Hi all,
Long time lurker here. I was introduced to Dnotes by my mate TeeGee. I have a a decent holding of them and have introduced a few other mates also. I have seen this currency steadily climb since I was introduced and I am very impressed when you compare it to other coins that jump around like a leprechaun on crack.
I read this thread quite often and one thing that stuck out to me was the mention of the three functions of money. The mention of it having to be used as a medium of exchange was followed by an explanation that it is exchanged on various coin exchanges. To me this is not meeting this criterion.
Gold is also exchanged on exchanges, as is oil, wheat, steel etc. This does not make them great mediums of exchange but it means they are being exchanged.
For Dnotes to be adopted and accepted as a real currency it must be able to be used to buy things. So far Bitcoin is the only coin that really fulfils this. If coins are not being actively used as a medium of exchange then the price comes from pure speculation not an inherent value. Failure to address this issue is what will result in Bitcoin reigning supreme at the end of the day and all of the other altcoins crashing and burning in its wake.
Please answer me this: Why would I used another digital currency other than Bitcoin? If I am an everyday person I might not understand how it works but I have a Bitcoin wallet and some Bitcoin and I can buy things in many places. This involves a lot of infrastructure behind this coin to be able to do this. Why would I have another address with a different currency with a different value to do the same?
Don't get me wrong , I wish this currency every success. But issues need to be addressed and discussed for it to become a useful currency beyond the exchanges.
Long time lurker here. I was introduced to Dnotes by my mate TeeGee. I have a a decent holding of them and have introduced a few other mates also. I have seen this currency steadily climb since I was introduced and I am very impressed when you compare it to other coins that jump around like a leprechaun on crack.
I read this thread quite often and one thing that stuck out to me was the mention of the three functions of money. The mention of it having to be used as a medium of exchange was followed by an explanation that it is exchanged on various coin exchanges. To me this is not meeting this criterion.
Gold is also exchanged on exchanges, as is oil, wheat, steel etc. This does not make them great mediums of exchange but it means they are being exchanged.
For Dnotes to be adopted and accepted as a real currency it must be able to be used to buy things. So far Bitcoin is the only coin that really fulfils this. If coins are not being actively used as a medium of exchange then the price comes from pure speculation not an inherent value. Failure to address this issue is what will result in Bitcoin reigning supreme at the end of the day and all of the other altcoins crashing and burning in its wake.
Please answer me this: Why would I used another digital currency other than Bitcoin? If I am an everyday person I might not understand how it works but I have a Bitcoin wallet and some Bitcoin and I can buy things in many places. This involves a lot of infrastructure behind this coin to be able to do this. Why would I have another address with a different currency with a different value to do the same?
Don't get me wrong , I wish this currency every success. But issues need to be addressed and discussed for it to become a useful currency beyond the exchanges.
Hi AlphaD. Welcome and thanks for participating in our forum. Your comments and questions are helpful. Your friend TeeGee should be given a lot of credit for assisting me with some of the research materials that led me to do a series of write-ups. For all we know TeeGee might be trying to make New Zealand the capital of DNotes based on the number of people he has recruited to join the DNotes camp. Thanks, TeeGee.
You are correct that if DNotes can only be used to exchange for another digital currency but not for other goods and services, than it is not meeting this criterion (fulfilling the function as a medium of exchange). At best it is a limited or poor medium of exchange. The illustration will go on in subsequent posts on DNotes as a medium of exchange that if a currency medium of exchange function is limited to exchanging for another currency only, that limited function is not sufficient to make that coin a viable currency and the coin will ultimately fail. There will be exceptions in certain niches, but that is not our area of focus.
Certainly, for mainstream adoption of DNotes to take place a lot of people must own DNotes and a lot of merchants everywhere must accept DNotes. That is the end game and will take years, even with the best game plan executed flawlessly.
Store of value is ownership of asset not currently consumed. We all want our asset to grow and not be at risk of loosing it.
Medium of exchange is usage. If that medium is as stable, durable, portable, transferable, (including cross-border transfer) fungible, divisible, and mutually interchangeable in whole or in part as money, than it has a good prospect of supplementing or replacing money as a medium of exchange.
Since DNotes is still at its infancy, let see what it wants to be when it grows up and what it has accomplished so far. DNotes wants to be the money everyone around the world trust and loves to own a lot of. With lots of DNotes they will want to exchange them for goods and services they need and love to have. To be that currency, it must be trustworthy, stable with low volatility, and provides reliable long term appreciating value. DNotes has consistently exhibited these characteristics better than any other currency in our industry, and hence, a good store value. Now that it is proven to be a good store of value we can put it to work in the real world, such as:
From an earlier blog:
.... There are two primary objectives. The first one is provide participating teachers and students the convenience of getting immediate real world experience by downloading the blockchain, create a DNotes wallet, and follow a link to receive an amount of DNotes. Next, they set up a trading account and transfer the DNotes to that account so that they can gain some trading experience on DNotes and Bitcoin.
The second objective is to encourage students to use this as a college fund saving account using DNotes. We will make available a Student Rich List. Prizes will be given out from time to time, at random intervals, with details to follow. We are doing the same for Kids with a CR.I.S.P. (Cryptocurrency Investment Savings Plan) ...
Medium of exchange is usage as a payment option. Without disclosing specific details and time schedule, I can tell you that payment processing for merchant accounts has been keeping our development team very busy.
Mass merchant adoption of DNotes will take a lot more than just some innovative software features. In our opinion, the biggest obstacle currently confronting Bitcoin in merchant account adoption is the price, with Bitcoin being highly volatile.
DNotes will have a significant advantage as the most stable digital currency. I will be sharing a lot more details in my subsequent blogs on DNotes as a Medium of Exchange. after I have completed my write-ups on DNotes as a Store of Value.