Interview Part 2 – Alan Yong of DNotes
Note: This is a migrated article. The original date of publication of this article is on May 13, 2015. You may read the first part here.
What can you say is the edge of your business over your competitors? Can you give advantages of operating it?
DNotes is managed as a business but not controlled as a business, since it is not owned as an entity by a single individual or a group of individuals. It is owned, at will, by all of its stakeholders, making this a uniquely new challenge that has not confronted management professionals before. Any stakeholder can change ownership position anytime without notice. A strong community can be abandoned overnight and a strong leader can quit with little prior warning. We took all these challenges into consideration at the planning stage. Like all other cryptocurrencies, we recognize that it is important to have a strong community. We spent time studying other communities and found consistent patterns of destructive behaviors and common practices of announcing product launches prematurely often causing ferocious volatility to the price of their coins.
Like others, we believe in building a strong community. Beyond that, we are different in substance and in style. Central to our success is the commitment of never ending leadership with funding from a number of larger stakeholders. It is not dependent on open donation where proposed projects are announced in order to be funded. This allows us to fly under the radar until the projects are ready for launch. By not pricing in unknown projects in the works, it helps to keep the price of DNotes undervalued, an important contribution to its price stability, giving DNotes significant credibility. Strong leadership, along with clear and consistent messaging, help to cultivate a highly engaged and productive community working almost seamless to achieve long term goals that will be mutually beneficial to everyone.
What do you think hinders bitcoin from mainstream adoption? What’s missing for it become a reliable and prominent form of payment?
Bitcoin has multiple structural problems as a reliable form of payment with no viable practical solutions. By design it a rather pure decentralized system which governs itself and corrects itself though at time it could be chaotic. While contrary to the philosophy of decentralization, in theory, if it can pool sufficient support from well financed interested parties, it can minimize the price volatility. With great leadership, support and respect from the industry coupled with more positive media support it can improve its chances to go mainstream.
High volatilities leading to immediate conversation into fiat currency at the time of the transaction coupled with other cost in hedging against currency loss totally defeats the low transaction cost. Essentially, unless the price volatility of Bitcoin does not present a currency loss risk most merchants will remain hesitant to adopt it as a form of payment. Fiat currency is used by everyone, irrespective of technical knowledge or skill-sets. A lack of multiple strategies to go far beyond the boundaries of its industry and the financial world is also preventing Bitcoin from going mainstream. Sensational negative headlines from the mainstream media have certainly not been helpful.
Finally, what can you say have been the greatest accomplishment or the best time you’ve had while operating your business since its inception?
Our greatest accomplishment is being the most stable digital currency among over 500 digital currencies traded on various exchanges worldwide. It has been consistently on an uptrend, of higher highs and higher lows, starting at of around 200 Satoshi, when it was first traded a year ago to 5,000 Satoshi today. DNotes Bitcointalk forum is by far the most respected unmoderated, inspirational and productive forum, where trust and integrity out weight any personal and short term gain. It is the proud creator and sponsor of CryptoMoms to encourage women participation with a mission to close the gender gap. It is the innovator of cryptocurrency investment savings plan (CRISP) and creator of DNotesVault with free secure storage for DNotes with 100% guarantee funds with verifiable addresses.
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