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Author Topic: DARKCOIN (NOW KNOWN AS DASH) BIG SCAM?? let's take a closer look  (Read 13649 times)
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April 06, 2014, 07:22:51 PM
 #61


we are seeking the truth not opinion as to whether it is okay to hog all of the coins because a couple of other coin devs have tried the same thing.

Create a thread about those coins and point out these facts.


You are not seeking truth, you are seeking to distort the truth, hence why you keep deleting my posts.

Hehe yeah okay... sorry i'm deleting your posts because you are trying to derail the thread. I don't want to hear you think feathercoin is worse. Fine go make a feathercoin comparison elsewhere.



Not derailing at all, the post was very on topic actually, you just disagreed with it so you deleted it.  Anyways, I'm done with this thread, have fun trying to bring down darkcoin.

You're done with it because you know what has been said is true. All that is left is for you to try and justify it.

Sadly you can't justify this...

I'll break it down for you fellas.

Here are some facts.

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!


anyway yes you stayed civil more than most do ....so goodbye and i wish you well.

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April 06, 2014, 07:25:31 PM
 #62

sorry alexgr or whatever you need to stick to the rules in the OP.

The butthurt didn't miss out on mining because they were not around, they did not miss out because they chose to mine other things. They were held out on purpose.

So i care little about how cheap you can buy them for. People were not given fair opportunity to mine simple as that.

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April 06, 2014, 07:30:09 PM
 #63

Wow, I just read a great response from someone about early prices of the coin, very detailed and fair, yet see it was deleted. I half expect my post to get deleted now.

If you want to do a self-moderated thread, and do it right, you need to do it like how BCX handled his AUR threads. Allow dissenting opinions, allow people to say what they want, just remove obvious troll posts. Yet you seem to be removing any post you don't agree with, or those that don't fit into your agenda. It makes threads like this worthless.


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April 06, 2014, 07:33:18 PM
 #64

Wow, I just read a great response from someone about early prices of the coin, very detailed and fair, yet see it was deleted. I half expect my post to get deleted now.

If you want to do a self-moderated thread, and do it right, you need to do it like how BCX handled his AUR threads. Allow dissenting opinions, allow people to say what they want, just remove obvious troll posts. Yet you seem to be removing any post you don't agree with, or those that don't fit into your agenda. It makes threads like this worthless.



LOL this thread is not about the early prices of darkcoin, let him make another thread about the early prices if he likes. It has no bearing on the instamine we are discussing.

The thread must not get derailed simple as that.

If you post again make sure you have something factual regarding the points in the OP or make your own thread.

This is how threads get derailed, next we have people arguing why the price went up and down. Is the current price in danger or a massive dump by a single person. This thread is not about these things.

Perhaps take some interest in facts regarding what the thread is about.

I'll break it down for you fellas.

Here are some facts.

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!



then if you then want to discuss the great cheap prices of darkcoins that got dumped early go and make your own thread about it with alexgr.


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April 06, 2014, 07:35:52 PM
 #65

 At the time when Darkcoin was launched one of the biggest issues was premining, we made sure this was not going to be an issue with this. The launch date was even pushed back one day and people were waiting to start on the origional date, so the one day delay got even more people into the initial launch on the actual launch day.

 As far as the launch TIME, the launch time was 8pm eastern time in the US. But no matter what time the coin was launched someone where in the world it would be a bad time.

 Honestly IF this was designed as a scam coin do you think there would be this much development effort in adding new features and helping to fix problems with others, ie KGW? KGW was completely rewritten and immediately opensourced for anyone to use.

 Typically a scam coin is a pump and dump, and there are MANY coins that are that way.

 I understand the issues that have been brought up and we have had many questions and issues brought up since launch and we have tried to address them as we could. We have made alot of changes to the code to address people issues.


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April 06, 2014, 07:39:10 PM
 #66



LOL this thread is not about the early prices of darkcoin, let him make another thread about the early prices if he likes. It has no bearing on the instamine we are discussing.

The thread must not get derailed simple as that.

If you post again make sure you have something factual to add to the discussion or make your own thread.

The point he was making was, even if you felt the instamine was unfair, there still was a great opportunity to buy the coins at an insanely cheap price. So in reality, the instamine didn't hurt anyone's chances of getting the coin. To me, that is a valid point, and shouldn't have been deleted. It wasn't derailing the thread at all and was on-topic -- unless you just want threads agreeing with you all the time, that is.

You can say that instamines are unfair, I get that. I won't even disagree, if the dev goes crazy with it. But I think most people in the DRK thread already know about the instamine, so it's not like something new that has just been uncovered. Personally, a small amount of instamine doesn't even bother me, as unlike a lot of people here, I feel a dev should be rewarded for his work. Whether DRK's instamine qualifies as a 'small amount' is certainly up for debate though... I expect it's a bit more than 'small'. I certainly wouldn't call it a scam though.

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April 06, 2014, 07:40:30 PM
 #67

To all arguing that it was cheap after launch... of course it was cheap it was an instamined coin  who the hell would pay big bucks for something like that?

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April 06, 2014, 07:41:14 PM
 #68

At the time when Darkcoin was launched one of the biggest issues was premining, we made sure this was not going to be an issue with this. The launch date was even pushed back one day and people were waiting to start on the origional date, so the one day delay got even more people into the initial launch on the actual launch day.

 As far as the launch TIME, the launch time was 8pm eastern time in the US. But no matter what time the coin was launched someone where in the world it would be a bad time.

 Honestly IF this was designed as a scam coin do you think there would be this much development effort in adding new features and helping to fix problems with others, ie KGW? KGW was completely rewritten and immediately opensourced for anyone to use.

 Typically a scam coin is a pump and dump, and there are MANY coins that are that way.

 I understand the issues that have been brought up and we have had many questions and issues brought up since launch and we have tried to address them as we could. We have made alot of changes to the code to address people issues.




What a pile of rubbish. You are trying to bring the time thing in again. Yes the time was not the best but since it was announced it does not really go against drk that much.

However to avoid the premine issue....hehe when people were catching on and moaning about 1% 2% premines you decided to be sure to get an even larger % don't you by cutting out windows miners and instamining far far far more than 1% or 2%

This is the most obvious bunch of excuses i ever heard of.

You need to address these FACTS not give excuses...

I'll break it down for you fellas.

Here are some facts.

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!

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April 06, 2014, 07:43:00 PM
 #69



LOL this thread is not about the early prices of darkcoin, let him make another thread about the early prices if he likes. It has no bearing on the instamine we are discussing.

The thread must not get derailed simple as that.

If you post again make sure you have something factual to add to the discussion or make your own thread.

The point he was making was, even if you felt the instamine was unfair, there still was a great opportunity to buy the coins at an insanely cheap price. So in reality, the instamine didn't hurt anyone's chances of getting the coin. To me, that is a valid point, and shouldn't have been deleted. It wasn't derailing the thread at all and was on-topic -- unless you just want threads agreeing with you all the time, that is.

You can say that instamines are unfair, I get that. I won't even disagree, if the dev goes crazy with it. But I think most people in the DRK thread already know about the instamine, so it's not like something new that has just been uncovered. Personally, a small amount of instamine doesn't even bother me, as unlike a lot of people here, I feel a dev should be rewarded for his work. Whether DRK's instamine qualifies as a 'small amount' is certainly up for debate though... I expect it's a bit more than 'small'. I certainly wouldn't call it a scam though.

The point here is the devs did go CRAZY with  the instamine.... i'm talking CRAZY CRAZY  can you not read these facts....

I'll break it down for you fellas.

Here are some facts.

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!

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April 06, 2014, 08:05:51 PM
 #70

sorry phm, you're out.  discuss only the points in the OP.

what you did personally or say you did means nothing without block explorer proof...

I can say i mined a million LTC sadly when we are discussing serious things you need proof. You probably still hold your bag of coins. We are not interested in your fantasies.

Bring some evidence and stick to the thread.

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April 06, 2014, 08:07:17 PM
 #71

poornameless me.... sorry we don't want to compare and justify it in terms of what satoshi did.

If you think btc is a scam worse than drk sure make a thread. Don't justify the instamine scam with it here.

wow the desperation.... never have i seen such an effort to detract from the truth.

It has turned into a justification thread....

Anyway unless anyone can prove the dev didn't take a huge instamine bolstered by deliberate lack of windows qt to take out any mining competition..... then change all the params to make it even worse and his instamine all the larger??  then i guess we can just move on to the next scam coin.

Drk coin is an instamined scam it seems....

Perhaps time to let them get on with it. I guess too many honest miners and investors around now to pull it to shreds further.

They can't argue with the facts nor the block explorer.... justification is the next step. I'm not interested in hearing justification for a scam. There can be none.

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April 06, 2014, 08:13:04 PM
 #72


 Ok well it seems you ARE deleting people posts and their opinions that YOU dont like. IM sure this will be deleted to.

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April 06, 2014, 08:20:39 PM
 #73


 Ok well it seems you ARE deleting people posts and their opinions that YOU dont like. IM sure this will be deleted to.

keep to the facts and not trying to justify the reasons you decided to instamine a large % rather than premine.... you'll be fine.

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April 06, 2014, 08:25:01 PM
 #74

poornamelessme

i am not here to advise people to invest in btc or drk. I am here to discuss the instamine of dark coin.  Any coins distribution can be skewed by whales..... this is not the time to discuss that. We need to keep the thread on target.

that is it period.

As i said if we are done here and there is no argument regarding these facts below

I'll break it down for you fellas.

Here are some facts.

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!


and the fact there was no windows wallet to allow mining by windows users.

If we are all in agreement with this then we can leave drk coin now. I am not here to destroy it. I am hear to get agreement it was a scam from the start.

If you think it is a good investment still that is fine. Who knows.

There seems no arguement back now it is turning into a justification thread.  Time to move on and forget it unless you want to continue to debate it.

Yes there could be worse scams.... feel free to make threads about them.  All scam coins should have the fact they were scams highlighted.... so go ahead pick a coin... see if it was a scam.  If the evidence suggests it was start a thread it's fun to debate these things.


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April 06, 2014, 08:30:58 PM
 #75

poornamelessme

i am not here to advise people to invest in btc or drk. I am here to discuss the instamine.

that is it period.

Considering the fact that my posts hardly could be considered trolling, and to me to do seem to be on-topic, perhaps you could at least keep them up so others could consider all viewpoints? Or at least have opinions on which people can discuss?

You are deleting posts in a way too heavy-handed fashion, in my opinion, making this thread close to useless. I was questioning whether the instamine even matters as far as price dumping goes,  and wondering how btc's situation differs. Honestly just wondering how it differs... not using it for justification. I guess there is no point for anyone to post in this thread really. Basically it reads like you want to discuss the instamine so long as whomever posts, posts the same exact same things you do.

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April 06, 2014, 08:31:39 PM
 #76

dumblazy  stop wasting my time and continually bumping this thread with...

he deleted me because bla bla bla...

Copy and paste your comments else where i will even leave a link in this thread to them so people can see why they got canned.

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April 06, 2014, 08:33:29 PM
 #77

poornamelessme

i am not here to advise people to invest in btc or drk. I am here to discuss the instamine.

that is it period.

Considering the fact that my posts hardly could be considered trolling, and to me to do seem to be on-topic, perhaps you could at least keep them up so others could consider all viewpoints? Or at least have opinions on which people can discuss?

You are deleting posts in a way too heavy-handed fashion, in my opinion, making this thread close to useless. I was questioning whether the instamine even matters as far as price dumping goes,  and wondering how btc's situation differs. Honestly just wondering how it differs... not using it for justification. I guess there is no point for anyone to post in this thread really. Basically it reads like you want to discuss the instamine so long as whomever posts, posts the same exact same things you do.

Look post your questions like this in your own thread. Why are you coming in here asking this.

This is thread is to determine

1. if the instamine happened
2. how big the instamine was
3. the things they deliberately did to ensure instamine success

you questions on price are nothing to do with this.... get to your own thread and ask this stuff.

I offer you the same as rum lazy... make your own thread copy your comments there....i will link to that one time so people can hear your justification for the instamine scam there.

simple.

I'm not hear to discuss risks as an investor... take it else where.

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April 06, 2014, 08:48:04 PM
 #78


Was there some instamine? "I" wouldnt call it instamine where the developers got all the coins as in a premine, but there was a good amount that was mines in the first 24-48 hours. I my self as one of the developers I mines ~120k DRK. and realized this could be a problem in the futures and gave away around 50k to get people interested.

Yes, there was an issue that the blocks stayed at 500DRK vs going down and that was promptly fixed. So yes there was the ability for people that got in at the launch that was able to get a larger share of the coins, but we felt that this was a better idea then to allow premining, where the devs get ALL the coins. I myself started up 100 amazon ec2 hosts to mine. But there were alot of others that did the same.

Windows wallet? NO there was no windows wallet at the very beginning, but according to our research most of the miners especially at the beginning used linux anyways, Shortly after we found someone to get the windows wallet built, and even paid they to get my computer setup to build the windows wallets, as we are primarily linux based programmers. We also around that time found someone to get the MAC wallet built.

 While I agree things could have been better at the beginning to limit the coins I dont think you can group this coin with the other coins that were OBVIOUSLY were built just to pump and dump and leave. I hope you, and others, can see that this was not designed to be a scam, we just wanted to build something that others have not and keep putting new features into this coin and eventually opensource the code so others can build upon it a well.

 We have a great community following darkcoin and they have helped greatly in getting new features into the coin and point out problems. There are several people following that at the beginning were asking questions and brining up the same issues you have and now are happy with what we have been trying to do and now greatly support the coin. As we hope you and others can too.

 I have tried to address the concerns you you have brought up and I hope this helps, other wise im sure you will just delete this response too..

DarkCoin - https://bitcointalk.org/index.php?topic=421615 - DarkCoin aims to be the first privacy-centric cryptographic currency with fully encrypted transactions and anonymous block transactions.
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April 06, 2014, 09:24:05 PM
 #79

 The way I looked at it a larger block size at the beginning is the incentive for people to get it at the start. If the block reward we low at the beginning its would be harder to get people to start mining. Miners need a reason to stop mining what ever they were currently mining and move to darkcoin.

 Am I wrong?

DarkCoin - https://bitcointalk.org/index.php?topic=421615 - DarkCoin aims to be the first privacy-centric cryptographic currency with fully encrypted transactions and anonymous block transactions.
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April 06, 2014, 09:34:22 PM
 #80

The way I looked at it a larger block size at the beginning is the incentive for people to get it at the start. If the block reward we low at the beginning its would be harder to get people to start mining. Miners need a reason to stop mining what ever they were currently mining and move to darkcoin.

 Am I wrong?

Don't insult the intelligence of people on this board with this rubbish.

We want to attract miners lol.... start by providing a windows QT ...you want minerslol  but you don't want them to be able to mine???  It was a scam plain and simple.

How can anyone argue with this - there is no justification for cutting windows users out from this super instamine period. That windows users were cut off from.... please understand the magnitude of this Instamine it is MASSIVE>

1.  The block reward was 500 every couple seconds at launch!  Not 20 or 50 coins every 2.5 minutes as listed.  There was also no windows wallet so only linux users could mine.  This allowed about 1.7-2 million Darkcoins to be instamined in the first 24hours.  Representing about 50% OF ALL DARKCOINS CURRENTLY IN EXISTENCE!!!  All mined in the first 24hours by just a few wallets.  Then the rules were changed increasing the block time to 2.5 minutes and eliminating the 500 block reward, (but only after the instaminers had claimed 2 million or so coins first.)

2.  Today many of those day 1 instamined coins have already been sold and right now approx 24% of all Darkcoins are held in just 10 wallets.  This could be 10 people or it could be simply Evan with 10 different wallets.

3.  My opinion is that it is unfair and unfortunate that this occurred and IMO it represents a very real risk to Darkcoin in that there is an opening for a good dev to make an Identical X11 coin that has all the attributes of Darkcoin, plus a few more features, and have a truly fair and equitable launch.  The instamining will continue to be brought up as it currently represents about a 10% premine given the Dev recently reduced the total coins that will ever be in existence to around 22million!

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