Topic: [ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency - page 1437. (Read 9723776 times)

Well, bitcoin secures the blockchain with mining.  Everyone competes for the right to check and add entries into the blockchain ledger and earn a reward, and the others check it.  As long as nobody has the ability to predict that they will win the block a couple of times in a row or so, they shouldn't be able to double spend or insert things that don't belong in the chain.  Otherwise it's just a ledger.  

In Dash Evo, it will pretty much only be a competition to earn the reward and do the duty of entering transactions into the blockchain, no checking, no choosing (I believe).  The entries will be checked and locked by a quorum of Masternodes.  If the miner doesn't do what they say, it gets rejected.  Why does this work?  Because the MNs are chosen randomly and the quorum members check against each other.

So, sure, Solarminer, you could use something, a number, whatever in a newspaper to choose something like quorums, but the question is, where do you get the wide ranging, widely owned MNs or whatever you want to call them, to secure the ledger?  You need a wide ranging network with many self interested parties to make this work.  How does a bank get that?

No, he's right. 9.9K DASH at James Bond...  



https://twitter.com/taoofsatoshi/status/683767528502505472

qwizzie looks like you didn`t follow the charts a bit
The BID has appeared 3-4 days ago.

The first blockchain company used newspapers as a way to secure information...Interesting huh?  Check out the podcast on the LTB about 2 months ago for details.

What do you mean exactly?

So many people are touting "Blockchain Technology" but I wonder how they secure it?  In house?  I just don't understand who is mining the coins, how is it leveraged so that it's trustless.  They have to understand that part, thus they must have a way to do it.  Does anyone know how they're doing it?
http://www.coindesk.com/chain-issues-investor-shares-nasdaq-linq/

Looks like Otoh just moved his support wall of 9.9K Dash from 0.0055 to 0.007
http://dc-charts.com/depth_dash.php?ex=16&cu=0&tz=5&ar=1

The latest mining OS is Pimp.  It replaced BAMT 2 years ago or so.  Just download to a usb, boot, and set your pool address via their webpage.  Easy.  This was first started for litecoin so tailored to the AMD gpus that where the most efficient at the time.
http://www.getpimp.org/

Looks like they are planning to release cuda drivers for Nvidia.  It gives you a start if you want some monitoring built in, but you will need to install new video drivers.  Once you get your PIMP going you can image your usb.  Then you have a backup or can use to make USB drives for other machines.

It could be said that miners are getting interest by investment in the coin, via electricity and equipment, rather than directly purchasing and holding coin.

Yes, that view of "the Mint" is a better match to the fiat model irl. I've drifted toward thinking of a Big-player/Small-player dichotomy as our discussion evolved, still thinking that mining any coin for reliable profit is not presently viable for Small-players.

I think your interest question has an answer in the various PoS coins. People seem either to love or hate PoS. I'm ideologically neutral on the topic, but I have over a million of them earning stake interest, just in case.   
My experience with PoS coins is that their exchange value gradually drifts downward, as the amount paid in interest increases - they are innately inflationary that way. It's fun to have a million somethings, but the value of each one is small and shrinking - sort of like fiat.     

Have you had a chance to read Toknormal's posts upthread about the nature of money and its various surrogates? He has a lot of useful knowledge about what things have worked historically and about some of the less obvious pitfalls awaiting crypto-world. Maybe he'll add a view here - my observations are personal, but he generally offers more formal analysis.

I diversify my crypto presence quite a bit, but DASH is my current fave for various reasons that are as objective and rational as I can manage. I'm not married to it - I try to stay detached - but I'm rooting for it to succeed just the same. Despite that, I'd say (to anyone) don't mine it unless you really know the territory well, grab a (portion of a) MN instead and do other things with your free time.

I was looking at "The Mint" as being the coins core infrastructure and blockchain, rather than a large mining setup. Would it work if people were rewarded automatically by interest on amount of coin invested in?.

I really don't mean to be annoying, but using a linux distro like ubuntu is so much easier, and free.  It's infinitely easier to compile the miners, etc.
If you can, maybe think about loading a small partition on your drive with it, or running it off a jump drive (but beware, you'll have to start from scratch when you shut down?  You really need to be careful of downloading .exe miners imo, but if there is nothing on your computer that you care about, I guess it's worth the risk.  Unfortunately, I have such an old video card, I can't even use the latest binaries people (wolf) have come up with.  I suspect that if you go linux, you'd get a lot more help (just because most of us don't compile on Windows    So sorry.

I have a bunch of miners, and my original motive was a combination of self-interest, geek-wallow and an iconoclastic wish to help replace fiat with something better. The self-interest (profit) part has been absent for quite a while, but I still run my miners, typically at a loss these days in terms of fiat equivalence.

My guess is that it would be a mistake for Joe/Jane Lunchbucket to start mining now or in future years "for profit". Perhaps "the mint" is the big mining farm in today's model, if the analogy stretches that far, and the farms certainly appear to be in it for profit - hard to be sure what role various gov/corp players might be playing, now or in the future.

Mining is dangerous terrain for "the little guy", I maintain, and will lead to unhappy users even if we make access easy. Of course, my perceptions are coloured by my own experience and could be wrong.

https://www.youtube.com/watch?v=3uSTOHa4Im4

Classy!

So... you claim:
1) Dash had a 'premine' (not true, try 'instamine')

2.a) The 'premine owner' dumped bunch of Dash
"guess who dumps? the premine owner..."
2.b) You have no way of tracking who dumped any Dash
"you will never be able to blockchain prove the premine being dumped"

Fairly sure you contradicted yourself with #2 buddy... makes you look super stupid making a claim and then in the next post stating its impossible to prove... (read: I pulled this out of my ass)

I see what your saying, but i think most miners are working for themselves if truth be known. The benefits to the 'Mint' are a welcome effect from self interest.

Good one! Hmmn - so far the best equivalent to that might be owning a MN. Thanks to Moocowmoo and others, almost anyone could do that painlessly.

I still see mining as more analogous to working for a fiat Mint, but you've got me thinking.

My analogy is that interest on a bank account should be for everyone, not just for people with technical know how.

Due to the almost perfect coin mixing functions built into Dash...you will never be able to blockchain prove the premine being dumped into your buy orders

Dash is the perfect fraud because you cannot prove the crime took place...again due to its excellent coin mixing feature

Interesting. My point is that mining should not be for everybody and therefore not simple to get into from day one.

An analogy would be that there is no need for all drivers to be mechanics.