Topic: Bitcoin problems are pushing me to Dash ! Thanks Amanda Johnson - page 5. (Read 6440 times)

I am quoting my own post because the Dash community might be ignoring the fact that there is something morally wrong with Evan's instamine. Some of them will bring up the argument that Satoshi's early Bitcoin mining could be considered as the same as Evan's instamine. That is very untrue. Do not bring that up again.

@qwizzie. Please answer my question in the post that I quoted.

ftfy

As if large blocks in Monero won't also cause mining centralization.

The network is becoming more centralized rapidly with the introduction of SegWit. Then the cartel can increase the blocksize because they have sufficient control.

I think the delay has been some sort of technical shell game to get the control wrestled away to the right parties, as deemed "right" by those who have the power to make it so.

The power vacuum must be filled, else everyone loses.

Oh course centralization kills the dream of Bitcoin for the masses, but that wasn't why the DEEP STATE created Bitcoin. Bitcoin is serving its intended role very well.

Bitcoin's price is climbing the "Wall of Worry" as the technology adoption pattern predicts.

It is this very issue that got me involved with Monero back in 2014 and why I moved the vast majority of my Bitcoin holdings into a combination of Monero and Canadian Dollars by the end of September 2015. By the way my combined Monero and Canadian Dollar portfolio has done very well since then in terms of Bitcoin.

The trouble I see here is that the fundamental weakness in Bitcoin that is the cause of Bitcoin's problems is also present in Litecoin and Dash. This weakness is that with the falling block reward there is no way to secure the coins using only fees except by restricting the blocksize in order to cause fees to rise. Ethereum, Monero and Dogecoin among the top coins do not have this issue since they have minimum block rewards or tail emissions. In Ethereum's case this minimum block reward has not being finalized and may be changed to a falling block reward as occurred with Ethereum Classic. In the case of Dash this issue is magnified since the falling block reward has not only to pay for the miners but also for the masternode network and a series of community projects. Moving from Bitcoin to Dash over this issue may literally be jumping out of the frying pan into the fire.

Ever heard of the difference between a nominee and a beneficial owner? Therein lies the fundamental weakness of the Dash masternode network. A dishonest nominee owner can profit from the network's collapse especially if she has a net short position. By the way dishonest nominee owners is what nearly brought down the fiat banking system in 2008.

I described the attack "The Second Pirate Savings and Trust" against proof of stake back in 2015 https://bitcointalksearch.org/topic/m.10182752 In the Dash case it is much simpler since there is no need for the ponzi. One simply pays those that have less than 1000 Dash a rate of return slightly below the masternode net rate of return. The attacker, a nominee Dash owner, can easily build up a sizable masternode position and have control with none of the attacker's money at risk. If the nominee is also short, for example by selling a small portion of her nominee masternode holdings, before the attack the potential for profit can be very significant.

By the way the figures in Amanda's talk are completly wrong  especially for Instant X since only a portion, slightly over 50%, of the masternodes randomly selected are needed to approve an Instant X transaction. Otherwise an attacker with a small potion of the masternode network could attack the network by refusing to approve valid Instant X transactions.  

SyGambler and others: Do you realize, that next year amount of demand will double? Meaning that many transactions will get stuck not for 3 hours, but for 3 days, on average.

Either that, or users will run to alt coins.

Network scalability must be planned in advance, or at least having a road map, that is agreed by the majority consensus. Bitcoin network lacks even agreed upon road map.

I do agree that bitcoin transactions are becoming a pain in the butt , but I won't ever consider an alt as a main investment for me
will keep holding bitcoins even other alts give you fast transactions but when it comes to value BTC will always be my #1 and other alts value still unknown
for fast transactions I use Litecoin

Oh look, Amanda does seem to know what sybil attacks are... hell, she spent a whole episode about it  

Why Dash is the Most Sybil Attack-Resistant Cryptocurrency -- By Far
https://www.youtube.com/watch?v=bz6rFZQywOE&t=36s&list=PLiFMZOlhgsYJPIiG0bjT1_SuT5h7NqPCC&index=30

specially for you smoothie, enjoy.

Another one added to my ignore list. Thank you.

You, while bashing alt coins, don't see that Bitcoin is broken. Completely broken. 3 hour transactions is not why I bought it back in 2013. If I knew about 3 hour transactions in Bitcoin back then, I would never buy one in the first place.

And until the block size problem gets resolved my Bitcoin selling will continue, until I run out of bitcoins. (Or until block size increase.)

People here don't want to admit that Bitcoin is broken. And will remain broken until it's block size gets an increase.

Dash is shit you fools.  Stop getting scammed in the old car salesman trickery of Amanda B Johnson.

https://steemit.com/cryptocurrency/@thedashguy/warning-why-i-don-t-trust-the-price-of-dash-nor-the-community-be-careful-folks-invest-wisely-diversify

https://www.youtube.com/watch?v=VrKU0Ymta-U&t=2387s

Perhaps none of those if you want to divest and return a profit.

I also think I need to divest into other alts but the question is which one? Dash, Monero, Ethereum, ETC? 

Amen.  This is why I think that a plot of DASH-days destroyed might help.  Of course, once it is known that this is what is looked at, someone owning most of the market cap can move his old coins to sustain the DASH-days destroyed, but it would show during the pump that it were the same coins going back and forward - if it even are coins on the chain, and not just Poloniex IOU where most of the volume comes from.

So you decided to sell a huge amount of bitcoins and invested instead into new born altcoins, cant blame you for that.
Bitcoin crypto currency was recently attacked by a multiple spammy transactions or more likely similar to a DDOS attack and the result was delayed transactions to the users.
Clearly someone is fearing this rising crypto currency that might end their fiat currency, gold, alts obsolete. So most of them are buying bitcoin and making some big amounts of transactions in order to manipulate people in giving up their bitcoin due to its very slow transactions.

Your perspective is misguided if you think they are "heroes".

Facts are facts. Like Hearn had a hernia, Roger Ver has a pretty bad track record of making bad calls, Scamanda doesn't really know what a sybil attack is when asked by BU podcast hosts, ...etc.

Your brain tells you they are "wrong"?

Okay that's fine, but do you realize that Evan (the high priest of DASH) will not and cannot have a public debate/live stream where he answers the difficult questions regarding XCOIN/DARKCOIN/DASH's shady and very questionable history since its inception.

Try asking Evan why he claims he was making a FOR-PROFIT coin in Dec 2013 on the bitcoin dev mailing list then claimed 1.5 years later that DASH was a hobby.

Do your research and not go only on "your brains tells you certain people are WRONG".

many people trusted Bernie Madeoff before his scam went belly up. I'm sure people thought all the opposers to his "investment" were WRONG too.

LOL found the guy LARPing as a Dash fanatic.  Gonna have to invoke Poe's Law on this one.

Dr. Peter Wuille, PhD is NEVER WRONG (that's Peter Wuille Fact #1).   

The OP is obvious satire, intending to make fun of the crypto-illiterate people buying into Dash's current pump.

iv got a feeling you will come to regret your choice

Yes that is what I have been meaning to ask the supporters of Dash and the community behind it. You know that there was an instamine done by Evan. We all know that the way it was done is very controversial. Do you yourselves think it is ok? Please explain how you think so. What do you see that everyone else cannot?

If not Dash there will be other currency maybe before we bash DASH we should fix BTC problems ?
If we say that coin which can transfer coin from point A to B in minutes without problems is shitcoin then
what is Bitcoin , which can stuck for hours?
I hope community will make constructive changes to BTC and allow it work because NOW BTC is forcing people to use alts.
New people are coming to buy BTC and see BTC traffic jam on sending and want use any faster altcoin.