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I've got the original redeem script:
544104127b58a271759b8868125fcc7d2d57524eead3f55798845b59063822438f9e06fcf928173 41f8f05128e204c056d9296778d22ace912fe6141d44cfae61175bf4104e2cd937748c374109ed7 15bb20f3a3f89cdba1572bce563680216da8f59725260cb0b0bcc3fc738ce24f682b4371e61f6f6 7becba34a4c85c872a3eaea76ca1541048481213fa819985950526bc83fa09be95a524f6fd1f334 5d363d8b8405f9df30d604b01bd00dcd8cc65b13ca23e96361218edfba391184acc462cb892811a 70a41048db79454d544bf7064ee73b7128c01e7a8fed2c61781dc67315614ccd63adc70d21d3c7c 03a93cf8e143f88c610e0a28d2a5d50d182c3cc8cd5c5184430e30374104834bbb954de3de77f4d 30200c90cd9c376080368b19bee787f8afc83ec251e3fdd418f2732e818a0d5f1597929c80d17f5 d0c0112b622249db25068d32144cae410492574063710b7450c6e629fde04808744b585a70d8a25 ee3197b4629750227fbec8b7d8b9956ce3c1a5de93ca6e6e905d002b4152699eea59ef255cb52ba c40f56ae
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It just passed Vertcoin. As exciting as these pumps are, I hope panic buying phase gets over to stabilize at these levels for a bit. I think many are finally getting impressed by the community around the coin. Last few pages have been great read with lots of new ideas from new posters.
Still going to say MORE MASTERNODES please. The network should stand out making it impossible to duplicate down the road for any cloners.
Next person to quote petecamey gets on my ignore list and I have never used that before (not even for hyungsukmom, LuvAnonCoin et al)
I'll be glad to set up a masternode. But I need an idiots guide to put it up on an amazon instance or something like that. My first masternode is up and running, firewall protected. I'm planning on setting up my second master node very soon with full DDOS protection. But I don't want to invest in this cost too early before the masternode payments start. But I feel that should hopefuuly be soon. So getting ready to launch. I can't get the thought of DarkSend being a laughing stock and falling on it's face due to the nodes being DDOS'ed.... It's a classic thing where action will be taken too late. I'd really like to support the network with Master Nodes as well. Could you go into detail about what exactly we need to do in order to set up a master node? It's the stuff like DDoS protection I'm curious about the most. Posting this on the subreddit would do wonders |
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Is there a really comprehensive guide to setting up a master node? I feel like many of us want to do it, but don't possess the technical know-how to pull it off, even so far as setting up DDoS protection or a static IP.
I don't believe it's sufficient to say "If you don't know what you're doing, you shouldn't get involved" Either. Everyone has to start somewhere! Big tips to whoever can put together some info about how to get a master node up and running
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Bitcoin already has a decentralized network. Google could try to do the same thing, but they would either have to centralize it to be in control of it, or make another decentralized network that they inherently don't have as much control over.
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I'm not discouraging the use of hardware wallets at all, but I don't think they're tops in terms of security.
In the most ideal scenario imaginable, you have your wallet spread across multiple computer devices. Computer 1, Computer 2, and phone would be sufficient for most people.
Go to spend your coins, and it creates a partial transaction which gets communicated to the other wallets, they sign off on it using multi-sig and the whole package gets relayed to the bitcoin network. At no point in the process did one single device ever have the full control to spend your coins.
Better still, if one of them WAS compromised, the best it could do would be to create a partially unfinished multi-sig transaction, and at that point you would know of the intention.
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It's very unlikely that you'll see this type of proposal included within bitcoin, but there are alt-currencies planning the first few tentative steps towards your idea.
I believe darkcoin is the kind of hybrid situation where miners discover new blocks, and those with coin can run proof of stake nodes that are required to promote the anonymity in the network. (darkcoin is essentially trustless coinjoin built straight into the client by default)
In the end, both types of supporters get paid the block rewards and transaction fees.
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On that related note, please don't accept reversible payment methods if you're planning on selling darkcoin. Do it in person for something not reversible, or simply go to an exchange site and cash out safely that way. |
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Charlie Lee isn't saying X11 is less secure that scrypt, he's saying that switching his scrypt coin over to the X11 algo would temporarily make it resistant to ASICs again, which would lower the total network hashrate available. In his mind, ASICs are still offering the ability to add more hashpower to secure the network, and it's fairly inevitable that they will come aboard anyway. It would be a mistake to think that X11 (or any hashing algo) is immune from ASICs. It's just temporarily raised the bar higher and it allows a fairer distribution because the ASICs for it don't exist yet. Eventually if the mining profitability climbs, then we should be glad to see ASIC development on the horizon. Hopefully by then the companies making these types of specialty mining products will have ironed out their problems and have a more established reputation. |
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I have a serious question, I think this coin is by far one of the most innovative and serious coins, but how can it possibly succeed if mining it shows very meagre profits, compared to scrypt? Are we hoping that scrypt profits die down completely before this coin can succeed? How can it succeed without incentive to secure the network?
Mining is always a business decision, and if you're a rational actor then you should make the choice that you think is most profitable. There will be times that can earn more darkcoin by mining, and there may be times that you can obtain more just by buying it outright. Does the profitability of mining seem too low? Then get yourself some cheap coins! |
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I think the shift to ASIC resistant coins is interesting, but also an inherently misguided unless the coin offers some other substantial benefit to owning it. Darkcoin for instance, is very asic resistant with the X11 algorithm, and yes it draws less power and allows the GPU cards to mine cooler at higher hashrates, however this alone would be uninteresting to me. But Darkcoin is also fixated on making it's privacy features trustless and native to the client, offering additional benefits that other open ledger cryptocurrencies can't provide. The idea of trying to "taint" or blacklist darkcoins just isn't feasible, and you'd never need to trust or a 3rd party service for coin mixing. Beyond that, it's reward schedule is limited not by halvings, but by very gradual 7% annual reductions in the block reward. One to watch if you ask me.  |
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yeah, this a very good compromise between having the 0-%- and 20-%-reduction - the yearly 7-%-reduction! i am looking forward to your good and exciting DarkSend-implementation to the coin! Edit: please change at the first page of this thread: "Est. ~22M Max Coins" to Est. 22 Million Max Coins in ~2054 year of max is not clear to me - please fill in the correct one - maybe the "~"-sign before the year and not before the coin-max Here's what the distribution looks like over time in case you missed it:  |
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Darkcoin has done something really impressive by making a coin distribution strategy that no other cryptocurrency can claim to have implemented. It ultimately does have a limited supply. New coin generation (and inflation) will gradually taper off over time at a stable rate of 7% annually. Compare this to the much sharper 50% drops every 4 years in bitcoin. Additionally, the darkcoin block reward still adjusts on a block-to-block basis due to difficulty. Maximum:25, minimum 5. If the network hashpower is too low, the payout increases as an incentive. In the long term, it is incredibly likely that added network power will simply reduce the reward rate to 5 DRK per block. This results in the projected total number of coins reaching approximately 22 million over the time frame shown - slightly more or less depending on how quickly hash power is added. |
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If you push too hard for only investors to get in, the end-users who would most benefit from the anonymity factor (people in seriously oppressive regimes and the suchlike) won't be able to, and it'll become stagnant, and full of partially laundered money that rarely moves.
This can't happen. If the price goes up many times due to being a store of value coin, then the quantities needed for trading or trading anonymously, go down massively because each monetary unit (1 DRK) represents a much higher value: A $100 DRK will require 1/100th of the coins being liquid and on the move, in order to facilitate trade, compared to a $1 DRK. It's an auto-compensation mechanism. A scarce, low-inflation, high-value coin can also be a medium of payments/commercial transactions etc. The opposite is not true however: You can have any coin as a medium of payments but not as a store of value, unless it satisfies certain criteria. The choice is really not between a) A store of value coin which is unable to do payments and b) A payment coin which cannot hold value ...it's rather c) A coin that can do payments AND be a store of value - because these two are not mutually exclusive vs d) A payment coin which cannot hold value The problem of (b/d) is this: Coin competition is strong. In order to survive out there you must have the least amount of improvable weaknesses. Every weakness of yours can be exploited by others. You can have the best technical coin and a clone will come and then say: "Darkcoin was great but it is too inflationary for it to become both a payment medium AND a store of value... so we fixed their problem and we'll do better" => problem right there. +1 great explanation |
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That's just the average, and as it is going, we seem right on track to hug that blue line, so the red line is really an unlikely max that I'm afraid people think could be real. It's not, and I would like to see the formula continue as it is. I think it's unwise to shorten the lifespan of this coin. You have to remember, there will exponentially more and more people joining the crypto coin community over the next few years, and more after that. It will become an acceptable form of currency, there is no stopping it now. So the mild inflation will be quickly absorbed by demand, and allowing for meaningful rewards in the long term will keep this coin viable in our lifetime!
This coin should be the exception to the rule of, "lets get all the profit we can out of it asap to heck with the future!"
As it stands, DarkCoin can live forever, if the artificial 84million cap were removed. It is still rare, it takes a century to get to 100 million. Look at the United States Deficit! It's in the Trillions! And people think 100 million coins for the world population is too much?
We're most definitely going to hug the blue line. We're already at 20DRK and the mining network will most certainly grow in the coming months. I also agree with you about the 1M coins being absorbed by the future users of the coin. However, there are many investors that really like the coin and are interested in using it as a store of value, but are turned off by the inflationary creation of currency. Many of these people have been reaching out to me saying they want to invest but won't unless we change this. Yesterday there was a good debate about the usability of DRK as a way to store wealth because of the anonymity factor nobody wants to store wealth on a public ledger. I totally support the idea of making the change, it can bring a lot of capital since the interest would shift from day to day transaction to storing wealth. +1, I'd love to store my wealth in this cryptocurrency long term, and it would be difficult to do so if it's subject to inflation forever. I think the eventual coin cap can be high and the tapering schedule can be gradual so that it gives ample time for people to join in, and miners will see their profits sustained by transaction fees in the decades to come as the price rises to adjust for the scarcity. |
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If you make the minimums so small, nobody would care about the coin. They'd say, oh only the people who got in early will ever have any coin, why should I make them rich?
You'll kill this coin with greed.
+1 For Darkcoin to really succeed, it needs to be highly distributed among its users, achieving high equality. If a small number of people hold most of the coins, it will gain no network effect, and it can kill the coin. Right now, we have ~3.7m coins, of which ~2m where mined in the first 24hours. If Darkcoin has 84m coins within X years, then the equality will obviously be achieved, especially if all the GPU miners come to darkcoin after Asic ruled the Scryp-coins. But if we limit the coin supply, and have say 10m coins within X years, then one might think that this makes the coin a good store of value, but I would argue that it will TanteStefana is right about what people would say... They'd say, oh only the people who got in early will ever have any coin, why should I make them rich?
You can have the best of both worlds, just: 1) make the reward adjustment less than 50%. Evan is suggesting 20%, and this allows for much more gradual tapering over time. 2) Make the reward period long enough, 20% every 1-3 years is pretty slow 3) Adjust these parameters so that overall, the total number of coins remains high. |
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Fees won't be enough. Look at how hard it already is to mine bitcoin. The rewards are ridiculous. It is the first, so stores that have vision are accepting bitcoin to sell stuff, but when the prices start to look like 0.00000214 it's just gonna be annoying! Bitcoin will soon stagnate. It might keep it's value like you put value on gold, but it will have no usefulness. I see darkcoin having usefulness.
Long term, mining will always gravitate towards more specialized, well financed powerhouses that can do better than the average joe with a graphics card. The difference is that developing ASICS for bitcoin was relatively easy. I'm still convinced that we won't see ASICS for X11 anytime soon. When reward adjustment is slow and gradual (20% instead of the 50% seen with other crypto's) it has a much more stable affect at gradually raising the value of the currency. If you keep inflation forever, then you can expect the value of the currency to diminish long term. This means darkcoin miners will be less likely to want to hold their darkcoin and will sell it for something else. People will also be less likely to want to mine the currency in the first place if they think its value is diminishing. Gradually reducing the reward rate offers a great incentive to miners. I'd rather own a limited commodity than something that will only see its buying power reduced over time. |
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As it stands, DarkCoin can live forever, if the artificial 84million cap were removed. It is still rare, it takes a century to get to 100 million. Look at the United States Deficit! It's in the Trillions! And people think 100 million coins for the world population is too much?
I'm going to respectfully disagree. Darkcoin needs a cap, it doesn't have to be quick or sharp, or anytime soon, but there needs to be an expectation that it's a limited commodity like gold. Why? Because it's directly competing with other limited commodity cryptocurrencies. If darkcoin is inflationary, there is no advantage to keeping your money in it long term. This is a problem, because trying to trade in and out of the currency would reduce the privacy that it affords. I could hold another limited commodity cryptocurrency instead and very likely watch its value gain with time. Gradually reducing the rewards over time is an excellent solution. Miners will still make money off of transaction fees, the price will adjust upwards as inflation diminishes, and there will be real incentive to keeping your money in darkcoin long term. These are the characteristics you would want in an ideal currency. |
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