Bitcoin Forum

Why did Evan Duffield and his friends orchestrate the instamine?

Why grab many coins? change block reward schedule and reduce the total coin supply from 84 Million to 18 Million?

Masternodes are the best coin generators/miners/earners since it became online and do POS. Having them is like having a huge mining farm with minimal cost of operating.

With reduced coin supply making the instamine loot a bigger percentage of the existing coinage and will generate more coins than miners thru POS.

That was also the reason why Evan Duffield deceptively hides the concept of POS masternodes from the public before launching Xcoin and more than a month after Xcoin was launched...to accumulate coins for himself and his friends

Was the instamine really an accident? Let's take look at Evan and what he has said in the past..check the dates


this was before Xcoin was put in the ANN section in January 18,2014.

http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-December/003964.html (http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-December/003964.html)

merged-mined?.....proof of work (POW) and POS masternodes



January 20, 2014 ..48 hours after the instamine


just to grab an idea on the accumulation phase..




----more than a month after the instamine----

remember before February 21, 2014, Evan already forked DASH from 84 Million supply to 18 Million..

clearly he is still not planning to tell the public about the masternodes in February 21, 2014 but since a guy asked him in reddit he was forced to speak about it....


why is it not important to discussion? can't get enough?

Evan has POS masternode plans but he didn't say what it was until he and his friends accumulated enough and POS the coins in Masternodes.

DASH instamine was real, it never was an accident.

NOTE:
If you are looking for numbers, here is the thread for you Why the darkcoin/dash/dashpay instamine matters (https://bitcointalk.org/index.php?topic=999886.0)

P.S. you might want to take a look at the persons who had love at first sight of DASH and why it looks fishy for me.
DASH - Love at first sight user accounts [Looking Beyond the Hype] (https://bitcointalk.org/index.php?topic=1282836.0)



NOTE: i wasn't planning on putting this .gif up here but qwizzie forced my hand, this coin/word/logo somehow repels the DASHturds around here like an insect repellent  ;D

to add a little bit of spice to this thread...and some lulz, here is the ending of my inquiry in DASH ANN thread

this is the best defense out there by their highly decorated shill-troll MasterMined710..."supposedly"

this is really a pressing matter that ended in..

Riseman praising icebreaker..  8)


and qwizzie like a cry baby publicly asking the moderators to shut me up for two weeks  8)

how does dash instant confirm  even work, whats the trade off. it cant be that magical.

whats the estimated coins  evan  and  crew   instatmine.

1. Within the very first hour over 500,000 coins were mined

2. Within 8 hours over 1.5 million coins were mind, which is most of the instamine.

from this thread..
Why the darkcoin/dash/dashpay instamine matters (https://bitcointalk.org/index.php?topic=999886.0)

these coins as masternodes generated more coins as time passed like mining farms.


By the way, this thread differs from other instamine threads because it focuses on what Evans says and his actions...his "MOTIVE" for instamining DASH which is to POS Masternodes

Keep it up! People need to see the dark side of Dash and its hidden dealings... they are going to get better and better at hiding thier tracks in the future.

I understand the reason for this thread, it must be hard for OP to see his own cryptocoin (Monero) go down so fast and at the same
time watch a direct competitor's cryptocoin (Dash) grow twice as fast.

I'm just a bit disappointed the old and boring Dash instamine/fastmine is being used here, when there are more then enough threads in this altcoin discussion
sub-forum alone that deal with the Dash instamine/fastmine issue ... why not bump one of those ? why create yet another one ?

Oh well, carry on gentlemen ..

there are different ways to look at it and there are different findings...this is one way to look at it and a different find.

others focus on technical stats, number of coins, how fast the instamine was, Bitcoin-DASH beginnings comparison etc..other threads just pointed out that "Evan withheld information" and end the investigation there...i dig deeper and become more specific to a certain "motive"

this one focused on masternodes, how it was hidden from the public and how can we say it was the "motive" for the instamine.

and no..i'm not affiliated with monero, i know it is convenient of you guys to point at monero for each and everyone of your critics to minuscule and redirect the criticisms you receive in every direction to your no. 1 competition which is monero...you want me to put the logo of Dashcoin in my post?? LOL!

EDIT: here you go..updated the posting with some nice graphics and stop discussing monero here okay?  ;D

I do not see major problems with DASH instamine. As I remember it was a community choice to leave everything as it was, though it was offered to start from the start and eliminate the instamine. But community decided to leave it, so now it is too late to complain about this. However, I don't know who runs Dash masternodes and this question is more important than instamine hype. Anyway, Dash looks like a solid market oriented project that has all chances to beat Paypal and even Western Union.

community? what community? this one? DASH - Love at first sight user accounts [Looking Beyond the Hype] (https://bitcointalk.org/index.php?topic=1282836.msg13200467#msg13200467)

there are others but they didn't fit the criteria..

the purpose of that criteria is to catch rats (insiders/fake/multiple accounts) :D

for me the majority of masternode owners obviously participated in the instamine and insiders who accumulated while there is an information blackout orchestrated by Evan and his friends.

Interesting, you do not see any major problem with Dash instamine. Over 1 million dash coin was mined in 24 hours even it takes Satoshi month to get to that figure. The masternodes was centralized in the hands of the Dash developer, rumours has it that one of the developers has 400 master-nodes. The project was rebranded to Dash to hide the instamine story.

Most of these Altcoins are only rding on the success of Bitcoin thanks to Shaftshift because for me no one will use this coin talk-less of beating Paypal 

Correct. The Dash community decided long ago to move forward. Dash exists 3 years already and has lived through many periods of re-distribution.
Only people stuck in the past are still using this instamine issue that took place in Dash very early time period, which is fine by me as it indicates
they ran out of arguments against Dash.

Edit : small piece of advice to OP, using a lot of red font tends to distract readers which leads to the message getting .. lost.  
 
 
 
  

You are right, big red text is harder to read, i droped reading as it causes too much damages to my eyes.
I still don't understand why people are talking about Dash as like as it is one of these shitcoins, DASH is a well known, well established altcoin, monero also, but both of you are so much different that i wouldn't call you competitors.
Dash is doing great in term of acceptance and growth, i am personnaly a fan of DASH, and i plan to run a masternode in the next few months. the full node is aleready running.
Monero is doing great also, especially in market cap, the rise was amazing, i think on 1 year it earned around +3500% of price, which a nice achievement, i actually run a monero full node.

Both of these coins are great but i still don't know why you continiue to attack Dash, please, let them do their job, and focus on your job, monero isn't that active regarding community, which is not the case of dash, think about it please.

you both should have your eyes checked if color red is hurting your eyes..OR is it the content that's hurting your eyes? ROFLMAO!

if you notice i try to make my post as short as possible...those reds/highlights focused on specific points where if you don't read the rest it would still make the point.

@qwizzie

yeah your "shady community" decided to move forward...and you have propagandist taoofsatoshi and Amanda Bullshit Juggler erasing the past and feeding lies to the public...this posting strengthens that the instamine was real, it will be real for the rest of your lives *evil laugh* MWAHA-HA-HA ... how does it feel now that you have official DASH story says it was just an accident out there-being debunked, there is a saying "the bigger they are the harder they fall" - you cannot bury the truth.

i also like how you and your shady community are not addressing my points and moving to a totally different topic...it seems you are accepting the facts i posted...very good  8)


@nemgun

i tend to agree with you because they are different coins now since DASH is moving away from privacy..there are other coins too that are interesting.

i don't have a job on monero..you are easily fed bullshit.

on the other hand i was invited to the party by Macrochip

me and my DASH buddies were friends since 2015..they get cocky with their bullshit/lies,propaganda and i slap some hard reality onto them..it's fun for me..as long as it is fun for me i'll always be with them  ;D

did you see the cool .gif I put up there?...don't tell me it hurt your eyes too, it is nice  ;D

with DASH official story about the "accidental" instamine out there...of course DASH shills and propagandist will not touch this topic even though they get very cocky when DASH is pumping specially when they are about the same marketcap with monero as of today  :D

case closed.


8)

Can some one fill me in on why it's performing so well? It's pretty remarkable that in this BTC tear it paced perfectly in both USD/BTC.

There are around 2k new DASH coins daily.  
45% got miners. So the ones that keep DASH network secure.  PoW
45% get those who instamined first day with their Masternodes. PoS
10% goes for marketing. Different people like Amanda B Jonson put proposals:  OK, I will make 1 video daily and you will pay me xx DASH and then this instamine Masternodes vote on her suggestion and BAM she gets DASH and they get marketing.


Coins are normally open source without any company or any owner or CEO or, ...   So no one promote them. DASH and similar as Onecoin, Gulden, LeoCoin, ...  are such and promotes themselves. Seems DASH is doing best lately. altho you should not forget about the rest.


Marketing works, when there is no competition.  Waste of founds to put anything in development. DASH = smart I mean stupid. Yes stupid sells!

let me add some things here..

notice the buy support on poloniex with ETH, XMR and DASH...why did DASH has fewer buy support even when it pumps and marketcap is as high as XMR right now?

DASH instamine masternodes hates miners since the beginning that's why they change the coins supply from 84M to 18M, they are even planning to collateralize mining (lock a certain amount of coins)to force, reduce, prevent miners from dumping coins.

DASH specializes in locking coins to get interests. it is a HYIP business.

a business like what Amanda BJ says here https://youtu.be/8GwsmnHE3Rk?t=239 (https://youtu.be/8GwsmnHE3Rk?t=239)

as for a currency and the "innovative technologies" DASH claims---->"all marketing" like any businesses would do.


EDIT: notice LEOcoin switched to POS because nobody is mining that shit anymore? LOL

Dash ranking 5 on coinmarketcap !!

https://coinmarketcap.com/#USD
https://i.imgur.com/WXlrRpt.png

https://i.imgur.com/oDcRoxt.jpg

Note : you are all sooo busy with Dash on a daily basis, so i thought you guys would like to be informed about it. A thank you for me posting this is not needed, really.. it is not needed.
Okay, Okay .. maybe a small thank you.  ::)

Another note : to those wondering which cryptocurrency was on rank 5 before Dash, i have difficulty remembering .. its fading from my mind as we speak.
Oh well, must not be important then.

It's also important to note that only around 3-4% of its total "available" supply has traded over the last 20 or so days on the bulk of the run up (i.e. it's easily manipulated).

So everybody say dash was instamined because of broken code, which was broken because (and everybody also admits that) the devs started the project as a joke.  SO I am asking. Please tell me: IS DASH A JOKE AND A SCAM by chance, or it is BY DESIGN A JOKE AND A SCAM.  I am very curious. Please tell me.

Likely planned as they had the option of relaunching and didn't--and to put this in perspective, they had relaunched less than 24 hours before the infamous instamine, so the precedent was there, but not the will.

If I remember well the code wasn't even open source, no ?

If this is true, i still can't believe how DASH is any trustworthy.

So my prompting March 31, 2014, was not the reason he created mastenodes:

Can you explain again how DASH is a scam when anyone could of bought DASH for pennies?

First of all, I don't think dash is a scam, simply because it is crypto, and in crypto, by definition, there is no scam, as "trying to scam the other one" is the essence of the game (also called "trustlessness").

The "lie" if you want to, about DASH, is that it is a decentralized system, while it is most probably a totally centralized entity, because of the instamine and the masternode scheme.  I'm pretty sure the dev team has near half of the stash.  This implies that they have the full power of voting over the dash code, and hence the protocol.  There's not much "decentralization" in DASH.  That doesn't mean that people cannot obtain it, trade it, and so on.  Fiat is also perfectly centralized, and works: people can obtain it, use it, trade it. 

As such, it doesn't really qualify as a "decentralized crypto".  But, but: this is actually its real value, its real power.  By mimicking as a decentralized crypto currency, but by having, behind the scenes, the full power and flexibility of a centralized system, this makes a hell of a powerful system.  Most all of the hassle, difficulties and so on of crypto come from the axiom of decentralisation.  The need for consensus, and the immutability, which makes unwanted features (like full blocks) also immutable properties.  In a centralized system such as a central bank fiat system, there is no such problem: the board gets together, considers the problem, decides on a solution, and that's imposed upon everyone.  No shit.  Aristocrats inform the king, the king decides, and the people obey.  Simple.  Efficient.  Has been working for millennia.  Sun Tsu.   And the nice thing is that the aristocrats and the king get insanely rich.

THAT is the real power of DASH, and that is why I think it will reach the moon: it is fiat, mimicking as crypto.   Is this a scam ?  No.  Because in crypto, nothing is a scam.  

Ok lets play along.. What about ETH's ICO then day one buy up game ?
How much did the official ETH team members get again ?

How about you all claim "Dev's deserve to be paid" condoning pretty much ANY method to do it.. genius tax anyone ?

Holy hell the instamine is crime against humanity.. but ETHERUEM well, that shit's legit  :D

You're all fucking hypocritical little idiots.

The essence of crypto is "trustelessness", which means that from the moment someone tries to rip off another one, it is legit.  What is not legit in crypto is to collude over what would be a good thing to do for everybody.  When you stop trying to rip off the other one, you do something non-legit in crypto.  It is the only thing that is non-legit.  The whole basis of crypto is that everyone tries to rip off everyone else, with all possible schemes of code, coin emission, coin offerings, and what not.  If you do not try to rip off the other one, you're putting yourself out of the crypto scene, and you do non-legit things.

The art of doing crypto is the other one trying to rip you off, and you not letting him do so.

That's nice Dino but you failed to see the hypocrisy.

Hypocrisy is one of the ways to do crypto.  Coding is another one.  They are both legit ways of trying to rip off the other one, no ?

No hypocrisy. ETH is an equally scummy scam. They're both shit coins with extremely bad coding that are being hyped very nicely by snake oil vendors. ETH will probably do the best long term since the people partnering love programming with tonnes of holes in it so they can do what they want when they want without the end-user ever even knowing. Nonetheless, they’re both trash in so far as what a widely distributed decentralized cryptographic digital currency is supposed to be in theory.

Dash can be costly, particularly as more individuals are getting to be plainly mindful of the potential. For instance, running a DASH hub requires 1000 DASH (at current cost of $.664 per DASH, which is $664,000!) .whereas in Cajutel Passive income plan you can contribute the amount you are comfortable in, the best part is the more you invest and the more profit you can make out of it,
Hazard that the coin you back is a crap coin and it bites the dust. Thinking pessimistically: You contribute a couple of $K and lose the part. You cannot lose more than you put in, however there is the thing that speculators call the ‘open door cost’. For instance: You put your $5,000 in a masternode in a system that kicks the bucket, which implies you could not contribute that $5,000 anywhere else. In Cajutel, someone buying a token in the beginning would earn in 6 years 52$. Depending on in which phase he invests, this can be an increase of value of 1.86x up to 5.31x. The interesting is the following years as you can expect dividends far above the 20$ per share every year.
Masternode is going to pay 2 Dash per week, So yearly Investor will get only 104 Dash, whereas in Cajutel if you have invested in phase 1 per Token cost $15 on which cajutel will give a yearly dividend of $52 after the third year which is more than 3 times, But in Dash Masternode they are only paying 1/10 dividend yearly, and in Cajutel you will yearly get a dividend of more than 30% of your Investment.

These are the advantages give Cajutel a sizeable lead over Dash Masternode which is why I feel Cajutel is the Best Passive Investment Plan and will become most successful crypto coin in the future.