Post
Topic
Board Announcements (Altcoins)
Re: [ANN][DRK] DarkCoin | First Anonymous Coin | First X11 | First DGW | Fork for Masternode Payment
by
coins101
on 10/07/2014, 23:04:05 UTC
...

Darkcoin suffers from a bad methodology to achieve anonymity and it's put everything into this one basket.

Sorry to hear you lost faith in the project. Also, sorry you're going to be getting out at a horrible time (right before I announce I have EVERYTHING figured out to make Darkcoin mainstream?).

Over the past couple of days, I've made huge leaps in the Darksend technology. In fact, RC4 will be the final solution to Darkcoin's anonymity. The client will automatically look at all of your funds and it will be able to tell which funds are not anonymized, if it finds non-anonymous outputs it will run them through a darksend with other clients. After that process, users can send without Darksend using the anonymous outputs for instant transactions without waiting for other nodes (with no upper limit on transaction sizes).

The other thing you're missing is that there is a reason I forked Bitcoin. Adoption for Darkcoin will be MUCH faster and easier for vendors, because all of the APIs are the same.

Expect more news in a few days. I have lots of work to do, but soon we can start testing all of this new functionality.

See?

 Bitcoin is one thing, LTC is another.

 If you're a BTC merchant, you're a brave warrior, plowing new territory.
 If you're also an LTC merchant, you're 2 steps ahead of the previous , tech wise.
 Merchant regulation SUCKS, but has societal purpose.
 DRK solves BTC's prime problem for merchants.
 DRK solves BTC's prime problem for merchant's clients

 DRK solves BTC's prime problem for immense immovable scrutinised private capital.

  No need to have a cryptography degree to solve this equation.  Grin

Darkcoin is brilliant both for micro and macro transactions

How does DRK solve any problem for merchants and clients?  I have bought items from reputable merchants using Bitcoin. I didn't notice any problems.  In fact, every purchase I have made from overstock.com was flawless and immediate.  There isn't any problem that needs to be solved.    
 and as long as you pay taxes when you convert to fiat they
DRK does indeed solve BTC's traceability when it comes to money laundering and other nefarious purposes.  

The beauty of BTC not being anonymous is that it will be adopted by the mainstream and used for actual financial transaction.  I still have not heard where you will be able to spend DRK or even any reputable vendor embracing DRK as a payment method.  It likely won't happen because businesses are not going to put themselves in a position where they could potentially run into trouble with FinCEN.  In case you don't know, FinCEN "Financial Crimes Enforcement Network http://www.fincen.gov/ " mission is:
 
"FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities."

I would hate to have my fortune tied up in an anonymous cryptocurrency that could be shut down at anytime by the United States Government using the Patriot Act and National Security as justification.  They find a Darkcoin wallet on a seized terrorist laptop and it's lights out for Darkcoin.  Any company hosting masternodes in the United States will comply with any order to shut down Darkcoin network traffic.  European governments would follow suit, most South American countries will do whatever the US tells them to do and the Chinese don't want any crytptocurrency.

What many fail to see is that the main selling point of Darkcoin could actually cause it's demise.  Do you actually think that the United States government is just going to allow people to send whatever they want to whoever they want?  Potentially funding terrorists or laundering money to avoid paying taxes?  Not gonna happen.  Congress would find bipartisan support to enact laws to prevent just that from happening.  



Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury, confirms that financial privacy is a real and important aspect of all financial transactions.

The view on regulation is currently being considered in a similar light to Bitcoin. The Bank Secrecy Act and existing AML policies towards digital currency will still apply. In general, moving in and out of fiat requires the use of regulated entities.

Non disclosure of financial transactions on a blockchain ledger is not a reason to stop anonymity tools such as Darkcoin.

https://www.youtube.com/watch?v=M7bbDpwlTws&feature=youtu.be&t=11m48s

~12mins


You seem to have missed the person who enforces the section of law you are quoting, saying anonymous crypto is OK.

The US government ain't shutting anything down.