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

[SpreadLight]

My conspiracy theory is Bitstamp needed to buy back the coins they lost to balance their books and the best way to do that was crashing the price.

The price on January 4th was around 285 USD  and they lost  ~18K BTC or ~5.1M USD at the time. They decided to cover the loss in BTC for their customers, they didn't have any option but to absorb the loss and respect the BTC balances of their customers in the exchange accounts.

But did they really had all those coins? Or were their books unbalanced and operating on fractional reserve, so that if everybody withdrew at the same time they wouldn't be able to honor all of the coins.  And even if they did, how to recover their losses?

Answer: crash the price. At the bottom of the crash on Bitstamp 152 USD, getting the 18K back was ~2.7M USD, that is almost half the amount of the original loss.  Obviously I am just speculating, but they definitely benefited from the crash, that conveniently happened right after they "lost" all those coins.

This unregulated market definitely needs a decentralized trust-less exchange, so we don't have to guess.

Makes perfect sense. Thanks for sharing.

p.s. still does not explain the pre-"Bitstamp crisis" downward trend thou.

[1714495361]

1714495361

[1714495361]

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[thelonecrouton]

My conspiracy theory is Bitstamp needed to buy back the coins they lost to balance their books and the best way to do that was crashing the price.

The price on January 4th was around 285 USD  and they lost  ~18K BTC or ~5.1M USD at the time. They decided to cover the lost in BTC for their customers, they didn't have any option but to absorb the loss and respect the BTC balances of their customer in the exchange accounts.

But did they really had all those coins? Or were their books unbalanced and operating on fractional reserve, so that if everybody withdrew at the same time they wouldn't be able to honor all of the coins.  And even if they did, how to recover their losses?

Answer: crash the price. At the bottom of the crash on Bitstamp 152 USD, getting the 18K back was ~2.7M USD, that is almost half the amount of the original loss.  Obviously I am just speculating, but they definitely benefited from the crash, that conveniently happened right after they "lost" all those coins.

This unregulated market definitely needs a decentralized trust-less exchange, so we don't have to guess.

As good a theory as any.

For the 238th time, every idiot who keeps a balance on an exchange is contributing to the downfall of all cryptocurrencies, because the exchanges just short it all to oblivion or rig the markets at will so they can extract fiat from your increasingly worthless cryptobag.

Currently all the exchanges are just acting as central banks. We know out there in the real world how that works out, and who profits. Hint: not you.

[turk-fx]

My conspiracy theory is Bitstamp needed to buy back the coins they lost to balance their books and the best way to do that was crashing the price.

The price on January 4th was around 285 USD  and they lost  ~18K BTC or ~5.1M USD at the time. They decided to cover the loss in BTC for their customers, they didn't have any option but to absorb the loss and respect the BTC balances of their customers in the exchange accounts.

But did they really had all those coins? Or were their books unbalanced and operating on fractional reserve, so that if everybody withdrew at the same time they wouldn't be able to honor all of the coins.  And even if they did, how to recover their losses?

Answer: crash the price. At the bottom of the crash on Bitstamp 152 USD, getting the 18K back was ~2.7M USD, that is almost half the amount of the original loss.  Obviously I am just speculating, but they definitely benefited from the crash, that conveniently happened right after they "lost" all those coins.

This unregulated market definitely needs a decentralized trust-less exchange, so we don't have to guess.

Price were crashing already before they were backup and running.

[splawik21]

New ver !!!

 https://darkcointalk.org/threads/0-11-0-darkcoin-core-release.3601/#post-36672

[Minotaur26]

My conspiracy theory is Bitstamp needed to buy back the coins they lost to balance their books and the best way to do that was crashing the price.

The price on January 4th was around 285 USD  and they lost  ~18K BTC or ~5.1M USD at the time. They decided to cover the loss in BTC for their customers, they didn't have any option but to absorb the loss and respect the BTC balances of their customers in the exchange accounts.

But did they really had all those coins? Or were their books unbalanced and operating on fractional reserve, so that if everybody withdrew at the same time they wouldn't be able to honor all of the coins.  And even if they did, how to recover their losses?

Answer: crash the price. At the bottom of the crash on Bitstamp 152 USD, getting the 18K back was ~2.7M USD, that is almost half the amount of the original loss.  Obviously I am just speculating, but they definitely benefited from the crash, that conveniently happened right after they "lost" all those coins.

This unregulated market definitely needs a decentralized trust-less exchange, so we don't have to guess.

Price were crashing already before they were backup and running.

Even worse, maybe they were dumping their customers coins on other exchanges and buying them back lower before reopening their exchange.

[splawik21]

New ver !!!

 https://darkcointalk.org/threads/0-11-0-darkcoin-core-release.3601/#post-36672

release notes show awesome progress

yes indeed.
There is a protocol version changed so the masternodes need the local/remote update and restart.

[Minotaur26]

New ver !!!

 https://darkcointalk.org/threads/0-11-0-darkcoin-core-release.3601/#post-36672

Amazing work, Evan and team, and the best part is after the network is updated and stable we go back to InstantX testing. Go DRK!

[Jestah]

The windows executable available reads win32 but it's actually a 64bit install.   I need a v11 32 bit QT executable, is there some place to d/l one?

[thevictimofuktyranny]

My conspiracy theory is Bitstamp needed to buy back the coins they lost to balance their books and the best way to do that was crashing the price.

The price on January 4th was around 285 USD  and they lost  ~18K BTC or ~5.1M USD at the time. They decided to cover the lost in BTC for their customers, they didn't have any option but to absorb the loss and respect the BTC balances of their customer in the exchange accounts.

But did they really had all those coins? Or were their books unbalanced and operating on fractional reserve, so that if everybody withdrew at the same time they wouldn't be able to honor all of the coins.  And even if they did, how to recover their losses?

Answer: crash the price. At the bottom of the crash on Bitstamp 152 USD, getting the 18K back was ~2.7M USD, that is almost half the amount of the original loss.  Obviously I am just speculating, but they definitely benefited from the crash, that conveniently happened right after they "lost" all those coins.

This unregulated market definitely needs a decentralized trust-less exchange, so we don't have to guess.

As good a theory as any.

For the 238th time, every idiot who keeps a balance on an exchange is contributing to the downfall of all cryptocurrencies, because the exchanges just short it all to oblivion or rig the markets at will so they can extract fiat from your increasingly worthless cryptobag.

Currently all the exchanges are just acting as central banks. We know out there in the real world how that works out, and who profits. Hint: not you.

Also, with under 0.5% of crypto currencies held on exchanges, most of those cash valuations are "works of fiction". This is because, if you had $3 billion to buy up all the Bitcoins at "today's price" and offered 5% over "today's price", 99.5% of owner's of Bitcoins would refuse to sell. This is opposite of Stock Market, were all the shares remain on the open market even when they're owned by people. If, someone wants to buy a plc, they simply table an offer with a premium over "today's price" and the bid would get 50%-80% acceptance levels.

Therefore, the cash prices on Fiat Crypto Exchanges are largely "works of fiction". But, they are needed for two reasons: a) SHA256 and Scrypt algos, the manufacturers of ASIC equipment need Fiat Currency to produce more ASIC devices. b) investors in crypto currencies may need Fiat Currency for personal crises.

People mining "to be rich in Fiat Currency" day to day  (Fiat Currency Profiteers) will always flatten any crypto currency bubbles over the medium term. When a lot of them exit from mining Bitcoin or Litecoin, like recently they will simply dump whatever coins they had, because they made all their profits in 2013 and 2014. They had no intention to own or hold any crypto currency. So, when some of these people exited the crypto currency market this week they simply dumped whatever Bitcoins they had left over for Fiat Currency to reinvest into non-crypto business ideas.

In terms of the reasons (a): developers of crypto currencies have sought to develop POS coins, this removes the flaw of needing sell crypto to fund manufacturers of ASICs mining equipment. Secondly, it removes the flaw of Fiat Currency Profiteers in low electricity cost countries  (Iceland there is an extra 33% profit from cheaper electricity) selling down a crypto currency to become richer in Fiat Currency. However, POS coins have introduced a new flaw, needing to connect to internet to earn more coins means the coins cannot reach the higher valuations of Bitcoin or Litecoin or Darkcoin or 42coin, because people would be to worried about hackers stealing their coins e.g. no-one is going to do POS with over $10,000 of crypto currency!

This does not apply to GPU algos like X11, X13, X15, Neoscrypt, Lyra2, etc. The GPU's lose value very slowly, even when they are out of warranty GPU's can fetch decent prices for video gaming. Most of Fiat Currency Profiteers with 7950's, 7970's and 7990's are expected to exit the non-ASIC algos in 2016, when there GPU's start failing.

The main remedy, to Fiat Currency Profiteers, is to mine coins at low profits (not worth people in low electricity countries doing) or breakeven levels or loss levels for several years and those collected coins doubling in value after a big block halving. This deferred payment of profits, will remove most Fiat Currency Profiteers, who are always seeking the quickest ROI's? However, it does mean mining bigger and older coins like LTC, FTC, VTC, BTC, etc are safer crypto currencies to be collecting.

[toknormal]

Also, with under 0.5% of crypto currencies held on exchanges, most of those cash valuations are "works of fiction".......The main remedy, to Fiat Currency Profiteers, is to mine coins at low profits (not worth people in low electricity countries doing) or breakeven levels or loss levels for several years and those collected coins doubling in value after a big block halving. This deferred payment of profits, will remove most Fiat Currency Profiteers, who are always seeking the quickest ROI's? However, it does mean mining bigger and older coins like LTC, FTC, VTC, BTC, etc are safer crypto currencies to be collecting.

This is a very informative post.

(It is for me anyway).

[tungfa]

Darkcoin Core v0.11.0

We are excited to announce the release of Darkcoin Core v0.11.0! This is a highly anticipated release and was the result of the work of over 10 people for nearly 2 months. Thanks to all of those that helped with this release by developing, testing, making tickets or even providing servers for testnet.

Here are the release notes:

Darkcoin Core:
Fork from Bitcoin 0.9.3 taking advantage of nearly 2 years of development to the Bitcoin core client
Rebrand to Darkcoin Core
Version bumped to 0.11 to indicate a new major release
Renamed client to identify with network from Satoshi to Core
Bumped protocol version to 70052
Changed p2sh-address versions to start with 7 (instead of 3, this affects public keys only, old scripts remain valid and usable!)
Changed testnet address versions to start with x or y (instead of m or n, this affects public keys only, old wallets remain valid and usable!)
Defined BIP32 (HD) address versions to start with drkp/drkv (DRKP/DRKV for testnet)
Adapted BIP44 coin type 5 for Darkcoin (0x80000005) as defined in SLIP-0044
Added new units: duffs (1 / 100.000.000 DRK)
Added units for testnet: tDRK, mtDRK, utDRK, tduffs
Added new DNS seed from masternode.io
Fixed wallet locking after sending coins
Add -regtest mode, similar to testnet but private with instant block generation with setgenerate RPC.
Add separate darkcoin-cli client
Implemented KeyPass integration for CLI, RPC and Qt: keepass, keepassport, keepasskey, keepassid,keepassname
Masternodes:
Improve support for start-many with multi masternode config
New masternode rpc commands: stop-many, start-alias, stop-alias, list-conf
Fixed possible masternode payments exploit
Better support for non-specific masternode payments
Added masternode support for regtest
Randomly sort masternodes before picking next winner
Show number of masternodes in debug window
Darksend:
Reduced lower darksend limit to 1.5 DRK
Fixed progress bar calculation for low amounts
Improved support for adding DRK after anon has completed
Added denomination information to Overview tab
Added more detailed Darksend status information to Overview tab
Added Darksend high precision matching engine
Added Darksend balance to getinfo
Changed maximum rounds of mixing to 16
Full release notes: https://github.com/darkcoin/darkcoin/blob/master/doc/release-notes/release-notes-0.11.0.md

Downloads

11.0.6 Core - All Users

Source: https://github.com/darkcoin/darkcoin
Windows .exe: https://github.com/darkcoinproject/darkcoin-binaries/raw/master/darkcoin-0.11.0.6-win32-setup.exe
Mac OSX: Broken currently, we will compile this later. Darkcoin still works on OSX if compiled from source.
Linux: https://github.com/darkcoinproject/darkcoin-binaries/raw/master/darkcoin-0.11.0.6-linux.tar.gz

https://darkcointalk.org/threads/0-11-0-darkcoin-core-release.3601/

[toknormal]

Darkcoin Core v0.11.0

Sh*t. This stuff is awsome.

10 developers ? (/people)

That blows me away.

[Minotaur26]

Also, with under 0.5% of crypto currencies held on exchanges, most of those cash valuations are "works of fiction". This is because, if you had $3 billion to buy up all the Bitcoins at "today's price" and offered 5% over "today's price", 99.5% of owner's of Bitcoins would refuse to sell. This is opposite of Stock Market, were all the shares remain on the open market even when they're owned by people. If, someone wants to buy a plc, they simply table an offer with a premium over "today's price" and the bid would get 50%-80% acceptance levels.

Therefore, the cash prices on Fiat Crypto Exchanges are largely "works of fiction". But, they are needed for two reasons: a) SHA256 and Scrypt algos, the manufacturers of ASIC equipment need Fiat Currency to produce more ASIC devices. b) investors in crypto currencies may need Fiat Currency for personal crises.

People mining "to be rich in Fiat Currency" day to day  (Fiat Currency Profiteers) will always flatten any crypto currency bubbles over the medium term. When a lot of them exit from mining Bitcoin or Litecoin, like recently they will simply dump whatever coins they had, because they made all their profits in 2013 and 2014. They had no intention to own or hold any crypto currency. So, when some of these people exited the crypto currency market this week they simply dumped whatever Bitcoins they had left over for Fiat Currency to reinvest into non-crypto business ideas.

In terms of the reasons (a): developers of crypto currencies have sought to develop POS coins, this removes the flaw of needing sell crypto to fund manufacturers of ASICs mining equipment. Secondly, it removes the flaw of Fiat Currency Profiteers in low electricity cost countries  (Iceland there is an extra 33% profit from cheaper electricity) selling down a crypto currency to become richer in Fiat Currency. However, POS coins have introduced a new flaw, needing to connect to internet to earn more coins means the coins cannot reach the higher valuations of Bitcoin or Litecoin or Darkcoin or 42coin, because people would be to worried about hackers stealing their coins e.g. no-one is going to do POS with over $10,000 of crypto currency!

This does not apply to GPU algos like X11, X13, X15, Neoscrypt, Lyra2, etc. The GPU's lose value very slowly, even when they are out of warranty GPU's can fetch decent prices for video gaming. Most of Fiat Currency Profiteers with 7950's, 7970's and 7990's are expected to exit the non-ASIC algos in 2016, when there GPU's start failing.

The main remedy, to Fiat Currency Profiteers, is to mine coins at low profits (not worth people in low electricity countries doing) or breakeven levels or loss levels for several years and those collected coins doubling in value after a big block halving. This deferred payment of profits, will remove most Fiat Currency Profiteers, who are always seeking the quickest ROI's? However, it does mean mining bigger and older coins like LTC, FTC, VTC, BTC, etc are safer crypto currencies to be collecting.

Thank you for your post it was very informative. I don't know if you are familiar with the Masternode/Proof of Service concept, but I think it has the best of both worlds.  Basically, Darkcoin, allows you to run full nodes that provide services to the network, e.g.  sync the blockchain, mix/anonymize coins, lock instant transaction, etc.

For each node you run you require 1000DRK to reside in an address on cold storage, and you get paid by the network. So the wallet on the daemon you are running 24/7 is empty it has no coins (0 risk of loosing your coins), the coins that justify your masternode remain safe in cold storage and you get  payments to your cold storage address for running the node.  Darkcoin currently splits the block reward 65% to the miners and 35% to the masternode operators and a bigger percentage will be paid to the masternodes as the network grows until it reaches 40% for the miners and 60% to masternodes. This hybrid approach, I think gets the best of the two scenarios you describe while giving the end users added value through services, instead of just staking, making the Darkcoin model very powerful.

[toknormal]

Mac OSX: Broken currently, we will compile this later. Darkcoin still works on OSX if compiled from source.

[eduffield]

Darkcoin Core v0.11.0

Sh*t. This stuff is awsome.

10 developers ? (/people)

That blows me away.

People who helped a lot (even more people than this participated, it's absolutely fantastic):

Me, Flare, UdjinM6, Patrick M, Francis R, Vertoe, Daniel A, Crowing, Elbereth, Stuart B, Tiago S, Splawik21 and Moli (not in any order)

[eduffield]

QHoster.com

I managed to get these folks to accept Darkcoin and they provide fantastic VPS services. The servers are all very high quality and they provide up to 40 IPs per machine, with DDOS protection. I'm running darkcoin.io on these machines now and haven't had any problems since.

If you're thinking of starting a masternode, check them out:
 
http://www.qhoster.com/vps.html

[pbleak]

Nice one 

[semajjames]

I'm getting the "darkcoin.exe has stopped working check online for solution or close program" Prompt when i close the new version

[semajjames]

QHoster.com

I managed to get these folks to accept Darkcoin and they provide fantastic VPS services. The servers are all very high quality and they provide up to 40 IPs per machine, with DDOS protection. I'm running darkcoin.io on these machines now and haven't had any problems since.

If you're thinking of starting a masternode, check them out:
 
http://www.qhoster.com/vps.html

This should be on page one maybe

[toknormal]

Bitcoin / USD is painting a V shape.

I'd say the angle was about 55 degrees.

...it's acute anyway, that's for sure.