I would point a few CPUs to mine for wages. That is a really good idea. A paid team that would give a stake etc. Really good idea.
Can anybody put me in touch with the person who runs the darkcointalk mining pool? If its not covering even the web site costs we need to have a rethink. Propulsion, he's on darkcointalk, in as much as it's his site...  |
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Waht would happen to the consensus if someone took like a lot of money, and bougt online like 3000 mn that he/she/them controll ?
would this not be same sitation like the 51% attack on network hash ?
To do so would cost the attacker more money that the exploit would be worth. Lets not rule out the irrational nutcase trying to ruin DRK. Even then, if Vertoe couldn't get hold of 47K DRK without turning heads yesterday...how on earth is anybody going to get hold of 3m DRK? I am sure that for 50/drk there would be people seling. which is like 150 milion usd. Small play money for some. I am not fud ing... just simple honest question. So we all get rich selling our DRK to the super rich villain(s) then launch Darkcoin 2.0 - and the price would need to go way higher than $50 to secure millions of DRK. |
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Waht would happen to the consensus if someone took like a lot of money, and bougt online like 3000 mn that he/she/them controll ?
would this not be same sitation like the 51% attack on network hash ?
To do so would cost the attacker more money that the exploit would be worth. And where exactly are you going to pick up 3000000DRK in a hurry even assuming you had the $1bn+ that doing so would likely cost you? |
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Much faster MN consensus on transactions also inherently secures against all double-spend shennanigans as it greatly reduces the window of opportunity. You now have a few seconds to pull off a heist, not (sometimes many) whole minutes.
And the consequently smaller ongoing blockchain due to much longer block times now being possible, plus the possible future addition of superblocks, plus Electrum-DRK being around the corner, make for a much more portable system. Hell, there are countries on earth that only recently came into possession of the BTC blockchain because someone had to physically take a drive there, there wasn't the bandwidth to get it there electronically.
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Evan's Paper: https://www.darkcoin.io/downloads/InstantTX.pdf Can i please get a "translation" into simple dummy wording what this paper means ?! I understand instant transactions, but what ... using the Masternode (1000 each) as a collateral for the purchases made, to speed up the transactions ?! Proof of Work ? ....> Tx The 1000DRK ate NOT being used as collateral in anything, never have been, never will. Instant TX's just have the MN's locking inputs and forming consensus on transactions instead of waiting for miners to come along minutes later and bake it into the blockchain. Obvious when you think about it, like most great leaps. The diagram just illustrates that MN's are part of the whole decentralised network in terms of peering, just as regular wallets are. No bottlenecks anywhere. |
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So whoever is dumping DRK on bitfinex - a.) Thank you, I just made a SHIT ton of money. b.) You're an absolute moron.
What the hell! Why can't we have retard trading on mintpal too!!! Dammit! OMG look at that! I wish I had some money ready at bitfinex! Bugger all volume, just bot dribble. |
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So this i not useful for any coin without a masternode system !
Looks like DRK will be the one and only crypto currency with a future,
Oh wait, in ten days evan will open source his work
I see a lot of clones comming up to scam out the last fanboy of crypto
You can't copy and paste 900+ Masternodes worth $3 million+ quite so easily as you can code. Evan understands fundamental economics better than most. To prove your point even further, the masternode system has been open source since day one anyway. It's Darksend that's being open-sourced. That too.  |
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So this i not useful for any coin without a masternode system !
Looks like DRK will be the one and only crypto currency with a future,
Oh wait, in ten days evan will open source his work
I see a lot of clones comming up to scam out the last fanboy of crypto
You can't copy and paste 900+ Masternodes worth $3 million+ quite so easily as you can code. Evan understands fundamental economics better than most. edit: plus, all the smart folk are already in DRK.  |
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I was going to stock up on some more shiny metal today, now I'm torn. Need to rerun my end-of-the-world-as-wall-st-and-bankers-know-it models. Ammo, of one knid or another: you can never have enough. |
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I'm only on page 8 and I have just started giggling loudly to myself in a room by myself.
This is one of the most brilliant solutions to a problem that I have ever read (up until page 8 anyway!
Thing is, the solution was pretty much there already, Evan just had the genius to realise it... No need to wait for consensus from miners in minutes when MNs can do the same thing is seconds. |
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I've been trying to catch up on the thread here over the past week and saw some people discussing about investing in FGPA/ASICs for DRK mining. In case no one posted, you can currently buy 1-year contracts from a primarily LTC-centric mining site called LTCGear.com. I posted a review of it (after 1 month of using it) here: https://bitcointalk.org/index.php?topic=787540.0Anyways, some people were talking about investing like $5k to get something developed. Right now, you can buy 2 products (anniversary special 1K6X) which is 160MHs of LTC/FTC mining and also buy the active miner modifier product (Dual Mod M10), which allows you to mine either VTC (at about 1/2 the hash rate of a scrypt share) or DRK (about 3x scrypt rate). If you use the anniversary coupon (it's in my review/journal post), you spend around $910 for the LTC package and another $837 then get an 8% discount if you pay in BTC on top. This nets you about 189MHs of DRK mining power (though if you get it, mine VTC until they switch algos, it pays about double daily). Anyways, the site is confusing and not intuitive, but i'm really happy with them after a month. While it's only a year contract, every month and a half your shares (mining power) gets increased. Feel free to PM me if you have questions, because like i said it's not intuitive and i had many conversations with existing customers for about 2 months before i decided to buy some shares. At current diff that's over 4 months to break even on the initial outlay. (Are the figures you quote monthly, yearly, what?) Personally I'd just buy DRK at this point if I had $2000 to spare, although I've always mined it and still do. |
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Looking to buy 47000 DRK at a fixed market rate. Please drop me a message if you are interested to sell a bulk of at least 10k.
Good luck. I tried. People with that much to sell seem to have a longer-term outlook. That would put vertoe at about 2% of the total coin supply... and in probably command of ~100 MNs. Nice position to be in... |
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I never thought the recent updates from Evan would impact the BTC price so greatly.
What exactly has Bitcoin achieved in the 5 years or whatever it is since Mr Nakamoto went AWOL? Shoulders of giants and all that, but what Evan has done in the last 8 or 9 months is amazing. edit: with your help obviously coins101.  |
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Guys, you need to carefully reread Evan's chat log where he first mentioned the instant transaction system. I'm almost certain it doesn't involve masternodes, for several reasons:
1) He says that it won't require Bitcoin to hard fork. How could you implement MNs into the protocol, plus instant transactions, without a hard fork?
2) He clearly says that he has found a way to make Bitcoin transactions instant...he then mentions that it is fully compatible with DarkSend and so will work with Darkcoin. But it's clear from his wording that the system is designed and intended for Bitcoin, first and foremost.
https://darkcointalk.org/threads/possible-darkcoin-press-release-rc5-open-source-instant-transactions-kristov-code-review.2399/#post-21184It doesn't require US to do a hardfork, because we already have masternodes Thought so. :smug: Want instant transactions? Use Darkcoin. |
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iCoin or iCash - logo: an apple without the bite taken out of it, maybe in black...  |
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Crouton: he says "I just solved one of the largest problems facing Bitcoin. Instant transactions." Then, next line, "It will be compatible with DarkSend too." Implies that he is thinking first-and-foremost about the fact that this will be huge for Bitcoin. Not that it matters--it'll be huge for the entire crypto community.
There is also the very likely possibility that the BTC people will just piss on it like they do everything else... Agreed: That is a very real possibility. Best case for Bitcoin if it turns out to be possible for them is that it gets implemented in 6-12 months. I really can't see them moving faster than that. |
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If nothing else, instant transactions are going to make headlines. Hopefully Visa/Mastercard will get the shits and raise a fuss about it - even more publicity. What we really need to do is piss off Apple's legal team somehow... |
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Following the release of Darkcoin’s source code, the development team intends to continue innovating by adding things like IP obfuscation, creating a light-weight Electrum wallet, and possibly most exciting of all, integrating a soon-to-be announced idea which will result in nearly instantaneous confirmation of transactions. Evan Duffield, lead developer of Darkcoin, intends to release a white paper describing his idea for instant transactions, which can be used both on Darkcoin and even on Bitcoin itself (Evan explains that his idea is completely compatible with Bitcoin, does not bloat the blockchain, and does not require a hard fork to implement). If successful, such an idea could revolutionize cryptocurrency, by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as twenty seconds.
Hmm, I hope what Evan meant was that instant transactions would be possible with Bitcoin... as soon as they had a Masternode network. I can't see any way of doing it without Masternodes, especially given that Evan said in the chat log that pools/miners/block processing etc. are unaffected - what else is there but MNs that could achieve this? edit: "will cost a ton of money to subvert" also makes me wonder how this could be achieved witout MNs, unless the changes are in the mining/pool software and Evan means something akin to a 51% attack via that. Can't wait to read the whitepaper... |
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Guys, you need to carefully reread Evan's chat log where he first mentioned the instant transaction system. I'm almost certain it doesn't involve masternodes, for several reasons:
1) He says that it won't require Bitcoin to hard fork. How could you implement MNs into the protocol, plus instant transactions, without a hard fork?
2) He clearly says that he has found a way to make Bitcoin transactions instant...he then mentions that it is fully compatible with DarkSend and so will work with Darkcoin. But it's clear from his wording that the system is designed and intended for Bitcoin, first and foremost.
This makes me sad. I agree, to an extent. But consider this: the world knows what Bitcoin is. Consider a news article on every major techy website in the world, even CNN Money, Forbes, etc. "Darkcoin Developer Solves Bitcoin's Biggest Problem; Revolutionizes the Currency" or whatever. Imagine how much attention Darkcoin would get from solving Bitcoin's problems. It could conceivably be the first step to supplanting BTC, even. Why go use the coin that Evan fixed, rather use the coin that Evan created? Is this the chat log you are referring to? 9/14 8:51 pm <evan82> I just solved one of the largest problems facing Bitcoin. Instant transactions. I know how to do it... 9/14 8:52 pm <evan82> It'll be compatible with Darksend too. So we'll have anonymous instant transactions. 9/14 8:52 pm <evan82> Oh and there will be no bloat, that is the problem with POS. I bet we can get a confirmation within 10-20 seconds in most cases. 9/14 8:52 pm <evan82> It also fixes the finney attack, which is another huge problem for bitcoin 9/14 8:56 pm <eth2> =) thats some good news 9/14 8:56 pm <eth2> lemme know when you need testers 9/14 8:57 pm <evan82> Yeah, I'm obviously pretty excited about it. I just had a eureka moment 9/14 8:58 pm <evan82> It's simple, elegant, instant and will cost a ton of money to subvert. Perfect Cheesy 9/14 8:59 pm <eth2> does that have any technical implication on how transactions are processed and blocks? 9/14 8:59 pm <eth2> from a pool standpoint 9/14 8:59 pm <evan82> nope. 9/14 8:59 pm <evan82> It's not even a hard fork [...] 9/14 9:25 pm <moli> interesting.. https://bitcoin.stackexchange.com/questions/4942/what-is-a-finney-attack9/14 9:27 pm <evan82> It could possibly stop a finney attack. It's funny you post that, it's what I'm thinking about righ now 9/14 9:27 pm <evan82> right* 9/14 9:28 pm <evan82> It can definitely stop all other double spends, but finney attacks require the client to reject blocks. I see nothing in there about instant transactions with Bitcoin... just that this will solve one of Bitcoin's problems (with Darkcoin), is compatible with Darksend, and we (Darkcoin) will have anonymous instant transactions without a hardfork. |
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Anyone want to bet against me?
If instant transactions work, after open sourcing, I bet that within 90 days of open sourcing, overstock.com will allow DRK as a method of payment.
Thats a big bet - although if instant transactions work - the entire crypto community will be turned on its head. Would bitcoin adopt DRK technology just to keep afloat which in turn shows its inferior. Bitcoin struggles with large concurrent transaction volume let alone waiting hours for confirmations. I cant stand watching my transactions to exchanges when the blocks are sometimes SO far apart. I'm pretty sure I know how Evan has bypassed the need for lengthy confirmations, at least in principle, and Bitcoin won't be doing it any time soon. (Nor will any other cryptocurrency without Masternodes...) Alirhgt I'll bite: The 1000 darks of each Masternodes will serve as buffers to allow for instant transactions, while the MN will receive its coins back in normal time (Thus, instant transactions will be limited to a certain amount within a certain time; random example: max 700 darks each 20min) EDIT: For it to be instant, the 1K darks of each Masternodes are pre-split by amounts of 50 or 100 let's say, with each a different tx (I think the name is tx), and people receive the private keys of these addresses when they want instant transactions. Also, do you think Evan will make instant transactions for a fee? Or free? Nope, doesn't need to involve the MN's 1000DRK at all, nor should it. |
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