SCAM Darkcoin instamine 2 millions DRKs (50% of darkcoin in circulation)

[AlexGR]

Good luck, facts still are the facts 

Indeed they are.

[eizh]

such a pathetic thread.

move along people, nothing to see here except angry people who didnt buy into DRK and are now kicking themselves of trying to promote an inferior coin/technology.

The DRK charts says it all

+1, Monero's bloating blockchain makes it 10x less user friendly than even Bitcoin...The chain is over 8 times bigger than the Bitcoin blockchain at the moment and is getting bigger every second. Since many of you know how long the Bitcoin blockchain takes to fully sync(about 8 hours), multiple that by 8, and that means it takes over 64 hours for the Monero/cryptonote blockchains to sync...And the chain is ever growing, so eventually that number could be 100 hours, 300 hours etc.

Are we in the business of straight-up fabricating facts, now? The Monero chain is 350 MB. 8x bigger then Bitcoin would be something like 150 GB. Also, I do hope you're aware that DRK needs to cascade masternode mixing in order to have any actual anonymity (any individual masternode obviously cannot be trusted to keep the sender-receiver mapping secret). This cascading is bloat (more transactions), and roughly linear with number of stages. There's also bloating in DRK from having to break up transaction amounts to send to different pools (e.e 11.2 = 10 + 1 + 0.2), though the same exists in CryptoNote. This latter factor cancels.

Even a first order estimate will tell you that DRK with cascading is probably more bloated than CryptoNote. This is because the ambiguity of the O(n) ring signatures is guaranteed (see mathematical proof in CryptoNote whitepaper) while cascading needs to have many, many stages before it can be reasonably trustworthy. I remember Anonymint ran some numbers on the number of stages needed, but I'm too lazy to go track it down in DRK's 1500 pages.

[eizh]

8-10% of the monetary base was instamined. 90% is not (2 out of 22).

I'm not a member of the instamine fear squadron, but DRK will likely have 14 million max, not 22 million, since the minimum block reward has been hit years before the 'most likely' scenario that Duffied used to come up with 22 million number. This amounts to ~20% of supply in 2030 and ~14% of the eventual maximum around 2070. See page 6 of DRK whitepaper.

[nzminer]

What i see from reading this thread is that there is no level of professionalism whatsoever with DRK.

Its all very well and good for the dev to apologise and say that cutting down the amount of coins was a mistake, but i dont accept that as a "mistake" at all.

He should have taken a far more professional approach.

Where is the dev team?
Oh wait, there is none.

I cant believe people are putting so much money into something that hasnt even demonstrated it can work (on a massive scale if nothing else)

[AlexGR]

8-10% of the monetary base was instamined. 90% is not (2 out of 22).

I'm not a member of the instamine fear squadron, but DRK will likely have 14 million max, not 22 million, since the minimum block reward has been hit years before the 'most likely' scenario that Duffied used to come up with 22 million number. This amounts to ~20% of supply in 2030 and ~14% of the eventual maximum around 2070. See page 6 of DRK whitepaper.

I think I remember the graph you are referring to. The curve is on top of the existing coins (aka newly issued), so it wasn't a total.

If block reward hits 5 and stabilizes at 5, it'll be 16-17 (someone did the math on the thread).

Still 2 out of 16 or 17 are not 100% (PoW/PoS instamine within a week or two). That would label a coin as instamined (100% of monetary base, not a fraction of it).

[toknormal]

I cant believe people are putting so much money into something that hasnt even demonstrated it can work (on a massive scale if nothing else)

They're not. DRK's market cap is still peanuts compared to BTC or even LTC. (Less than 1% of BTC and 14% of LTC)

The "so much money" bit will come once it's demonstrated to work (on a massive scale) which will likely happen over the next few months to two years.

As for the instamine stuff, as one poster has already stated, it's all gone. Washed out by the markets in the early days of the coin when people were dumping 10's of thousands at a time.

[nzminer]

I cant believe people are putting so much money into something that hasnt even demonstrated it can work (on a massive scale if nothing else)

They're not. DRK's market cap is still peanuts compared to BTC or even LTC. (Less than 1% of BTC and 14% of LTC)

The "so much money" bit will come once it's demonstrated to work (on a massive scale) which will likely happen over the next few months to two years.

As for the instamine stuff, as one poster has already stated, it's all gone. Washed out by the markets in the early days of the coin when people were dumping 10's of thousands at a time.

Most of it probably has, thats true, although some claim there is a few addresses they have found in the block explorer that hold a significant amount of DRK from the start.

DRK could very well become successful, but i think the main question is how significant is privacy?
Time will tell, it wont be long before zerocoin gets implemented and people will trade using BTC.
Its quite possible that most major cryptos will offer anonymous transactions too.

[XbladeX]

So you know and accepted that Darkcoin has instamined ~2 millions ?

Why wouldn't I accept it? I had the chance to buy the instamined coins for 0.00008 but I didn't. You know why? Because I thought the spread was ridiculous. Want to buy orders were at 0.000025 (as in PMs / thread) and sell orders were 0.00007x - 0.00008x. I said screw that, it's like 3x... Then I watched it go to 0.000180 as orders were coming through to buy massive quantities and people selling them thinking "wow we are damn smart, hoho we unloaded 10 BTC's worth of dark on the whale buyer"... and then it went to 0.0005 and they stopped laughing... and then some sold again, and the laughter was over as buyers bought it up all until 0.002.

+1

[Kergekoin]

Formula to success.

Bought a million coins from myself. Sent it to my 65 private keys. Made shitloads of volume.
Look at the block explorer. It so well distributed...

[victzhang]

So you know and accepted that Darkcoin has instamined ~2 millions ?

Why wouldn't I accept it? I had the chance to buy the instamined coins for 0.00008 but I didn't. You know why? Because I thought the spread was ridiculous. Want to buy orders were at 0.000025 (as in PMs / thread) and sell orders were 0.00007x - 0.00008x. I said screw that, it's like 3x... Then I watched it go to 0.000180 as orders were coming through to buy massive quantities and people selling them thinking "wow we are damn smart, hoho we unloaded 10 BTC's worth of dark on the whale buyer"... and then it went to 0.0005 and they stopped laughing... and then some sold again, and the laughter was over as buyers bought it up all until 0.002.

+1

In this crazy world, people don't care about instamine or premine, don't care if it is a scam or not. They just want to sell their coins to someone else at a higher price. Scammers know this well.

[XbladeX]

Bought a million coins from myself. Sent it to my 65 private keys. Made shitloads of volume.
Look at the block explorer. It so well distributed...

Stable price at 50m $ market cap proves that coin good distribution...
shit distribution will shoot price faster than you think master.

Anyway DRK bubble will colapse like LTC,Doge one too... - no matter what
anon clone conepts are starting hitting market XC, MRO,...

[nzminer]

Bought a million coins from myself. Sent it to my 65 private keys. Made shitloads of volume.
Look at the block explorer. It so well distributed...

Stable price at 50m $ market cap proves that coin good distribution...
shit distribution will shoot price faster than you think master.

Anyway DRK bubble will colapse like LTC,Doge one too... - no matter what
anon clone conepts are starting hitting market XC, MRO,...

Its already collapsing, its down under $10 now.
Watch the panic sellers dump them tonight.

[toknormal]

Its already collapsing, its down under $10 now.
Watch the panic sellers dump them tonight.

Tell you what. You watch it for us since you appear to have time on your hands.

When I bought this coin I knew I was buying into quite a challenging technical project. When I saw it going to 0.027 I thought it would probably correct by about 50% - if not all the way back to 0.01 for a while. Apart from anything else, it's indicated in the most basic DRK market technical analysis that there are a few days of correcting at hand.

It may or may not ultimately acquire one of the top 3 valuations in the long run, but if it doesn't it won't be for the reasons cited in all the b.s. posted in the thread, thats for sure.

My guess, however, is that it will.

The leadership position that DRK has already obtained is not one that's easily challengeable by better technology. Also, it's in a "right of passage" period right now. A hammering in the markets is just the price to be paid for that, but it doesn't necessarily reflect on the long term viability of the asset. We're less that a week into the latest major technical phase of this project and the main issues that caused the chaos the other night are already stabilised. There's at least another two years of development on the cards with no other competitor anywhere in sight that is close to such an advanced stage in its evolution.

Even if there was, one look at the market cap history of originals vs clones tells you all you need to know about the threat that that poses as long as the original stays stable and active.

So I won't be ditching my DRK holdings anytime soon unless I see a good reason to or for doing a bit of day trading in accumulation mode. The stuff posted in this thread is a mixed bag at best in terms of technical appraisal and almost irrelevant in terms of asset appraisal.

So enjoy the market sideshow f.w.i.w. but don't pretend that it's any more than that.

[SirChiko]

Darkcoin

    derived from Quark

    type of algorithm: blake, bmw, groestl, keccak, jh, stein

    PoW and PoS

The following data and time stamps were collected from the Darkcoin blockchain 32).

    Block 1: 2014-01-19 Time: 3:54:41
    Block 1000 : 2014-01-19 Time: 4:33:39
    Block 2000: 2014-01-19 Time: 06:25:47
    Block 3000: 2014-01-19 Time: 09:10:16
    Block 3250: 2014-01-19 Time: 11:22:11

Looking at this data, we see that Darkcoin was mined with 500 DRK generated per block from the get go. From block 1 to at least block 3250, according to their blockchain, they were still producing 500 coins each block. The transition from 500 to 277 coins per block occurs between 3250 and 3500 but this author did not see the necessity of getting the exact moment of halving. Simple math shows that 3250 blocks multiplied by 500 coins a block is 1,625,000 Darkcoins created between the times of 3:54 and 11:22 on January 19th, 2014. As of today there are around 4,300,000 DRK in existence, making this a pretty hefty instamine. The Darkcoin website expects around 22,000,000 DRK to be created. That means in less than 8 hours, almost 5% of the Darkcoins that ever will be created spawned in that 1/3 of a day. It's safe to say Darkcoin has left it's investors in the dark on this one.

Source: http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

[reRaise]

dark is not even 100% anonymous

[Kergekoin]

Darkcoin

    derived from Quark

    type of algorithm: blake, bmw, groestl, keccak, jh, stein

    PoW and PoS

The following data and time stamps were collected from the Darkcoin blockchain 32).

    Block 1: 2014-01-19 Time: 3:54:41
    Block 1000 : 2014-01-19 Time: 4:33:39
    Block 2000: 2014-01-19 Time: 06:25:47
    Block 3000: 2014-01-19 Time: 09:10:16
    Block 3250: 2014-01-19 Time: 11:22:11

Looking at this data, we see that Darkcoin was mined with 500 DRK generated per block from the get go. From block 1 to at least block 3250, according to their blockchain, they were still producing 500 coins each block. The transition from 500 to 277 coins per block occurs between 3250 and 3500 but this author did not see the necessity of getting the exact moment of halving. Simple math shows that 3250 blocks multiplied by 500 coins a block is 1,625,000 Darkcoins created between the times of 3:54 and 11:22 on January 19th, 2014. As of today there are around 4,300,000 DRK in existence, making this a pretty hefty instamine. The Darkcoin website expects around 22,000,000 DRK to be created. That means in less than 8 hours, almost 5% of the Darkcoins that ever will be created spawned in that 1/3 of a day. It's safe to say Darkcoin has left it's investors in the dark on this one.

Source: http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

Facts in this info are correct. The big mystery is, how much of it is controlled by DRK dev. Missing fact from this quote is that until 3250, the difficulty of entire network was extremely low. Most of those instamined coins can easily belong to a single miner. We dont know if he/she has sold them or maybe traded them to even bigger stack. Blockchain gives no info about the person(s) behind the addresses. One person can easily have tens or even hundreds of DRK accounts.
The facts are clear. The mystery is, how much DRK is controlled by dev and hes friends. This number can easily be 1% and it can easily be 50%. Only they know how much it is. No one else can prove anything about it.

[toknormal]

dark is not even 100% anonymous

DRK is targeting a very specific and well defined feature set.

The fact that one person's definition of 'anonymous' differs from another's is beside the point.

The fiat money system is fairly 'anonymous' in terms of public privacy, but probably not so in terms of 'NSA' privacy. It all depends on what market your supplying. The market I'm in is the public privacy one. That's where the gaping hole in Bitcoin's feature set lies and that's probably what most people are interested in given that they seem to accept already that most of their private transactions are at least "surveillable".

[AlexGR]

dark is not even 100% anonymous

If it was, it wouldn't be planning anonymity upgrades. (upgrade in anonymity = my anonymity is not perfect).

No coin today is NSA-proof. Same is true for BCN & clones. But their competition might just give us such a coin as the technologies and ideas evolve.

XC is just starting and currently it offers basic mixing.

Zerocoin doesn't exist and won't exist for a while, and the issue of trusted key must be resolved.

Facts in this info are correct.

Very correct. The guy doesn't even know what DRK is. He says DRK = quark clone (lol?), using 5 hashes (it uses 11), being a PoS/PoW coin (not).

The fact that the first blocks were instamined by the first miners due to slow diff adjustment is well known and even the dev himself proposed an airdrop to fix the issue of initial distribution in the past. The community voted it down (initial distribution was already irrelevant). There is no point to fix something that the marketplace took care of.

NXT was created out of thin air and distributed by the creators. People are buying it or proposing it as a good investment. People were buying RIPPLE that the Ripple guys created out of nowhere. PoS/PoW coins are instamining their whole monetary base in a week or two, and nobody has an issue that late miners will not mine but will rather have to buy from the first ones. Instamining and creating coins out of thin air is a "feature" not a scam. Ethereum is the next big thing and will be selling coins that don't even exist through massive ICOs:

"We are seriously worried that if we offer a small cap then some large investor will simply gobble it up all at once, and then we'll basically have Ripple. Judging by the response we have gotten so far, we realized that it is entirely possible, even if unlikely, that some whale with 200000 BTC sitting around will decide that Ethereum just might be the right coin to throw 10% into, and we need to work around such a possibility. If no whales come onboard on such a scale, then we will have a small market cap to start off anyway."

...so they'd rather sell a large cap for our own good

Contrast the above to buying 100.000 DRKs for 2.5 BTC (rate between jan 19 - feb 5), up to 15 days later after the launch from the instaminers (current cost of 100.000 DRKs = 1700 BTC / 1mn USD) - with a distribution formula in place that was twice as scarce as today's (84mn theoretical maximum / 10mn practical limit due to Moore's law + 50% reduction every year instead of 7% which is now).

[nzminer]

Darkcoin

    derived from Quark

    type of algorithm: blake, bmw, groestl, keccak, jh, stein

    PoW and PoS

The following data and time stamps were collected from the Darkcoin blockchain 32).

    Block 1: 2014-01-19 Time: 3:54:41
    Block 1000 : 2014-01-19 Time: 4:33:39
    Block 2000: 2014-01-19 Time: 06:25:47
    Block 3000: 2014-01-19 Time: 09:10:16
    Block 3250: 2014-01-19 Time: 11:22:11

Looking at this data, we see that Darkcoin was mined with 500 DRK generated per block from the get go. From block 1 to at least block 3250, according to their blockchain, they were still producing 500 coins each block. The transition from 500 to 277 coins per block occurs between 3250 and 3500 but this author did not see the necessity of getting the exact moment of halving. Simple math shows that 3250 blocks multiplied by 500 coins a block is 1,625,000 Darkcoins created between the times of 3:54 and 11:22 on January 19th, 2014. As of today there are around 4,300,000 DRK in existence, making this a pretty hefty instamine. The Darkcoin website expects around 22,000,000 DRK to be created. That means in less than 8 hours, almost 5% of the Darkcoins that ever will be created spawned in that 1/3 of a day. It's safe to say Darkcoin has left it's investors in the dark on this one.

Source: http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

Facts in this info are correct. The big mystery is, how much of it is controlled by DRK dev. Missing fact from this quote is that until 3250, the difficulty of entire network was extremely low. Most of those instamined coins can easily belong to a single miner. We dont know if he/she has sold them or maybe traded them to even bigger stack. Blockchain gives no info about the person(s) behind the addresses. One person can easily have tens or even hundreds of DRK accounts.
The facts are clear. The mystery is, how much DRK is controlled by dev and hes friends. This number can easily be 1% and it can easily be 50%. Only they know how much it is. No one else can prove anything about it.

completley agree

[toknormal]

The big mystery is, how much of it is controlled by DRK dev

Why is this a mystery ?

Or more specifically, what relevance does it have to the current market ?