Frequently Asked Questions

General

What is MyDC?

MyDC is the finance hub of the Principality of Cogito activity. MyDC is the registry office and structure for using the digital currency of the Principality of Cogito. Through MyDC, you will have the ability to set up a trust, a company and by 2020 MyDC currency the Cog, will be utilised like cash for the Internet.

Who created MyDC?
Who controls the MyDC network?
How does MyDC work?
How does one acquire MyDCs?
How difficult is it to make a MyDC payment?
What are the advantages of MyDC?
What are the disadvantages of MyDC?
Why do people trust MyDC?
Can I make money with MyDC?
Is MyDC fully virtual and immaterial?
Is MyDC anonymous?
Can MyDC scale to become a major payment network?

Cogito

What is Cogito

The Principality of Cogito was established as a decentralized libertarian state. It now stands as one of the last of the safe havens that has not been controlled via large government sanctions.

How does it work
What is a haven?
Who controls Cogito
What is Digital Citizenship
Why do I need to register?
Why do I need to register a Trust
I already have a business, why do I need to register a trading company in Cogito?
What is the purpose of an investment company in Cogito?

The Cog

What is the Cog

The Cog is the currency of the Principality of Cogito. The Cog is asset and cash backed and linked in value to the Euro. It will have the ability to be used in everyday life. The Cog bridges the gap between the traditional bitcoin model and the global financial markets.

How can I get them
Can I use Cogs in everyday life
Can I trade Cogs
What about MyDC and consumer protection?

Legal

Is MyDC legal?

MyDC have spent in excess of €200,000 on legal advice. However, legal advice cannot cover all countries regulations. MyDC has made every effort to ensure compliance with global KYC, AML regulations and most internationally used common law.

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.

It is important that you obtain satisfactory legal advice on how you use or promote MyDC as it is most likely the user that runs the risk of a regulatory breach than MyDC where we are not domiciled in your country.

Is MyDC useful for illegal activities?
Can MyDC be regulated?
What about Cogito and taxes?
What about MyDC and consumer protection?

Economy

How are Cogito Cog created?

Cogito Cog are generated by MyDC on an as needs basis. Initially through airdrop for new member registrations, also through sale of company capital for new company registrations. Prior to going fully live for trading businesses that have registered will have a special offer of credit facilities made to them. After becoming fully live it is expected the only way to obtain Cogito Cog will be through buying and selling goods and services.

What determines Cogito Cog price?
Can Cogito Cog become worthless?
What protection is there from failed business?
Doesn't MyDC unfairly benefit early adopters?

Business

How does MyDC work for my everyday business?

MyDC is great for business in a variety of ways.

i) It can encourage new clients to select your goods and services over one where they normally pay with cash.
ii) It can provide you with a method to obtain payment from slow paying clients.
iii) Interest free funding
iv) It provides you with potential to tender competitively.
v) It opens new supply lines globally from the trusted network of members.
vi) It provides additional income opportunities from the network of people and businesses you introduce.
vii) It provides an alternative incentive option for staff who also are members.

Can I have separate business and personal MyDC accounts?
How do I convert my MyDC euro to fiat?
Can I limit the amount I sell on MyDC?
Can I charge more for products sold using MyDC?
What tools are available to communicate to other members that I accept MyDC?
How do I apply for a MyDC overdraft?
What fees and interest rates are there for a MyDC overdraft?
What security do I need to provide?
How do I account for MyDC in my company accounts?
What taxes do I pay?

Security

Is MyDC secure?

The MyDC technology - the protocol and the cryptography - has a strong security track record. MyDC's most common vulnerability is in user error. MyDC account files that store the necessary private keys cannot be accidentally deleted, lost or stolen.

What is KYC and AML?
Could users collude against MyDC?
Is MyDC vulnerable to quantum computing?
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I'd like to learn more. Where can I get help?

How do I get technical support?

MyDC has 24/7 help desk chat. The friendly staff there will do their best to assist you.

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