Topic: Dash Instamine is a non-issue. (Read 4619 times)

qwizzie the shill can't stop lying and making fake excuses. he's the perfect representative for Evan the Instaminer

hmmm...okay let's go inside Evan Duffield's head 

here you go..

DASH Masternodes - the perfect motive for the instamine

Okay, i misread that part but that still does not mean he broke any social contract with the Dash community. The instamine happened due to faulty coding and bad preparation
while attracting the attention of a lot of miners with high hashrate. He made up for his mistakes by his hard work with developing the coin, the community moved on and the coin has grown into something much larger now then was first envisioned.



  

You realize that informing everyone that he would instamine and later briefly offering an airdrop before quickly withdrawing the offer are two completely different things, yes?

If you're going to spin and offer excuses, at least try to use ones that actually make some sense.

Bitcoin's problems are to the benefit of altcoins up and down the scale, including Dash. Which ones will benefit the most remains to be seen. Perhaps Dash's flaws such as the fastmine-fuckup will be overlooked, perhaps not. Personally I couldn't sleep at night holding Dash while knowing that there were a ton of competitors with fairer launches and equal or better technology. Just because Bitcoin's ability to adapt has stagnated recently doesn't give me any reason to believe that Dash usage is going to increase.

https://twitter.com/SatoshiLite/status/825121572776075269

Even his top 8 altcoins don't include your horse. I'm betting that he's not alone in these thoughts.

TL;DR

Any real world purpose ? yes, there are lots of debitcard providers onboard with Dash or soon getting onboard with Dash that make Dash useable in the world. Also Dash got added recentely
to Whaleclub as a second base currency (first one is Bitcoin), which means Dash can be traded now on traditional markets like stocks, metals, forex and bonds.
Not to mention that integration with Wall of Coins opens up a whole new OTC market for Dash.

With regards to the transactions, that will no doubt increase over time. Specially once Dash Evolution goes public end of this year (also be informed the alpha release is now only a few months away).
One could say that this is smart money getting into Dash, in anticipation of Dash Evolution and maybe also because people are getting aware of the problems with Bitcoin.
Problems with reaching consensus about the direction that Bitcoin should take, the delay in the confirmation time of its transactions, problems with high fees.
There is still pretty much a civil war raging that is tearing Bitcoin apart and is undermining its world usage and most certainly it is preventing world adoption.
Bitcoin is slowly turning into a store of value only, with high fees while growing ever more centralized. In the end it will be nothing more then digital gold.

Dash can offer people a choice, for masternode owners it can offer Dash as a store of value with its steady stream of masternode rewards, for merchants it can offer instant payments to settle point of sale
transactions in their shop and for not crypto users it can soon offer bearing accounts, where they can earn some interest by just holding their Dash in a saving account (this will be part of Dash Evolution).
Dash can also offer optional privacy on the blockchain, while keeping its compatibility with Bitcoin.

What Dash is doing is basicly jumpstarting its infrastructure and its developing and spreading its own ecosystem. People are starting to notice it this year, when they read the many announcements
of Dash strategic partnerships with exchanges, wallet providers and businesses that Dash has been preparing these last two years. This process will only get stronger in the next few years.

What you are witnessing is the birth of a true decentralized autonomous organisation and the power that comes with it, the power to disrupt.


  


  

Wow, same number of transactions in Jan 2017 that they had in April 2014. Pathetic, even worse than i thought.. probably the same instaminers and scam supporters moving coins around for 3 years.

The market has spoken and it does not support instamined (oopstamined!) garbage, regardless of poloniex pump /dump activity 

Dash getting used for any real world purpose besides speculation? *crickets*

Does this look like an organic ramp up of usage to you? https://bitinfocharts.com/comparison/dash-transactions.html

When you need a real store of value, it's BTC at the top, now being challenged by ETH. When you need privacy or fungibility it's XMR or possibly newcomer, ZEC.

Note Dash is not being considered by the grey/dark markets because it's not viable for those. https://themerkle.com/cradlecore-may-introduce-new-monero-and-ethereum-ransomware/

Lets see :

Dash added to several major exchanges ? check
Dash available on several FIAT gateways to make it more independant of Bitcoin ? check
Dash making strategic partnerships with light wallet providers on Android, iOS and other relevant platforms ? check
Dash in control of its own marketing, own budget and own governance ? check
Dash in top 10 with regards to marketcap ? check
Dash expanding in other regions / countries ? check
Dash has a clear goal and the means to achieve it ? check

I say Dash currently is a top coin, current price aside.
I say Dash will stay a top coin, regardless of discussions that take place in this specific Bitcointalkforum.
I say Dash instamine history can be brought up as much as you all want to bring it up, but it will not change the market in which Dash (and other cryptocurrencies)
move and grow over time.
  

Evan is a greedy lying instaminer

Heh, the community meaning those few who participated in the first hours which distributed 1m+ coins? They didn't want to roll back? No shit. Glad they've made lots of money but this will always hold Dash back from being a top coin, current price aside.

I hope you don't find these insta-mine threads or questions asked by reporters annoying, because I don't expect they'll go away, ever.

InternetApe & Vertoe (early Dash dev team members) both already sold their Dash.
Evan Duffield has pledged to hold 80% of his personal wealth for internal DAO's / community projects.

link :   https://www.dashforcenews.com/ryan-taylor-new-dash-core-ceo-founder-evan-duffield-moves-advisory-role/

Could you please give more details about the instamined coins ? Where are they ? and is it possible to track them ?

If they were mass sold on exchanges, it could mean that dash's creator wanted either to create a development fund for DASH, or just fill his pockets. Maybe both, but i think that it would be better if we have more informations about it.

And please, ignore the trolls, i know that many of them doesn't even know what is a premine or an instamine.

Actually Mr. Duffield suggested an airdrop but the Dash community found that a bad idea and it was decided that the best way was to just move forward.
Specially as such a large portion of the instamine got mass-sold on exchanges right after the instamine happened.

Which means he did not break any social contract.

On the other hand, that's what "trustlessness" is all about, no ?

https://themerkle.com/instamine-vs-premine/

For those that are still trying to grasp the meaning of the term instamine
versus the term premine.

For you maybe.  The instamine would be 'OK' only if Mr. Duffield informed everyone that he would do so.  But he didn't.  He broke a social contract with the community and that's a bad and dishonest thing to do.  But whatever, DASH is riding sky high and that's what matters for everybody interested in it right? 

This is true.  But it is also true that this is now public knowledge, for anyone a slight bit interested in finding out about it.  When a scam is public knowledge, people getting into it, are not "scammed" any more, simply because the knowledge is public (on top of that, in crypto, scam doesn't really exist, because crypto is trustless, and scam is "breaking of trust", something that cannot happen in a trustless environment).

So essentially, people buying DASH now are not scammed.  They simply hope, like 99% of crypto actors, to get on the train of a good, knowledgeable "scammer", in order to scam future greater fools somewhat more.  As that is the essence of crypto these days, the DASH instamine is indeed, not an issue.  DASH, just like most crypto, is just a vehicle to expose yourself as a fool, and to hunt for greater fools.  In that respect, Evans did a great job, and is hence one of the better masters of crypto.
(true, some small minority actually USES crypto, but that's a dying minority of no further importance...).

==>  There is a fundamental difference between stock and coins.  Stock are IOU of the company you owned.  coins are not an IOU.  

The fundamental problems with the DASH instamine are twofold.  I fully agree that your idea of a locked-in PREMINE to pay the devs, which is publicly known and announced, is a good idea.  It should be in the genesis block.

I'm not calling the instamine a scam.   But it is an *issue*.  It is not a scam because we know it now.  However, in any credible monetary system, nobody is supposed to own more than at most a few percent of the total stash.  When the ownership of stash goes to the 10-20%, that monetary system is entirely in the hands of this stash owner, and hence open to all kinds of cornering, market manipulation etc...  The instamine made that the devs (and their dog) owned essentially >95% of the stash at a certain point.

On top of that, DASH has a partial PoS scheme, allowing the initial RATIO of stash ownership to be partially preserved.  For instance, in a FULL PoS system, if you initially own 20% of the stash, you will (unless you spend them) always own 20% of the stash, even if the amount of emitted coins goes 100-fold.  Given that PoS of DASH is only partial (45% + 10% of the gouvernance tax) this will lead to the initial >95% stash ownership to diminish to about 50% or as of today.

And on top of that, DASH has an anonymity scheme that depends on having very many non-colluding masternode owners, which are also a PoS scheme.  If a single entity possesses 20% or 50% of all "non-colluding" mixers then that is a fundamental security issue.

This is why the sneaky instamine IS an issue, at least on paper.  In reality, as most of crypto is just a greater-fool game, not to be used much in reality, nobody really cares, and it was actually a good idea: at least, someone's going to get rich on the back of a lot of greater fools.