Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 311. (Read 148866 times)

Is there a marketing/PR plan in place once Dnotes 2.0 gets released?

Great questions, TimMarsh. DNotes 2.0 is very important to us. We have been working hard to be as prepared as possible. However, technology development and implementation are never totally predictable. At this point, we are comfortable with our progress and firmly committed to a smooth transition.

Great observations, TeeGee.

"I've been having some chatter with various people in regards to advising government working groups within New Zealand on cryptocurrency, blockchain, and regulation. Hopefully the basis for action will be primarily to help protect consumers from fraud, as opposed to a fixation on tax and crime issues - which will likely result in very different outcomes in the ease for further for crypto adoption."

I certainly hope they involve you as much as possible. The technology is already ahead of regulations. But sensible regulations that do not stifle technology innovations and disadvantage the subject country can only come about with adequate knowledge of the industry and associated social and economic issues beyond just the technology. I trust that you are in a good position to assist them.

Yes, this is very significant. I am now taking Bitcoin Cash more seriously.

Thanks for the link, Chase. I watched the section of the video (at 41 minutes location) and found their discussion on digital currency very interesting - not for their level of knowledge, which I found lacking, but the level of excitement and acknowledgement. There is no turning back - people at their level are asking about Bitcoin "all the time", as reported.

But be fore-warned - curiosity and excitement do not equate to mass acceptance. It only gives the impression of potential mass acceptance if the conditions are favorable and the time is right. Among many others, digital currency must meet the full functions of money with reasonable consumer protection. There must be trust and faith with meaningful intrinsic value. Otherwise, it remains as a speculative commodity.

The process of change involving something of such massive global scale is very complex and time consuming. It helps that the DNotes team is not here to get rich quick but to do what is right so that the most number of people worldwide can benefit from our success. Thank you all for your support. We are taking DNotes to the next level. 

Great set of questions TimMarsh. Some answers will overlap.

DNotes 2.0 will be an entirely new coin, and completely separate entity from the technology perspective. Just how DNotes and Bitcoin are two separate coins today. The swap process will consist of sending us your old coins, relinquishing them entirely to us, and we will send you new coins from the new DNotes 2.0 blockchain.

1) You could add DNotes 2.0 to a DNotes 2.0 wallet prior to converting your old coins, and once we send you the DNotes 2.0 coins as part of the conversion process it will add to your existing balance.

2) It will always be a 1 for 1 swap, no matter the value of either DNotes or DNotes 2.0.

3) Yes technically DNotes will run forever, if no one mines it for 10 years, then someone decides to mine it again, it will pick right up where it left off.

4) No extra coins will be mined. There will be a snapshot of the DNotes Blockchain, at a specific point (to be specified later), and all coins from that snapshot can be converted to DNotes 2.0. That snapshot will determine the initial amount of DNotes 2.0 that need to create for distribution. This will be coordinated with the exchanges to ensure DNotes will be shut down and coins can be moved off of the exchanges prior to the snapshot (there are multiple options here depending on exchange response but we don't anticipate many obstacles).

5) New chain.

6) Yep, absolutely.

7) All DNotes that were swapped into DNotes 2.0 will be in the possession of the DNotes team. We are not anticipating that anyone would pick up and run with old DNotes when they could just create their own version, if they did want to start with our user base, and thinking off the top of my head, I might suggest they attempt a fork from a point prior to our snapshot.

Keep the questions coming! They are very helpful.

You made the point TeeGee about the relationship between market cap and the value of small trades really well. And I think in the case of bitcoin cash, it is even more applicable because their small trade volumes and subsequent price is being artificially influenced. There are a lot of new bitcoin cash owners who held bitcoin in their own wallets, that cannot sell them until a suitable exchange accepts them. And only some of the bitcoin cash that is held on exchanges is able to be traded, while other exchanges perform due diligence with the new coin. Then, until the mining difficulty updates, transaction times are unworkable. So what is actually being traded does not reflect the market intention.

As for Know Your Customer requirements, I can see the Identity Foundation project having a significant impact on it. If all that is required to fulfil KYC obligations on blockchain transactions is to sign it with you government attested identity, the implementation could be incredibly fast and simple. It would take nothing more than setting up wallets that need to be KYC compliant by signing the wallet address with you identity's private key, and uploading it to a lookup table.

Once that is implemented, it would be an easy and obvious turn around for the cryptocurrency communities to demand that banks stop releasing dangerous and anonymous cash into the public. Because cash can never be KYC compliant it can be used for criminal activity and worse.

DNotes 2.0, Not a hard fork? No leprechaun coins?

Watching bitcoin fork into bitcoin cash as well, has made me think more about the upgrade to DNotes. I know that this is something that is well planned and part of the road map. Because it is coming from the team behind DNotes, it also has full consensus, so I'm pretty certain that it won't work like a fork. But it does make me wonder how it will work.

If I have a wallet address that people are paying DNotes into, what happens after DNotes 2.0 is implemented?

1) If someone pays DNotes 2.0 into it, before I've converted the value in the wallet to v2.0, will the two values add up or will they somehow sit side by side in the same address? Or will the address be duplicated?

2) If people have trouble early on the v2.0 wallet, pulling the value of v2.0 coin down, could I trade v1 coins for extra v2.0 coins with them?

3) If some nodes continue to run with v1 forever, will DNotes v1 still be trade-able forever?

4) Will any extra v2.0 coins be mined as part of the implementation of v2.0?

5) Will v2.0 be starting a new chain, or will it be a change in information stored in subsequent blocks on the original chain?

6) Will I be able to run an old DNotes node, and a DNotes 2.0 node from the same computer?

7) What happens to the old DNotes that get swapped 1 for 1 with the v2.0 notes? It's not like old currency that can be destroyed.

I'm sure that once these questions are answered, it will generate more questions.

The really interesting thing I find about this "8-12" billion that has been created out of the genie bottle, is that the moving price from demand and supply dictates that number, but of course to get a market cap at that number, it doesn't mean that 8-12 billion dollars ever went into the network at any time. For example, if somebody put a million dollars into a low value asset, with a very tiny sell wall, it could settle at 100x its current price if demand suddenly shot up as a result, and the market cap could be, say a billion dollars, with only a a little more than a million in investment having gone into the entire network.

As a general thing, Bitcoin Cash appears here to stay in the short term, but it will require a dedicated development team to make anything of it when compared to Bitcoin. That said, ~700 dollar starting price isn't a bad place to begin, and it already has a massive user base. It's no wonder crypto like clams and stellar used the "free coins for all Bitcoin holders" to get a massive community of owners to support its marketing and growth.

I certainly hope the lawmakers do not overshoot in their crackdown on the industry. At the end of the day it will depend on what their primary motivation for the crackdown is. If it is consumer protection, then there won't be much more required than Know Your Customer (KYC) type laws - which of course if passed in New Zealand, should provide a legal basis for banks to be required to begin offering financial services to companies that trade in Bitcoin, and that would allow us to finally participate easier on this side of the world. If the motivation is beyond consumer safety, and instead in incumbent interests, then regulations are very likely overstep that mark, which could be very damaging for the industry.

I've been having some chatter with various people in regards to advising government working groups within New Zealand on cryptocurrency, blockchain, and regulation. Hopefully the basis for action will be primarily to help protect consumers from fraud, as opposed to a fixation on tax and crime issues - which will likely result in very different outcomes in the ease for further for crypto adoption.

Looks like Coinbase is going to provide access for customers to Bitcoin Cash.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:
Both bitcoin and bitcoin cash remain safely stored on Coinbase.
Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.
We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.


https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf

Within the article below is a link to one of the best mainstream media discussions on bitcoin I have ever come across (they still a few things to learn ). It starts around the 41 minute mark of this video on The Street:

https://vid.thestreet.com/p/105/sp/0/playManifest/protocol/https/entryId/0_v3sys6ip/format/url/flavorParamId/35/video.mp4


Bitcoin Is Going Mainstream

The response to the Bitcoin Fork (discussed here) has been overwhelming - people like free money!

For those people who kept their wallets at exchanges that would support it, you woke up with your 'old' Bitcoin and got some shiny new digital Bitcoin Cash.

The appeal of Bitcoin Cash is that it is meant to be able to handle transactions much more quickly - which is important as transaction volumes rise exponentially.  The one view, which I am admittedly only getting up to speed on, is that Bitcoin Cash will be easier to transact with.

While I am not sure about that - what I am sure about is interest in Bitcoin and Crypto Currencies has skyrocketed.  The fact that Bitcoin, as I'm writing this, remains around $2,700 and the new Bitcoin Cash is rising (some have an expected valuation of 1 Bitcoin Cash = 0.5 Bitcoin or $1,300) creating even more free money that you had when you woke up.

It is clear that Crypto Currencies aren't going away any time soon (much to the chagrin of some very famous investors who have been calling it a bubble or fake for years - just one example here).  I think this latest burst of interest really started with the stories that Fidelity was allowing employees to use Bitcoin in their cafeteria (here)

It is also becoming a gaping hole in big Wall Street research.  The one big area of potential growth, the one areas where customers really need some help to understand if Cyber Currencies are right for them, or how they fit into their portfolio, is being under-served.

My goal is to help fill that void.  I have followed and occasionally been involved in Bitcoin. It first hit my radar screen in a meaningful way during the Cyprus Banking Crisis - when use of Bitcoin soared.

I have reservations about the currencies.  Who is using them, how they are being used, what government intervention is possible, valuations, etc., but at the same time not only do these 'currencies' have their devoted followers, but the interest seems to be spreading like wildfire - globally and with millennials in particular.

I have been told by some longtime believers that this article (link) is the best place to start learning if you haven't already begun to do so.  I discuss it (here) with a group of panelists starting at the 41 minute mark.

For those who missed the huge run up (and I missed most of it), it might not be the ideal time to load up, but I think understanding this better can be a crucial part of your investing returns over time (even if it is just identifying companies like NVIDIA who benefit from the growth of cyber currencies).

Peter Tchir - https://www.forbes.com/sites/petertchir/2017/08/02/bitcoin-is-going-mainstream/2/#2eebc0f642dc

Very objective perspectives, and I agree with the justification of creating value through hard-work, great utility functions, and not just US$8 - $12 Billion popping out of the genie bottle. But would this vaporize in six months?

Sadly, maybe not. Human greed and fear will continue and many are very happy to exploit them to their benefits. As often being said – there is a sucker born every minute. Some will get rich quick -very quick, but many more will be left holding the “bag” – many bags with big holes. Your hard earned $$$ - gone. Until there is some law and order, the wild west gold rush continues.

Unfortunately, this is not the route to gaining mass acceptance of digital currency. It is ironic that some in our industry are far more ruthless and exploitive than the “bankers” we so despise.

Personally, I am not shocked. Where there is fast easy money – there is plenty of greed. But this kind rampage cannot go on forever without serious harm done to consumers. I just hope that the law-men will not overshoot and kill the good guys as well. I support reasonable consumer protection regulations that do not stifle technology innovations.

What I will say is that, over the long run, the right way always prevails. DNotes is here for the long-term. We are committed to educating the masses while we are building trust and value.  

Wow, I'll be humming Dire Straits, "Money for nothing and your bits for free" all day now. To me US$8 billion is a mind blowing amount of money to pop out of the genie bottle. I remember asking my father as a child, why couldn't the government just print as much money as it wanted instead of charging taxes? He told me that money represented value, and value represented things of worth that were created through doing work. He went on to explain that if the amount of work done and the value of what that work created remained the same, but the amount of dollars representing it increased, then all of those dollars would reduce in value so that their total still equalled the total value of the work.

I still believe what most of my father told me, but this idea is showing a few cracks. A month from now, I'll pull up the chart showing the price of bitcoin over the last couple of months and see if anyone can point to the bump caused by the creation of bitcoin cash. My guess is that it won't stand out at all.

And here's the really curious thing. From what I can make sense of, if bitcoin cash had not decided to increase the block size, but only chosen to reject segwit2x, then it would still be the same old bitcoin it has always been. And bitcoin, heading towards a significant and possibly less secure structural change, would really be the new version. And because increasing the block size as required is with in scope of the original design, bitcoin cash is more similar to the original bitcoin, than bitcoin is.

So it would seem that if value knew how to apply itself logically, the hard fork should have handed the ~$2,700 price over to bitcoin cash, while the new code coming for bitcoin should cause its value to swing around as the market watches the compromise between security and functionality to play out.

So again we have a great example of the difference between speculative and intrinsic value. Financial scholars will be analysing this laboratory-quality experiment for decades. Their data permanently recorded in a pair of diverging, but immutable ledgers. And I know intrinsic value should be more dependable than speculative value, but tonight, there will be people who've traded bitcoin cash for bitcoin for fiat currency, and will be dining out on it before it vaporised like leprechaun gold. And at the end of the day, a satisfied stomach is real value.

Bitcoin Cash Third in Market Cap

https://dcebrief.com/bitcoin-cash-third-in-market-cap/

Yes, no problem! Its Kind of crazy and hard to completely imagine. All I can say is it's becoming difficult to paint a picture explaining the whole ecosystem and vision to people these days.

Sounds like a bold new idea Alan just like all of it. I like it. hopefully this new update will really gain some good traction for Dnotes and Dnotes Global Inc.

FYI

@Poloniex
Trading has been halted while we work to restore connectivity. This may take some time.

It is astounding. This will be an important period in the history of digital currency. Following along closely to see how it all plays out.

And... just like that, Bitcoin Cash has a 10.9 billion dollar, #3 seat on CoinMarketCap:

Thank you, mrbum805 for the link to the excellent video on individual identity and associated personal data. And thank you, TimMarsh for your amazing insights and research skills in giving us a great summation of ID2020 project.

Near perfect personal identity confirmation and unbreakable security has been on my personal radar screen for many years. I am confident that within the next three to five years DNotes Global, Inc. will be able to reach that threshold. We will be assigning full-time resources to work on various possibilities beginning the later part of next year. This is not even on our current roadmap – so few details will be disclosed until the appropriate time.

What I can tell you at this point is that DNotesVault was our first commitment to this project allowing us to provide 100% matching fund guarantee for our depositors, along with ease of use easier than setting up a bank account. As far as I know, DNotesVault’s capabilities is unmatched by any others in our industry. The launching of DNotes 2.0 will further demonstrate its capabilities. For example, if you already have your DNotes on deposit at DNotesVault, the coin swap will be done automatically without any stress to our account holders. Additionally, with DNotes 2.0 POS you can easily arrange for DNotesVault to stake your coins and earn your share of staking rewards while earning interest as a CRISP’s account holder (deposit held for 30 days or longer). The combined reward (annual interest) is about 4% per year.  I have owned a few POS coins but hated the complexities of their POS staking.

We are firmly committed to building DNotes as the most trusted brand in digital currency and accessible to anyone worldwide to participate. Our entire ecosystem  - DNotesVault, CRISP, CryptoMoms, DCEBrief, DNotesEDU, my book “Improve Your Odds – The Four Pillars of Business Success”, and a growing list of inspirational and educational videos are all devoted to help accomplish our missions.
 
Near perfect personal identity confirmation and unbreakable security are an integral part of our future exchange, bank, partner banks, and multi-currency card. Imagine our capability as a bank to offer our multi-currency card with a line of credit of $1,000 each to anyone that meets our minimum “personal identity” criteria. That can be spent or converted to DNotes or any currency on our supported list. And imagine the easy of credit line approval from small to very large line of credit using DNotesVault, Dnotes blockchain, and smart contract. At this point, let’s speculate that if you can pledge sufficient DNotes, held at DNotesVault as a collateral – locked, and released under our smart contracts, we can approve your request from anywhere in the world up to $1,000,000 credit line in minutes, not days.

DNotes is not just another coin. It is the future of money that will one day be superior to fiat currencies. We must stay the course and do the right thing at the most opportune time.

NYC Worker Fined, Used Govt Computer for Bitcoin Mining

https://dcebrief.com/nyc-worker-fined-used-govt-computer-for-bitcoin-mining/