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I think I understand the pricedrop after the announcement of Dash Evolution (or Whatsapp for money)

Discussion in 'General Discussion' started by nightowl, Jan 24, 2016.

  1. nightowl

    nightowl Member

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    Hi Guys

    I was curious as to why the price would drop after BTC Miami and the announcement of Evolution. Both were great. It didn't quite compute.

    I think the answer lies in my friend. He's a programmer and he works for the financial industry. I've been telling him about Bitcoin for 2, going on 3 years straight. He wouldn't touch it. I finally got him to invest a whole $10 in Bitcoin last month, and this was only because we live in a commodity rich export country, which, by default will mean our currency has crashed.

    A week ago I saw him again and told him about Dash. He loved every bit of it. He loved the governance but he loved the whole Evolution idea even more. He immediately asked that I help him to get more Bitcoin (and this time the investment was substantially more) and he wanted to move that Bitcoin as soon as possible to Dash. He doesn't like owning Bitcoin.

    My friend has never read any "alternative news source". He believes the official account of 9/11. He believes the Dollar is the best thing ever and will exist forever. He doesn't use any privacy tools in his browser, and he's happy to share his life on Facebook. I am the exact opposite, where he is your typical mainstream guy, just like 90% of the world.

    I think the price dropped yesterday because the true hardcore privacy guys left the building when they saw the "email confirmation" for creating a Dash Evolution username (wasn't me and I bought even more cheap dash this morning when I felt Ethereum's run was over at $2.18 and Dash at $4.47... so far the timing seems to have been not too bad).

    The "hardcore privacy guys" left because maybe they didn't like the idea that if they go pay for a pack of condoms at the store, it will say "1 pack of condoms: 1 Dash". Even though this is all encrypted and you can use an alias to "friend" the store in your Evolution wallet.

    I value my privacy very very much, but for some reason I am very happy with the direction Evolution is going.

    I'm happy that we lost the 7-8% "real hardcore privacy/anonymous" guys in lieu of getting a real shot at reaching the 90% masses. My 1 mainstream friend seems to support that data (I know... it's a microscopic dataset, but still, it's something)

    If Dash and Mr Duffield plays this right, Dash could very well become the Whatsapp of the Crypto world! This is not some far fetched statement, everything that is needed to have such a Whatsapp-with-money system is described in the Whitepapers. And instead of Whatsapp's centralised message routing servers, we'll have 4000+ masternode message routing servers.

    Whatsapp for money (or as we know it: Dash Evolution):

    - Ability to befriend someone... check
    - Simple interface that everyone is familiar with... (to come but.... check)
    - Can send messages.... check
    - Global worldwide DDOS resistant Infrastructure in place to route messages... check

    Exiting times to come guys!
     
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  2. InTheWoods

    InTheWoods Well-known Member
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    nightowl

    I don't think any hardcore users left the building.

    If you're somewhat familiar with trading or investing you can recognize this pattern across the board. It's a "buy the rumor sell the news" case. I believe people trading DASH bought before the conference in anticipation of the event and sold soon after or started selling after Evan's speech.

    We will most likely see the price move back up again because the fundamentals are stronger than ever.
     
    #2 InTheWoods, Jan 24, 2016
    Last edited by a moderator: Jan 24, 2016
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  3. InTheWoods

    InTheWoods Well-known Member
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    About the paranoia email thing; I think it would be best for some email service to become part of DASH drive, something like Tor mail.

    But disclosing an email for confirmation is not always that risky if you know what you're doing. There are temporary emails for which you don't need to signup like this https://www.guerrillamail.com/ where you don't need to provide bunch of phone numbers and other personal information.
     
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  4. Comodore

    Comodore Member

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    I think you are overthinking. Evolution is not complete and it definitely is a good thing.
     
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  5. hiddendark

    hiddendark Member

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    I think it's just people jumping on the Ethereum bandwagon.

    The privacy is still there. You don't have to use Evolution.
     
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  6. InTheWoods

    InTheWoods Well-known Member
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    Ethereum is a ripoff. I've followed the project for a while. The problem is that lots of people are fooled by the recent Ethereum hype, due to Microsoft and banks using Ethereum.

    The thing is they're merely using the technology behind Ethereum, to copy it and run their own private chains. They won't need Ether which is the coin behind Ethereum.

    So basically all of this is pure hype without any serious fundamentals.

    Ripping off ethereum technology to clone and copy will not make the Ether crypto valuable in the long run. Once people realize they've been scammed basically, by banks and big corpos, price will tank badly. The banks are using the mom and pop money to develop their own technology basically. Very savvy, clever and perverse if you ask me.

    Ethereum devs are already jumping ship. They're out of money from what I've heard. Their top dev Gavin was already recruited by some bank or banking project just like Mike Hearn. It will all come crumbling down, after the banks lick it clean. The regular community folks who put their money on the line stand to lose their whole investments. They will be the muppets as Goldman Sachs calls its sucker investors.

    It will be Counterparty all over again.
     
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  7. dcamb

    dcamb New Member

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    The altcoin markets are populated by a decreasing fraction of "hardcore privacy guys" and people who have any distaste for banks and state controlled money. They are increasingly driven by punters who are salivating at the thought of getting a share of the action when the PTB coopt that magic blockchain technology. In short, they want to invest in the technology of chains to keep everyone enslaved.

    Luckily for everyone, I don't think this is going to work out for them.
     
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  8. nightowl

    nightowl Member

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    All very valid points.

    InTheWoods you helped me realise that this is just another cycle. Thank you.

    What you say about Ethereum is very interesting. I never had the time to watch the videos, but at the time it made sense to owe some. Seemed like a nice stable hedge and I could put a small percentage in it.

    But now I have to ask the question since I don't understand how their system works. Even if the banks clone their technology, wouldn't a organic market still form around ethereum, the open source version? I mean, if the technology is useful to the banks, wouldn't it be useful to anyone who would like to start, say... his own community bank?

    Sorry if this is the wrong question on the wrong forum. I'm a dash supporter but very intrigued by everything.
     
  9. InTheWoods

    InTheWoods Well-known Member
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    nightowl

    The big drive in Ether price was related news of Microsoft, Nick Szabo and now this bank conglomerate joining the party. Actually they haven't joined in anything, merely got some technology for free which was paid initially from Ethereum investor pockets during that crowdsale they've had a while back.

    Now, what these banks will do, just like Microsoft, they will rip off the technology gratis, free of charge, like I've said and integrate it into their own private system without using Ether.

    If on the other hand these banks or Microsoft or whatever company would decide to use the Ether public ledger, that would be something else entirely but that's not the case. In other words, all this good news that drove up the price is actually bad news just that most Ethereum investors are morons who don't understand exactly what they've bought into. They just went with the crowd and bought into this Bitcoin 2.0 narrative.

    I've given Counterparty as an example because I think it's what will happen to Ethereum. I think it will suffer the same faith. Counterparty, an Omni(Mastercoin) clone, developed their own smart contracts platform. All was fine and good, smart contracts were launching on top of Counterparty and everyone was happy and celebrating, price of the coin went up and up. All fine and good until Overstock's CEO Patrick Byrne showed up in the picture. He recruited the 2 main core devs and cloned the technology, developing their own private fully regulated security exchange in the US. The guy was present at this Miami conference by the way, pitching his project. When the Counterparty news broke out about Overstock getting involved the price skyrocketed. I have warned at the time it was actually bad news but morons kept buying and called me a total idiot. http://www.coindesk.com/overstock-hires-counterparty-developers-build-cryptosecurity-stock-exchange/

    Right after the Overstock announcement this happened:

    The price of Counterparty (XCP) cryptocurrency soared by over 130% to 0.014 BTC ($4.55) on Overstock’s plans to hire two XCP developers to build its “cryptosecurity” market.
    Counterparty has thus jumped into 8th spot in market cap ranking, ahead of Darkcoin. It is now worth $10.9 million. http://www.financemagnates.com/cryp...yptosecurity-plans-challenges-all-time-highs/

    Fast track 2 years later, Counterparty now sits at below 2 million market cap from 5th place at 25 million at the peak of its glory which was reached few months after the Overstock announcement. http://www.financemagnates.com/cryp...-time-record-briefly-ranks-5th-in-market-cap/

    Ironically Overstock discarded the two developers like trash, after they've helped them set up the exchange. Their "betrayal" was well compensated. A poetic justice of sorts. http://www.coindesk.com/lead-developers-leave-overstocks-medici-project/
     
    #9 InTheWoods, Jan 24, 2016
    Last edited by a moderator: Jan 24, 2016
  10. bluebit

    bluebit Active Member

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    one word: protonmail.com

    That's the best encrypted email provider, hands down. Also, how neat would it be if Dash was integrated into protonmail, we would win over a ton of privacy-minded individuals.
     
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  11. sangoku

    sangoku Active Member

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    Tutanota too, and free

    https://tutanota.com/
     
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  12. TheDashGuy

    TheDashGuy Well-known Member

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    This eduffield might want to get this little tidbit into the next video, this is optional people, you could always just use Dash at a simpler level too.
     
  13. bluebit

    bluebit Active Member

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    I use them as well :) Protonmail seems a little more user friendly to me.
     
  14. sangoku

    sangoku Active Member

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    Proton mail is free ?
    Nice, the version 2 is open source ;)
     
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  15. nightowl

    nightowl Member

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    bluebit I agree, there are many free email providers for the "hardcore privacy guys".

    InTheWoods

    Really dude, thank you so much for taking the time to post that. I thank you a 1000 Duffields (Satoshi's :D)

    I'm pretty much a (I hate this word) altcoin newbie. Was preaching and truly believed the "all altcoins are sh**coins" mantra for quite a while, discovered Dash in early Dec 2015.


    Wow! I would not have seen that coming. That's quite brilliant and quite nasty of Patrick Byrne.

    Based on what you are saying, it would seem that Dash is indeed the best cryptocoin because it's funding itself (one of it's many aspects). It seems a lot of problems arise from these external companies sponsoring crypto currency developers and then poaching them (or blocking Pull Requests in the case of Blockstream/Bitcoin Core). Dash should be theoretically more immune to these types of poaching scenarios. Yes?
     
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  16. bluebit

    bluebit Active Member

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    Yea, protonmail is free.
     
  17. InTheWoods

    InTheWoods Well-known Member
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    nightowl

    Yes, pretty much. Unlike other devs that got into crypto projects because they were out of work (people who'd be more than happy to get a well paid job coming from wherever), Evan quit his job to join DASH full time.

    The model DASH uses is pretty powerful. In most other cryptos, all the new coins go to miners who instantly dump them into the market. Most of these miners are not really attached to the coins they mine. It's just money for them. Many projects failed because their model just wasn't sustainable. Now Ethereum is facing same problem, they are having financial difficulties. Their top dev Gavin left not long ago. http://coincidental.eu/2016/01/11/gavin-wood-is-leaving-the-ethereum-project/
     
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  18. bluebit

    bluebit Active Member

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    I just noticed on their main page: https://protonmail.com/ they have a donate via blockchain button, they need a donate via Dashpay button :)
     
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