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Author Topic: Dash's Instamined/Partly Premined Beginnings  (Read 2564 times)
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Prosperityforall
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May 01, 2015, 12:31:46 AM
Last edit: May 02, 2015, 04:49:40 PM by Prosperityforall
Merited by bitmover (4)
 #1

So I'm just trying to get things organized, others can input as well. Here's what I plainly gathered so far.

1) Dash's developer, Evan Duffield, released Dash before it's intended release date(Which means the instamine could also be partly counted as a premine)

2) Dash was only able to be mined on Linux, which was likely intended so that less people would be able to mine the coin, because over 90% of all computers use the Windows operating system

2) Dash's block reward started off with 500 coins per block, before it was abruptly cut 2 days later after 2million coins were instamined

3) Dash's block reward was finally cut after the 2million coins were instamined

4) Evan Duffield was able to temporarily mine Dash by himself for a while when the public miner wasn't working

5) Evan Duffield make an obscure poll where the majority of the votes(High likelihood of being his sockpuppet accounts) voted to reduce the Dash max coin supply from 80million to 20million, instantly making the instamined Dash worth much more

6) The max coin supply is reduced more than 3 fold from 80million to 20million

**I also found this gem, there's still a wallet connected to the Dash instamine that currently owns 11% of all Dash in existence https://chainz.cryptoid.info/dash/wallet.dws?559582.htm**


**To those that don't know, Dash's previous name was Darkcoin, and it's name before that or original name was, Xcoin, so yes it went through 2 dictator-style name changes**
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May 01, 2015, 12:34:22 AM
 #2

To quote from the SCAM Darkcoin instamine 2 millions DRKs (50% of darkcoin in circulation) thread located: https://bitcointalk.org/index.php?topic=560138.0

Looking at the Darkcoin's dev, when people in Bitcointalk talk about the dev's instamine, and it is able to check via Abe explorer.
Today, he decided to do "Airdrop" 2,000,000 DRK ( are you kidding me ?, he instamine 2 millions darkcoins or almost 18 million USD)
Such a good dev, if people cannot catch his trick, he will definitely go with his instamine.


The first 24 hours of the coins existence keep causing us problems, an "airdrop" could be a solution to this. We could airdrop all holders (uniquely verified) with a equal portion of coin. This coin would come from a block in the future that paid 2 million+ coins to a specific address that I hold. We could use some kind of verification system like mastercoin (http://mastercoin-faucet.com/github-intro)
The airdrop would be a month or so into the future, so it would give users time to buy coins and become holders creating some demand. Also, we'd have a much larger market cap and the argument about the first 24 hours would become invalid.

How would you get a part of the airdrop?

- You must own 100DRK ( if you're new to Darkcoin but want to be part of the drop, you would need to purchase 100DRK ).

One of the following:
- Github: To redeem this reward, you need either at least three public repositories and your account must be older than August 1, 2013
- Reddit: To redeem this reward, you need a Reddit account with more than 100 karma.
- Bitcointalk: To redeem this reward you need an activity score above 10 as well as at least 10 posts

Any of these accounts would need to be created before April 1, 2014.
Vote!

Let's take a look at the first 5 h of Darkcoin (XCoin at that time)...

https://bitcointalk.org/index.php?topic=421615.msg4589219#msg4589219
Edufield said (after failed launch) that he will wait the next day to launch DRK (XCoin at that time) it is 11 pm.

https://bitcointalk.org/index.php?topic=421615.msg4591407#msg4591407
Edufield disregard windows wallet and daemon and hurry up his launch, presumably to not have windows miners on board.

https://bitcointalk.org/index.php?topic=421615.msg4592827#msg4592827
Edufield say he added four nodes for the launch at 4 am (5 hours later, despite his promise to wait). The 4 nodes from Edufield are 3 amazons AWS + another unknown (whois IP). Launch started at 3h54 am.

https://bitcointalk.org/index.php?topic=421615.msg4593601#msg4593601
Edufield said the github version was not updated, nobody could compile and only Edufield was able to mine until that time. It is 5.09 am and Edufield instamined alone 1153 block at 500 DRK + 60 block at reward 277 = 593120 DRK for him alone in about 1 hour.

https://bitcointalk.org/index.php?topic=421615.msg4593987#msg4593987
No windows wallet confirmed at 5h47 am, despite a user attempt to make one avaiable, that Edufield dismissed quickly.

https://bitcointalk.org/index.php?topic=421615.msg4594096#msg4594096
Illodin, understand dev has instamined alot of coin.

https://bitcointalk.org/index.php?topic=421615.msg4595573#msg4595573
From this list of nodes, at 8h34 am (4h40 after launch) there were 50 Amazon AWS node and 50 microsoft cloud computing instamining DRK (checked using IP whois service). This is 100/124 nodes using cloud computing to instamine DRK. We are at block 2870 and block reward is 500. From block 1153-1729 block reward is 277. After that it is 500 again hence 2294 block at 500 + 576 at 277 = 1306552 DRK (worth about 13M$ now) were instamined in less than 5 hour by Edufield and coworkers using about 100 cloud mining instances. Edufield himself instamined in not even 5 h from 600K to 1169K DRK ((1306K-600K)*100/124 + 600K) depending how many of the 100 cloud mining instance were its own. All this while having purposefully set the difficult ridiculously low and block reward 100 times what it is now.

From 6M$ - 13M$ in 5 h, Edufield did some lucrative work here!

Edufield is nominee for the Master Scammer 2014 award!



THE FACTS ABOUT DARK COIN

1. released without windows QT so that only dev and pals could mine it.

2. Instamined harder than any other coin out there  12.5% of the current minting was mined in the first day

3. Later they decided to cut the minting by 75% to turn their 12.5% instamine with no windows QT into 50% instamine in 24hours - nice hey


yes that is correct they mined 50% of all the coins available at this time by themselves in the first 24 hours whilst windows users could not mine.


That is the facts.... doesn't matter what else they say... nothing can change what they have done.

Once zero coin, or bytecoin with a decent wallet it released or another darkcoin clone is released.... dark coin will sink like a stone.



Every time they try to spam their coin just post this to remind them of the facts about their coin.

hehe they will accuse anyone to hide their scam...

LET THEM ARGUE WITH THESE FACTS

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!


noob fools saying i think it is nice people mining early get more coins...lol you silly noobs.

you would all be crying when a coin comes out with no wallet and a HUGE HUGE HUGE % of minting is mined in 24hours that you will never have a chance at you silly people.

keep quiet over thing you don't understand.


Just print this to anything they say!!!!!!

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!


the more they try to justify or excuse it the more people get to read about the scam..............

in the end they will accept it is best to shut up about it and hope people forget.
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May 01, 2015, 12:44:05 AM
 #3

You guys do a great job of reminding me of Evan Duffield's genius on a daily basis. Thanks.
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May 01, 2015, 12:46:12 AM
 #4

You guys do a great job of reminding me of Evan Duffield's genius on a daily basis. Thanks.

Not a problem. If your idol is a 'genius' who exploited a cryptocurrency to fraudelently enrich himself in 2 days of instamining, then by all means worship him. I don't hold myself to such low standards.
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May 01, 2015, 12:50:21 AM
 #5

You guys do a great job of reminding me of Evan Duffield's genius on a daily basis. Thanks.

Not a problem. If your idol is a 'genius' who exploited a cryptocurrency to fraudelently enrich himself in 2 days of instamining, then by all means worship him. I don't hold myself to such low standards as to praise scammers.
I only invest in coins where I can get an unfair advantage over others. I respect and praise anyone who allows me to get that advantage. If a coin is too fair, it limits my profit, so there's no point in supporting it.
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May 01, 2015, 12:52:11 AM
 #6

You guys do a great job of reminding me of Evan Duffield's genius on a daily basis. Thanks.

Not a problem. If your idol is a 'genius' who exploited a cryptocurrency to fraudelently enrich himself in 2 days of instamining, then by all means worship him. I don't hold myself to such low standards as to praise scammers.
I only invest in coins where I can get an unfair advantage over others. If a coin is too fair, it limits my profit, so there's no point in supporting it. I also respect and praise anyone who allows me to get that advantage.

Ok, thinking like a true businessman. To you this may not be an issue as it's just about making money, but to the people that want crypto to become something more than just pennystocks, things like this happening is a huge issue.
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May 01, 2015, 12:53:21 AM
 #7

I'd rather f*ck a bag of razor blades than listen to what you say ProsperityForAll. So please note, i did not read a single word you wrote here.

"The trouble with quotes on the Internet is that you can never know if they are genuine." -Abraham Lincoln, 1864
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May 01, 2015, 01:00:49 AM
 #8

I'd rather f*ck a bag of razor blades than listen to what you say ProsperityForAll. So please note, i did not read a single word you wrote here.

Thank you for your enlightening contribution /s.
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May 01, 2015, 01:11:22 AM
 #9

every one that missed the initial mining period could've also got in on the 300 sat hacked ccex coins, and then it was 130k for almost 4 months
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May 01, 2015, 01:23:56 AM
 #10

Quote
2) Dash's block reward started off with 500 coins per block, before it was abruptly cut 2 days later after 2million coins were instamined

As I understand it, the 500 coins/block was a bug and did not match the original published parameters. Unlike when this happened with Bitcoin, the developer of Dash just let the instaminers (including himself) who got the extra "bug" coins to keep them, but fixed the bug to cut the rewards back for others going forward.

There were other cuts to the supply and rewards, I think, but its hard to collect all the relevant information (why would that be?), so I'm not 100% sure.

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May 01, 2015, 02:00:52 AM
 #11

1) Dash's developer, Evan Duffield, released Dash before it's intended release date(Which means the instamine could also be partly counted as a premine)

Exactly.  The coins which were mined previous to the announced release date are obviously premined, whether or not they were included in the genesis block.


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May 01, 2015, 07:38:35 AM
 #12

If the coins have been mined before release date then the whole landscape changes. It is a clear case of premind not instamined. In that case coinmarketcap has to respond as well and make the necessary changes.

But did he not claim no premine?
 I need to get organized.

Thank you for not sending browny points, much appreciated.

4D Torus Earth https://bitcointalk.org/index.php?topic=5042249.msg46425670#msg46425670
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May 01, 2015, 07:48:16 AM
 #13

Monero trolls and developer's at it again; go work you lazy people. If u can not compete with Evan coding skills because you are a no good developer who is a cry baby then why don't you step down from Monero and let other's take over and actually starting working. Just look at what Evan's did and what Monero is! are you done copying other coins cm'on u even copied a GUI WALLET how bad can you be!

Monero trolls and their developer team you can create hate threads towards Evan and DASH everyday it won't matter Masternodes are going up and people would invest in innovation not into a no good developer team.



     
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May 01, 2015, 08:03:37 AM
 #14

If u can not compete with Evan coding skills

If coding skills are all that matter, why do you even care about this thread? Maybe you should just ignore it, and let the matter be settled on the basis of coding skills.

Or is it that these threads bother you because you realize that coin known to be instamined, with a failed social contract and shady ambush launch by the lead developer can't succeed, so you try to hide that stuff, and it pisses you off that we keep talking about it?



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May 01, 2015, 08:06:47 AM
Last edit: May 01, 2015, 08:18:51 AM by toknormal
 #15


... can't succeed

LoL ! You wish.

I think your newfound buzzword "social contract"'s got you a bit over excited.
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May 01, 2015, 08:34:26 AM
 #16

Old news. Everybody here are aware (or should be aware) of the bumpy beginning, but who cares after this (relative) long time? DASH seems to be a good "niche" coin by now, ppl can make some profit on mining or trading it, so I doubt that anyone will give a damn about what happened more than a year ago.
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May 01, 2015, 09:05:39 AM
 #17


... can't succeed

LoL ! You wish.

I think your newfound buzzword "social contract"'s got you a bit over excited.

Really now. It seems the concept of social contract has been well known in the Monero community for some time

3. This causes no permanent change so it has less "social contract" issues. Once the end of the flattening period is reached everything is just exactly as it always was. This is probably the positive action that can be taken with the least reputation harm. Not zero necessarily, but everything else is worse.

I'm still undecided on whether anything should be changed.

In the end of course we decided to honor the social contract and not slow down emissions, unlike Dash. It was never even under consideration to do a blatant money grab for early adopters by slashing the money supply. That's obscene.

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May 01, 2015, 09:32:15 AM
 #18

I bet Evan sees these kind of threads and thinks, damn these guys are denting my master get super rich quick plans. Dash shills have nothing but to attack Monero to justify this scam
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May 01, 2015, 11:26:16 AM
 #19

I bet Evan sees these kind of threads and thinks, damn these guys are denting my master get super rich quick plans. Dash shills have nothing but to attack Monero to justify this scam

I doubt Evan even care's to replay he's busy working you know more less talk more action? but I guess u and ur dev's don't get that since nothing to copy cat from for now. And lol at Dash attacking Monero when every day for the past two months Monero trolls create a whole thread with same ppl with new accounts popping up typing the same thing over and over again where is ur logic? stop you're toxic ways and start adding something positive to crypto for ONCE or you can continue copying other coins and HOPE that people buy you're most beloved coin.


     
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May 01, 2015, 02:21:36 PM
 #20

I bet Evan sees these kind of threads and thinks, damn these guys are denting my master get super rich quick plans. Dash shills have nothing but to attack Monero to justify this scam

Heh and then there is some of us who thinks both Evan AND the Monero guys are shady.
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