Topic: [ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency - page 4782. (Read 9724017 times)

I'm pretty sure a single mid-range GPU could comfortably service the whole bitcoin network in realtime, and never break 50 celsius.  

The POW concept revolves around decentralisation - it doesn't take much compute power to chuck a few numbers around the blockchain, but you need it distributed to prevent one party or one bloc swamping the rest - the 51% attack.

The investment needed to generate coins - by miners and in our case by MN ops, is one of the things that lends a coin value - if it's cost you £x to generate y coins, you probably wont want to be selling them for <£x.

Great post Nthelight, thank you.

Can I have a question that seems very basic but can't get an answer to it... How many miners are required for the coin to function? Is it 1% of the current hashes? What is the mining rate after which there is little benefit for the coin? 10%? 50%? Do not get me wrong, I am not trying to suggest we could have done with less miners - I am just being curious

And sorry if this sounds stupid to you

What do you guys plan doing against pools that haven't used the fork yet and are boycotting against 20% mining fee?

lol i was just wondering who donated and why

What do you guys plan doing against pools that haven't used the fork yet and are boycotting against 20% mining fee?

I think we covered most of that. Someone suggested memes only if you want to make those points again.  

Seriously, I do think, in a rather 'out there way', that MNs could be packaged up and floated on the NASDAQ at some point.

El Presidente pointed out that MN wallets can get earned coins sent to a second address. Multi-sig would mean that MNs could be put into a contractual relationship with a third party and these two aspects could keep the MN owners anonymous therefore not compromising the decentralised nature of the network.

The only missing part is how to contractually get MN owners to assign their MNs to a corporation, while maintaining them, without having to tell the corporation who they are. Multi-sig solves one aspect of controlling the money moving out without dual consent, but the corporation might have to have some form of lease agreement.

This is also what NXT is for.

Problem at the moment is that someone somewhere still has to be trusted with the keys to the loot.

Pooling together for masternodes is going to end in tears when the operators disappear with all the perfectly anonymous currency. I see the usual suspects creating large pools for masternodes.

people new to crypto, like myself in november, have no clue at all what can go wrong. So better tell them about all holes they should not put the rosty fork inside, repeatedly

See how easy it is to make money with DRK?

here i worked on it a little for ya
Troll-Hunter

That sounds interesting but somewhat dangerous?

We are the core of the network performing the basic functions for anyone using Darkcoin, yet you call us lazy hypocritical parasites? because of a few annoying people? Quite disrespectful to say the least. You're engaging with trolls, and in the process you're actually upsetting genuine supporters/miners.

I've put a lot of work and money in my mining setup supporting what I believe to be first true altcoin (despite issues). I only started somewhere in March 2014, mining Litecoins mostly. It was the only cryptocurrency with some interest to me aside from Bitcoin, but I soon discovered a really interesting cryptocurrency called 'Darkcoin'. I actually bothered to sign up for this forum, mostly to be part of Darkcoin.

However, mining DRK hasn't been profitable at all (for me) and requires a lot of money, time and dedication. Some of the crappiest coins ever are still more profitable to mine than DRK. The price would still need to rise a lot for me to just break-even. I could mine other coins that are more profitable and exchange them for DRK, I could ride the scam waves, but I won't. I want to be part of DRK. I do it with tremendous pride being part of this incredible evolution (and community), despite the money I loose on it. I've learned so many interesting things due to cryptocurrency and this has more value to me than 'profit', but I'm not blind to 'profit'. It is an element of the equation, which should not be ignored.

In my opinion, setting up and running a MN is rediculously easy and is very profitable compared to mining, even in the future with ~2000 MN's. It's a profitable operation within a matter of days (worst case scenario). Mining is profitable maybe after a year, maybe more, maybe never. It's certainly not the smartest/most profitable way to "invest". When RC4 is out and fully working, I should actually consolidate my rigs and convert the money into a masternode and not ever worry again about my electricity bill. 5$/month for hosting cost, all the rest is profit. I currently pay close to €250/month to keep my 45 MH/s infrastructure running, earning me less than 1 DRK/day. Not complaining, just telling you my side of the story.

There is a difference between 'profit' and 'revenue'. Incentive to mine DRK has always been very low due to it's specific supply/distribution algorithm ánd still is today due to it's maintained high net hashrate versus low price. Why is Darkcoin always listed near the bottom of coinwarz.com? Right, cause it's not profitable to mine unless you have a rediculously low kWh price (I'm paying more than $0.1/kWh). Also, I'm not a trader, I'm yet to sell my first Darkcoin and I'm not going to for a very long time. Would prefer to actually use them some day.

Some Dark believers are more upsetting than an entire team of trolls. Nothing trolls say could ever make me change my mind about what I'm currently doing. Evan is doing something truely exceptional, introduced X11 chained algorithms for PoW to enhance the security of the network and Proof of Service masternodes providing a much needed level of anonimity which I consider the biggest flaw in Bitcoin. It's effectively a working "Proof of Stake" model and it will go beyond the current 'added value'. I couldn't care less about the 20% reward masternode owners get. This '20% cut' out of the mining revenue will some day be proven to be irrelevant, as MN's create a lot of additional value. It's an eco-system based on incentives and the reasoning should be correct. Price should go up and eventually even out your earnings as a miner. No reason to get upset over this, as long as it remains within certain limits, I'm totally fine with it. It's true that it is currently biased towards MN's, but this is also required to get things going. Marginal profitability for MN owners would not have gotten us to +600 MN's already. I get that.

I'm sure that many merchants will implement DRK as a payment method, once the core functionality has been proofed. Everybody knows we're still in the core development phase. I'm still extremely 'bullish' on DRK and will continue to be. Stop fighting trolls and help the Darkcoin team @ darkcointalk.org.

Regarding my previous post: so it is unfortunately 100% effective to mine on non-compliant pools, as long as enforcement is not activated. OK. No retro-active orphaning due to enforcement. Good to have this clarified. I'm still learning every day about blockchain technology and novel features of DRK are not always explained enough in detail for me. Thanks to those who replied. For the record, I'm obviously mining at a compliant pool and will continue to do so.

eltito you big tease, will there be some sort of Masternode API to allow 3rd parties to build services around MN infrastructure?

I'm thinking of a lease model, MN's paid according to resources used, service access via mobile app or wallet plugin.

You could create a smart contract using BlackHalo for example to prevent theft.

I think it's rather short sighted to be viewing DRK as the money making venture in and of itself.  The real money will be made in cottage industries surrounding DRK, which nobody here ever seems to talk about.  I mean, if someone came up with a secure way to pool resources for a MN, for example, I'd be willing to pay that person a fair fee to use his or her services.

Regarding Masternode fees: miners are mining coins which are so sought after precisely because of the Masternode network and the functionality that it brings to Darkcoin vs. our competition.  In large part, Darkcoin is what it is precisely because of the anonymization system Evan has built, and the Masternode network is the linchpin of that system.  It's rather silly to complain about supporting the very system that makes the coin you are mining unique and valuable, is it not?

And while we're on the subject, who ever said that Masternodes are the only way you'll be able to earn a proof of service return on DRK?