Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 252. (Read 148848 times)

Chapter 6 Concepts 3 & 4

Is this not just an extension of already existing money laundering laws where you have to declare movements of $10,000 or more? In this case the "financial agencies" would have to maintain adequate records on these customers (KYC rules, etc).

The proposed changes are below in red:

(1) ‘‘financial agency’’ means a person acting
for a person (except for a country, a monetary
or financial authority acting as a monetary or
financial authority, or an international financial
institution of which the United States
Government is a member) as a financial institution,
bailee, depository trustee, or agent, or
acting in a similar way related to money,
credit, securities, gold, or a transaction in
money, credit, securities, or gold.
(2) ‘‘financial institution’’ means—
(A) an insured bank (as defined in section
3(h) of the Federal Deposit Insurance Act (12
U.S.C. 1813(h)));
(B) a commercial bank or trust company;
(C) a private banker;
(D) an agency or branch of a foreign bank
in the United States;
(E) any credit union;
(F) a thrift institution;
(G) a broker or dealer registered with the
Securities and Exchange Commission under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.);
(H) a broker or dealer in securities or commodities;
(I) an investment banker or investment
company;
(J) a currency exchange;
***(K) an issuer, redeemer, or cashier of travelers’
checks, checks, money orders, prepaid access devices, digital currency, or similar
instruments, or any digital exchanger or tumbler of digital currency;


(3) ‘‘monetary instruments’’ means—
(A) United States coins and currency;
***(B) as the Secretary may prescribe by regulation,
coins and currency of a foreign
country, travelers’ checks, bearer negotiable
instruments, bearer investment securities,
bearer securities, stock on which title is
passed on delivery, prepaid access devices, and similar material; and...

https://www.gpo.gov/fdsys/pkg/USCODE-2016-title31/pdf/USCODE-2016-title31-subtitleIV-chap53-subchapII-sec5312.pd

This is not a good thing, especially at the infancy of an immense technology breakthrough that is already pointing to many positive world-changing opportunities. I am for light-weight reasonable regulation at this early growth stage. But, I am deeply concerned that some of our political leadership has rushed to judgement with insufficient knowledge and understanding of the technologies and many complex issues including -  many bad actors and scammers.

“An issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”
This is the classic case of casting a very wide net. Does it mean that we have to account for our pocket change we put in the shoes-box and report that too or the coupons used to save a dollar for things we can’t otherwise afford? That would be far over-reaching. However, when applied to digital currency, it is important to be mindful that we are dealing with a very different world moving at the speed of light.  

“If passed, the bill would likely have far-reaching effects for users of digital currencies both in the US and abroad.”
I am afraid so. Do what you can and call your Representatives and let them know how you feel about it.

I'm not sure "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership" seems to be an accurate representation of the amendment. It doesn't seem like it is saying people have to report their holdings based on the proposed amendment. The amendment is to include terminology for financial institutions to include, “An issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”. There may be some problems here, but I want to ensure I fully understand what the problems or implications may be.

Attempting to interpret the implications. It would seem AML applies to cryptocurrency already. What I mean is, if you were trying to use cryptocurrency to launder money, that seems like it is already illegal. Is this strictly for those things like tumbler services to hide cryptocurrency to make it easier to follow the money? Or is there more implications to it, such as for exchanges?

Yes, crypto matters and that seems to be the problem, they are scared of it. Your evaluation does not go far enough. It could be blue cars or peanut butter or widgets. The point is the government should not have the right to make you report to them just because you own a thing or hold a currency or have a difference of opinion. Yes, Bitcoin is being noticed and growing exponentially but, knee jerk reactions by clueless government officials, especially the ones we elected to look out for our interests are not healthy.

What's to stop them from saying every citizen who disagrees with them must be registered? Whats to stop them from saying Bitcoin is illegal and punishment for holding it will be as a major crime? They are operating on "knee jerk" principles, they really don't understand what is going on only that it is growing and that scares them.

This law, if enacted will take away your right to privacy, free speech and the ability to simply own something that is not (yet) illegal.  Here is the email of Senator Feinstein:

https://www.feinstein.senate.gov/public/index.cfm/contact

Write her and express your opinion. Be courteous and intelligent but get your point across: We will not stand for the criminalization of Bitcoin nor will we stand for reporting the ownership of something that is not illegal.  

If you don't "nip it in the bud" it will grow to smother you and everyone around you.

I think this is good news Crypto currency is not a hack toy anymore. The government are making ad to really compare it to FIAT, because now crypto matters.

"US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership"

https://cointelegraph.com/news/us-senate-moves-to-criminalize-non-disclosure-of-cryptocurrency-ownership

Stand up and be heard! Stop this before it starts or we will all suffer the loss. Write, call, blog, post yell and scream. This must never see the light of day. For those of you in the US, it goes against every principle we believe in. Our country was founded on principles diametrically opposed to this proposed law.

"First they came for the Socialists, and I did not speak out—
Because I was not a Socialist."

"Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.

"Then they came for the Jews, and I did not speak out—
Because I was not a Jew."

"Then they came for me—and there was no one left to speak for me."

I simply can't stress how important it is to stop this nonsense. We are no better than the Nazi's if we enact this.

WH Press Secretary: Administration Monitoring Crypto   

https://dcebrief.com/wh-press-secretary-administration-monitoring-crypto/

     Hey guys! Just checking in, we are wrapping up in the Daylily Gardens for the winter. I have not posted for a while, but have been keeping an eye on you guys to make sure you behave! The tractors and equipment are in the barns, irrigation system is winterized, and some of Alan’s precious breeding stock mulched. It is gonna be an exciting winter for DNotes and DNotes Global, Inc.

Smokey

Hi axlroses, although I don't know much about coinomi, I took a look and does not have DNotes listed. Though they appear to be a HD wallet provider, so they should be able to add almost any coin. Do you know if they have a recommendation process? We likely won't be putting a lot of effort into listings until after the DNotes 2.0 launch.

Chapter 6 Concepts 1 & 2

hii @DNotes is coinomi multi wallet support for note?

Welcome quadrifoglio to the DNotes forum, appreciate your support!

Welcome to DNotes quadrifoglio! 

New owner of Dnotes coin, purchased on cryptopia

About 20.000 coins.

Working on the next chapter of Four Pillars videos, Chapter 6 is now available and the Chapter 6 concepts will be available later today.

It must be really confusing for people who are trying to understand bitcoin, when the term is used to describe the entire industry. We know what the comments mean, but how is "Bitcoin is a bubble, but bitcoin isn't the bubble" supposed to make any sense to them??

If you haven't read these, check out some of our 'bubble' articles:


"While the industry as a whole has barely begun to fulfill its potential as a developing financial alternative, there certainly appears to be a handful of distinct bubbles forming within the walls of what it might become."

The Elephant in the Room: Cryptocurrency’s Massive Bubble(s) - https://dnotesedu.com/2017/11/the-elephant-in-the-room-cryptocurrencys-massive-bubbles/


"Any digital currency can, just as any fiat currency can, be used as the payment method in an illegal scheme or con. That doesn’t make the U.S. dollar a beanie baby, or the Canadian dollar a tulip bulb. There are some bad actors that have used cryptocurrencies to run recruiting based pyramid schemes, or created them solely to scam new investors through a planned pump and dump. These are crimes of the person, not crimes of the currency."

Bitcoin is Not a Ponzi, Tulip Bulb, or Beanie Baby - https://dcebrief.com/op-ed-bitcoin-is-not-a-ponzi-tulip-bulb-or-beanie-baby/


"Right now there is an unprecedented amount of personal investment flowing into cryptocurrencies along with no shortage of organizations conjuring billions in market capitalization through ICOs, even though they have never made a profit—or even worse, never made any revenue or product at all."

Bubbles, Riding Rockets & Falling Knives - https://dcebrief.com/op-ed-bubbles-riding-rockets-falling-knives/


And since bubbles start with herd mentality, you may enjoy this one:

Cryptocurrency and Market Timing Irrationality - https://dnotesedu.com/2017/07/cryptocurrency-market-timing-irrationality/


Have a great day everyone! 

It is not unusual for opinionated people to make a general judgement call without qualifying why they reached that conclusion. When Jamie Dimon, CEO of JPMorgan Chase said that Bitcoin is a fraud, did he really meant our entire industry is a fraud, or that our industry is loaded with incidents of fraud? If it is the later, not that many people would disagree with him.

Bad actors in our industry are rampantly cooking up fraudulent acts and that will indeed result in many bubbles bursting. Over the short-term, it will have a negative impact on our industry. I would characterize that as a much-needed healthy clean-up and that is a good thing.

Over the longer-term, those with great business models, clearly articulated visions, great teams, great partners, trusted brand, adequately funded, exceptionally well positioned strategically, excellent records of execution, and consistent delivery of promises made will become the obvious survivors and leaders of the future in our industry.

Legendary billionaire hedge fund investor Mike Novogratz’s clarification make some sense. What do you think? Please share your opinion and keep our community engaged. Thank you.
 
Novogratz: There May Be a Bubble in Bitcoin, But Bitcoin Itself Isn’t a Bubble
Joseph Young on 02/12/2017

"Legendary billionaire hedge fund investor Mike Novogratz stated that there may be a bubble in bitcoin in certain regions but the cryptocurrency itself isn’t a bubble.

As CCN previously reported, Novogratz noted that bitcoin and the cryptocurrency market could become the biggest bubble “of our lifetimes.”

“I think this [crypto] is going to be the biggest bubble of our lifetimes by a long shot. To be fair, this is a bubble and there’s a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzis,” said Novogratz.

Novogratz further emphasized that there were many bubbles in the past around innovative and revolutionary technologies such as the Internet. The dotcom bubble for instance overvalued projects by significant margins, with several companies selling at billions of dollars by owning a domain or an online business.

But, the Internet itself was evidently not a bubble. It has transformed every industry in the world by revolutionizing communication and processing of information. There was a bubble around Internet, as demonstrated by the dotcom era, however the technology itself was not a bubble, a fraud, or a scam."

Read more: https://www.cryptocoinsnews.com/novogratz-may-bubble-bitcoin-bitcoin-isnt-bubble/

India’s Foreign Minister Says Crypto Is Not Legal Tender

https://dcebrief.com/indias-foreign-minister-says-crypto-is-not-legal-tender/