Recent content by John Congdon

  1. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    Puerto Rico regulations say that one must submit an investor profile for investors that will own 10% or more of the financial entity. The territory of Puerto Rico is who is granting the bank license not the US government, that is to say that it is not a US national bank. There are both state...
  2. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    As I mentioned previously, I can understand negative feelings about fractional reserve (FRB) as I harbored those for a long time. However I realized a couple years ago that that system has been a very progressive influence in society and creating expansion of opportunity. The very positive...
  3. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    As I mentioned in the proposal all can be done on a trustless contract basis. That is part of what blockchain is about. I can raise from other private investors, yes, but it will probably not be their interest to assist the Dash community. However it would be of interest for the MNs to further...
  4. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    1. Banks usually are set up under a holding company and the investors own the holding company. As a corporation the banks will have officers and a board of directors and that is where the responsibility lies for meeting regs, mainly with the officers. An LLC structure would also be possible but...
  5. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    The "system" follows known rules that are clearly stated and published that have been passed through legislation. While it can be time consuming and a pain in the ass there are people who are educated to specifically do those things. That's just the way the system is. Decentralization and the...
  6. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    The advantage is for merchants that are tied into the banking system where currently more than 99.9% of business transactions other than physical cash take place.. Do the exchanges such as Poloniex allow Visa/MC/Discover receipts and withdrawals? Is conversion automatic when needed? Generally...
  7. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    The MNOs would remain the owners of their portions, the Foundation would own the stock from from the $50-70,000 setup expenses which come from the treasury. Part of the idea of the use of the MNs portion would be to create liquidity for Dash / fiat conversion for business owners that need to...
  8. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    That would be a possibility, however it will depend on where people would like to live and work. Boise has a good reputation, especially if one likes potatoes. It's not too far from where my mom and dad met, John Day, OR.
  9. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    Providing the equity for the banks does not really change the ownership of the equity. Essentially the equity is pledged to assist the network, it does not "belong"to the network. It belongs to the people who have pledged it. I am not proposing to take the equity out of the network, only to...
  10. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    If you want to perfect exchange of value that actually has significance in the world at this time you will need to have a means of interacting with that world. The vast majority of that world does not need to be anonymous. For example the blockchain has the ability to end corruption by not being...
  11. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    Think expansively. I mentioned having a physical campus and center as being one, even multiple centers worldwide. Interfacing with with Visa, MC and Discover is another as well as Asian systems is another. Having broad exchange capabilities between fiat and Dash. All of these and much more can...
  12. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    The purpose of the banks for Dash is to have a seamless interface with the vastly larger fiat system in order to serve its current and future business clients that must interface with that system. That IMO will be one of the main benefits to Dash. Yes, Dash's pockets are getting bigger. However...
  13. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    The banks will be compliant with current US bank regulations and KYC. The purpose of the banks for Dash is to have a seamless interface with the vastly larger fiat system in order to serve its current and future business clients that at least for now must interface with that system.
  14. John Congdon

    Create two fiat currency banks in Puerto Rico that operate with both fiat and decentralized crypto c

    One is not "paying"to meet the reserve requirement, those are funds that belong to the bank and are part of the capitalization of the bank. Funds that are held are akin to an escrow account. If you will read the attached whitepaper document Golden Rule Network essay proposal you will understand...