Lessons from Dash community Vs PIVX: How to act like the Adult in the room and stop the pointless hostility to embrace the Currency Competition

in #cryptocurrency7 years ago (edited)

Ever seen a crypto community cheering for another project that aims to compete. I'm sure you've had enough of fighting withing the BTC community that has been so full of in-fighting and censorship. Here is a brief example which is a confession of a core supporter. Read it.

You've had enough of NO2X movement I'm sure. There was an artificial pump and dump in the BTC price and so much hate and censorship and bad blood over and additional 1MB added to the blockchain every 10 mins. Here is some math. 1X6X24X365 = 52,560 MB

Here's a fun fact: A 64GB USB flash drive or a SD card costs less than $20 and the Average Tx fee climbed over $19 while all this was going around.

I'll let that sink in for a while.

Then Let's try something called juxtaposition. Devs and Marketeers may keep things nice and professional on their web pages. So let's try Reddit where a great deal of censoring and fighting over $20 extra expense happen.

But first some context. If you are not aware of PIVX, it's coin named after Private Instant Verified Transactions. They are pretty much a ripoff of Dash. Here is an old infograph put out by PIVX:

PIVX wanted to be the first PoS coin to use ZeroCoin privacy protocol and they worked on it. They did some solid marketing with "Snappy" who is pretty much their Amanda B. Johnson. Somehow things ended up being a little disastrous. Following are bunch of reddit comments not from PIVX subreddit; but from Dash.

 It's useful for dash that pivx exists, they are taking two very different approaches, I hope both can learn from each other. 

That was the top comment when I checked one of the threads.

 Competition is good news 100% of the time.It's not like pivx is a scam coin, there is a real community, real devs and they are working hard to build what they want. It's aggressive, it has bugs, there is nothing wrong with that. Anyone who has invested money in it should have done their due diligence and realised that it's more risky than Dash, if it wasn't it would be worth more. 

Compare that with what BTC maximalists (AKA Fanatic Luddites) were telling about Bitcoin Cash. Oh sorry, according to the core there was only BTrash. Some scam coin which is an altcoin therefor a  shitcoin.

 To put in bluntly, man-up. Pivx is in its infancy and if you somehow perceive that as a threat to Dash, particularly when Dash is all the way at the other end of the coin charts, you're far too sensitive. Get used to currency competition and be glad for it. 

This was a comment used when someone trashed PIVX on Dash subreddit for some serious technical issues. I'll let that sink in for a moment. Again, this was reddit.

People had problems with PIVX too. They had their regrets with PIVX:

 Lol no. I really liked pivx and listened to many many interviews with team members and had very much faith in the project. So much so in fact i liquidated all of my dash to back the project. After every horrible upgrade nightmare with the wallets and forking off in to other block chains , with many people loosing their money in the process, i decided to leave. The system is not stable , so not worth my investment / time. I was so unsure of my money being lost in one of tje many wallet updates ( the reddit is full , every other post, of missing coins, unstable wallets ) i was too afraid to send them off the exchange. Had i just stuck with dash id be up so much right now. 

Dash has a history of being very friendly towards competition. Dash understand that the winner should be on the top not because of sentiment or belief or some cult behind it; but because the product itself is the best. Following is a fairly accurate representation of BTC Vs BCH drama which even led to the hashtag #thestoreofdrama

Now how did Dash react to PIVX when it came out with infographics that were clearly made to make PIVX look superior.

 

Can't fork any of that. 

That's a simple and effective response devoid of any hate or moral high ground of some arbitrary decentralization. Here is another old response given by Dash community toward PIVX:

 And then there's that enormous monthly budget we have to improve our ecosystem, in round figures, a million bucks a month.Then there's the scaling research we are implementing at U of Arizona (I think that's the one...)Then there's the think tank that Evan Duffield just started.The community is pretty awesome too. Although I have no experience with the PIVX community, but they'd have to awesome squared to beat us. 

Dash was friendly with Bitcoin Cash from the beginning.  You may ask why cheer the competition. First of all the competition is with the governments and elites. Second of all Bitcoin Cash isn't the competition for Dash. Here is what DashForceNews which is funded by Dash Decentralized Autonomous Organisation has to say. (For those who don't know; Dash fund's it's own development and people can be paid, sponsored and fired by the network. No need to worry about internal trolls and splits. They don't happen in Dash.)

 There are many reasons for Dash advocates to welcome the addition of Bitcoin Cash to the cryptocurrency ecosystem. Like Dash, Bitcoin Cash is striving to fulfill Satoshi’s original vision of Bitcoin as a peer-to-peer electronic cash system. Both Dash users and Bitcoin Cash advocates recognize that bigger blocks are necessary if cryptocurrency is to compete against the existing financial system, which processes thousands of transactions per second—far beyond the capabilities of a 1MB-blocksize cryptocurrency.Further, like Bitcoin Cash advocates, most in the Dash community are wary of using software hacks like Segwit to solve the scaling issue. While there might be much to commend implementing Segwit, it is not a long term means for creating a robust, global peer-to-peer payment network. 
 When Bitcoin was first created, it was touted as a peer-to-peer electronic cash system. Since that time, Bitcoin has evolved into more of a store-of-value than a cash system. Whether this is a good thing or not is for the market to decide. But one thing is sure: there is still a need for a cash system like the one Satoshi first envisioned. Up until now, Dash was the only major cryptocurrency focused on fulfilling that vision. With the activation of Bitcoin Cash, there will be another player in that space. 

 The ability for Bitcoin Cash’s large blocks to efficiently process significant transaction volume while maintaining low fees demonstrates the validity of a big-block approach with on-chain scaling. Dash famously committed to a purely on-chain approach to scaling the network earlier this year, with over 400mb blocks down the road to enable the network to scale to 5,000 transactions per second. The surge in Bitcoin Cash transactions demonstrates that, in practice as well as theory, larger blocks can be an efficient way of handling large transaction loads without resorting to off-chain scaling, lending some credence to Dash’s long-term scaling plan. 

The bottom line is that Dash community fully support Bitcoin Cash and Roger Ver. Dash is not afraid BCH will become the peer-to-peer electronic cash system that Satoshi envisioned. BCH has no governance, no self-funded treasury, no instant transaction, no private transactions. It's just good old Bitcoin that got everyone's attention in its real form. Dash and other coins that were inspired by Dash are simply the evolution of the Original Bitcoin. 

But at least BCH had no privacy or instant send features. BCH had no governance or incentivized nodes. Unlike Bitcoin Cash which recieved so much hate from the Bitcoin community for wanting to give users the ability to send fast and easy transactions, PIVX has a lot of features and some killer marketing. They ripoff so many things that made Dash super successful. So shouldn't Dash be afraid. Shouldn't there be hostility or tribalism? I'll let a reddit community member answer that question.

 PIVX is not my enemy. It's not even really my competitor. I wish them all the luck. There will be room for many winners in the crypto space.Sure, PIVX is experiencing some technical difficulties. Would you rather own Venezuelan Bolivers or PIVX? I thought so....I also happen to believe that Dash has first mover advantage:
  1. First self funded Treasury
  2. First functional DAO (Decentralized Autonomous Organization)
  3. Many technical innovations like Masternodes and gravity wave difficulty adjustments, InstantSend, PrivateSend, etc etc etc.
If PIVX becomes a serious competitor, we'll just work that much harder. I welcome the competition. 

To me that last quote is everything that crypto/blockchain community should strive to become. There were fights between tribes, fights between kings and fights between religions. Nothing good came out of them. Technology is conquest through becoming better. That's how capitalism and free market works. If the other guy had a screw up; Be glad that there are other people fighting the good fight and that you have some competition. If the other guy is doing better, strive to become better yourself and try harder!

Sort:  

Professionalism and Respect. That wasn't so hard was it?

The flippening video is hilarious!

Yet it's very rare in cryptos. BTC and Monero are the worst offenders I've seen. Dogecoin seemed like the friendliest one of all the popular ones. NEM is also pretty good. They remain very low key but they are a sleeping giant (even after the recent price doubling).

I've been thinking about dumping my Monero. That coin just doesn't seem to have it together and I don't feel that coins based solely on privacy/anonymous transactions are going to do that well once the legislation starts flying.

There are bigger problems than that.
https://www.reddit.com/r/dashpay/comments/65fz68/dashs_privacy_feature_has_never_been_broken_turns/
https://getmonero.org/2017/04/19/an-unofficial-response-to-an-empirical-analysis-of-linkability.html
They claim to have fixed everything since 2017 but a purely privacy coin that was an unintended scam for 2 years isn't even a proper privacy coins. Verge which had a recent bull run kind of deserved it. They are a good community with HODLers and McAfee approved tech.

Also they have Avg Tx fee of 5.94 (https://bitinfocharts.com/monero/) despite only doing 6-7K Tx a day. That's 0.07 Tx per second. Their daily reccord is 10,914 (http://www.blocktivity.info/)
A single day has 86,400 seconds.
Bitshares and STEEM can be scaled to do 100,000 Tx per second.

Monero is everything BTC promised to be but has failed to deliver.
Aside from that, what I find frustrating is that DASH and ZEC have higher valuations than Monero simply because they are pre-mined corporate style endeavours with marketing teams and corporate relationships etc, so they have the money to pay full time developers and get stuff done more quickly, and do corporate outreach for partnerships, and gain more rapid widespread adoption.
Monero is just doing the legit decentralised transparent community based approach. Monero actually is what everyone claims to support, but don't always actually support.
I'm still hoping for Monero dominance though, because despite the handicaps of being entirely operated by volunteers and reliant upon donations, it still has the best privacy and tech features out of all of them. (It also has the most upside - so much more growth available when it gets more user-friendly wallets for a start!)

Monero will certainly climb up with User friendly wallets. But dominance is never going to happen without proper governance, scaling, cheap Tx and business integration. IMO the biggest flaw of Monero is that it's a coin without a governance model entirely operated by volunteers and reliant upon donations.

I have a hard time betting on a currency with no self-funded treasury. I'm not a massive fan of ZEC but Snowden seems to be impressed with the team of professionals. That does say a lot. The trusted setup isn't something I like very much. But then the zk-SNARKs really gets the geek in me light up.

Also I'd like to share these 2 links: https://getmonero.org/2017/04/19/an-unofficial-response-to-an-empirical-analysis-of-linkability.html
https://www.reddit.com/r/dashpay/comments/65fz68/dashs_privacy_feature_has_never_been_broken_turns/

For 2 years Monero was an unintended scam. Their privacy didn't work. I still mine XMR as a token of support for the fight against fiat money. But Monero doesn't exactly impress me.

Anyways, thanks for stopping by to comment.

The more coins created and less of dominance of, i.e. btc- in the marketplace, the more decentralized and better for the internet of money- according to original vision.

The best coin will win the competition and later down the road, an even better coin would rise. That's how we progress technologically. Competition breeds innovation which leads to prosperity.

Happy steeming!

I am really hoping that this is how it plays out and that decentralization can eliminate the corruption. There are ample historical lessons where the best technology didn't win out because of poor marketing and/or outright manipulation by powerful insiders. Coming to mind are VHS/BetaMax in the 80s / 90s (I can't remember exactly, seems so long ago) and the electric car back in the 1920s.

Bitcoin is easily one the worst top 50 crypto and it's worth hundreds of billions. But just like many of those previous inventions caught up, alt- coins will catch up. It won't be easy and it will be a fight. But it's a one that can be won. Solar energy is getting traction. Wireless energy is becoming a thing. Electric vehicles are becoming the hottest thing in the automobile industry. In cryptos time flies much faster.

This post received a 37% upvote from @morwhale team thanks to @vimukthi! For more information, click here! , TeamMorocco! .

@vimukthi,

Great article, my friend.

This echoes the wisest - but seldom practiced - way to succeed at anything:

Create. Then let the others try to compete.

And may the best coin win...

Namaste,

JaiChai

Long live currency competition!

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