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Dash's Path Back to the Top

thedesertlynx

Active member
As many of you are surely aware, Dash has had a rough few years, up until the last couple where Quantum and team managed to get development back on track and finally release Evolution. I've made good progress this year rebuilding our partnerships and getting our marketing ready to put us back on the map. However, even after Evolution actives, we can't rest. We have work to do.

The following is a path back to the top of the crypto market rankings where we belong, including current progress and actionable steps.

Fixing Dash's Identity Crisis

Dash is currently in a bit of an identity crisis, where we don't know exactly what we do or who we're for. In the Darkcoin days, it was simple: Dash was a privacy coin, perfect for cypherpunks and freedom advocates seeking radical financial sovereignty. With the rebrand to Dash, however, we pivoted to a more general-purpose digital cash for the masses. A big part of that was Evolution, and we've been so laser-focused on delivering it that we haven't focused on much else over the years.

Now, most of Dash's development and attention has focused on Evolution for the past 9 years, and we've built something that goes far beyond simple usability features for Dash. So now, Dash is sort of advanced data contract platform, sort of digital cash, and doesn't yet do either of them as well as the competition. Yes, moving forward Dash will have to be more than one thing, but with a common theme: you own your money, you own your data.

But first, we have to fix the payments side of things. Dash is in an awkward position where it's digital cash, but doesn't serve any customer particularly well.

There's two main payment customer types:
  1. "Freedom money" users
  2. Regular payment users
The first type is most similar to early Bitcoin users and present-day Monero users. They want maximum sovereignty: non-fiat valuation, maximum decentralization/censorship resistance, and hardcore privacy. They buy with cash or on a DEX, self-custody, keep value in the native token, and want to spend directly as privately as possible. Dash fits the bill on everything except privacy. The level of protection against surveillance is not comparable to modern competitors in the privacy coin space, but more importantly, the user experience of mixing funds for hours at a time before spending isn't competitive. We aren't in the conversation anymore for this user type largely. This user type will use Monero, Zcash, Zano, even Litecoin now that it has MWEB before they'll use Dash.

The second type is the "normie" user, someone new to crypto, wanting to save on fees and friction caused by banks, or unbanked/underbanked. This user type wants everything that Dash offers (speed, security, usability, low fees), except one thing: the ability to transact in a stable unit of account. They want to send digital payments denominated in dollars, euros, etc. We've seen Ethereum L2s, Tron, Solana, and other networks make significant inroads serving this user type.

Dash currently serves neither of these two main payment groups! We're not currently ideal or any payment market, so it isn't an understatement that the situation is critical for a payment coin. Two big steps we can do to remedy this:

Privacy Overhaul

In order to compete in the digital cash space, we need a privacy overhaul of some sort, particularly for the user experience to remove the need for (or dramatically speed up the process of) mixing. There are a few ways we can do this, and I'm currently engaging with a developer and Core to draft up DIPs so we can at least evaluate some of the options on the table, current research, difficulty and trade-offs vs. benefits of integrating into Dash, and so on.

Additionally, I have secured a verbal commitment from an external nonprofit to fund the development of privacy improvements on Dash. This means that we may very well be able to bring in new developers to bring extra functionality to the Dash network at little or no cost to the DAO, which is especially promising since this kind of development can otherwise prove costly.

One final side note: having more advanced privacy functions will likely be the base requirement before even competing in any segment of the payments space moving forward. Even PayPal's PYUSD stablecoin, one of the most mainstream and regulated payment products in the world (and one of the very few assets on the New York Department of Financial Services greenlist), actively promotes a privacy feature which hides amounts (page 8):

"Allows merchants to keep transaction amounts confidential for their consumers while maintaining visibility for regulatory purposes. This is not dissimilar from today’s commerce—for instance, you cannot see the financial statements of your neighborhood coffee shop just because you buy from the shop daily."

Stablecoins

In order to compete in the more normalized everyday commerce segments of the payments space, we need stablecoin support. We would probably need support for one or both of the top centralized stablecoins (USDC and USDT) in order to provide real payments utility for the unbanked, remittance users, etc.

In order to implement this, we would first need token support activated on Evolution, and then to work with issuing companies to get their stablecoin active on our network. I am already speaking to several major stablecoin issuers so that we can have our options on the table before the functionality is shipped.

Additionally, if we ever want a true decentralized stablecoin, we would probably need smart contracts. This may even be a requirement for some centralized stablecoin types.


Fixing Regulatory Issues

Dash has faced issues from regulators and their second-order effects over the years, and these have significantly held back Dash adoption as well as price. Some delistings are unavoidable for any project with a privacy reputation past or present, but other issues are definitely inside our control. We're actively working to address these blockages in Europe and the US.

BitLicense

The biggest issue is the New York Department of Financial Services (NYDFS) BitLicense. NYDFS currently greenlists only a handful of assets that any New York-licensed company can support without explicit permission, and companies have to explicitly apply for permission to offer any other crypto asset to their customers. Dash is currently unavailable in New York. As a result, no New York-based company can support the buying and selling of Dash in New York. As a result, we've been blocked out of many crucial integrations int he US.

In order to solve this problem, all we need is for a BitLicensed exchange to self-certify that Dash is able to be used in a manner compliant with New York law, and that they wish to offer it to their customers. If successful, this would likely lead to Dash being easily available in the whole of New York, but even if not, a single exchange would be worth it.

I'm actively seeking conversations with the top BitLicensed exchanges to solve this issue. I have a few promising leads, but if anyone else has direct contacts that can lead to decision-makers at the major BitLicensed exchanges, I would appreciate any and every contact.

MiCA

European regulations concerning cryptocurrencies, in particular the usage of privacy coins, have kept Dash unavailable at a few different exchanges in a few select countries. This is a country-by-country issue, as some regulators interpret the regulations more strictly. Our ability to solve these issues is not guaranteed, however we can potentially convince key exchanges and regulators that Dash can be supported in a fully-compliant way.

I have engaged with a lawyer and we are ready to proceed with drawing up a legal opinion that we can then take to regulators and exchanges, however this is on pause for the moment until we tackle more pressing issues such as the BitLicense.

Completing Missing Integrations

We are also targeting several key integrations which would significantly boost Dash's utility and adoption. First would be a BitLicensed exchange to provide access to Dash for New York-based customers. A prerequisite of this would of course be successfully self-certifying that Dash is able to be listed in a compliant manner, and an exchange seeking to add Dash would do this. Coinbase, which already supports Dash in 49/50 states, could also do this. One of the major integrations we unlock once we attain this exchange is Flexa, a payment rail that allows crypto to be easily spent in thousands of merchants around the US. Flexa awarded a grant to Dash to integrate its SDK into the wallet, however Dash is unable to capitalize on this grant because of BitLicense-related issues. If we solve them, we get Flexa. In addition, other payment processors like BitPay could potentially list Dash easily as well at that point.

In Europe, CoinGate and Coinify are two of the major crypto payment processors, and both have removed Dash due to regulatory concerns. If we were to solve our issues in Europe, we could be re-listed, significantly increasing the number of Dash-accepting merchants. We could also get relisted on major European exchanges that have either removed Dash or never added it to begin with.

Finally, we are missing a couple of key integrations for Web3 services, namely the WalletConnect protocol and the CTRL (formerly XDEFI) wallet. Achieving Dash support in these would significantly facilitate our utility in DeFi front-ends such as those supporting the Maya Protocol, as well as many modern noncustodial payment processors. Thankfully, the Dash Incubator is already working on solving this.

(continued...)
 
Evolution

The Evolution release brings functionality to the payments use case for Dash, but also opens up many other new possibilities. Those can be fleshed out more in-depth after we have a stable platform and the first couple of data contracts running smoothly. We should, however, look towards rounding out its functionality over the coming years so that it is competitive in the crypto space enough to attract large projects to build on Dash. In relatively short order we should add fungible token functionality, followed by the ability for developers to monetize data contracts so that they can receive a portion of fees generated by executing the contract. Past that, smart contracts will probably be very useful in the longer term, as well as potentially IBC (Cosmos) compatibility, which would enable easy bridging of tokens from the many Cosmos chains in existence to Dash. Of course, the Platform team is still in the process of deciding its roadmap and priorities long-term, so this only seeks to create a public discussion around desired functionality.

Conclusion

To recap, what we need to build:
-Core chain privacy overhaul
-Evo chain tokens
-Evo data contract monetization
-Evo chain smart contracts
-Evo chain IBC (possibly)

Regulations we need to solve:
-NYDFS BitLicense
-EU MiCA (implementation varies by country)

Integrations we need:
-NY liquidity provider (need Bitlicense for this)
-Flexa (need NY liquidity provider for this)
-BitPay (need NY liquidity provider for this)
-CoinGate/Coinify (need MiCA for this)
-Major European exchanges like BitGet (need MiCA)
-WalletConnect (in progress)
-XDEFI (in progress)

I believe much of the above could potentially be achievable by the end of next year if we work hard enough. I also believe that, if we make significant inroads in checking off items on this list, we can significantly grow our user base and market cap ranking and truly start our comeback journey.

Let's bring Dash back to the top.
 
If I didn't know better, I'd say Ryan wrote this compliance BS. All coming from the guy that insists he doesn't like banks and KYC. I thought zcash required KYC before they paid you?

Gonna go to the DAO to ask for $100,000 to get a BitLicense because, you know, then we can tick off the one state dash can't reach, because compliance is the goal now.

It's not immediately obvious but I think you are saying, only on the stable coin side of things, something like the PYUSD privacy model would be used i.e. no hiding from banking / LE. In which case, what are the unique selling points of a stable coin on dash? Sounds like more regulator BS to me. It better be a really good selling point to compete with USDC which is also on cosmos.

It's good that you finally admit that PrivateSend CoinJoin is shit. Decred now does mixing without masternodes or centralized coordinators, so if you're suggesting CoinJoin without masternode dependency, then okay, I can buy that. End of the day, it has to be as smooth and as flawless as MWEB. In fact, I don't know why dash doesn't just port MWEB instead of writing more DIPs.

As for owning your data, turns out it's just a few KB because it's a very expensive network operation. Given the artificial upper working limits of the 4K masternode network, I fail to see how this is affordable and scalable at large.

Imo, this is just a laundry list of dependencies to keep a rigged DAO paying DCG and yourself. Just like all previous "discussions", DCG will direct the outcome and there will be no compromises, exactly like the HPMN "discussion". During that discussion, it was said that once Platform was out, DCG would have more time and resources to do other things, such as moving the DAO to Platform. Well, it was BS then and it's BS now. Before anything on this list happens, the top priority should be a complete overhaul of the dash DAO. But how's that going to happen when it's already captive by a powerful few?
 
If I didn't know better, I'd say Ryan wrote this compliance BS. All coming from the guy that insists he doesn't like banks and KYC. I thought zcash required KYC before they paid you?

Gonna go to the DAO to ask for $100,000 to get a BitLicense because, you know, then we can tick off the one state dash can't reach, because compliance is the goal now.

It's not immediately obvious but I think you are saying, only on the stable coin side of things, something like the PYUSD privacy model would be used i.e. no hiding from banking / LE. In which case, what are the unique selling points of a stable coin on dash? Sounds like more regulator BS to me. It better be a really good selling point to compete with USDC which is also on cosmos.

It's good that you finally admit that PrivateSend CoinJoin is shit. Decred now does mixing without masternodes or centralized coordinators, so if you're suggesting CoinJoin without masternode dependency, then okay, I can buy that. End of the day, it has to be as smooth and as flawless as MWEB. In fact, I don't know why dash doesn't just port MWEB instead of writing more DIPs.

As for owning your data, turns out it's just a few KB because it's a very expensive network operation. Given the artificial upper working limits of the 4K masternode network, I fail to see how this is affordable and scalable at large.

Imo, this is just a laundry list of dependencies to keep a rigged DAO paying DCG and yourself. Just like all previous "discussions", DCG will direct the outcome and there will be no compromises, exactly like the HPMN "discussion". During that discussion, it was said that once Platform was out, DCG would have more time and resources to do other things, such as moving the DAO to Platform. Well, it was BS then and it's BS now. Before anything on this list happens, the top priority should be a complete overhaul of the dash DAO. But how's that going to happen when it's already captive by a powerful few?
Damn, I finally read something meaningful in this godforsaken redoubt.

I thought they were all blind on this point, but I see that there is at least one person with common sense and consistency.

All the best
 
I'm still an advocate of Coinjoin as being the foundation of privacy as it provides true fungibility as opposed to the appearance of fungibility via obfuscation. However, I agree in that it is not enough in of itself - we need the ability to hide transactions. I believe that adding a second privacy tech on top of coinjoin will provide the best, most durable form of privacy available.

Historically, I've been opposed to stable coins but if it's what the market wants and is what we need to do to get back in the race, we may as well go for it. We don't have much to lose at this point.

Regarding bitlicense and regulation, it makes my skin crawl thinking about, but like stable coins, if it's what we have to do, it's what we have to do.

I think this is a good plan and I'm optimistic about our future if we move forward with it.
 
Regarding bitlicense and regulation, it makes my skin crawl thinking about, but like stable coins, if it's what we have to do, it's what we have to do.

It should make your skin crawl, it's a disgusting proposition from the mouths of parasites. Stop looking at your bags, stand up, brush yourself down and show them you have some dignity.

It's easy to spend other people's money. When it fails, NONE OF THEM will be suffering sleepless nights wondering how to pay the rent and put food on the table. It's not their money, it comes from this amazing machine that let's people take from the treasury without loss, right? How about the opportunity cost of investing elsewhere? How about the very high cost to dash's reputation? With such conviction, let them pay for it out of their own pockets. They can go to the treasury with results in hand.

These parasites need to be challenged head on. They have quietly agreed among themselves not to engage with me because this minimizes their losses, they have weak defences. It's okay to challenge them with questions that makes them uncomfortable.
 
Firstly, great post! You've shared many valuable ideas and proposals.

For the most part, I really appreciate what you've outlined—I'd say I agree with about 90% of it.

If we're serious about competing or at least staying relevant, we absolutely need to prioritize the following:
  • A stablecoin
  • Smart contracts
These are the bare minimum requirements. If we want to differentiate ourselves and stand out, enhancing our privacy features should be a key focus. We have several options to explore in this area.

The one point where I differ—or rather, where I'm unsure—is the idea of appeasing governments and the regulators who dictate what's allowed. Their positions are inconsistent and ever-changing. Plus, I see countless questionable coins getting listed everywhere, many of which likely don't have proper licenses. Even Dogecoin is accepted as payment in multiple places.

For example, why isn't Dash listed on Crypto.com? I've asked them multiple times, and their response is always that they don't have the time, yet they seem to list a new questionable coin almost daily. I just don't get it! The system seems rigged, and perhaps we need to engage in the less-than-ideal practice of paying for listings on certain exchanges.

Regardless, I'm here to support and help in any way I can. I agree that for Dash to survive and compete, we need much better privacy features, smart contracts, and a stablecoin.

Lastly, there's a big elephant in the room: scalability. Can Dash handle a massive number of transactions, like Solana, for example? Scalability is an area where many projects falter—either they can't scale, or if they can, they often become overly centralized. Where do we stand on this?

P.S. Let's keep the discussion mature and respectful. We're all rooting for Dash to succeed. If you disagree with something, I encourage you to offer constructive alternatives rather than resorting to name-calling.

Cheers!
 
If we're serious about competing or at least staying relevant, we absolutely need to prioritize the following:
  • A stablecoin
  • Smart contracts
These are the bare minimum requirements. If we want to differentiate ourselves and stand out, enhancing our privacy features should be a key focus. We have several options to explore in this area.

What do you imagine the unique selling points are of a dash stablecoin that is built to keep regulators happy?

Do you feel it is acceptable to compromise user privacy and dash's reputation to uphold it, in order to appease regulators?
 
Firstly, great post! You've shared many valuable ideas and proposals.

For the most part, I really appreciate what you've outlined—I'd say I agree with about 90% of it.

If we're serious about competing or at least staying relevant, we absolutely need to prioritize the following:
  • A stablecoin
  • Smart contracts
These are the bare minimum requirements. If we want to differentiate ourselves and stand out, enhancing our privacy features should be a key focus. We have several options to explore in this area.

The one point where I differ—or rather, where I'm unsure—is the idea of appeasing governments and the regulators who dictate what's allowed. Their positions are inconsistent and ever-changing. Plus, I see countless questionable coins getting listed everywhere, many of which likely don't have proper licenses. Even Dogecoin is accepted as payment in multiple places.

For example, why isn't Dash listed on Crypto.com? I've asked them multiple times, and their response is always that they don't have the time, yet they seem to list a new questionable coin almost daily. I just don't get it! The system seems rigged, and perhaps we need to engage in the less-than-ideal practice of paying for listings on certain exchanges.

Regardless, I'm here to support and help in any way I can. I agree that for Dash to survive and compete, we need much better privacy features, smart contracts, and a stablecoin.

Lastly, there's a big elephant in the room: scalability. Can Dash handle a massive number of transactions, like Solana, for example? Scalability is an area where many projects falter—either they can't scale, or if they can, they often become overly centralized. Where do we stand on this?

P.S. Let's keep the discussion mature and respectful. We're all rooting for Dash to succeed. If you disagree with something, I encourage you to offer constructive alternatives rather than resorting to name-calling.

Cheers!
Thanks for the nice words!

Regarding regulatory matters, what I've described isn't at all appeasement. You know what is? Completely halting the evolution of our privacy tech, being too scared to talk about our first major feature publicly, and even going out and publicly saying "We are not a privacy coin." All that is appeasement, shameful, and has lost us many users and investors, while gained us nothing. We will not be doing that anymore.

What we will be doing is hiring a lawyer to negotiate fairer treatment for the uncompromising stand on radical sovereignty that we will continue to take. No sane person considers it appeasement to hire counsel. Is Ross Ulbricht an appeaser for hiring counsel? Is Julian Assange for cutting a plea deal to be free? No. They're sensible people negotiating fairer treatment. That's all we're doing: getting legal counsel for fairer treatment, and convincing companies who want to support us they won't go to prison if they do.

Regarding scaling, I also agree, but I don't think it's an elephant in the room. We did scaling research many years ago, it showed we can easily scale to much higher levels on the Core chain using technology that was existing in 2018. Today other UTXO chains have posted transaction totals as high as hundreds of millions a day. On the Platform side of things, that's a less-studied route, but some of the immediate priorities of the team after getting it running and stable are to scale. Thankfully, mass scale of account-based smart contract chains is well-studied and implemented, and sharding could be implemented in the future to achieve a truly mass scale.

But the bigger scaling issue is that we need more people using the Dash network. I'm working on some initiatives, but the utility points described in the original post will make Dash a whole lot easier to sell to new users.
 
appeae:
  • to prevent further disagreement or fighting by letting the opposing side have something that they want
You specifically highlighted PYUSD which grants full transparency to banking and LE.

No room for omission, be straight with us and confirm all of the following.

A dash stable coin will be
  • untraceable to all, including to those in banking and LE?
  • the smart contracts will be 100% immutable?
  • the smart contracts will not permit the freezing of funds, or other debilitating function?
  • the smart contracts will be immune to political sanctions?
  • the dash dao will be entirely incapable of modifying, restricting or otherwise compromising on all of the above activities?
Readers: Don't let these questions go unanswered. Do not accept silence. Challenge and re-challenge until you get all the facts you need.
 
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What do you imagine the unique selling points are of a dash stablecoin that is built to keep regulators happy?

Do you feel it is acceptable to compromise user privacy and dash's reputation to uphold it, in order to appease regulators?

Here's a refined version of your text:

The main reason for integrating a stablecoin is to meet the needs of our users and customers. Personally, I use stablecoins frequently, often opting for Solana. I'd much rather use Dash if it had a stablecoin option. By not offering a stablecoin, we're ignoring a significant user base.

As for privacy, there's no need to compromise. We can have strong privacy features alongside stablecoins and smart contracts. For example, smart contracts could offer both permissionless and permissioned options—similar to how USDC can freeze funds. At least, this is how I envision it could work.

Looking at other privacy-focused projects like Firo or Monero, they allow users to audit their funds by sharing a spend key (sorry if I'm not using the correct term). This approach offers robust privacy while still enabling auditing when required by exchanges and regulators.
I want Dash to be a powerhouse—offering exceptional privacy alongside features that people actually want and use. Right now, we're lacking in key areas: we don't have strong privacy, smart contracts, NFTs, or a stablecoin. So we need to ask ourselves, why would anyone choose to buy Dash?

For privacy, there are better alternatives. For faster and cheaper transactions, many options exist as well.
With EVO, we have a real opportunity to attract developers and new users, but we won't succeed without incorporating these essential features. That's how I see it.
 
Lastly, there's a big elephant in the room: scalability. Can Dash handle a massive number of transactions, like Solana, for example?

Yes! 95% of their TXes are fake or just internal chatter that other blockchains don't count as actual transactions, we've got this ! ;)
 
appeae:
  • to prevent further disagreement or fighting by letting the opposing side have something that they want
You specifically highlighted PYUSD which grants full transparency to banking and LE.

No room for omission, be straight with us and confirm all of the following.

A dash stable coin will be
  • untraceable to all, including to those in banking and LE?
  • the smart contracts will be 100% immutable?
  • the smart contracts will not permit the freezing of funds, or other debilitating function?
  • the smart contracts will be immune to political sanctions?
  • the dash dao will be entirely incapable of modifying, restricting or otherwise compromising on all of the above activities?
Readers: Don't let these questions go unanswered. Do not accept silence. Challenge and re-challenge until you get all the facts you need.
Who benefits from an identity crisis again in Dash?

To those who right now have some control over the budget, or to new projects that are trying to enter to achieve changes after years of drinking the same potion?

We missed an important train in 2018, when no one was interested in a stable currency or making smart contracts, we let privacy wither because it was dangerous for regulators, thousands of dollars were spent on advice and lawyers for nothing...

Always diverting attention from what is truly important. Digital money, fast, safe, and cheap, as well as decentralized.

They were going to negotiate with an offshore bank how to provide liquidity to a card that would actually be used to spend Dash and provide liquidity to the project. Thousands of dollars were spent on trips for this case.

Now we're back to square one because we want NY Dash to be friendly to regulators...

This project has been constantly going awry and all to prolong an agony that finances the accounts of deceivers who after years have contributed hardly anything to the project.

Keep listening to siren songs and applauding harlequins, but don't forget to check your pockets in case they have taken your wallet.

Don't pay anything until you see real commitment and actions, not projects built on clouds on the backs of unicorns.
 
@vampyren I think what you describe is a wallet issue, not a requirement for a dash specific stable coin. To my knowledge there have been no impediments for the dash wallet to include USDC from solana, polygon, cosmos etc. It just needs a backend to allow people to switch in and out (maya protocol etc).

Now, you may say, "but dash is the better blockchain" and I won't disagree with you... but let me ask you, do you put your savings into solana and carry it around in your pocket all day? I mean, I bet you don't even do that with dash. The sensible way is to keep your savings in cold storage and your day to day spending in a mobile wallet. With this perspective, I don't think most users care that much whether it's dash, solana, polygon etc. It just needs to work and the user offsets the risks. I understand what you're saying but we're the exceptions here, we are not the normies.

Regarding smart contracts, I wouldn't worry about that too much. From what I understand, DCG is looking to switch dash to the cosmos ecosystem. That will almost certainly mean smart contracts in WASM which can be written in many languages. It's not a bad move.

Regarding privacy, the word you're looking for a view key and I don't see anything wrong with it as such ability is under the full control of the end user.
 
I'm not quite sure how adding support for other chains in our wallet would directly benefit Dash.

Perhaps I didn't explain my point clearly enough. What I'm advocating for is having a stablecoin on our chain, similar to what Solana offers.

If we could implement smart contracts similar to Cosmos, that would be fantastic. With such functionality, it should be possible to introduce many features on Dash, including a stablecoin. Or am I mistaken in thinking this?

And yes, you're right—it’s called the view key. WE don't want to have a inferior privacy right ;)
 
I'm not quite sure how adding support for other chains in our wallet would directly benefit Dash.

Perhaps I didn't explain my point clearly enough. What I'm advocating for is having a stablecoin on our chain, similar to what Solana offers.

Am still waiting to hear the benefits...

Say you have $100 USDC (DASH) in your wallet but the retailer only accepts USDC (SOL). What you gonna do, bridge it? From a UX perspective, bridging, swapping, it's all the same.

A long time ago, I suggested that bitcoin should be added to the dash wallet. Why? - because dash is superior for payments and putting bitcoin in the dash wallet opens the doors for upselling users.

Which do you think is cheapest and fastest to market:
  • adding USDC (SOL) to the dash wallet? or
  • spending $100K+ and navigating a string of technical and legal dependencies for USDC (DASH)?
I bet the first option could be done within weeks and it doesn't exclude the second option later on.
 
Am still waiting to hear the benefits...

Say you have $100 USDC (DASH) in your wallet but the retailer only accepts USDC (SOL). What you gonna do, bridge it? From a UX perspective, bridging, swapping, it's all the same.

A long time ago, I suggested that bitcoin should be added to the dash wallet. Why? - because dash is superior for payments and putting bitcoin in the dash wallet opens the doors for upselling users.

Which do you think is cheapest and fastest to market:
  • adding USDC (SOL) to the dash wallet? or
  • spending $100K+ and navigating a string of technical and legal dependencies for USDC (DASH)?
I bet the first option could be done within weeks and it doesn't exclude the second option later on.
Just have a look at the image from defilama:

What does that tell you?

And ofc we need to aim for adding native Dash network if we ever get stablecoin. Otherwise what's the point!
You say yourself our chain is superior so let's use it!
I don't want to use bridges and all that crap for sending between either. I rather have my money on native Dash network. That's the whole point.
By having that we open up allot of stuff like on Cosmos or rather
osmosis-dex
Osmosis ! Like Dash-USDT pair trading and a bunch of other stuff.
 

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No, but we have the shittiest UX ever. No one wants to wait hours to mix. And even then, after mixing we are right back to connecting UTXOs. Dash usernames are kind of like shielded addresses, so that's a plus, but then that also comes with new privacy challenges.
And that's the reason we try to advocate for other solutions like Lelantus or even MW .....each have their own pro and cons. And i'm not the right person to say which is "best". All i ask is to look into the alternative and select something that has a future. Not just do a patch and quick fix for the moment.
I must admit that i'm pretty amazed by both Firo and Pivx. They have both with their super small team and budget come longer in term of privacy so i'm sure if we decide to do it we will for sure succeed too.
 
Just have a look at the image from defilama:

What does that tell you?

That there's a lot of dollars out there? If only they could print some more...

I don't want to use bridges and all that crap for sending between either. I rather have my money on native Dash network. That's the whole point.

You say that but then you go on to say you want pair trading!

By having that we open up allot of stuff like on Cosmos or rather
osmosis-dex
Osmosis ! Like Dash-USDT pair trading and a bunch of other stuff.

I haven't said an outright no to a native stable coin but I do believe people here are not taking a balanced view on this.

First, the OP is presenting a route fraught with a significant list of highly interdependent tasks. The result of such an approach will surely be a list of very uncomfortable and expensive compromises. Perhaps more similar to his own circumstances where he openly declares himself as KYC-free, while in truth he sometimes goes through the process when the numbers are big enough. The OP hasn't denied this, and in any event we can read the zcash foundation rules here.

In essence, the OP is creating the fear and greed necessary to ensure their feeding off the dash treasury is secured for as long as possible. Like I say, really easy to spend other people's money. He's not getting paid for results, only more broken promises. MNOs will also vote for this because they too don't feel the losses of spending magic treasury money. But for every action, there is an equal and opposite reaction, it's just that sometimes it's not immediately obvious.

There's been plenty of missed opportunities to enhance the user experience within the dash wallet. And yes, that includes stable coins. Putting aside tribalism and what you might intuitively feel as correct, it doesn't have to be a native stable coin. As a user, you just want a seamless way to lock in your dollars and pay for things. Given the ease of adding such a feature - compared to the monumental tasks suggested by the OP - why hasn't DCG already done this?? Pride kills you.

Not to say we shouldn't have our own stable coin, but balance this out. Like I said earlier, imo a dash stable coin should meet all of the following criteria:
  1. untraceable to all, no exceptions or privileges e.g. banking and LE
  2. the stable coin contracts will be 100% immutable
  3. the stable coin contracts will not permit the freezing of funds, or other debilitating function
  4. the stable coin contracts will be immune to political sanctions
  5. the dash dao will be entirely incapable of modifying, restricting or otherwise compromising on all of the above
I think if we're going to compromises on these rules, then we might as well just use someone else's stable coin.

The case for a native dash stable coin

I think the number one reason to have a native dash stable coin is being able to price Dash Platform services in USD rather than dash.

It might also be useful for dao purposes i.e. paying out in USD rather than dash, though I would take a very cautious approach to this because of unintended consequences.

If we accept these as valid use cases then it should also be obvious why the stable coin must guarantee immunity from state rules. Otherwise the dao itself and all our customers would simply be an extension of the current fiat system.

And finally, before embarking on any of this, the dao must be dismantled and rebuilt.
 
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