong drivers for the market to develop identity management systems based on blockchain technology. As this becomes available, people are likely to want to bind their identity to blockchain transactions for a variety of benefits. If you can prove it was you who paid for an item that becomes faulty, there's your receipt. If you must have purchased a product before you review it, there's your authentication. If your coffee shop introduces a loyalty card and includes previous purchases by cryptocurrency, there's your reward card with digital holes already punched in it. And if the majority of transactions using cryptocurrency voluntarily link their identities, the remaining transactions are easier to identify, and harder to conceal when they are then used in conjunction with patterns that already have identities.

So fostering an environment where cryptocurrency usage for legal products and services is favoured, results in less services focused on meeting criminal requirements, easier detection of suspicious transactions, and a greater ability to connect illegal activities with identifiable transactions. Once this is made clear to our powerful leaders, and they continue on their anti-cryptocurrency path, it will become clear that reducing criminal activity is their justification, not their aim.

It may be hard to believe that very often people expressing a strong opinion against digital currency don't understand the very basic concept of DLT (Distributed Ledger Technology) operating in a peer-to-peer setup with no single point of failure. It cannot be controlled or destroyed - hence unstoppable.

 

Coincheck Exchange Loses 523 Million NEM Coins

https://dcebrief.com/coincheck-exchange-loses-523-million-nem-coins/