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

[AlexGR]

Evan's reply.

https://bitcointalk.org/index.php?topic=627349.msg7073643#msg7073643

Thanks for the questions. It does seem like you're missing something. Although, it might not be your fault. The whitepaper is definitely out of date. We've done a lot of work at tweaking the trust model so that it can't be exploited. I'll try to explain how it works briefly, then hopefully if I get time I can revisit the whitepaper soon.

- Masternodes don't have any power over the transactions. They just coordinate the signing. All parties must sign in order for the transaction to be valid. So there's no way to cheat and take the money.
- Users submit collateral. At a later phase if a user doesn't provide the signature as agreed, the transaction will fail. Without colateral this could be done over and over bringing the system to a halt.
- Masternodes have the ability to take the collateral transaction if they wish, but it's paid to the bounty fund. So it doesn't benefit them, it just benefits the community. This removed the incentive to cheat and take the money.

There's no relying on pools at all anymore. Payments to masternodes are done with a voting system embedded into the blockchain. It would take 51% of the mining power to pay the wrong masternode, or another party (because the last few miners to solve blocks must agree on who should be paid)

Transaction currently require 3 parties to be created, so there's a short wait. There are no fake transactions to make that quicker, although this could be done. There's usually 5 or so transaction per 2.5 minutes, so the network should be able to function pretty efficiently under these requirements.

Hoping that helps . Thanks,

Evan

I bet XC dev is taking notes.

Apparently he was taking notes. XC has abandoned the "dynamic trust model" plan as DOA in their nodes and is planning on implementing multi-sigs.

I guess the next step is to announce plans for collateral as well. Anyone have a guess for the next step after that?

Naming the way of transaction as X(C)Send?

[toknormal]

I'm always shocked to think of how many people keep their coins on exchanges.  A HUGE percentage of coins in existence are kept on exchanges, which really ... well, I mean... Mt. Gox was only a few months ago!

I've still got all mine on an exchange.

I don't really agree with the idea that they're not safe on an exchange.

The "crypto" world can probably handle 1 MT Gox but not 2. If another hack on that scale happens your coins might be "safe" offline but valueless.

[caishendizi]

 :)i think so too. the 2nd Mt Gox is there where we cannt see now.

[GhostPlayer]

 Regarding linux and chaeplin's tutorial, what is the command to completely eliminate bash/command history?

Is it this?

ln -sf /dev/null .bash_history

[AlexGR]

The "crypto" world can probably handle 1 MT Gox but not 2. If another hack on that scale happens your coins might be "safe" offline but valueless.

A second mtgox is just a matter of time. However what an exchange does is not the determining factor of value. People will just move their money in and out when they need to instead of using exchanges as "banks".

One of the side effects of masternodes is the incentive to pull money out of exchanges. It will therefore prevent fractional practices, reduce short-selling potential (when short-selling is activated) as well as allow DRK to be more stable in case of an MtGox scenario of a big altcoin exchange, compared to other altcoins (less DRKs stored for hacking, due to many DRKs being assigned to masternodes).

[EfterlysT]

Some douche really trying to start some panicselling.. But fails hard

[simtal]

What is the situation at the moment guys, are we expecting a price increase soon?

[splawik21]

:)i think so too. the 2nd Mt Gox is there where we cannt see now.

i don't trut exchanges after mtgox.
if want to do the trade it is quick and I'm out within minutes. You sleep better

[luke997]

+ 1 on panic sell fail attempt. Thank you!!!

2014-06-16 09:06:30   BUY   0.01651311   400.00000000   6.60524400   0.00990786   6.61515186
2014-06-16 09:06:29   BUY   0.01681006   12.79689932   0.21511665   0.00032267   0.21543932
2014-06-16 08:02:08   BUY   0.01681006   387.20310068   6.50890735   0.00976336   6.51867071
2014-06-16 08:02:08   BUY   0.01687006   150.00000000   2.53050900   0.00379576   2.53430476
2014-06-16 07:48:09   BUY   0.01700002   100.00000000   1.70000200   0.00255000   1.70255200

 

[GhostPlayer]

+ 1 on panic sell fail attempt. Thank you!!!

2014-06-16 09:06:30   BUY   0.01651311   400.00000000   6.60524400   0.00990786   6.61515186
2014-06-16 09:06:29   BUY   0.01681006   12.79689932   0.21511665   0.00032267   0.21543932
2014-06-16 08:02:08   BUY   0.01681006   387.20310068   6.50890735   0.00976336   6.51867071
2014-06-16 08:02:08   BUY   0.01687006   150.00000000   2.53050900   0.00379576   2.53430476
2014-06-16 07:48:09   BUY   0.01700002   100.00000000   1.70000200   0.00255000   1.70255200

 

Well done bro!    Feel good, don't it?

[alwa1]

:)i think so too. the 2nd Mt Gox is there where we cannt see now.

i don't trut exchanges after mtgox.
if want to do the trade it is quick and I'm out within minutes. You sleep better

MT Gox was corrupted from the beginning. I trust Mintpal, but don't trust Cryptsy.

[luke997]

+ 1 on panic sell fail attempt. Thank you!!!

2014-06-16 09:06:30   BUY   0.01651311   400.00000000   6.60524400   0.00990786   6.61515186
2014-06-16 09:06:29   BUY   0.01681006   12.79689932   0.21511665   0.00032267   0.21543932
2014-06-16 08:02:08   BUY   0.01681006   387.20310068   6.50890735   0.00976336   6.51867071
2014-06-16 08:02:08   BUY   0.01687006   150.00000000   2.53050900   0.00379576   2.53430476
2014-06-16 07:48:09   BUY   0.01700002   100.00000000   1.70000200   0.00255000   1.70255200

 

Well done bro!    Feel good, don't it?

Yeah, feels great, well done to you too :-)
Caught another 1200 on yesterday's dump too, ready to snatch more - especially as I stopped trading BTC yesterday - too risky to get left behind.

[splawik21]

+ 1 on panic sell fail attempt. Thank you!!!

2014-06-16 09:06:30   BUY   0.01651311   400.00000000   6.60524400   0.00990786   6.61515186
2014-06-16 09:06:29   BUY   0.01681006   12.79689932   0.21511665   0.00032267   0.21543932
2014-06-16 08:02:08   BUY   0.01681006   387.20310068   6.50890735   0.00976336   6.51867071
2014-06-16 08:02:08   BUY   0.01687006   150.00000000   2.53050900   0.00379576   2.53430476
2014-06-16 07:48:09   BUY   0.01700002   100.00000000   1.70000200   0.00255000   1.70255200

 

Brawo
You've rebought your masternode and gained extra 50drk

[luke997]

:)i think so too. the 2nd Mt Gox is there where we cannt see now.

i don't trut exchanges after mtgox.
if want to do the trade it is quick and I'm out within minutes. You sleep better

MT Gox was corrupted from the beginning. I trust Mintpal, but don't trust Cryptsy.

I'm not coming anywhere near Cryptsy again.
Over the weekend I deposited 30 BTC to play around - no issues, but when tried to withdraw, had to wait a day and raise a support ticket.
You've been warned.

[toknormal]

A second mtgox is just a matter of time. However what an exchange does is not the determining factor of value. People will just move their money in and out when they need to instead of using exchanges as "banks".

One of the side effects of masternodes is the incentive to pull money out of exchanges. It will therefore prevent fractional practices, reduce short-selling potential (when short-selling is activated) as well as allow DRK to be more stable in case of an MtGox scenario of a big altcoin exchange, compared to other altcoins (less DRKs stored for hacking, due to many DRKs being assigned to masternodes).

Gox was a known quantity. You had to be deaf and blind to not know something was going badly wrong there.

People had weeks of warning to get their money out.

If a "regular" mainstream exchange (like, say Mintpal) got hacked with no warning and people lost their funds, that's going to be much more damaging than Gox ever was. Don't be so sure that things can recover so easily from that.

What's more likely to happen is that it's the end of centralised exchanges and trading goes "offline" to decentralised hosts such as the NxT block chain or Etherium when it appears.

A coin only has value though trading. Trading needs exchanges. Ergo, a large part of the coin supply is *always* going to live on exchanges.

The reason I've got mine there right now is that post RC3, things can go two ways:

 - the price stays where it is or increases a little as people see a stable release and the coin gains confidence

or ...

 - speculators who have "ridden the wave" up till now decide that that's the show over for now - at least till - till RC4 and take profits en masse, pushing the price to around 0.008

You have to weigh up the 2 risks: losing all the value in an exchange hack or losing half the value in a cash out after RC3.

[luke997]

The reason I've got mine there right now is that post RC3, things can go two ways:
 - the price stays where it is or increases a little as people see a stable release and the coin gains confidence
or ...
 - speculators who have "ridden the wave" up till now decide that that's the show over for now - at least till - till RC4 and take profits en masse, pushing the price to around 0.008

I've said before that your analysis is not too bad most of the time...
However you should stick with short term TA - at which you're good - rather than too fast long term predictions.

Your second scenario just isn't going to happen, there's so many reasons why not, you're clever enough to think of several reasons in a minute...

[salmion]

As I've said many times before a decentralized version of MintPal would lead to a massive boom in cryptocurrencies and would put an end to the fears of the world being Goxxed to death.

So maybe a multi-coin light wallet (so you don't have to download multiple blockchains) with a trade section. You place trades signed by your wallet. done!

(If only it were that simple)

[joelpina]

How about getting together as a community and develop some kind of a platform that will help dark coin's wider adaption.. e.g merchant service or something better?? That will surely help the price rise!

Any thoughts or ideas guys?

[thelonecrouton]

Regarding linux and chaeplin's tutorial, what is the command to completely eliminate bash/command history?

Is it this?

ln -sf /dev/null .bash_history

Yes.

cd to your home directory first though, that's where the .bash_history file is that you're trashing.

[salmion]

How about getting together as a community and develop some kind of a platform that will help dark coin's wider adaption.. e.g merchant service or something better?? That will surely help the price rise!

Any thoughts or ideas guys?

Ideally it's drk ebay really. If you have any merchants you want to accept drk moolah.io has point of sale and online systems they can set up really easily. Trouble with that is I imagine the merchant just gets the fiat then.

Certainly something worth planning but we don't know really how much drk will be worth. I still think a LOT more so not will to part with it at this stage.

That said btc's "stable" value isn't known and people shop with it so may as well get trucking on figure out usage beyond our crypto fan walls.
So at the moment is drk a store of value that can be anonymously sent (Albeit in small amounts at the moment)
And an investment that will appreciate rapidly as all developments are rolled out (and future)

Although any really good ideas should be put on darkcointalk not here