[Discussion] Why is Dash sprinting away from privacy and fungibility? A Look at the Coinfirm.io + Dash Core Team deal and its KYC/AML outcomes.steemCreated with Sketch.

in crypto-news •  10 months ago

1. Dash recently hired Coinfirm, and is paying them from the 10% block reward tax to track all Dash payments except mixed ones. Dash users are paying for their own de-anonymizing. 

It's is now well known that Dash wen't out of their way to partner up with Coinfirm.io, a company who specializes in tracking all transactions, identifying individuals, creating blacklists and whitelists and other KYC/AML services. These rather expensive services are being paid for BY THE BLOCKCHAIN, why would a coin that was once privacy first hire such a company you ask? More control. There are no other good reason behind the motives. Ask yourselves, why would a coin that proclaims to have 100% fungibility be hiring a company that specializes in de-anonymizing, blacklisting and identifying folks?

2. Dash hasn't touched or upgraded Darksend in a very long time, it's still utterly slow, and is in-convenient as hell. Even InstantSend is now offline. 

If Dash truly was privacy first, you would think there would have been many upgrades to their core feature, right? Wrong, Dash has been focused on spending as much of the blockchain funds as possible on marketing gimmicks, tradeshows, and getting a brand new centralized office in Arizona. Those all seem more to be like a bankster-esque approach to a crypto currency who's trying to change the financial world, sounds more like they want to join the old financial world to me..

Hell they don't even have InstantSend right now due to lack of giving a crap about their core selling points, why would a successful crypto basically orphan it's 1st and 2nd best selling points? Because it's a house of cards, duh.

Dash doesn't have a single privacy or instant option on a single mobile device either? So much for a fungible, instant coin, again all marketing.

How could a coin that claims to be private, instant and so on, not have a single mobile wallet with these options available? The answer to this is obvious, it's all marketing, the people behind Dash know exactly what to promise to keep the valuations rising, all while pushing off any important technical updates

3. Why use Dash when you can just use Bitcoin + Samourai Wallet? Even they think the Coinfirm deal is worrisome. Even MAID will be better.

The reason Dash Core team likes to say their coin is valuable is simply due to a few reasons; it's instant, its fungible and the masternodes provide good ROI. But this simply isn't true, first off InstantSend is offline, and Darksend is a complete hack job of a technology. People won't even try to crack it because it's not worth their time, noone uses it in the first place. Just ask Coinfirm... before you know it Coinfirm will be the last nail in the coffin that is the fungibility of Dash.

Once again, it's not about principles, it's about $$$ and hype.

The only reason Dash has any valuation right now is because they are bootstrapping features from other coins and riding a hype machine, if you wan't a really fungible network, wait for Maidsafecoin... or use Samourai Wallet.. Dash is scamming you.

4. Coinfirm engages in blacklisting and is not tracking mixed funds, basically meaning mixed funds will be blacklisted down the road. 

It is well known in the crypto-sphere that KYC/AML laws and people trying to push them are simply trying to ensure these coins are not fungible, and there can be an authoritarian style control in place when there needs to be, if we can't have a privacy first coin, then there is no such thing as financial freedom. Yet Dash, the coin formerly known as Darkcoin and XCoin, which initially was famous for it's privacy first mentality which came about as Darksend, a coinjoin-esque take on privacy, has started the long walk back to mommy and daddy KYC & AML. 

This is not good for consumers, and definitely not good for the future users of Dash. Why do you ask? Because Dash is much like a paper boat in the wind, it goes wherever it is told to. Dash is not a community first coin, it is a small group of people doing whatever they can to get very wealthy off the backs of others around them. Dash is not a privacy first coin, it's a type of ponzi scheme never seen before, and up until now privacy served it's purpose, all the instamined funds are spread out and now the march towards becoming an entirely new coin to keep the profits churning has begun. One day noone will accept mixed funds and dash fingibility will be dead in the water.

There has been a few people bringing these issues to light, but once again the echo chamber prevails:

https://www.dash.org/forum/threads/privacy-first-vs-transparency-first.12057/

https://www.dash.org/forum/threads/masternode-owners-going-to-jail.12845/#post-112188

https://www.dash.org/forum/threads/spies-in-core-team-censorship-etc.12734/#post-110935

https://www.dash.org/forum/threads/pre-proposal-separate-the-network-layer-from-the-vote-layer.12584/#post-110542

https://www.dash.org/forum/threads/worried.12989/#post-113125


Some more juicy tweets from @SamouraiWallet

https://twitter.com/SamouraiWallet/status/814136296159449092


Ps: Evan doesn't even code anymore, check his github, lawl. 


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Truth is I invested in Dash because of its marketing efforts which I saw lacking for other similar tech. You won't turn me off by saying it must be a scam because they advertise too much. I also don't see a point in you saying it is centralized because certain people have high stakes, the same thing can be observed here in Steemit and for all other Crypto. They are all centralized, mass adoption would bring more decentralization. I think Dash is fighting the best battle to mass adoption, when I feel that this is not the case and/or the tech actually falls short I may sell. The price of it could be 1 dollar tomorrow and I'd still hold, simply because I think their efforts to dumb down crypto to the general public are very much needed. Even if Dash doesn't take off anymore I still have the videos which they have produced and they are valuable, they are the reason I invested in the first place other than I saw the tech doing well in exchanges and it's one of the oldest alts.

SamouraiWallet Samourai Wallet tweeted @ 28 Dec 2016 - 15:49 UTC

It's our personal mission. Gonna put the #KYCRunningDogs out of business. Going to ruin the reputation of any inves… twitter.com/i/web/status/8…

Disclaimer: I am just a bot trying to be helpful.

I think they're just publicly doing what the government has been doing anyway. But it is true, people need to be alerted that this happens and be aware of it.

oh noes! Some companies actually feel like they might need to comply with laws if they're going to accept a cryptocurrency! And Dash is helping them do it! Oh the humanity. Get a grip

It seems like monero is going to be the anonymous coin but dash can still be a better bitcoin. The masternode system is not good for an anonymous coin you actually need proof of work. Governments will always be able to go after master nodes or buy influence if need be.

What does "fungibility" mean?

I googled but i'm confused with crypto in general, but i'm trying.

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It keeps each nugget of a currency equal to every other nugget, if Dash is paying Coinfirm to track transactions, then surely blacklists are being made as well; with those you can kill certain 'nuggets' of the coin due to whatever reason you choose; claims of criminal activity, government oversight, collusion, etc.

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oh i c. thanks man

Im starting to get a bigger picture.

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Interestingly if coins are killed doesn't that reduce supply and lift prices?

To me the main allure of crypto is limited supply.