The danger I see with Dash

[irukandji]

Firstly I'd like to say I've been bullish on Dash, and i think it can easily go a lot higher. A lot.
However there is a big danger lurking IMHO.

Every now and again I see an article about Bitcoin in the mainstream media. The media that most people read. And so a few people are curious and learn a bit and journalists learn a bit more in order to be able to write about it. There is no danger here for Bitcoin, in fact it helps bitcoin.

But, what will happen if Dash ever gets to that point or more?

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

I suspect Dash will be attacked far more than we have ever seen.

Am I thinking clearly or have I missed something?

[dinofelis]

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

Nah, journalists are too stupid to even understand what that means.  They even sell bitcoin as an anonymous coin.  DASH is a centralized coin with low liquidity in the hands of a single guy, mimicking as a great distributed crypto currency, improved over bitcoin (not difficult), and know what ?  That propaganda works as hell.  People love to fall for this kind of stuff.  What is even greater, is that DASH can pose as a coin that used to be criminal, and now has seen the light and is on the side of the nice guys ; redemption.   Only a small and insignificant number of smart people know how fake it is, but they don't matter.

The BIG problem for DASH is something totally different: it is an illegal security that doesn't pass the Howey test.

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.
(hence, not use DASH, with its fake anonymity )

[irukandji]

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

Nah, journalists are too stupid to even understand what that means.  They even sell bitcoin as an anonymous coin.  DASH is a centralized coin with low liquidity in the hands of a single guy, mimicking as a great distributed crypto currency, improved over bitcoin (not difficult), and know what ?  That propaganda works as hell.  People love to fall for this kind of stuff.  What is even greater, is that DASH can pose as a coin that used to be criminal, and now has seen the light and is on the side of the nice guys ; redemption.   Only a small and insignificant number of smart people know how fake it is, but they don't matter.

The BIG problem for DASH is something totally different: it is an illegal security that doesn't pass the Howey test.

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.
(hence, not use DASH, with its fake anonymity )

So, do you think dash will ever be used as a currency?

[Arvydas77]

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

Nah, journalists are too stupid to even understand what that means.  They even sell bitcoin as an anonymous coin.  DASH is a centralized coin with low liquidity in the hands of a single guy, mimicking as a great distributed crypto currency, improved over bitcoin (not difficult), and know what ?  That propaganda works as hell.  People love to fall for this kind of stuff.  What is even greater, is that DASH can pose as a coin that used to be criminal, and now has seen the light and is on the side of the nice guys ; redemption.   Only a small and insignificant number of smart people know how fake it is, but they don't matter.

The BIG problem for DASH is something totally different: it is an illegal security that doesn't pass the Howey test.

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.
(hence, not use DASH, with its fake anonymity )

So, do you think dash will ever be used as a currency?

I'm not betting on DASH but it has some advantages over BTC. First of all, transactions fees are lower. Secondly, speed of transactions. But it is not designed for micropayments. So, I think that it will fail in the future. We have better options - NEM, RaiBlocks, Byteball.  

[dinofelis]

So, do you think dash will ever be used as a currency?

There's not much in the crypto world that is used as a currency.  Bitcoin's utility is nearing the end in that respect with the full blocks.  Bitcoin as a currency is over in my opinion.  It will now become a reserve currency for big players, but paying a guy on the internet is now impossible, and no solution will appear in my opinion.

So, in as much as there is an "internet money" place to be taken, it is now.  I think the most obvious candidate to take over in the beginning will be litecoin.  But several major alt coins may see their opportunity.  DASH too.  

[dinofelis]

I'm not betting on DASH but it has some advantages over BTC. 

As of now, almost EVERY serious alt coin is better than bitcoin to do a real payment: high fees, very slow confirmation, old block chain tech, long block periods...

[Ayers]

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

Nah, journalists are too stupid to even understand what that means.  They even sell bitcoin as an anonymous coin.  DASH is a centralized coin with low liquidity in the hands of a single guy, mimicking as a great distributed crypto currency, improved over bitcoin (not difficult), and know what ?  That propaganda works as hell.  People love to fall for this kind of stuff.  What is even greater, is that DASH can pose as a coin that used to be criminal, and now has seen the light and is on the side of the nice guys ; redemption.   Only a small and insignificant number of smart people know how fake it is, but they don't matter.

The BIG problem for DASH is something totally different: it is an illegal security that doesn't pass the Howey test.

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.
(hence, not use DASH, with its fake anonymity )

So, do you think dash will ever be used as a currency?

it should be already otherwise why the value is so high? it can't be only for speculation, they are building what is needed to have merchants accepting other form of payment other than bitcoin, any very big altcoin like dash have a high chance of being used in 1-5 years

[iamnotback]

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.

It is too late for that. He rather needs to grow it enough that he can afford to buy off who ever he needs to down the line. Afaik Evan comes from inside the finance side of Wallstreet. I presume he knows how the world really works behind the scenes.

I actually don't think the SEC is going to crack down on Dash. They will be more likely to go after an ICO that clearly lost all the money of the participants after making big promises. Dash's regulatory risk might be more with FinCEN as ArticMine has pointed out (but I need to restudy that to be sure).

Re: Bittrex Market Removals - March 18 2017

GEMZ, shame on this scam, ICO raised millions dollars, founder got VC fund of millions, but still failed, the dev is scammer.

Lol, it really sucks. Can you provide me with the link of the announcement thread on the bitcointalk? More shit story will be going to be removed by the bittrex. And I think polo too.

https://bitcointalk.org/index.php?topic=758004.0

Daniel Peled, his trust is still green, how can a confirmed scammer still has so high trust? He blows millions of USD, a cunning Jew.     Same fiasco occurs in AMP again, also a Jew, also scammed millions of USD, and screwed and fucked ICO investors.

AMP fuck OP:  https://bitcointalk.org/index.php?topic=995987.0

I think the only risk for Dash is that something comes along that displaces what Dash offers or which becomes so much bigger that Dash's ongoing operation is off the radar of most of us.

Or Dash has some massive technical glitch, but that would probably just be viewed as a buying opportunity.

Or the entire crypto sector gets walloped.

[iamnotback]

But, what will happen if Dash ever gets to that point or more?

It is not beyond the realm of remote possibility that it might crash or instamine itself or some technical glitch... karma sometimes works that way too, where those who try to get too cute end up dying by the same measure they used...

Afaik Dash doesn't really have a great ensemble of developers and they are attempting many changes to the code they forked from. Also they centralized the coin to a large extent and I doubt there has been sufficient technical peer review. Remember I had found a high school level math probability error in their InstantX whitepaper.

[iamnotback]

I'm not betting on DASH but it has some advantages over BTC.

As of now, almost EVERY serious alt coin is better than bitcoin to do a real payment: high fees, very slow confirmation, old block chain tech, long block periods...

Walking on my knees is slightly less painful than dragging my torso on the ground while crawling.

Neither are real solutions for mobility.

Yet if you get paid by how high on average others expect my head will be above the ground, then you may not care about mobility even while you pay lip service to the coming Evolution of kneepads with rubberized soles.

Yet when I collapse due to exhaustion, expectations might be realigned to reality.

[topesis]

I can tell you people will be burnt by this whole Dash thing, all of these Altcoin will wnat to have the problem Bitcoin is having now. Dash, this is a token that is not been used for any transaction, most of the volume are on exchanges. I can tell you if Dash has the amount of transaction Bitcoin has it will have Bitcoin problem. The token looks to me as a brand rather than Currency which is designed to be, another thing to consider is that most of the tokens are locked in Masternode, a POS token so their is price manipulation already

[dinofelis]

I'm not betting on DASH but it has some advantages over BTC.

As of now, almost EVERY serious alt coin is better than bitcoin to do a real payment: high fees, very slow confirmation, old block chain tech, long block periods...

Walking on my knees is slightly less painful than dragging my torso on the ground while crawling.

Neither are real solutions for mobility.

Yet if you get paid by how high on average others expect my head will be above the ground, then you may not care about mobility even while you pay lip service to the coming Evolution of kneepads with rubberized soles.

Yet when I collapse due to exhaustion, expectations might be realigned to reality.

  Love it !

[dinofelis]

I can tell you people will be burnt by this whole Dash thing, all of these Altcoin will wnat to have the problem Bitcoin is having now. Dash, this is a token that is not been used for any transaction, most of the volume are on exchanges. I can tell you if Dash has the amount of transaction Bitcoin has it will have Bitcoin problem.

Of course.  But only when that happens.  In other words, later.  In the mean time....

In fact, apart from code fuck ups , they have 4 times more room ; add 4 times more room in litecoin ; add the flexible block sizes of monero.... and crypto can still scale a 10-fold with these alt coins alone, before they hit similar problems as bitcoin.  And there are still many other alt coins.  And one can make a few forks....

So, right now, bitcoin is hitting its (own) wall.  But there's still a lot of room in alt coins for block chain coins to live a bit longer.

[iamnotback]

I think the only risk for Dash is that something comes along that displaces what Dash offers or which becomes so much bigger that Dash's ongoing operation is off the radar of most of us.

A deathstar scenario for Dash is if some project comes along that is a small marketcap but everyone is very confident it is going to the moon. Then there is a mad rush to the exits for diehard Dash fans including those holding masternodes.

Also as Dash's price rises faster than the reduction of the issuance of new supply (most of which ends up in the insiders' hands), then either Dash needs more volume of new buyers or the insider control over the money supply becomes more centralized. But right now Dash is receiving an increase in buyers because of the misconception of speculators that Dash is some viable alternative to Bitcoin. But if Dash's price rise outgrows increase in interest and/or something else comes on the market which is clearly much better than Dash for the problems Bitcoin has, then this overbought condition could reverse and given the tiny actual float, it could crash hard, very hard.

I don't know if that will happen. If it does, it will probably be from much higher levels than the current DASH price.


The wildcard is with all the money for R&D from the governance fund, somehow Dash obtains incredible technological accomplishment. But actually money can't buy it. You need open source and special people who aren't motivated by money alone (myself only being one example of many such as the 176 developers who contribute to Bitcoin Core). Hackers don't respect charlatans who don't lead technologically. So I highly doubt this will happen. But it can't be dismissed as a possibility.

[dinofelis]

But right now Dash is receiving an increase in buyers because of the misconception of speculators that Dash is some viable alternative to Bitcoin.

In the same way speculators erroneously conceived bitcoin as some viable alternative to fiat.  The whole of crypto is at this moment, a building of misconceptions upon misconceptions, and essentially a greater fool game, where there are a lot of fools, and hence, a lot of money to be made.

[iamnotback]

But, what will happen if Dash ever gets to that point or more?

It is not beyond the realm of remote possibility that it might crash or instamine itself or some technical glitch... karma sometimes works that way too, where those who try to get too cute end up dying by the same measure they used...

Afaik Dash doesn't really have a great ensemble of developers and they are attempting many changes to the code they forked from. Also they centralized the coin to a large extent and I doubt there has been sufficient technical peer review. Remember I had found a high school level math probability error in their InstantX whitepaper.

Dash making technical changes to a derivative of Bitcoin's code base is dangerous:

http://www.coindesk.com/how-bitcoins-p2p-layer-got-a-speed-hike-in-the-latest-core-release/

[iamnotback]

Hmmm. Something spectacular may happen to the downside for Dash not too long from now...

Dash is not a technology adoption phenomenon like Amazon:

Rather it is looking like a scam price chart similar to Mt. Gox (Mt. Gox controlled most of the BTC supply and was doing a scam which lead to the price rise, read up on it):




Price rises due to a new technological adoption do have two humps but the second one doesn't go vertical:

[The Sceptical Chymist]

Imagine if you are a journalist (or even worse a regulator) and you learn that Evan told people he would not start mining and then instamined it. Imagine on top of that if the journalist then also learns that Evan the reduced the number of coins?

Nah, journalists are too stupid to even understand what that means.  They even sell bitcoin as an anonymous coin.  DASH is a centralized coin with low liquidity in the hands of a single guy, mimicking as a great distributed crypto currency, improved over bitcoin (not difficult), and know what ?  That propaganda works as hell.  People love to fall for this kind of stuff.  What is even greater, is that DASH can pose as a coin that used to be criminal, and now has seen the light and is on the side of the nice guys ; redemption.   Only a small and insignificant number of smart people know how fake it is, but they don't matter.

The BIG problem for DASH is something totally different: it is an illegal security that doesn't pass the Howey test.

If I were Evan, I would cash out before, flee to an exotic place, change name and live a rich-man's life in anonymity.
(hence, not use DASH, with its fake anonymity )

So, do you think dash will ever be used as a currency?

<Sigh>  If only.  And you know what?  It'd probably be a good complement to bitcoin, because you can send money with extremely low fees and your transaction wouldn't get stuck in the blockchain for >72 hours. 

But nope, don't think it's ever going to get there.  And I don't think Dash is ever going to be mentioned in the mainstream media.  When it is, you know that Dash has arrived.  And DOGE will be following behind, wagging its little tail.

[dfd1]

Remember I had found a high school level math probability error in their InstantX whitepaper.

Can you please point us to your post with review of InstantX?

[Supercrypt]

But right now Dash is receiving an increase in buyers because of the misconception of speculators that Dash is some viable alternative to Bitcoin.

In the same way speculators erroneously conceived bitcoin as some viable alternative to fiat.  The whole of crypto is at this moment, a building of misconceptions upon misconceptions, and essentially a greater fool game, where there are a lot of fools, and hence, a lot of money to be made.

I am not agreeing with this. Probably some 100 people could have been convinces about some false concepts. Millions of people will not believe into a ponzi. It is already proven bitcoin is a alternative to bitcoins and people has already started using for real life beyond those conceptual foreseeing theories.

Back to topic, it seems there will be no good supporting news for Dash for this pumping other than bitcoin was on up surging (due to etf). It may fall at any time once those pumpers start profit booking.