Quote from: mafort1469 on March 21, 2015, 02:28:49 AM

Quote from: Dyna on March 21, 2015, 02:02:23 AM

Quote from: DNotes on March 20, 2015, 11:48:04 PM

Quote from: Chase on March 20, 2015, 11:28:31 PM

Do you think this is fraud protection or something resembling Big Brother?

"Visa's new fraud protection software will track customers' smartphones"

http://www.foxbusiness.com/technology/2015/02/13/visa-new-fraud-protection-software-will-track-customers-smartphones/

Tracking your location by your cell phone to prevent fraud does seem a bit too intrusive. It will be interesting to see how fraud protection evolves, it is such a huge issue.

Location-tracking as a means of ranking risk exposure for fraud has been considered as an additional layer of security for sometime. At least for now, customers are given the choice to opt in or stay out. The feature is optional and can be deactivated at any time. We are already being tracked much more than we have been told anyway.

To me this is just another bandage over a gapping hole. It helps but far from being a viable solution to a serious structural problem. Our bank and financial system, as well as the credit and debit card network payment systems are costly and outdated, but above all, cannot conduct business without our personal data. They must know and be able to verify who we are. Multiple intermediaries are involved in the storage, transmission and verification of our information. Personal data has been stolen by the tens of millions. Criminals can take stolen credit card information and code it onto a new card using equipment that can be readily purchased online. Counterfeit cards look like any other credit card, but have someone else's information on the magnetic stripe.

Digital currency like DNotes, on the other hand does not require any personal data. It can be as simple as having two cellular phones, or computer systems with an internet link to send or receive funds. It does not require, transfer, or keep any personal data and the two parties do not need to know or trust each other to successfully complete the transaction, at little to no cost.

There is no doubt that DNotes will one day be superior to fiat currency. Taking our time to build a solid structure is the only way to accomplish a vital mission.

Yes, I agree it is another bandaid. Instead of location-tracking, any credit card should be linked to 2FA like cryptocurrency. You want to make a purchase you swipe and then enter your 2FA. Boom, done. A hassle some might say, but no 2FA no sale. Easy. You can have all my data you want but you don't have my phone you don't buy anything.

Doesn't really matter anyway. In a few years credit cards, debit cards, etc will be useless. Digital will be digital and will encompass everything. No physical anything except your phone to conduct all transactions. And DNotes will be the leader in all of this!!

Marc, you are correct that the current debit and credit card payment network systems will be replaced one day. 2FA as a dynamic pin code is far superior to the old 4 digit static pin code. As we have discussed on numerous occasions, their current system has multiple problems. Essentially it an out dated costly system with serious structural problems, but it is very expensive to tear down completely, for a total rebuild. That is not going to happen unless there is a formidable competitor. To be objective, Bitcoin is a formidable technology, but not yet a formidable competitor or threat, because it has remained highly volatile, somewhat confusing and complicated.

Banks and credit card companies are well aware of the potential threats and they have been pushing back aggressively. It is also apparent that they are looking at different options, including the possibilities of working with central banks on a multi-nations basis. There may be some merits but that will result in a whole array of new problems that could be even more troubling. The inherent self interest of nations and other participating parties will likely make it near impossible to make it a reality or the cause an early demise that could be extremely damaging to the world economy.

The world we live in has changed drastically over the last twenty years. Technologies are hugely responsible in bringing about enormous advancement we did not think possible just 30 years ago. From a world of worrisome scarcity, technologies are rapidly turning it into a world of abundance, through great improvements in productivities, as well as doing things that were not achievable before, such as extraction of natural resources, and huge improvement in farm productivities, just to mention a few.

Those who can keep up with the rapid advancement will reap a disproportionate share of the reward. We are already hyperconnected with increasing supercomputing power at our finger tips. Over five billion people will have a smart phone significantly more powerful than what we can even imagine today, by the year 2020. Those who have the vision to look far ahead into the future must now examine large scale problems and solutions on a global scale. Student, leaders of the future, and entrepreneurs must start to do the same. Those who can quickly adapt and look at large scale problems and solution from global prospective will find plenty of challenges and opportunities by doing well.

CRISP For Students will be launched during the week of March 30, 2015. DNotes is firmly committed to help prepare the next generation of leaders to manage a rapidly changing world. Among many new tools in their tool box will be a global digital currency called DNotes, destined to be the currency of the world. It has only one self interest; for the mutual benefits of everyone worldwide. That is the legacy the DNotes community is attempting to build and we will need all the help we can get. We invite all of you to join our grass root campaign to make life a little better and less stressful for everyone.