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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 195. (Read 723903 times)

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Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.


If you can't see why that "getting to the point of self correction" involves these super bubbles and is negative then we will have to disagree. All I see is encouragements to create master nodes this raises the price and so on.

This isn't about DRK itself anyway and is more a discussion with Fenix about how some of their higher value customers may be worried and not behind them supporting coins that they see as pump and dumps. Im not saying it is but when the price goes from 0.026 to 0.009 to 0.02 in the space of three days with multiple forks you have to understand peoples legitamate concerns.

Eh, BTC had it's own giant bubbles coming up.  I don't necessarily disagree with you in the short term, but DRK has an inevitable point of equilibrium.  I'd even go so far as to say that Masternodes help promote stability in the long term.

Quote

To the guy talking about being more worried about beign goxed by Fenix than law enforcement seizing their assets etc we'll have to disagree on that as well. I am many others would be far more worried about the latter as that tends to lead to the former.

Anyway this is a service discussion thread about Bitfinex and the service they are providing their customers, not to argue about DRK.

ciao


I realize this is not the place to argue about DRK vs. Whatever, but the topic of the day is the possibility BFX taking DRK on board.   If people's sentiments about that are based on faulty information, then what is the point of discussing it at all?
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As a swap provider I will immidiately withdraw all of my funds from bitfinex in case of BFX adding darkcoin to their trading platform for mainly two reasons:

1. possible legal implications already mentioned in this thread.

2. As a swap provider I cannont decide on whom I'm lending funds and what for. While I feel pretty comfortable lending out money for btc trading and grudgingly accept ltc trading I will not lend out money to people trading a 4 months old shady coin which could go down to a cent any second (auroracoin for example which has lost over 99.5 % of it's peak value). As I can not decide to whom my funds go and feel that BFX is already operating on thin ice with its theoretical swap fund insurance I have no other choice than pulling out in case of a darkcoin adding.

I have chosen bitfinex for their supposed integrity and professionalism in the past and made a deliberate choice not to put a single cent into amateurish joke exchanges such a cryptsy and hope BFX values their image higher than some potential short term profits made from a at best dubious coin without any history.
hero member
Activity: 798
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Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.


If you can't see why that "getting to the point of self correction" involves these super bubbles and is negative then we will have to disagree. All I see is encouragements to create master nodes this raises the price and so on.

This isn't about DRK itself anyway and is more a discussion with Fenix about how some of their higher value customers may be worried and not behind them supporting coins that they see as pump and dumps. Im not saying it is but when the price goes from 0.026 to 0.009 to 0.02 in the space of three days with multiple forks you have to understand peoples legitamate concerns.

To the guy talking about being more worried about being goxed by Fenix than law enforcement seizing their assets etc we'll have to disagree on that as well. I and many others would be far more worried about the latter as that tends to lead to the former.

Anyway this is a service discussion thread about Bitfinex and the service they are providing their customers, not to argue about DRK.

ciao
hero member
Activity: 966
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The instamined coins where traded and distributed by the same persons with different accounts.

Baseless lies. A lot of people were refreshing the announcement thread waiting for the launch to start mining immediately. A huge number of coins changed hands the following weeks for bargain prices. The price was very low for months.


Also it was realest without a windows walled. Scam all around

Most miners use linux anyway, especially those who mine with cpu like Darkcoin was mined at the launch. I run linux on a free virtual machine running on my windows computer. Windows wallet was available 4 hours after the launch.


Trading a coin with money laundering features build in by default and trading straight to fiat is a dead exchange walking, good luck.

* USA regulators have indicated that anonymity is not a barrier to eCash. Identity checking at fiat entry and exist points is more important to regulators.

Why would I need Darkcoin as an invidual or as a company?
http://wiki.darkcoin.eu/wiki/FAQ#Isn.27t_Bitcoin_anonymous.3F_Why_would_I_need_Darkcoin_as_an_invidual_or_as_a_company.3F
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It appears I was wrong about the max coins of darkcoin or the information changed and now I see that darkcoin actually has 22m max coins. sorry. In any case it seems extremely high for a new altcoin and in 'IPO-mode'. It's usually a good idea to wait till after IPO-mode (a few months) is over because there is usually an extended and horrific bear market afterwards.

Initially it did have 84mil as max supply, after a couple of months mining it was changed to 22mil. The instamined coins where traded and distributed by the same persons with different accounts. Also it was realest without a windows walled. Scam all around. Which legit merchant will accept this thing. Great for the 1% dark market, thats it.
Trading a coin with money laundering features build in by default and trading straight to fiat is a dead exchange walking, good luck.

*citation needed
full member
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The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.


Quote
Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands  Roll Eyes

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.

We are in agreement on the Amazon issue.  It has to do with the fact that a quick and dirty guide explaining how to set up a Masternode specifically on an EC2 instance was posted early on by a community member.  So, of course that's what everyone did.  There are plans in motion to create a far more robust guide that can be followed on any host, and I plan to initiate an organized effort to get people moved away from Amazon (and, if I have my way, US/EU based hosts in general).
legendary
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legendary
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Leading Crypto Sports Betting & Casino Platform


The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands  Roll Eyes

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.

It is easy to attack the exchanges with established evidence of rampant use of bitcoin for illegal activities around the world and there are news everyday. If there is a market, finex will consider it despite the negative vibes which seem to cloud alt adoption. You should be far more anxious about an exchange goxing you than a government regulating exchanges. There has been multiple evidences of that in history.  Tongue
hero member
Activity: 798
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The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands  Roll Eyes

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.
full member
Activity: 322
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Having any significant portion of your holdings in DRK is a bad move at this point. It is currently trading higher than litecoin yet it has the same max coin structure, and litecoin has years of serious adoption behind it. This price is only temporary and due to the present lack of coins on the market because it is new. It is not becase of demand and there is practically no support on the orderbooks compared to that of litecoin. We have seen this a dozen times before with altcoin IPOs - these are just IPO prices. At some point the supply side will start getting dumped into the market and it will fall apart. Meanwhile, people are desperately trying to pump it with rumors of being added of being added to bitfinex. And the other day its very fundamentals were called into question as it forked, setting the stage for a different more reliable altcoin to take its place even.

How high is DRK inflation at the moment in %? LTC has some serious high inflation already, My gues is that any new shit coin has way higher inflation.

The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Here is the projected mintage chart, from this post by the dev:


Note that these projections were based on the assumption that DRK would meet minimum subsidy due to difficulty a ways into the future, so future coin max may be lower than the original projection of 22M.

The money required to run a Masternode is not given up, it's simply required to remain static on one wallet address for the Masternode to function.  Masternodes currently perform the mixing service for DRK, and in return will receive 20% of newly minted coins, which DRK refers to as "Proof of Service".

I hope that answers your question.
hero member
Activity: 697
Merit: 501
If this is confirmed then this is a bad move. To allow trading of a new anonymous alpha coin, still prone to forks and serious bugs, with suspicions of being pre-mined (50%) by its developer. I sure hope Margin trading isn't allowed for that roller-coaster coin..
I agree with gizmoh, I think adding Darkcoin to the exchange is a terrible idea.  It is far too young and volatile like the cards dealt in a poker hand.  It's a gamble and will only add unnecessary risk to this already high risk trading game.

Strongly disagree with adding DRK.
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It appears I was wrong about the max coins of darkcoin or the information changed and now I see that darkcoin actually has 22m max coins. sorry. In any case it seems extremely high for a new altcoin and in 'IPO-mode'. It's usually a good idea to wait till after IPO-mode (a few months) is over because there is usually an extended and horrific bear market afterwards.

IPO-mode?  I'm not sure I understand.  DRK is not an IPO coin.

22M is estimated max over something like 50 years.  There were ~4.3M in circulation last I looked.  Max newly minted decreases by 7% per year.  This information has been out for at least a couple months now.  Nothing has changed since then.
sr. member
Activity: 438
Merit: 250
It appears I was wrong about the max coins of darkcoin or the information changed and now I see that darkcoin actually has 22m max coins. sorry. In any case it seems extremely high for a new altcoin and in 'IPO-mode'. It's usually a good idea to wait till after IPO-mode (a few months) is over because there is usually an extended and horrific bear market afterwards.

Reading this makes me wonder if you have any clue what this coin is really about.
hero member
Activity: 728
Merit: 500
It appears I was wrong about the max coins of darkcoin or the information changed and now I see that darkcoin actually has 22m max coins. sorry. In any case it seems extremely high for a new altcoin and in 'IPO-mode'. It's usually a good idea to wait till after IPO-mode (a few months) is over because there is usually an extended and horrific bear market afterwards.
sr. member
Activity: 308
Merit: 250
Having any significant portion of your holdings in DRK is a bad move at this point. It is currently trading higher than litecoin yet it has the same max coin structure, and litecoin has years of serious adoption behind it. This price is only temporary and due to the present lack of coins on the market because it is new. It is not becase of demand and there is practically no support on the orderbooks compared to that of litecoin. We have seen this a dozen times before with altcoin IPOs - these are just IPO prices. At some point the supply side will start getting dumped into the market and it will fall apart. Meanwhile, people are desperately trying to pump it with rumors of being added of being added to bitfinex. And the other day its very fundamentals were called into question as it forked, setting the stage for a different more reliable altcoin to take its place even.

How high is DRK inflation at the moment in %? LTC has some serious high inflation already, My gues is that any new shit coin has way higher inflation.
hero member
Activity: 966
Merit: 1003
Having any significant portion of your holdings in DRK is a bad move at this point. It is currently trading higher than litecoin yet it has the same max coin structure, and litecoin has years of serious adoption behind it. This price is only temporary and due to the present lack of coins on the market because it is new. It is not becase of demand/buying and there is practically no support on the orderbooks compared to that of litecoin. At some point the supply side will start getting dumped into the market and it will fall apart. Meanwhile, people are desperately trying to pump it with rumors of being added of being added to bitfinex. And the other day its very fundamentals were called into question as it forked, setting the stage for a different more reliable altcoin to take its place even.

There are 10x more litecoins mined every year than darkcoins. So there has to be 10x more new money coming in to buy all those litecoins to just keep the value the same.
hero member
Activity: 728
Merit: 500
Having any significant portion of your holdings in DRK is a bad move at this point. It is currently trading higher than litecoin yet it has the same max coin structure, and litecoin has years of serious adoption behind it. This price is only temporary and due to the present lack of coins on the market because it is new. It is not becase of demand and there is practically no support on the orderbooks compared to that of litecoin. We have seen this a dozen times before with altcoin IPOs - these are just IPO prices. At some point the supply side will start getting dumped into the market and it will fall apart. Meanwhile, people are desperately trying to pump it with rumors of being added of being added to bitfinex. And the other day its very fundamentals were called into question as it forked, setting the stage for a different more reliable altcoin to take its place even.
legendary
Activity: 1428
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DRK mentioned no more on Performance page. False Alarm  Cheesy
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Wow, spike time! My stop-loss for a short got filled 40 USD (!) above the stop-price I set. Damn. Any suggestions as to how I can make it safer? Is there really nothing that can be done on your side to make the stops work better?  I understand the mechanisms when a big market buy happens, so I guess there's little you can do about it...

Apparently also the Bitstamp USD reserve has been exhausted again. The spike would've been at least 20 lower if this hadn't happened. Which brings us back to the same issues we had in the November rally. Now that you changed the order book integration of Bitstamp we don't have any way of seeing when this happens, the order book just suddenly becomes thinner. Is there any way you could indicate to the users when this is about to happen? Please go back and consider possible solutions.

I understand that you have to minimize the risk of leaving funds on stamp, but when they go to zero, it's usually us traders who have to take the cost for it...

legendary
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I've split my investments between BTC and DRK. Take this as a biased view.

The darkcoin rich list have been net buyers over the last month or so.  



The Nr.1 wallet used to have the value of Pi as his holdings. In the last week he topped up with 5k BTC to go to 333,333.



I also saw one of the devs post in IRC a few days ago that he bought another 100 BTC worth of DRK at ~0.02 when the price was falling from near ATH.

Along with the volume of trade at levels none of the original darkcoin holders could have imagined, the usual first few weeks of OTC trading, I'd say most of the early mined coins are very well distributed.

I wasn't around at the launch, I bought 90% of my DRK, mined the rest to get used to the community support and the tech.

I think this 'instamined' stuff is one of the few lingering non-issues from the launch.

The bigger issue is making sure the code is done right. From what I read, they are taking their time to get it right and not now pandering to the audience who keep shouting for things to be released quicker.

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