[ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency

[tungfa]

Bitcoin faces competition

http://www.coinspeaker.com/2016/04/04/bitcoin-competition-ethereum-litecoin-ripple/

"The fourth position in the list of promising digital currencies, Dash, is an open source project developed by the Dash team in the beginning of 2014. According to the developers, Dash is a “privacy-centric digital currency with instant transactions, based on the bitcoin software, but having a two tier network that improves it.”"

[AlexGR]

So there's something I don't understand...

The block size debacle is catastrophic for Bitcoin's governance model...
The block size debacle is going to cause big problems down the road...
The block size debacle needs to be solved ASAP because updating will take time...

But why are so many people crying that the sky is falling RIGHT NOW?

Because their primary concern is not how the network operates. They want to take over the governance. XT's "we need 8mb/20mb blocks urgently" (last year) or hearn's fud like "btc will CRASH next year" (a year ago), were just FUD to create a problem-reaction-solution sequence.

Unless I'm seriously mistaken, I can send a Bitcoin transaction any time I want, even when blocks are full and mempool is backlogged, simply by spending a few cents in transaction fees.

Precisely. And fees are ridiculously low to even do that (like 0.05$ for first block inclusion / lower prices for lower priorities like 0.01$ - 0.02$)

So that means I can't use Bitcoin for micropayments, but so what? We've known that wasn't practical for awhile now. If I want to send any amount of money over a few dollars, the necessary fee for inclusion in an imminent block is minimal.

It's even usable for micropayments like 20 cents, if you don't mind the confirmation delay and go with fees like 1-2 cents.

I agree that this is a big issue for the future, and needs to be solved today so that it can be implemented before crisis levels approach, but at this moment it hardly seems catastrophic!

It isn't.

Also, I haven't been following the whole thing too closely...so basically a for-profit company called Blockstream is funding Bitcoin development, so core developers are basically in their pocket.

Some of the bitcoin core devs are also working for Blockstream. I don't remember the exact number but it's not that large, compared to the total contributors.

[dEBRUYNE]

Also, I haven't been following the whole thing too closely...so basically a for-profit company called Blockstream is funding Bitcoin development, so core developers are basically in their pocket.

Some of the bitcoin core devs are also working for Blockstream. I don't remember the exact number but it's not that large, compared to the total contributors.

Those working for Blockstream are amongst the most prominent though.

[AlexGR]

The reason for this is pretty simple, if the profitability of the network drops 50% in one moment, 50% of the miners should drop off.

Some predict that after halving and no price increase some miners could turn their machines off and hashrate could drop because of that more or less significantly.

Difficulty History

Date   Difficulty   Change   Hash Rate
Apr 01 2016   166,851,513,283   0.82%   1,194,369,655 GH/s
Mar 18 2016   165,496,835,118   4.46%   1,184,672,491 GH/s
Mar 04 2016   158,427,203,767   -3.10%   1,134,066,098 GH/s
Feb 19 2016   163,491,654,909   13.44%   1,170,318,852 GH/s
Feb 07 2016   144,116,447,847   20.06%   1,031,625,717 GH/s
Jan 26 2016   120,033,340,651   5.89%   859,232,121 GH/s
Jan 13 2016   113,354,299,801   9.12%   811,421,684 GH/s
Dec 31 2015   103,880,340,815   11.16%   743,604,444 GH/s
Dec 18 2015   93,448,670,796   18.14%   668,931,642 GH/s
Dec 06 2015   79,102,380,900   8.77%   566,236,898 GH/s
Nov 24 2015   72,722,780,643   10.44%   520,569,941 GH/s
Nov 11 2015   65,848,255,180   5.77%   471,360,171 GH/s
Oct 29 2015   62,253,982,450   2.25%   445,631,364 GH/s

800mn GH/s (out of 1.2bn) were added in the last 5 months. So 2/3rds of the hashpower should, in theory, be representative of state of the art equipment which has an intended lifespan beyond the halving. And there are quite a few months ahead of us for upgrading or introducing more efficient hardware. I think all this equipment is here to stay (and mine). A small hashrate drop is possible though. Larger drops are possible if combined with a price collapse.

[Lukas_Jackson]

...
It's worth noting, miners didn't drop off last time. But the climate is completely different now. I have no idea what happens next, in either case it's sure to be entertaining.  

What if halving is already priced in the market? That changes everything now, isn't it?

[toknormal]

What happens when halving passes without incident, a modest price increase and no major drop-off in hashrate. Lightning network goes on demo and suddenly everyone breathes a sigh of relief ?

The alt-coin market will experience a sudden de-hedging.

We must be prepared for that. Dash is better prepared than most because of its 'reserve" supply market which will mitigate a lot of the de-hedging. (Also it wasn't amongst the biggest gainers from the crisis, so won't be the biggest loser if the converse applies - they were perhaps Ether and XMR which experienced multiples).

But it would be good if marketing & technical developments could be appropriately timed to offset the rush back into bitcoin when everyone decides it's going to be ok.

[dark-sailor]

Hi all

Is it possible to host a open bazaar shop on a masternode instance.

Many Thanks

[dEBRUYNE]

What happens when halving passes without incident, a modest price increase and no major drop-off in hashrate. Lightning network goes on demo and suddenly everyone breathes a sigh of relief ?

The alt-coin market will experience a sudden de-hedging.

We must be prepared for that. Dash is better prepared than most because of its 'reserve" supply market which will mitigate a lot of the de-hedging. (Also it wasn't amongst the biggest gainers from the crisis, so won't be the biggest loser if the converse applies - they were perhaps Ether and XMR which experienced multiples).

But it would be good if marketing & technical developments could be appropriately timed to offset the rush back into bitcoin when everyone decides it's going to be ok.

XMR "only" went up ~3.5 times from it's bottom (I am taking current price), pretty much the same as DASH. For high multiples you should look at Factom, Maidsafe, and Ethereum.

[toknormal]

XMR "only" went up ~3.5 times from it's bottom (I am taking current price), pretty much the same as DASH. For high multiples you should look at Factom, Maidsafe, and Ethereum.

Don't forget to correct any posts that may give the wrong impression of XMR or that may adversely spin any background mentions, however obliquely  

[BrainShutdown]

Crazy lending rates on Polo... popcorn anyone? 

[TanteStefana2]

Looking at a Mr. Robot article ( http://www.hngn.com/articles/190251/20160318/mr-robot-season-2-premiere-date-news.htm )

"Creator Sam Esmail revealed in a recent interview that the second season will heavily focus on encryption and privacy just as the FBI is currently locked in a battle with Apple over the same exact issues in reality. Esmail believes it's something that will only grow in importance over the next decade and that because the average viewer may not understand the complexities of the issue, he wants to bring it to the forefront this season and explore all of its intricacies."

If this series opens up the minds of the masses, it would be amazing!

I just finished watching the series, good fun.  Sounds like Mr Esmail has his finger on the pulse.

Ever seen halt and catch fire?

No, I didn't know of it's existance!..........But now I do   Thanks

[Macno]

Crazy lending rates on Polo... popcorn anyone? 

Damn, travelling today, missed that. How high did we go?

[BrainShutdown]

Crazy lending rates on Polo... popcorn anyone?  

Damn, travelling today, missed that. How high did we go?

I saw 1.49% and 3k total on lending 

[pterion2910]

Are we going to witness this?

[qwizzie]

Are we going to witness this?

it sure seems like it..

https://cryptowat.ch/poloniex/dashbtc/1w

edit : or it could be a more slow but steady rise... which a lot of us actually prefer.

[gadado]

Looks to me like we will see a significant BitCoin price movement within a week.

I am very impressed by Moocowmoo's Magic Masternode Maker.
That automatism and gudiance is excellent.
If I knew you had such a good automatisation I had setup my MN with it a long time ago already.

Do I understand this correct? With 3500 to 4000 MN's I will have to wait about 14 days till I can see the first payment?

[qwizzie]

Looks to me like we will see a significant BitCoin price movement within a week.

I am very impressed by Moocowmoo's Magic Masternode Maker.
That automatism and gudiance is excellent.
If I knew you had such a good automatisation I had setup my MN with it a long time ago already.

Do I understand this correct? With 3500 to 4000 MN's I will have to wait about 14 days till I can see the first payment?

nope : see this link http://178.254.18.153/~pub/Dash/masternode_payments_stats.html (thank you crowning)
currently with 3568 masternodes its about 6.19 days (excluding variation)

It will be interesting to see what Bitcoin will do with regards to price movement

[moocowmoo]

Do I understand this correct? With 3500 to 4000 MN's I will have to wait about 14 days till I can see the first payment?

nope : see this link http://178.254.18.153/~pub/Dash/masternode_payments_stats.html (thank you crowning)
currently with 3568 masternodes its about 6.19 days (excluding variation)

Yes, you can estimate the cycle length by doing (total masternodes/blocks per day) 3658/576.

But, one important thing to know about payment variation is that selection is now based on block hashes, a security feature added in v12.  This prevents predicting which node will be selected, but also makes payments probabilistic instead of deterministic.  Nodes get skipped or get double payments about 0.6% of the time on average.

See my writeup here for more info: https://dashpay.atlassian.net/wiki/display/DOC/Payment+Logic

[moocowmoo]

I am very impressed by Moocowmoo's Magic Masternode Maker.
That automatism and gudiance is excellent.
If I knew you had such a good automatisation I had setup my MN with it a long time ago already.

Glad to hear it! Thanks for choosing my service!  I've tried to make it as painless as possible.

If you want, send an email to moocowmoo@masternode.me so I have your contact info in the rare case you need to send start again.

Thanks!

[gadado]

6.19 days is even better    Thanks. Good page.

Guess I used the wrong count of blocks per day in my estimation.

"Once in the selection pool, payments become a probability."
"The masternode with the closest numeric hash value to that block hash is selected for payment."

Ok I get the idea about the selection pool to break the determinismus.
Just don't quite understand what you do with that hashes and masternode indexes.

Is it prevented that a MN by chance can stay in that selection pool and never becomes selected?
I mean if the selection pool has 300 MN's is the worst that can happen to a MN in that pool that it becomes selected after 300 selections?

For now I enjoy the partial anonymity by not haveing to provide any information your services offers.  I will check the personal MN link you created every now and then.
Once there is more money at stack I will check what to do best. Give you an email or make an automatic page check or anything.

The only point that is not right clear for me is how to extend the service after the 3 month. Will there be a note and an address on that personal MN page?