Dash – A Governance and Privacy Coin | Hacker News Reader

Dash – A Governance and Privacy Coin

shitcoin.com

52 pointsabrkn37 comments

Dash is just another scam.

Within 8 hours over 1.5 million coins were mined with a very low difficulty due to a "bug".

The governance system requires you to bind up a sizeable amount of coins in master nodes which allows you to vote (and they also continue to earn more coins!). It's easy to centrally control the governance using the instamine. A lot of coins is spent on marketing luring in new users with promising buzzwords (privacy, instant transactions, scaling, governance...). This causes an inflated market cap as a lot of coins are locked into master nodes and are not used to trade or transacted with. It is only interesting if you find ponzi schemes interesting.

https://bitcointalk.org/index.php?topic=999886.0

If you think that's bad then consider that the creator holds a master key which can force all nodes to reprocess all blocks in the last 24 hours. Yes you read that right.

https://www.reddit.com/r/CryptoCurrency/comments/7293tw/just...

https://github.com/dashpay/dash/blob/master/src/spork.cpp#L7...

Dash is not a privacy coin, it's neither the project focus nor the reality. The only coins that are meaningful with regard to privacy are Monero and Zcash. See https://www.reddit.com/r/privacy/wiki/cryptocurrency for more background.

Given that alphabay was busted within 96 hours of accepting zcash, and that both Greene and Zooko have said they could backdoor it for a subpeona, i find it hard to take zcash seriously. TLA coin.

I'd also venture to say Verge qualifies as a legit privacy focused coin.

verge offers nothing interesting in terms of privacy or features. its just a boring clone with a forced TOR connection.

the marketing is great though!

Did the author just spend $300,000 USD to become a master node and write the review!? That's a dedicated blogger!

I am the author. Yes, it was more like $330,000. The price has since gone down.

It was a great review and at the end of it I had this realization that I could be a masternode and earn some Dash. Then I looked up the current price and no, I couldn't. I'm glad you did though and it would be awesome to see a followup on how much Dash you've earned as a masternode.

So how much does your masternode make from block rewards ?

I didn't look into that. I've been told it's around 8% annualized

I was curious about this too.

He spent 1,000 DASH / (4,000.00 [USD/BTC] / 300.00 [USD/DASH]) = 13.(3) BTC. At this point I think it counts more as diversification.

edit: [BTC/USD] -> [USD/BTC] && [DASH/USD] -> [USD/DASH]

> He spent 1,000 DASH / (4,000.00 [USD/BTC] / 300.00 [USD/DASH]) = 13.(3) BTC

Maybe I'm calculating this incorrectly, but using the above, I come up with a cost of 75 BTC for 1000 DASH. And given the current BTC price of DASH at coinmarketcap.com[0], I see 1000 DASH would run about 55 BTC.

Either way, it's certainly possible that the purchase was for diversification, if one speculates the initial BTC "basket" was quite a bit larger.

[0] https://coinmarketcap.com/currencies/dash/

I really screwed up my math, thanks for checking.

Order of magnitude sanity check is ~10 dash for btc, so 1,000 Dash should be on the order of 100 btc.

I don’t follow. He shows a balance of 1000 DASH (=300k USD) in his wallet. How is it related to the price of BTC?

I think the point was that he probably already had a significant cryptocurrency investment portfolio. He isn't really spending money at this point, simply diversifying his portfolio.

Diversifying his USD portfolio would be much the same IMHO.

People who pay taxes in USD tend to use USD as a numeraire. IIRC in New Hampshire you can pay taxes in BTC.

The first review by the same author was amazing but since then things have fallen off a bit.

Was the privacy aspect even tested? The only line I could find was - " I haven’t read much about instant/private send". So was the PrivateSend feature even tested?

Additionally, what does this imply?

"Masternodes are used for instant/private transactions and governance"

Does it mean only masternodes can use the privacy focused feature?

An additional note, can someone please explain me what is so novel about the governance policy other than instead of asking votes from the entire network (ie bitcoin), the votes are focused only in hands of people with enough coin?

> Does it mean only masternodes can use the privacy focused feature?

No, it means the masternodes provide privacy by mixing your coins. This has privacy implications.

> An additional note, can someone please explain me what is so novel about the governance policy other than instead of asking votes from the entire network (ie bitcoin), the votes are focused only in hands of people with enough coin?

That's the novelty. No it's not particularly useful.

Indeed, and the privacy implications of centralized mixers are doubleplus ungood.

Thanks for the feedback. I have to admit I don't think this review went well at all. I tried to cover too many areas and ended up feeling like I covered none.

Does anyone else find the gifs that are inserted after every other paragraph obnoxious?

This is a really annoying trend in blogging / internet writing recently. It's very common now for even technical articles (like this one) to have multiple irrelevant movie/TV gifs embedded, almost like the author is replying with reaction gifs to their own writing.

Not only is it a bunch of irrelevant content that makes reading the actual text more annoying because you've got at least one short video looping on your screen the whole time, it also increases the data usage massively. This article transfers over 70MB, with over 50MB of that being from the gifs.

What do you expect when everyone and their dog is pretending to be quirky and "cool".

Yeah, unfortunately reader mode on firefox cuts out the relevant screen shots as well.

Yes. An otherwise well-written and informative article, but those gifs just kill me.

Author here. Try this: document.querySelectorAll('img[src$="gif"]').forEach(_ => _.parentNode.parentNode.remove())

Now you know what HN thinks of your detailed and laborious $300,000 review. We hate the GIFs.

Doesn't really work because the gifs lazy-load as you scroll down. So you'd either have to run it repeatedly, or scroll through the whole post first and then do it.

It's hard to know if there's a lot of people wanting text only or if they're just very vocal. Either way I'll publish my next review in two versions; one with memes and one without. I appreciate you taking the time to tell me

  Domain name: A+
  Content: A
  Everything else: C-

That is quite the domain name.

It seems like there needs to be a concluding gif: "shit or not?" (like how rotten tomatoes has fresh/rotten.. i'm not sure what "fresh" means in this context..)

I agree that would be funny, but it's too hard to judge. Something can look great today and suck in five years or the other way around.

Reasonable post, horrible usage of gifs.

You're not the first person to tell me this. I'll keep it in mind for my next review. Thanks!

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