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

[Minotaur26]

Understandably, there will be existing SDC whales that will now have better liquidity to sell their position being that DRK has more volume on average. Not sure how many of these SDC coins that would get converted would stay as DRK holds.

True but these whales of SDC would be fish in DRK, their market cap is just 430K right now and that is all the DRK they would get. Why not hold? Adding their Dev team to the DRK team under Evan's leadership and with InstantX coming out soon? Is a no brainer in my mind and a lot of the members would want to acquire more DRK and set up more masternodes.

[1714666195]

1714666195

[1714666195]

1714666195

[eahmadov]

why don't they just join DRK instead... not need another coin   never heard of shadowcoin before

The proposal merges the two coins and they'll keep whatever stake they had, but in Darkcoin instead. It's the first "coin-merge" to ever happen in crypto.

Hopefully this is not intended at a 1 to 1 ratio?

No, there's a conversation rate between ShadowCash/DRK to keep the same value.

So if I'm understanding this correctly, Darkcoin would mint $434,231 (current ShadowCash marketcap) worth of new Darkcoins to swap existing SDC for DRK? With that, the SDC developers would join the darkcoin team or would they require additional payment?

No additional payment.

What do you mean "Darkcoin would mint"? The Darkcoins that will be given to ShadowCash developers, where will it come from?

[tombtc]

If SDC devs are so great why I have not heard of the coin and why they cost $ 0.066? I don't fully understand why we have to merge. Sound like trouble.

[gadado]

Don't like it. Don't think Dark needs that and wasn't there a printscreens on this forum of a skype talk where SDC was somehow involved? Something with prometheus and scamming ppl and such..can't remember. Didn't read carefully enough. So are the SDC the good ppl?

[Minotaur26]

Also thinking out loud, I would not set a specific date - do a weighted average over a period, as shadow could be pumped to get a hugely disproportionate amount of DRK..

There is already a proposal with values to avoid that, it doesn't matter what happens with the price now.

This is a great way of adding man-power and development skills to Darkcoin, the merger-acquisition would be proportional to the SDC market cap at the time the deal was finalized so it can't really be manipulated. It just give all of the SDC community and developers to join DRK and convert their value, together we stand... divided we fall. This way they dont loose any of the effort they have put into their own project but preserve that value by joining DRK and ensure that they endure the consolidation that is happening on crypto right now, if they dont take this opportunity they run the risk of just dissapearing. I think is a win-win.

However, if between now and that finalized day, SDC rises to say 1-2 million, that's 1-2 million worth of DRK created on a pump. So from this swap, the SDC holders would realistically be making 2-4x as much money being that they can then take their newly inflated coins and sell them.

As I understand the exchange value has already been set, now that the proposal is out in the open any pump from this point forward would not change the exchange value so if they pump they might as well just buy DRK.

[G-Bert]

The proposal merges the two coins and they'll keep whatever stake they had, but in Darkcoin instead. It's the first "coin-merge" to ever happen in crypto.

I think it's a great idea !

Check the history of the British Aerospace industry. The country was chockfull of disparate plane makers all trying to solve the same problem. It was a no  brainer to merge complimentary enterprises to work co-operatively on a more ambitious project.

I hereby nominate Darkcoin and Shadowcoin as "De-Havilland" and "Hawker Siddely" of crypto respectively,

who merged this...



with this....



to make this....

Maybe not the best analogy. The Concorde was retired because it was unprofitable. (jk)

[TaoOfSaatoshi]

To bad this never happened      https://twitter.com/CryptoBoh/status/530409561673707520

We're currently in talks with the ShadowCash developers to join the teams together and become the second largest team in crypto. As the twitter states , it's not about their technology, we already have a working anonymity implementation. It's about the team itself, their programmers and designers are top-notch and we could go far together.

This should greatly benefit both teams. It's hard to survive in crypto and there's a great cleanup that's happening right now. Darkcoin will survive and through a merger they'll come out ahead too.

For anyone who wants to read the proposal as it stands:

https://docs.google.com/document/d/1HrGDKKtr5cKKE8Iu7aOw1vXbVTGk9078sQaWlprZYrs/edit?usp=sharing

This is huge! More Devs on board is exactly what we need! Get 'er done Evan!

And if you need inspiration, see this, you'll be glad you did!

https://darkcointalk.org/threads/darkcoin-anthem-for-inspiration.2917/

[k0vic]

why don't they just join DRK instead... not need another coin   never heard of shadowcoin before

The proposal merges the two coins and they'll keep whatever stake they had, but in Darkcoin instead. It's the first "coin-merge" to ever happen in crypto.

Hopefully this is not intended at a 1 to 1 ratio?

No, there's a conversation rate between ShadowCash/DRK to keep the same value.

I lurk several hours a day but this was enough to make me post. I hate the idea of minting new coins. We can not set this precedent. There is already enough fud regarding centralization and drk and minting new coins outside of what is already predetermined is a horrible move and should be against everything the crypto community stands for. I love the idea for a merger, but there has to be a better way. Maybe users and the dev team donates their funds to make this happen but we can not mint new coins just for this. Where does it stop? This a demonstration of to much central control.

[eduffield]

ShadowCash Proposal Conditions

1.) Converted funds will be locked for a period of 90 days
2.) We're looking for some kind of commitment from the core team that they'd work on darkcoin for at least a year beyond this. They could work on whatever they like, at the pace they're working now.
3.) DRK Will be paid for in a 1:1 relationship, dollar wise from this moment forward.  494909 (SDC MarketCap) / 9833182 (DRK Market Cap), therefore 5.03% of the total number of DRK coins will be created on a future block, totaling 240277DRK. The exchange rate will be 31.33SDC for 1DRK.
4.) SDC users will be awarded DRK based on coins destroyed and signed (sign the private key proving you own the key). A user will send coins to a non-redeemable address, if those coins for example equal 1% (64435 SDC) of the total number of SDC ( that would amount to 2056DRK being awarded.

[oblox]

why don't they just join DRK instead... not need another coin  never heard of shadowcoin before

The proposal merges the two coins and they'll keep whatever stake they had, but in Darkcoin instead. It's the first "coin-merge" to ever happen in crypto.

Hopefully this is not intended at a 1 to 1 ratio?

No, there's a conversation rate between ShadowCash/DRK to keep the same value.

So if I'm understanding this correctly, Darkcoin would mint $434,231 (current ShadowCash marketcap) worth of new Darkcoins to swap existing SDC for DRK? With that, the SDC developers would join the darkcoin team or would they require additional payment?

No additional payment.

What do you mean "Darkcoin would mint"? The Darkcoins that will be given to ShadowCash developers, where will it come from?

A super block most likely according that value in coins. It's inflationary from the standpoint that Dark's coin supply increases (yes at the expense of moving the marketcap from SDC to DRK). Whether or not those coins remain held and not sold will ultimately be seen.

[crowning]

the SDC developers would join the darkcoin team or would they require additional payment?

No additional payment.

Does Evan still have the project lead or would it be democratic, means the more SDC developers join, the more power in future decisions they would have?

[eduffield]

Also thinking out loud, I would not set a specific date - do a weighted average over a period, as shadow could be pumped to get a hugely disproportionate amount of DRK..

There is already a proposal with values to avoid that, it doesn't matter what happens with the price now.

This is a great way of adding man-power and development skills to Darkcoin, the merger-acquisition would be proportional to the SDC market cap at the time the deal was finalized so it can't really be manipulated. It just give all of the SDC community and developers to join DRK and convert their value, together we stand... divided we fall. This way they dont loose any of the effort they have put into their own project but preserve that value by joining DRK and ensure that they endure the consolidation that is happening on crypto right now, if they dont take this opportunity they run the risk of just dissapearing. I think is a win-win.

However, if between now and that finalized day, SDC rises to say 1-2 million, that's 1-2 million worth of DRK created on a pump. So from this swap, the SDC holders would realistically be making 2-4x as much money being that they can then take their newly inflated coins and sell them.

Look at the proposal conditions, there's a fixed exchange rate to stop things like that.

[oblox]

Also thinking out loud, I would not set a specific date - do a weighted average over a period, as shadow could be pumped to get a hugely disproportionate amount of DRK..

There is already a proposal with values to avoid that, it doesn't matter what happens with the price now.

This is a great way of adding man-power and development skills to Darkcoin, the merger-acquisition would be proportional to the SDC market cap at the time the deal was finalized so it can't really be manipulated. It just give all of the SDC community and developers to join DRK and convert their value, together we stand... divided we fall. This way they dont loose any of the effort they have put into their own project but preserve that value by joining DRK and ensure that they endure the consolidation that is happening on crypto right now, if they dont take this opportunity they run the risk of just dissapearing. I think is a win-win.

However, if between now and that finalized day, SDC rises to say 1-2 million, that's 1-2 million worth of DRK created on a pump. So from this swap, the SDC holders would realistically be making 2-4x as much money being that they can then take their newly inflated coins and sell them.

Look at the proposal conditions, there's a fixed exchange rate to stop things like that.

I just saw that. So anyone who willingly decides to burn their SDC knows they can't sell for 3 months, no? I'm assuming you would setup the burn address to prevent mishaps of gaining access to those coins.

[k0vic]

Please do not set the precedent of minting new coins. This is a horrible idea and a demonstration of to much central control.

[eahmadov]

ShadowCash Proposal Conditions

1.) Converted funds will be locked for a period of 90 days
2.) We're looking for some kind of commitment from the core team that they'd work on darkcoin for at least a year beyond this. They could work on whatever they like, at the pace they're working now.
3.) DRK Will be paid for in a 1:1 relationship, dollar wise from this moment forward.  494909 (SDC MarketCap) / 9833182 (DRK Market Cap), therefore 5.03% of the total number of DRK coins will be created on a future block, totaling 240277DRK. The exchange rate will be 31.33SDC for 1DRK.
4.) SDC users will be awarded DRK based on coins destroyed and signed (sign the private key proving you own the key). A user will send coins to a non-redeemable address, if those coins for example equal 1% (64435 SDC) of the total number of SDC ( that would amount to 2056DRK being awarded.

Evan, I had no idea you were considering "printing" more Darkcoins to bail out ShadowCash. There should be a better solution. This will create a bad precedent and what will stop you not 'print' more money in the future? Ok, I get it, we need new dev team but we don't have to bail out a failing coin. Let's think about an alternative plan.

[toknormal]

Maybe not the best analogy. The Concorde was retired because it was unprofitable. (jk)

LoL !

I was waiting for someone to point that out. Technological prowess over profit was my analog. Why else is Darkcoin bothering with a "beautiful" wallet.

[oblox]

************* Amber Alert - Bitcoin Hashrate ***************

For a while now I've started to become aware of an emerging "elephant in the room".

Everyone is so obsessively fixated with price that the world of cryptocurrency may have completely forgotten what constitutes value. The Darkcoin community is more aware than this than most because we have witnessed an almost perfect inverse coupling between price and value in our investment. 6 months ago, when Darkcoin didn't have 1000 masternodes, didn't have RC3 complete, didn't have masternode payments in place, didn't have background anonymisation of the *entire* coin supply and didn't have the prospect of instantx, its value was 5 times what it is now.

Similarly, Darkcoin's "mothership", Bitcoin has witnessed a collapse in its value to 25% of its ATH while a massive infrastructure explosion has taken place around the world in commercial, technological, promotional and regulatory sectors.

The real elephant in the room that's emerging throughout this though is the fact that Bitcoin's value is being expressed, but as hashrate, not trading price.

The Bitcoin hashrate right now is nothing short of absolutely f*cking phenomenal. 320 Peta Hashes with something like 800 Terra hashes PER DAY being added.

In monetary terms, that's around 1.2 Million Dollars PER DAY worth of mining power being put onto the Bitcoin network. In a year, you're talking about a third of Spanish GDP worth of mining power being put onto the Bitcoin network.

Folks - this is the elephant in the room. Bitcoin's value IS going up. Value is being ploughed into the currency like there's no tomorrow. It's only a matter of time before this starts being reflected in markets and when it does, top rated alts will benefit as well IMO.

To put that into perspective, Darkcoin has 0.72 Gigahash of mining power on its network. Bitcoin is adding 1100 times that EVERY DAY on average. Not only that, the rate at which mining power is being added itself is increasing.

Nobody seems to be aware of this growth - least of all this idiot: http://www.youtube.com/watch?v=GYJdOiLqSxE

Look at the number of views this fantastic summary has even though it's only 3 weeks old - barely more than 500: http://www.youtube.com/watch?v=-_io3WQtTCI&list=UUiO-xF1LptwIJlyTwF5mWUQ&index=5

It's the canary in the coal mine:

https://blockchain.info/charts/hash-rate

Have a look at this chart (sort by descending hashpower) - Bitcoin, as far as mining power is concerned, has left the pack in the dust. The nearest competitor for hashpower is not even 1 terrahash. The alts are non-existent compared to Bitcoin as far as network security goes.

http://www.coinwarz.com/cryptocurrency?sort=hashrate&dir=desc

Although many people say that hashpower doesn't matter as long as you've got "enough", it surely does matter when you've got 1 third of the GDP of Spain being invested in it annually (and increasing daily).

We must prick our ears up and embrace a heightened awareness of this phenomenon which is incredible IMO.

Spain's 2014 dollar value GDP is 1358.26 billion, 1.2 million x 365 is 438 million... not a third.

[spatula]

ShadowCash Proposal Conditions

1.) Converted funds will be locked for a period of 90 days
2.) We're looking for some kind of commitment from the core team that they'd work on darkcoin for at least a year beyond this. They could work on whatever they like, at the pace they're working now.
3.) DRK Will be paid for in a 1:1 relationship, dollar wise from this moment forward.  494909 (SDC MarketCap) / 9833182 (DRK Market Cap), therefore 5.03% of the total number of DRK coins will be created on a future block, totaling 240277DRK. The exchange rate will be 31.33SDC for 1DRK.
4.) SDC users will be awarded DRK based on coins destroyed and signed (sign the private key proving you own the key). A user will send coins to a non-redeemable address, if those coins for example equal 1% (64435 SDC) of the total number of SDC ( that would amount to 2056DRK being awarded.

Evan, I had no idea you were considering "printing" more Darkcoins to bail out ShadowCash. There should be a better solution. This will create a bad precedent and what will stop you not 'print' more money in the future? Ok, I get it, we need new dev team but we don't have to bail out a failing coin. Let's think about an alternative plan.

Not if we vote.. Perhaps a small update to the masternodes to allow them to vote on items like this? This ensures voters stake in Darkcoins future as well as democratic decentralized decisions.

[G-Bert]

Maybe not the best analogy. The Concorde was retired because it was unprofitable. (jk)

LoL !

I was waiting for someone to point that out. Technological prowess over profit was my analog. Why else is Darkcoin bothering with a "beautiful" wallet.

haha. I was only messing. Good luck to ya. I hope it goes ahead.  

[k0vic]

ShadowCash Proposal Conditions

1.) Converted funds will be locked for a period of 90 days
2.) We're looking for some kind of commitment from the core team that they'd work on darkcoin for at least a year beyond this. They could work on whatever they like, at the pace they're working now.
3.) DRK Will be paid for in a 1:1 relationship, dollar wise from this moment forward.  494909 (SDC MarketCap) / 9833182 (DRK Market Cap), therefore 5.03% of the total number of DRK coins will be created on a future block, totaling 240277DRK. The exchange rate will be 31.33SDC for 1DRK.
4.) SDC users will be awarded DRK based on coins destroyed and signed (sign the private key proving you own the key). A user will send coins to a non-redeemable address, if those coins for example equal 1% (64435 SDC) of the total number of SDC ( that would amount to 2056DRK being awarded.

Evan, I had no idea you were considering "printing" more Darkcoins to bail out ShadowCash. There should be a better solution. This will create a bad precedent and what will stop you not 'print' more money in the future? Ok, I get it, we need new dev team but we don't have to bail out a failing coin. Let's think about an alternative plan.

Not if we vote.. Perhaps a small update to the masternodes to allow them to vote on items like this? This ensures voters stake in Darkcoins future as well as democratic decentralized decisions.

Agreed 100% This sets such a horrible precedent and the opposite of what Crypto stands for. The opposite of what we should stand for.