Darkcoin and InstantX - What can you say?

[altcoinlady]

Darkcoin’s InstantX Released, Price Continues To Soar

This might be the reason why Darkcoin is presently reigning the altcoin world.

Anyone here who is using Darkcoin and InstantX?

Share your experience here.

[GTO911]

Darkcoin pump thread

[GTO911]

See where instant transactions get you.  Welcome to the instamined, premined, scam club.    

#2 Ripple
#4 BitShares
#5 Darkcoin

there, fixed it for you

[BitcoiNaked]

DARKCOIN IS A SCAM, 40% MINED IN THE FIRST 24 HOURS

[mod note: edited out annoying formatting]

[GTO911]

DARKCOIN IS A SCAM, 40% MINED IN THE FIRST 24 HOURS

This is a Fact, Do your Homework Before Investing

[avw1982]

The price raised a lot and I think it will stay a while around the 140-160, after a new techonology it will raise any further.

[gnargnar]

darkcoin's premine will always be a ghost to its success

[hodlmybtc]

Bitcoin has instant transactions.

Every time I bought something with bitcoin I never had to wait for confirmations.

People who think others will try to double spend for a shitty little transaction should get their heads examined, even for big transactions it's just not worth it.

Also RIP to people buying DRK now.

[Hollowman338]

Bitcoin has instant transactions.

Every time I bought something with bitcoin I never had to wait for confirmations.

People who think others will try to double spend for a shitty little transaction should get their heads examined, even for big transactions it's just not worth it.

Also RIP to people buying DRK now.

Yup, biggest rape pump going right now.

Go ahead, open it, there's DRK inside.

[celestio]

Darkcoin uses PieceProof of Stake(It's masternodes are PoS, with highly distorted incetives(Masternodes stupidly get paid for doing unncessary tasks)), coupled with an instamined PoW, enough said. It's not a good longterm coin in any way, shape, or form because of it's highly unrealistic financial model and obvious borderline scam instamine. It's purely for pumping and dumping with it's hypeish, irrelevant feature/s. Coins like Darkcoin, I mean DASH are the reason why so many Bitcoiners describe the altcoins in this environment as shitcoins, and they're right.

[gnargnar]

Darkcoin uses Piece of Stake(It's masternodes are PoS,, with highly distorted incetives(Masternodes stupidly get paid for doing unncessary tasks), coupled with an instamined PoW, enough said. It's not a good longterm coin in any way, shape, or form because of it's highly unrealistic financial model and obvious borderline scam instamine. It's purely for pumping and dumping with it's hypeish, irrelevant feature/s. Coins like Darkcoin, I mean DASH are the reason why so many Bitcoiners describe the altcoins in this environment as shitcoins, and they're right.

+100


/end thread

[qwizzie]

There are a couple of things happening right now that perhaps together causes this price increase :

- Darkcoin successfully established a 2-tier network which consists of POW rewards and POS (proof of service) rewards through their masternode network

The services that run on this 2-tier network right now are Darksend mixing (to anonymize the transactions on its network in a decentralized way)
and InstantX (which makes transactions within 4 to 6 seconds, effectively achieving creditcard confirmation speed). There are other services that in time and after carefull investigation will also take advantage of this 2-tier network (think about 2 factor authentication on blocklevel for example)

When Darkcoin just started a year ago it was very focussed on developing and testing Darksend and later on InstantX, however now that both Darksend and
InstantX are running on Darkcoin's Mainnet without problems and also have been opensourced the market seems to have re-evaluated the price and corrected it accordingly (so yes it had an price impact)

- Darkcoin's Masternode network does not only provide decentralised anonymization and InstantX transactions, it also rewards users who setup up these
Masternodes (currently 2389 masternodes over 34 countries). Masternode owners get currently 40% of POW mined blocks, this reward is scheduled per
month to increase untill it reaches 60% in april 2016. This provides a strong incentative to buy and hold Darkcoins.

- Darkcoin is in the middle of a name-rebranding phase, it will be renamed per 25-march-2015 to DASH, in an effort to more effectively achieve adaption and in the
end mainstraim adaption. This is a big move for Darkcoin and although the market responded negatively after the first day we can now witness a growing
acceptance and adaption towards this new name.

- Latest info from lead-developer Evan Duffield from Darkcoin also shows some promise with regards to Darkcoin's scalability : https://darkcointalk.org/threads/rebranding-and-scalability.4254/

When we started we saw a few issues that Bitcoin has and have attempted to solve them. One of the main issues we were trying to fix was fungibility. Fungibility is defined as the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are "capable of being substituted in place of one another."

Bitcoin isn’t perfectly fungible. This means that over long periods of time, Bitcoin will lose it’s fungibility due to coins being tainted by their use. Coins in the Bitcoin system carry their history around with them and that will make them “tainted” as compared to other coins.

While solving this problem, I eventually found we could create a secondary network within Darkcoin, this network would provide services to keep all of the coins fungible and at the same time could offer other services as well. Services such as protocol 2 factor authentication, instant transactions and now scalability.

Personally I believe the 1-tier approach used by Bitcoin and other currencies isn’t as powerful as a 2-tier approach. I also believe the no one besides a few people have even yet to understand what a 2-tier cryptographic currency is capable of.

The Bitcoin developers and community are talking about expanding the maximum blockchain size to 20MB. Currently the Bitcoin network can handle 7 transactions per second. This will allow their currency to 140 transactions per second, but will also result in up to 1TB per year in blockchain storage (until they successfully implement pruning).

Eventually Gavin Andresen sees blocks getting to 100MB+, with tens of thousands of transactions per block. See http://gavintech.blogspot.com/2015/01/twenty-megabytes-testing-results.html and https://docs.google.com/spreadsheets/d/1CuOEM9uwO5w-RwWGCCZpVGVFwhHHHegxJZqTP5KyapI/edit#gid=0.

After giving it some thought, I came up with a scalable architecture that supports billions of transactions per day.

Specifications of this strategy:
•The blockchain will automatically become much more anonymous than Bitcoin is.
•Fees per transaction will be very, very low. Let the micro-payment revolution begin.
•Zero-centralization
•Scalable to billions of transactions per day
•Requires a 2-tier network
•Very low blockchain bloat

I make no promises about this idea working though, I’m very early in the research stages, but it does look quite promising. If it works, it means we have solved the ultimate problem with Bitcoin and have made this technology accessible to the whole world. This strategy is just too good to let sit for very long and I need to do some exploratory coding to prove it works.

   
- and finally Evan Duffield also appeared on ''Lets talk Bitcoin #196 : Distortions towards Privacy'' : https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-196-distortions-towards-privacy-or-many-hands-makes-light-work

All those things together, coupled with a very very bullish sentiment in the market right now is creating this price increase in my eyes.
 
Thanks for creating this thread, it may feel like you opened Pandora's box when you read the reply posts you have received so far but in the end its important
that the truth gets out there...   

qwizzie
      

[coins101]

-snip-

This is a Fact, Do your Homework Before Investing

Good idea. That's what I did. Then invested a ton.

A review of Darkcoins distribution as at September 2014

Summary

The general history / creation period of 3.8m (82%) of the 4.6m DRK in circulation is reviewed below.

Top 300 Wallets [10 Sept-14]

This is needed as a record of the top wallets as the final release of Darkcoin's anonymity software is due to be open sourced and put into production making analysis on some wallets impossible.

OP to be extended as analysis is updated:


http://bitinfocharts.com/



http://bitinfocharts.com/top-100-richest-darkcoin-addresses-1.html

Top 300 Wallets: total held in all wallets by month they were created, and still in existence:

*Jan-14: 146,000 DRK
*Feb-14: 175,000 DRK
*Mar-14: 315,300 DRK
*Apr-14: 524,200 DRK
*May-14: 522,500 DRK
*Jun-14: 332,900 DRK
*JUL-14: 96,300 DRK
*Aug-14:713,855 DRK
*Sep-14: 125,624 DRK

Total: 2.94m DRK [~63%]

January 2014 Wallets

Darkcoin was launched on 18th January 2014 / No premine.

http://wiki.darkcoin.eu/wiki/FAQ#Was_Darkcoin_Instamined.3F



Of the top 300 wallets in circulation at 10 Sept 2014 and created in January, the total number of coins held in all those combined wallets from the first month is 146,000 DRK, around 3%.

Known Wallets

Several of the top 100 wallets have been flagged as belonging to exchanges or pools.



These collectively contain 450,300 DRK [~10% of the 4.64m coins in circuclation]

Wallets Above 10k DRK




Activity of top 4 Wallets which contain 1.1m DRK

Nr1. Wallet
XosXcEm3Y6Mv6tmBKd1rUWhqB9Pf1hABj7

Nr2. Wallet
XnuCAYmAiVHE6Xv3D7Xw685wWzqtcfexLh

Nr3.Wallet
XdiD28mjurK1koGgYy7NUSQqK1XeCfwvGX

Nr4. Wallet
XwXtGyj1NZnmHfWFDYjGsyY4qzkJXBLCjV


Master Nodes


http://drk.poolhash.org/mmaps.html

There are around 900 Master Nodes [11-Sept-2014]


Master Nodes provide the trustless decentralised mixing system behind Darkcoin.

Kristov Atlast has written an independent review of Darkcoin and what the Master Nodes do
http://blog.anonymousbitcoinbook.com/2014/09/paper-an-analysis-of-darkcoins-blockchain-privacy-via-darksend/


To operate a Master Node (MN), each MN must have a wallet with 1,000 DRK. These can be linked to cold storage.

The lower end of the top 300 wallets used in this analysis ends at:

XsumiZCsth6Jtgb34nsRQs3KsgDj4Dd4KA

It contains 1,070 DRK [as at 11 Sept-14]

It is considered that the 900 Master Nodes are not counted in the top 300 wallets, therefore

900 MN x 1,000 DRK = 900,000 DRK (~20%) that are out of general circulation and held in Master Nodes.

[iCEBREAKER]

DASH is Digital TrASH.



Masternodes are Ponzi-like structures which probably qualify as illegal under anti-HYIP financial regulations and money laundering/transmitting laws.

They use CoinJoin to provide via obscurity the illusion of security.

As a bonus, the dictator of DARSH (DARSHTATOR?) has in his possession a private key which functions as a remote killswitch for these trusted third parties.

Not to mention the toxic DARSH community often acts like crazed Scientologists, shunning and/or attacking anyone who disrupts their groupthink and personality cult.

Did I miss anything?  Oh ya, almost forgot.  INSTAMINED!

[celestio]

The "distribution" according to address and wallets provided by Coins101 makes no difference. Incase anyone wandering wants to know, many people spread their coins out through lots of different addresses. That's what those who instamined 2million Darkcoin did, just like people who mix their bitcoins, so did the instaminers mix their coins. Don't be fooled.

Also, evan changed the max coin supply from around 60million darkcoins to less than 30million, why, to make the instamined coins more valuable, as well as reducing the block reward from 500 to under 100.

Instamine, meddled trash.

Why would Evan set the block reward at 500, then drop it to under 100 after 2million coins were instamined on a Linux-Only release, and then cut the max coin supply by 50%? There's no other explanation other than he started Darkcoin off as a scam.

[etoque]

The "distribution" according to address and wallets provided by Coins101 makes no difference. Incase anyone wandering wants to know, many people spread their coins out through lots of different addresses. That's what those who instamined 2million Darkcoin did, just like people who mix their bitcoins, so did the instaminers mix their coins. Don't be fooled.

Also, evan changed the max coin supply from around 60million darkcoins to less than 30million, why, to make the instamined coins more valuable, as well as reducing the block reward from 500 to under 100.

Instamine, meddled trash.

There nothing on 'instant' here,It was mine by all the community from first 45 hours.

Go away you jealous

Bitcoin have mined more than this in early day and there not a war over this (nakamoto own more than a milion of BTC,ohhh scam )

[qwizzie]

i just remembered i havent given you my impression about InstantX yet while using it.
Well all i can say its pretty Instant allright. You press the button and within 4-6
seconds the transaction tx has been created and confirmed by masternodes 5 times
and the amount has been added to receiver's total balance right in those 4-6 seconds.

Its pretty amazing to witness.
    

[celestio]

The "distribution" according to address and wallets provided by Coins101 makes no difference. Incase anyone wandering wants to know, many people spread their coins out through lots of different addresses. That's what those who instamined 2million Darkcoin did, just like people who mix their bitcoins, so did the instaminers mix their coins. Don't be fooled.

Also, evan changed the max coin supply from around 60million darkcoins to less than 30million, why, to make the instamined coins more valuable, as well as reducing the block reward from 500 to under 100.

Instamine, meddled trash.

There nothing on 'instant' here,It was mine by all the community from first 45 hours.

Go away you jealous

Bitcoin have mined more than this in early day and there not a war over this (nakamoto own more than a milion of BTC,ohhh scam )

Huge Lie, I have posts/captures from the beginning of the Darkcoin days if anyone wants to pm me, and if anyone wants to look for themselves, they'd see that hardly anyone mined on the Linux-Only release except for Evan and his friends who were in on the scam, there were less than 20 people mining. Also doesnt explain the fact that the block reward was cut over 200% and that the max coin supply was cut by 50%. That's literally the definition of a scam.

The reason why Evan choose to make faulty masternodes in the first place is to make him earn and capitalize from his initial instamine, through getting a % more darkcoins from block rewards due to the % of coins that masternodes get. Essentially, Evan has been making a shit ton more money with his instamined coins from masternodes, while everyone else is left in the dust. Yea, and Satoshi mined Bitcoin fairly and squarely, he didn't drastically cut Bitcoins block reward or change the max coin supply, both of which Evan did to Darkcoin/DASH, several times.

Smell the scam.

[xxxgoodgirls]

let the kids play

[iCEBREAKER]

Well - this looks like a good place to fill-up my ignore list

That's right, shun the wicked disbelievers.  Don't let their evil words tempt you.  What a good cultist you are.

Please have some more Kool-Aid.