Ok, I'll just c/p some here, don't have time to make it look pretty.
I'm not here to argue whether the instamined coins are still being held by the instaminers or were sold off. I don' care about that, that doesn't matter, What matters is that the instamine happened anyway and nothing was done to stop it, mainly because Evan benefitted greatly from it(Being the first one there and all). The point is that the instamine happened where over 2million Dashes were mined in less than 2 days, and the block reward and coin supply(Two things that according to Satoshi should never be touched) were absolutely defecated on when they were cut by more than half of their original amounts. That's basically a scam and there's no way around it.
Masternodes undermine the entire point of the blockchain, where activities such as that should be on(Another reason why Coinjoin implemented in the coin is stupid), having such important activities as anonymity being provided by external nodes is just like using mixers for Bitcoins, which makes dash irrelevant.
It's "undermined", no pun intended, because that's the reason the blockchain was created in the first place, to do away with relying on trust aka someone to set up a masternode so you can mix your coins. Dashes entire masternode concept is based upon trust, which Satoshi did away with through Bitcoin. All Dash is doing is reversing that and heading back to centralization and trust. Bitcoin mixers are operated by third parties, so is Dashes masternodes. Point? In fact, there are already plans in the works of creating a decentralized bitcoin mixer, so that itself would make Dash irrelevant as well, since that mixer would deliver the same amount of anonymity that Dash can/could ever deliver(Though it's still less than ring signatures/zeocash).
I'm not here to argue whether the instamined coins are still being held by the instaminers or were sold off. I don' care about that, that doesn't matter, What matters is that the instamine happened anyway and nothing was done to stop it, mainly because Evan benefitted greatly from it(Being the first one there and all). The point is that the instamine happened where over 2million Dashes were mined in less than 2 days, and the block reward and coin supply(Two things that according to Satoshi should never be touched) were absolutely defecated on when they were cut by more than half of their original amounts. That's basically a scam and there's no way around it.
Masternodes undermine the entire point of the blockchain, where activities such as that should be on(Another reason why Coinjoin implemented in the coin is stupid), having such important activities as anonymity being provided by external nodes is just like using mixers for Bitcoins, which makes dash irrelevant.
It's "undermined", no pun intended, because that's the reason the blockchain was created in the first place, to do away with relying on trust aka someone to set up a masternode so you can mix your coins. Dashes entire masternode concept is based upon trust, which Satoshi did away with through Bitcoin. All Dash is doing is reversing that and heading back to centralization and trust. Bitcoin mixers are operated by third parties, so is Dashes masternodes. Point? In fact, there are already plans in the works of creating a decentralized bitcoin mixer, so that itself would make Dash irrelevant as well, since that mixer would deliver the same amount of anonymity that Dash can/could ever deliver(Though it's still less than ring signatures/zeocash).
So after everybody seems to like trolling in here, i should perhaps troll a bit, too !
I hope you are not invested in Monero, because if you are, you should have read at least the ANN Thread of Monero and there you'll find the following:
"A minimum subsidy may be implemented in the future with <1% annual inflation to preserve mining incentives."
So in the end you could have invested in a coin, which could get defecated in the future (at least thats what you told us about changing the blockreward)!
- PoW algorithm: CryptoNight [1]
- Max supply: ~18.4 million [2]
- Block reward: Smoothly varying [3]
- Block time: 60 seconds
- Difficulty: Retargets at every block
[1] CPU + GPU mining (about 1:1 performance for now). Memory-bound by design using AES encryption and several SHA-3 candidates.
[2] Actual number of atomic units is M = 264 - 1. A minimum subsidy may be implemented in the future with <1% annual inflation to preserve mining incentives.
[3] Uses a recurrence relation. Block reward = (M - A) * 2-20 * 10-12, where A = current circulation. Roughly 86% mined in 4 years (see graph).
See bolded
Yeah, that's gonna kill a coin: incentivizing miners while adding a paltry inflation.
You're adding 184,000 max a year in mining incentive in the later years, when most likely, quantum money will be coming online and phasing out all current cryptocurrencies. Who gives a shit? Monero is built with privacy now and implementing a system for the near-term future, not a get-quick-rich scheme intended to flush money into the hands of a few without regard to how this affects the network or actual use. What's better for miners? Incentivizing them for as long as they mine or pushing money to masternode (amwaynode) hoarders?
Obv Joshuar seems to give a shit about it ... at least that was his argument! (It was not mine)