Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 299. (Read 148848 times)

Thanks RJF, I'll make sure he knows.

FYI:

"Unable to connect to wallet RPC service: RPC call did not return 200: HTTP error: 0 - JSON Response: []"

DnotesPool.com  9/1  2130 EST

We have been thinking through these processes and looking at how similar things are done in the industry, which will be helpful for when it comes time to have DNotes exchange and other financial services.

For the most part, this will likely only be a backend system where banks send funds to other banks. I can envision a lot of it would be automated, with good testing they could remove a lot of the human error potential. I also imagine, if one bank mistakenly sends funds to another bank, it would be fine and they can just send the funds back. I would also envision triggers to be implemented, if the address has not been used by their system before, larger amounts, anything unusual or that can lead to a large loss. The trigger would then require the transaction to go through a multi-point / manual approval process, and this could help reduce and minimize loss. These are just some processes to help limit risk, however, best practices have not been fully established and even some of the largest exchanges today are not infallible.

Thank you for sharing your personal experience. I thought I got quite rich a few times when my account balance shot way up, only to find out that my bank made a mistake crediting to the wrong account. Manual posting prone to human errors is far less of an issue today since machine has taken over. However, as ingenious and solid as blockchain technology is, there are extremely risks, including transactions that cannot be reversed once confirmed. The loss or compromised of a private key is also a grave concern, since the owner of the private is the owner of the wallet to send the funds out. Otherwise, the funds will remain in the wallet forever. Should this happen in large scale, it could be very damaging. Banks are known to make big mistakes, if I remember correctly.

We prefer to be cautious and try things out in a smaller scale or wait for the technology to be more matured. This industry is still in its infancy. There are immense opportunities ahead for those who can survive the test of time. We believe that DNotes is very well positioned and ready to scale rapidly at the right time.

That's a really interesting point you raise there about not being able to reverse transactions. When I was a teenager, with little over $40 in my account, one month I looked at my transaction history and noticed that for a couple of weeks there had been $600 in my account. This had been a mistaken transaction that was subsequently reversed.

I've known a few other people that have experienced similar things. And I suppose with the number of transactions being made every day, I shouldn't be surprised at a couple of mistakes. Had this happened on the blockchain, I would have been contacted and asked to make the payment back myself, which I would have done. But this is not as simple as just reversing an erroneous transaction, and coin addresses don't typically come with contact information.

Decentralisation means that things like reversing transactions are not possible. But this inability to take money out of my account without my permission also gives me confidence. I once called up a bank to make a transfer because their phone transfer system was failing. This was before online banking. The staff member made the transfer for me, which surprised me a lot, because only after it was done did I remind him that he hadn't asked me for my password and security questions. He was a little embarrassed at his breach of protocol. I was astounded that bank staff didn't actually require passwords to move money out of an account. 

It does appear to be a decentralized coin, and agreed, a mishap along with the unforgiving nature of cryptocurrency could be disastrous very quickly. I can see why they would be excited about it though, compared the long process of moving funds from clearing house to clearing house, and all of the middle men involved in the existing banking systems, this would be a significant time and cost savings. I just wonder what will happen when funds are stolen or lost, as happens all the time today, and if they have no means to reverse it.

Thanks, RJF. I am in agreement with you and Chase, as she puts it, "The scariest part of all is - what happens when a system like this has a security breach? Whether it is backed by cash or not, the fallout could be catastrophic."

When things of such gargantuan scale are involved there can never be sufficient asset backed guarantee. A mishap could erode the value of their asset backing faster than a “New York Second”. The sad part is that they could still proceed out of fear and ignorance. And that could lead to even more people not trusting the bank any more.

Well, that has all the certainty of a Gordian Knot tied around an enigma. Yes, the chance for breach this early on in the tech is an unacceptable risk in my opinion. It's typical though, too much too soon. The Titanic comes to mind...

Sharp Increase in Digital Currency Complaints in 2017

https://dcebrief.com/sharp-increase-in-digital-currency-complaints-in-2017/

It doesn't look like the government-issued cryptocurrency discussion is going to give us a break anytime soon. 

More major banks have joined a global central banks project called Utility Settlement Coin (2015). There is certainly some murky water in this proposal.

"The platform aims to use virtual currencies that could be amplified by fiat currencies issued on the Blockchain."  Amplified? I'm not sure what the meaning is in this case, but the fact that amplified can mean to make a larger amount of something, is a bit of a red flag.

"The settlement coin will be a collateralized digital currency, backed by cash assets at a central bank, which allows us to transfer ownership easily through the exchange of USCs, thus reducing process complexity and the time taken for settlement."  -  What is the country/international bank in question including in cash assets? Government 'promise to pay' treasury bills? Short term loans they 'may' be able to collect in 30 days? An inflated balance from fractional reserve practises? And, once again, what's to stop the central bank of Venezuela or any other country, or any international bank in financial trouble, from claiming to have a lot more cash assets than they actually have and bloating the digital currency supply?

The scariest part of all is - what happens when a system like this has a security breach? Whether it is backed by cash or not, the fallout could be catastrophic.


Major Banks Join USC Project for Blockchain-based Cryptocurrency Banking - https://cointelegraph.com/news/major-banks-join-usc-project-for-blockchain-based-cryptocurrency-banking

Thanks, Tim. Very interesting. I hope others who are following this forum also find it helpful and inspirational as I do. It does appear that DNotes is gaining recognition for being different in philosophy, strategies, executions, style, and substance. Being pro-active we see our industry differently – one that has massive opportunities for many to benefit from it. Yet because of the inherent human greed and fear many will be exploited and taken advantage of. At the same time, we also recognize that many things are beyond our control and little that we can do about them, other than showing a better example to do only what is right. We trust that eventually, this will become a positive influence on our industry.

Our vision is for DNotes to be a true champion and leader in this world-changing technology revolution with a focus for it to benefit the largest number of the global population – business and consumers, rich or poor anywhere. This, we believe, is the best path to mass acceptance.

This is a big bold global project and could not materialize with a white-paper no matter how stunning its graphic representations. We have spent the last 3 ½ building the most important part of our ecosystem block by block; designed to scale rapidly globally at the right time. We are looking forward to a very exciting 2018.  

Thanks for jumping in, pumpmydump, you make a really good point there. As a Buddhist, I am comfortable that attachment is the root of suffering, but then fear of losing what you are attached to is where the emotions really kick in, so I think you are right there at the source of it.

For a long time, I have known that nothing good comes from fear. Sure, it might be a good guide in the very worst of circumstances, but it is useless for setting long term goals or guiding projects. That is something that I really respect about the DNotes Global Inc approach. They are not reactive or afraid of failing. They are solidly on track to create something they see as universally beneficial. This fearless approach to their road map means to me that what they will end up putting out there into the world we share will be beneficial.

There is another recent post in this thread about Chinese ICO regulation. It is good of them to look at ways of fairly protecting investors, but it is an approach that comes from the fear of a negative outcome. When developing regulations, it is always important to be hopeful and look for ways to enable positive outcomes as well. This is likely to be the case in the Chinese discussion, but being less interesting or tangible, will be less likely to be reported. Even so, I'm interested to see what comes out of it, and how much fear had a role in the process. 

Not that shocking, but here it comes. ICOs are getting out of hand and that is quite unfortunate. ICOs done properly side by side with crowdfunding could be the best funding tools for legitimate projects and other established business capital needs. I am a strong supporter of alternative funding done right and will be sharing my vision at the World Funding Summit in Los Angeles on November 17 - 18, 2017. For more, check HERE: http://worldfundingsummit.com/alan-yong

China Considers Blanket Ban All ICOs: Report
Samburaj Das on 30/08/2017

Chinese regulators are considering the possibility of a sweeping suspension of all initial coin offerings (ICOs), according to reports.

A report by Tencent has revealed details of a notable meeting among Chinese regulatory authorities that took place on August 18. The joint meeting, hosted by the People’s Bank of China, the country’s central bank, was also attended by officials from the Securities and Futures Commission, the Banking Regulatory Commission and the insurance regulatory body, among others.

Regulators reportedly discussed means of regulatory oversight that included control over the size and scale of the ICOs, strengthening disclosure requirements and issuing additional investment risk warnings.  Notably, the report added:

In addition, if a large [investor] risk is found, the regulation will even suspend all ICO activities and rectify them.

Read more HERE: https://www.cryptocoinsnews.com/china-considers-blanket-ban-icos-report/

Perhaps the "fairly wide variety of services" is the trigger itself, too diversified, too many irons in the fire for a startup...

Welcome to DNotes, pumpmydump. This is my take. We live in a very complex world that is getting better in many respect, and yet getting worse in others -  as so well expressed by the current discussion between RJF, TimMash and others. Respectful expressed divergence of opinion is healthy. No one is perfectly correct in the true sense. There is always a compelling argument to the contrary if one would attempt to do so.

It has been DNotes’ position since its beginning that we are witnessing the greatest technology revolution since the Internet and that it has many world-changing implications, as we are beginning to see now. Because it is so disruptive it challenges the survival of some to the benefits of others. You are correct that this evokes fear and the affected power players will resort to the use of their power to control for the sake of their survival – seldom in the best interest of others.

To quote RJF, “I absolutely loath the scammers, liars, opportunist and pump and dumpers in this industry.” I do too.  However, being a realist, I also recognize that it is a waste of energy to engage in things that we cannot control. We have a very clear vision for DNotes to be the trusted digital currency with a purpose for everyone worldwide to benefit from it in some ways, including those who no longer trust their governments.  We are committed to stay the course and make it a reality.

Looks like they are providing a bitcoin mobile payment wallet (bitcoin m wallet), with a back end gift card system (KaChing) that can convert bitcoin to pay for goods and services. Interestingly KaChing is also providing token services, allowing users to create their own token and convert cryptocurrency / fiat / token. With a fairly wide variety of services, I'm not sure what exactly triggered SEC to get involved, but I gather the token creation service coupled with exchanging your token could be one of their biggest concerns.

Fundamentally this is all about power, control, and in the end survival. Those in power have it easy, and they want to retain that power. But in order to retain power you need to control what's going on around you, your environment. If you want to keep your power but don't know what's going on around you then you're afraid. So those in power are afraid of crypto. Because they are afraid of others. Because people are afraid of each other. Because people want to survive. In fact if you really think about it, from fear stems all suffering. We want to survive but we don't know what's going on in other people's heads, so we're afraid of them. Yet if we all realized that we all want to survive, then we could work together to achieve that. And with a guarantee of survival people would act more rationally, more peacefully. Life seems like a game. There is an easy way to win that game, we all have to trust each other, realize we're all in the same boat and deep down all want the same thing. But we don't want to trust others because we fear others may not trust us. Basically that's what the great spiritual figures in history had realized, Jesus, Gandhi. If we all trusted each other we wouldn't need to fight, we wouldn't need crypto. But maybe crypto is what we need to realize that we don't have to fear each other, that the lack of control won't lead to destruction but to the opposite.

Unfortunately this time R-J-F I am unable to disagree with you. This disaster of a world you live in is the same one as I see. I agree that we are conditioned by our culture and blinded to possibilities through that. That is why I moved from Australia to Cambodia. And seeing the world through fresh eyes, I know that in Australia we are being systematically screwed by those at the top who make the profit and the rules. Cambodia is much more free than Australia is in many ways that I hadn't realised I was shackled into.

I had my suspicions when I was young. As a child I watched or read about the way many communities gather for a weekend to raise a house for newly married couples. This was true of African, Eastern, and Western cultures. There wouldn't even be a house raising every year and the materials were typically grown locally and not expensive. This meant that for a weekend's work every year or so, you could own a house. I then looked at how in Australia the typical family spends thirty percent of its income for thirty years, paying off a house that they live in for sixty years. So I wondered why for the longest time, housing took about a fiftieth of your working life, and then shifted to taking a sixth? Who benefits from all of that extra labour?

When you used the term 'crypto' as shorthand for cryptocurrency, you actually gave a fantastic example of the government going under the radar to demonise one of the greatest gifts maths have ever given to freedom and privacy; cryptography. The ability for every member of society to use services like Telegram to communicate their thoughts and beliefs privately should be something that every government is actively encouraging their people to benefit from. The ability to use PGP/GPG encryption to secure private files should be equally promoted to citizens. But instead we see a steady campaign associating one of the most basic human rights, privacy, with a small handful of criminals who use this privacy against others.

Even so, and while you may be right the some governments will attempt control of national cryptocurrency rather than watch their fiat currency become obsolete, I am confident it won't be the current Australian government. This is something that is completely beyond them. Maybe keep an eye on Estonia, I have a growing respect for these people and their government.

And I really agree with 'a leader is one who is followed', and DNotes is definitely setting a great example of that.

Very interesting perspectives. Personally, I would prefer governments not to issue their own crypto- currencies. There are many potential technical risk exposures, as well as being susceptible to abuses that to could lead to extremely uncertainties and instability. However, it is looking likely that some governments somewhere will try and perhaps to pay a high price for it. I just hope that such a risky experiment is not attempted by a major government as it could lead to a major financial crisis.

It is important to point out that DNotes is the only crypto that is dedicated to building a digital currency to supplement fiat currencies by meeting and exceeding the full functions of money one day. Consequently, our business model is uniquely different from that of our industry peers. Gaining mass acceptance is our ultimate goal. That foundation must be built with trust and a worthy purpose from day one with consistency.

I do agree that the consumers make the final choices of a small number of coins. This is when a solid trusted brand will be well rewarded. 

SEC Suspends ARSC Trades, Issues ICO Warning

https://dcebrief.com/sec-suspends-arsc-trades-issues-ico-warning/