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Offline jae208

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What do you guys think about Darkcoin?
« on: May 23, 2014, 01:25:01 AM »

Darkcoin is doing good at the moment. I wonder how high this boom in Darkcoin will go? You guys are very smart on here which is why I even ask questions like these on this forum. Is this coin really as hard to trace as they claim it is? The claims on their website seem a little too good to be true IMO though. Any thoughts?

DARKCOIN DETAILS
0.00000% Pre-mined

Super secure hashing algorithm: 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)

Block reward: controlled by 2222222/(((Difficulty+2600)/9)^2)

Block generation: 2.5 minutes

Difficulty: retargets every minute using Dark Gravity Wave

Supply: estimated 22 million maximum coins

Superior transaction anonymity using DarkSend: RC1 testing on MainNet

http://www.darkcoin.io/intro.html
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Offline Simeon II

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Re: What do you guys think about Darkcoin?
« Reply #1 on: May 23, 2014, 01:32:18 AM »
Let’s start answering from the most stupid (me) to the smartest.

No matter the technology, you have missed that train, i.e. too risky to invest or speculate at this almost vertical price increase…

Offline jae208

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Re: What do you guys think about Darkcoin?
« Reply #2 on: May 23, 2014, 01:40:43 AM »
Let’s start answering from the most stupid (me) to the smartest.

No matter the technology, you have missed that train, i.e. too risky to invest or speculate at this almost vertical price increase…

Do you think it is increasing in value because people believe that it is a more anonymous coin or simply because they don't want to miss out on the boom that is currently happening?
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clout

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Re: What do you guys think about Darkcoin?
« Reply #3 on: May 23, 2014, 02:08:52 AM »
Let’s start answering from the most stupid (me) to the smartest.

No matter the technology, you have missed that train, i.e. too risky to invest or speculate at this almost vertical price increase…

Do you think it is increasing in value because people believe that it is a more anonymous coin or simply because they don't want to miss out on the boom that is currently happening?

It's going to get dumped.

bitbro

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Re: What do you guys think about Darkcoin?
« Reply #4 on: May 23, 2014, 02:18:56 AM »

Let’s start answering from the most stupid (me) to the smartest.

No matter the technology, you have missed that train, i.e. too risky to invest or speculate at this almost vertical price increase…

Do you think it is increasing in value because people believe that it is a more anonymous coin or simply because they don't want to miss out on the boom that is currently happening?

It's going to get dumped.

Probably tomorrow


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Offline xeroc

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Re: What do you guys think about Darkcoin?
« Reply #5 on: May 23, 2014, 04:51:01 AM »
X11 and all other hashing chains are not more secure just because ... I can remember a dev telling that the contrary is the case ... cant find link atm though...

My guess ... people are dumb and mix up darkwallet, darkmarket and darkcoin...

The only thing drk offers is a little more anonymity using an algorithm (darksend) which is btw not open sourced yet
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Offline fuzzy

Re: What do you guys think about Darkcoin?
« Reply #6 on: May 23, 2014, 06:53:14 AM »
Still cool though.
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Offline liondani

Re: What do you guys think about Darkcoin?
« Reply #7 on: May 23, 2014, 07:25:49 AM »
Quote from: xeroc

My guess ... people are dumb and mix up darkwallet, darkmarket and darkcoin...

If that is true let's "rename" pts2 to Protodark or Darkshares, dark sounds like DAC anyway   :)

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Offline xeroc

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Re: What do you guys think about Darkcoin?
« Reply #8 on: May 23, 2014, 08:43:33 AM »
Lol
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Offline bitbadger

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Re: What do you guys think about Darkcoin?
« Reply #9 on: May 23, 2014, 09:45:27 AM »
I am riding high with DRK.  It is the only coin that I know of where the dev is committed to the addition of important new features over time, eschewing the "no-hard-forks" "stability" that most devs try to enforce.  Most devs act as "hands-off gods" who code their coin, release it into the wild and subsequently only make critical security upgrades when necessary.  The idea of a coin whose very ideas are not set in stone, is in itself unique.  (In theory, Bitcoin and others allow for continued development, but their pace of development is laughably slow.... by the time Bitcoin implements a new feature, it will have existed in an altcoin for months if not years.)

The idea of "Masternodes" who earn 10% of all mined coins, and which act as coin-mixers, and which must be seeded with 1000 DRK (locked while the Masternode is running) is actually kind of similar to the "Trustees" in dPoS.  The 1000 DRK requirement has also created a positive feedback loop where the coins are effectively removed from the market, driving the price up, which in turn makes the Masternodes more profitable because they earn new coins daily without mining.

The anonymity features are also great, of course, and what everybody is excited about right now.  But I will say that I am at least as excited by the developer's competence and commitment to continued active development as I am by any of the existing features.  It is not the typical "release new version only when flaws are found" coin.  I fully expect DRK to implement some Bitcoin-2.0 features within a year (after all the anonymity features have been fully implemented).  AFAIK, Counterparty could be easily adapted to work on top of DRK, and I don't see any reason why it couldn't be fully supported by DRK itself (as opposed to the sometimes oppositional relationship between XCP and BTC devs).
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Offline luckybit

Re: What do you guys think about Darkcoin?
« Reply #10 on: May 23, 2014, 10:57:09 AM »
Darkcoin is doing good at the moment. I wonder how high this boom in Darkcoin will go? You guys are very smart on here which is why I even ask questions like these on this forum. Is this coin really as hard to trace as they claim it is? The claims on their website seem a little too good to be true IMO though. Any thoughts?

DARKCOIN DETAILS
0.00000% Pre-mined

Super secure hashing algorithm: 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)

Block reward: controlled by 2222222/(((Difficulty+2600)/9)^2)

Block generation: 2.5 minutes

Difficulty: retargets every minute using Dark Gravity Wave

Supply: estimated 22 million maximum coins

Superior transaction anonymity using DarkSend: RC1 testing on MainNet

http://www.darkcoin.io/intro.html

Darkcoin is backed by fear. Fear of loss of privacy, and most likely fear of the government.

But if you look closely at it, it's nothing more than good marketing. The reason I'm not behind Darkcoin but I am behind Blackcoin is because Blackcoin has marketing which can reach all demographics. Blackcoin is marketed as being cool.

Remember the Sega Genesis had Sonic the Hedgehog and it sold so well because Sonic was considered cool? That is what Blackcoin uses for marketing. Dogecoin uses being a cute meme and psychology.

So I will say Darkcoin is a well marketed coin but it's ultimately not a marketing strategy which will last. We have Darkwallet already, and we have CoinJoin, so what problem is Darkcoin solving which wasn't already solved?

The only problem Darkcoin has solved is marketing. If your goal is privacy do you really need all these fancy mixers and elaborate schemes? I don't think so. I think if you want to duplicate this kind of marketing then you create the most complicated sounding privacy protecting scheme you can, 7 proxies, bumping off of satellites in space, or whatever.

The truth is the only thing you need for privacy is to never reuse the same key. Satoshi put it in the original whitepaper and all this other stuff is unnecessary if you design the coin by default not to allow bad habits. You design fault tolerance into the coin itself, similar to how you have bathroom doors which close themselves and open themselves so people don't have to touch them after washing their hands.

Oh yeah and DRK is Proof of Work so that means it's obsolete at launch. Maybe if they were to upgrade to Proof of Stake I would give it's developer more credit.
« Last Edit: May 23, 2014, 11:00:53 AM by luckybit »
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Offline solaaire

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Re: What do you guys think about Darkcoin?
« Reply #11 on: May 23, 2014, 01:52:54 PM »

The truth is the only thing you need for privacy is to never reuse the same key. Satoshi put it in the original whitepaper and all this other stuff is unnecessary if you design the coin by default not to allow bad habits. You design fault tolerance into the coin itself, similar to how you have bathroom doors which close themselves and open themselves so people don't have to touch them after washing their hands.
I feel you here, good design can go a long way
Oh yeah and DRK is Proof of Work so that means it's obsolete at launch. Maybe if they were to upgrade to Proof of Stake I would give it's developer more credit.

i dont know if i agree with this. PoW attracts miners which seems to help kickstart crypto markets in their infancy. also bitbadger pointed out that the development team is pretty active. PoW probably won't be around forever but a good development team could probably migrate the existing blockchain to a more sustainable consensus algorithm, similar to how pts is migrating to pts2
« Last Edit: May 23, 2014, 01:56:19 PM by solaaire »

Offline jae208

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Re: What do you guys think about Darkcoin?
« Reply #12 on: May 23, 2014, 03:54:24 PM »
Quote from: xeroc

My guess ... people are dumb and mix up darkwallet, darkmarket and darkcoin...

If that is true let's "rename" pts2 to Protodark or Darkshares, dark sounds like DAC anyway   :)

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Offline jae208

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Re: What do you guys think about Darkcoin?
« Reply #13 on: May 23, 2014, 05:05:09 PM »
I am riding high with DRK.  It is the only coin that I know of where the dev is committed to the addition of important new features over time, eschewing the "no-hard-forks" "stability" that most devs try to enforce.  Most devs act as "hands-off gods" who code their coin, release it into the wild and subsequently only make critical security upgrades when necessary.  The idea of a coin whose very ideas are not set in stone, is in itself unique.  (In theory, Bitcoin and others allow for continued development, but their pace of development is laughably slow.... by the time Bitcoin implements a new feature, it will have existed in an altcoin for months if not years.)

The idea of "Masternodes" who earn 10% of all mined coins, and which act as coin-mixers, and which must be seeded with 1000 DRK (locked while the Masternode is running) is actually kind of similar to the "Trustees" in dPoS. 

Clearly they are doing something right if there are similarities between us and them.

The 1000 DRK requirement has also created a positive feedback loop where the coins are effectively removed from the market, driving the price up, which in turn makes the Masternodes more profitable because they earn new coins daily without mining.

The anonymity features are also great, of course, and what everybody is excited about right now.  But I will say that I am at least as excited by the developer's competence and commitment to continued active development as I am by any of the existing features.  It is not the typical "release new version only when flaws are found" coin.  I fully expect DRK to implement some Bitcoin-2.0 features within a year (after all the anonymity features have been fully implemented).  AFAIK, Counterparty could be easily adapted to work on top of DRK, and I don't see any reason why it couldn't be fully supported by DRK itself (as opposed to the sometimes oppositional relationship between XCP and BTC devs).
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

Offline jae208

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Re: What do you guys think about Darkcoin?
« Reply #14 on: May 23, 2014, 05:06:40 PM »
Let’s start answering from the most stupid (me) to the smartest.

No matter the technology, you have missed that train, i.e. too risky to invest or speculate at this almost vertical price increase…

Do you think it is increasing in value because people believe that it is a more anonymous coin or simply because they don't want to miss out on the boom that is currently happening?

It's going to get dumped.

I'm waiting for it to get dumped so I can get some  8)
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