DW-328 DW-329 DW-330 DW-331 DW-332 DW-333 DW-334 DW-335 DW-336 DW-337 DW-338 added news
52
_i18n/en/_posts/2017-09-29-wow.md
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---
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author: tungfa
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layout: post
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image: "dash-crowd.jpg"
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title: "First Dash Conference = Wow"
|
||||||
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original-author: Joe Moraca
|
||||||
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original-link: https://www.dashforcenews.com/first-dash-conference-wow/
|
||||||
|
---
|
||||||
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|
||||||
|
This week I was able to take a well deserved vacation with my wife and attend the Dash Conference in London. On Sunday I went to the conference and she went shopping at Harrods – we were both happy but I got the better deal. I had a number of questions before and during the event that I think many others share.
|
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|
||||||
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Why was the conference in London?
|
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|
||||||
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According to Ryan Taylor, they wanted to have this first conference handled by a top notch organizer with experience in the field – Moe Levin and Keynote Events and to tie the Dash Conference to another conference (the World Blockchain Forum WBF) to allow cross pollination with other blockchain enthusiasts.
|
||||||
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|
||||||
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This worked on both counts. The conference was very well organized and the pricing made it easy for WBF attendees to add the additional day for Dash. I spoke with a number of people that attended the Dash conference just to learn more about it that came to London for the WBF.
|
||||||
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|
||||||
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Were there really over 500 people interested enough in Dash to come to London and pay to go to a conference?
|
||||||
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|
||||||
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Yes – it was amazing that there were people literally from all over the world there. I talked with people from more countries than I can remember including Bulgaria, Ukraine, Mexico, Hong Kong, Lithuania, Australia, Kenya, Russia, Singapore and plenty from the UK and US. It was pretty much a full room for the whole day.
|
||||||
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|
||||||
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But Amanda and Evan were not there!
|
||||||
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|
||||||
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The Dash community has grown and matured more than enough that it is not about any one person. I personally would have loved to meet both Amanda and Evan. But there were several big name YouTubers and Ryan as CEO of the Dash Core team is very capable of representing Dash.
|
||||||
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|
||||||
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What is the community like in person?
|
||||||
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|
||||||
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As a writer for DFN I have interacted with a number of Dash folks but I still consider myself pretty new to Dash -March of this year. Everyone I met was very friendly. The pre-conference happy hour at a real English Pub was well attended and a good time. Thanks to “Walter” who organized it – unlike his slack avatar – he is a very friendly person that went out of his way to get people together.
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||||||
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I talked with core team members, masternode owners, miners, small local investors, large and small treasury proposal owners and to a person they were at the conference to enjoy/network with the community and hear what is going on. I could give a long list of “notables” and how open and nice they were. I can’t think of one person that I could give the “butthead” award to.
|
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|
||||||
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I will give honorable mention to the best non-Dash related story I heard. Tungfa / Philipp who is/was a travelling photographer spent some time in Afghanistan (yes in the war zone) documenting the local culture including their love of dog fighting (really wrestling – the dogs don’t generally get hurt) and he has the pictures to prove it. www.philippengelhorn.com
|
||||||
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|
||||||
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What was talked about at the conference?
|
||||||
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|
||||||
|
There is coverage of the whole conference which was streamed live available on YouTube
|
||||||
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|
||||||
|
<iframe width="777" height="459" src="https://www.youtube.com/embed/d8ExmIqRqOk" frameborder="0" allowfullscreen></iframe>
|
||||||
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|
||||||
|
Parts 2 and 3 are also there so you can watch the full event in the comfort of your home with the advantage of pause / 1.25 speed and skipping forward.
|
||||||
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|
||||||
|
What is going on with Evolution?
|
||||||
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|
||||||
|
First we found out what a dynamic speaker Chuck Williams is. Additionally we learned that Evolution is a platform. You will have to watch his presentation for the details but he did a good job explaining the teams vision – Evolution is the “code name” for the project – once released none of the various components will likely carry that name.
|
||||||
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|
||||||
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What is the path forward to grow Dash?
|
||||||
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|
||||||
|
I would recommend the talks given by Karen Hsu from BlockCypher and the “State of Dash” by Ryan Taylor as the most informative on growth. The bottom line is that in addition to the functionality and usability that will be provided by the upgrade to the Evolution platform integration projects are “the” way to bring Dash to its goal of being a true “Digital Cash.”
|
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|
||||||
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Conclusion
|
||||||
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|
||||||
|
I am sure there will be another Dash Conference and I am sure I will try very hard to be there again – so should you. I know you hodlers never want to spend that Dash – but this is worth it.
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49
_i18n/en/_posts/2017-09-30-Coinomi.md
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---
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author: tungfa
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||||||
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layout: post
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||||||
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image: "Coinomi-Vulnerability-Discovered-Developers-React-Harshly.jpg"
|
||||||
|
title: "Coinomi Vulnerability Discovered, Developers React Harshly"
|
||||||
|
original-author: Joël Valenzuela
|
||||||
|
original-link: https://www.dashforcenews.com/coinomi-vulnerability-discovered-developers-react-harshly/
|
||||||
|
---
|
||||||
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|
||||||
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A privacy-related vulnerability was discovered in the Coinomi wallet, which provoked a hostile reaction from its developers.
|
||||||
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|
||||||
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Coinomi is a multi-coin wallet long trusted as one of the most reliable, secure, and easy to use. Recently, however, a vulnerability was discovered that could potentially affect users’ privacy. Initially discovered earlier this month by Luke Childs, the wallet apparently connects to Electrum servers unencrypted without SSL. Childs brought this issue up on GitHub:
|
||||||
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|
||||||
|
“Great work on Coinomi!
|
||||||
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|
||||||
|
Looking at the source it would appear your app is powered by Electrum servers. Connecting to these servers shows they are unencrypted without SSL:
|
||||||
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|
||||||
|
$ telnet vtc-cce-1.coinomi.net 5028
|
||||||
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Trying 46.4.85.241…
|
||||||
|
Connected to socrates.coinomi.net.
|
||||||
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Escape character is ‘^]’.
|
||||||
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{ “id”: 0, “method”: “server.version” }
|
||||||
|
{“jsonrpc”: “2.0”, “id”: 0, “result”: “ElectrumX 1.0.14″}
|
||||||
|
Does this mean your Android app is making all Electrum requests in plain text?”
|
||||||
|
After over a week with no reply, Childs reiterated the gravity of the situation before taking to social media for a response:
|
||||||
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|
||||||
|
“So basically opening the Coinomi app is broadcasting all of my Bitcoin addresses in plain text over the network.
|
||||||
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|
||||||
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Seriously guys, this is a massive privacy issue and needs addressing. ElectrumX supports SSL out of the box, all you need to do is generate a certificate. Do you have any plans to fix this?”
|
||||||
|
Developers give a strong and defensive response
|
||||||
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|
||||||
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Nearly two weeks after the issue was initially brought to light, one of the developers responded to the issue on GitHub:
|
||||||
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|
||||||
|
“Hey all,
|
||||||
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|
||||||
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We have been working on extending the electrum protocol to support secure websockets so we could have a unified electrum indexer API for the mobile apps and websites.
|
||||||
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|
||||||
|
Keep an eye on the ElectrumX repo for a pull request.
|
||||||
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|
||||||
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Sorry that it took so long to fix.”
|
||||||
|
However, later the official Coinomi Twitter account responded to previously posted ongoing threads negatively to Childs for spreading awareness of the issue after having been unable to receive an initial response in a timely manner:
|
||||||
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|
||||||
|
Coinomi also called on Childs to apologize for bringing to light information that may cause users to seek an alternative, dubbed by Coinomi as “inferior and insecure.”
|
||||||
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|
||||||
|
Coinomi may have been referring to the Jaxx wallet, which had a certain degree of drama following the revelation that it stored its security pin unencrypted. Coinomi had used that instance as an opportunity for negative advertising:
|
||||||
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|
||||||
|
Users should do their due diligence as to which services to trust
|
||||||
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|
||||||
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Dash users should always take precautions with the services they trust with their funds. Cryptocurrency is decentralized, peer-to-peer, and trustless, and while this provides many advantages over more traditional and centralized methods of transacting, it also imparts a greater responsibility on the consumer to do proper research into the services they use. While a major coin like Dash with a thoroughly-vetted code may be easily trusted, the myriad of smaller apps and services that comprise the Dash ecosystem may not have had the benefit of being exposed to the same level of scrutiny. As a starting point, users should only trust wallets listed on Dash.org (and keep abreast of any new vulnerabilities discovered in even these third-party wallets), and take caution when trusting other services.
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33
_i18n/en/_posts/2017-09-30-integrations.md
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||||||
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---
|
||||||
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author: tungfa
|
||||||
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layout: post
|
||||||
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image: "integrations2017.jpg"
|
||||||
|
title: "Dash Conference 2017 Brought News of Major Integration, Hints on Future"
|
||||||
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original-author: David Dinkins
|
||||||
|
original-link: https://cointelegraph.com/news/dash-conference-2017-brought-news-of-major-integration-hints-on-future
|
||||||
|
---
|
||||||
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|
||||||
|
The digital currency Dash held its first conference this past weekend in the Oval Space in London. The conference was pre-funded by Dash’s treasury system, where projects are funded directly by the Blockchain. A portion of each block reward is withheld to fund such proposals, if the currency’s owners vote in favor.
|
||||||
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|
||||||
|
Over 500 were in attendance and almost 1000 more watched live streams of the event. Presenters touched on all aspects of Dash, including the upcoming Evolution update. Wirex, a Bitcoin debit card company, announced they will be integrating Dash fully into their platform. According to Cash Alternative TV, the Wirex card will have full support for both PrivateSend and InstantSend:
|
||||||
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|
||||||
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|
||||||
|
Future plans
|
||||||
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|
||||||
|
Dash Core CEO Ryan Taylor gave a sneak peak of future partnerships that will be announced over the next few months, including:
|
||||||
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|
||||||
|
Global brokerage service with free bank transfers
|
||||||
|
New exchange integrations
|
||||||
|
Dash will have access to 20 new fiat currencies
|
||||||
|
An additional ATM manufacturer
|
||||||
|
Integration with several large retailers
|
||||||
|
A healthcare integration
|
||||||
|
Few details were given, but Taylor mentioned that the community should expect press releases to be coming soon.
|
||||||
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|
||||||
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Keeping it low key
|
||||||
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|
||||||
|
Ryan Taylor is notoriously stingy when it comes to anything that might resemble hype. Recently, he and founder Evan Duffield penned an open letter to the Dash community. In response to repeated proposals to use unallocated budget funds for marketing, Taylor stated:
|
||||||
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|
||||||
|
“Any gains from this type of advertising would be temporary. As soon as the marketing is removed, the artificial influx of investments would deteriorate followed by the price. Wild price appreciation and crashes would actually detract from Dash’s utility as a currency and medium of value transfer, thus directly working against our stated mission and vision. We encourage the community to take a longer-term view to their investments and refrain from hyping the coin… there is plenty of hype inherent in the industry already.”
|
||||||
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|
||||||
|
Taylor has consistently supported a relatively low-key approach as Dash continues to build its ecosystem and its Evolution update. It’s not surprising, then, that Dash Conference 2017 failed to reveal any earth-shattering announcements. Any major news in the future will likely come by means of a press release, rather than at a splashy conference.
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14
_i18n/en/_posts/2017-10-01-forinvestors.md
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||||||
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---
|
||||||
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author: tungfa
|
||||||
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layout: post
|
||||||
|
image: "dashconferenceimagefiles.jpg"
|
||||||
|
title: "DASH Conference High Res Images"
|
||||||
|
original-author: Tungfa
|
||||||
|
original-link: https://www.dash.org/forum/threads/dash-conference-high-res-images.17125/
|
||||||
|
---
|
||||||
|
|
||||||
|
DASH Conference High Res Images
|
||||||
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|
||||||
|
<https://www.dropbox.com/sh/sewset8x3l5l54t/AADwdlMafFSzPsmbG9kxNURsa?dl=0>
|
||||||
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|
||||||
|
<https://www.dropbox.com/sh/qwhs9vkivz4ak86/AABscsY4OejzvMrfrBEnrW9Da?dl=0>
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10
_i18n/en/_posts/2017-10-01-forinvestors_2.md
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||||||
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---
|
||||||
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author: tungfa
|
||||||
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layout: post
|
||||||
|
image: "forinvestorsoct01.jpg"
|
||||||
|
title: "Dash For Investors #2 - Review Of 2017 Dash Conference In London"
|
||||||
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original-author: Cryptocurrency Market
|
||||||
|
original-link: https://youtu.be/rhJx3fHFtXE
|
||||||
|
---
|
||||||
|
|
||||||
|
<iframe width="560" height="315" src="https://www.youtube.com/embed/rhJx3fHFtXE" frameborder="0" allowfullscreen></iframe>
|
66
_i18n/en/_posts/2017-10-01-sundatread.md
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||||||
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---
|
||||||
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author: tungfa
|
||||||
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layout: post
|
||||||
|
image: "sundayread.jpg"
|
||||||
|
title: "Good Sunday read (No Dash)"
|
||||||
|
original-author: Jeffrey A. Tucker
|
||||||
|
original-link: https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/
|
||||||
|
---
|
||||||
|
|
||||||
|
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
|
||||||
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|
||||||
|
Christine Lagarde–a Paris native who has held her position at the IMF since 2011–says the only substantial problems with existing cryptocurrency are fixable over time.
|
||||||
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|
||||||
|
In the long run, the technology itself can replace national monies, conventional financial intermediation, and even "puts a question mark on the fractional banking model we know today."
|
||||||
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|
||||||
|
In a lecture that chastised her colleagues for failing to embrace the future, she warned that "Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies."
|
||||||
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|
||||||
|
Here are the relevant parts of her paper:
|
||||||
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|
||||||
|
Let us start with virtual currencies. To be clear, this is not about digital payments in existing currencies—through Paypal and other “e-money” providers such as Alipay in China, or M-Pesa in Kenya.
|
||||||
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|
||||||
|
Virtual currencies are in a different category, because they provide their own unit of account and payment systems. These systems allow for peer-to-peer transactions without central clearinghouses, without central banks.
|
||||||
|
|
||||||
|
For now, virtual currencies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks. Why? Because they are too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable. Many are too opaque for regulators; and some have been hacked.
|
||||||
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|
||||||
|
But many of these are technological challenges that could be addressed over time. Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.
|
||||||
|
|
||||||
|
Better value for money?
|
||||||
|
|
||||||
|
For instance, think of countries with weak institutions and unstable national currencies. Instead of adopting the currency of another country—such as the U.S. dollar—some of these economies might see a growing use of virtual currencies. Call it dollarization 2.0.
|
||||||
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|
||||||
|
IMF experience shows that there is a tipping point beyond which coordination around a new currency is exponential. In the Seychelles, for example, dollarization jumped from 20 percent in 2006 to 60 percent in 2008.
|
||||||
|
|
||||||
|
And yet, why might citizens hold virtual currencies rather than physical dollars, euros, or sterling? Because it may one day be easier and safer than obtaining paper bills, especially in remote regions. And because virtual currencies could actually become more stable.
|
||||||
|
|
||||||
|
For instance, they could be issued one-for-one for dollars, or a stable basket of currencies. Issuance could be fully transparent, governed by a credible, pre-defined rule, an algorithm that can be monitored…or even a “smart rule” that might reflect changing macroeconomic circumstances.
|
||||||
|
|
||||||
|
So in many ways, virtual currencies might just give existing currencies and monetary policy a run for their money. The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.
|
||||||
|
|
||||||
|
Better payment services?
|
||||||
|
|
||||||
|
For example, consider the growing demand for new payment services in countries where the shared, decentralized service economy is taking off.
|
||||||
|
|
||||||
|
This is an economy rooted in peer-to-peer transactions, in frequent, small-value payments, often across borders.
|
||||||
|
|
||||||
|
Four dollars for gardening tips from a lady in New Zealand, three euros for an expert translation of a Japanese poem, and 80 pence for a virtual rendering of historic Fleet Street: these payments can be made with credit cards and other forms of e-money. But the charges are relatively high for small-value transactions, especially across borders.
|
||||||
|
|
||||||
|
Instead, citizens may one day prefer virtual currencies, since they potentially offer the same cost and convenience as cash—no settlement risks, no clearing delays, no central registration, no intermediary to check accounts and identities. If privately issued virtual currencies remain risky and unstable, citizens may even call on central banks to provide digital forms of legal tender.
|
||||||
|
|
||||||
|
So, when the new service economy comes knocking on the Bank of England’s door, will you welcome it inside? Offer it tea—and financial liquidity?
|
||||||
|
|
||||||
|
New models of financial intermediation
|
||||||
|
|
||||||
|
This brings us to the second leg of our pod journey—new models of financial intermediation.
|
||||||
|
|
||||||
|
One possibility is the break-up, or unbundling, of banking services. In the future, we might keep minimal balances for payment services on electronic wallets.
|
||||||
|
|
||||||
|
The remaining balances may be kept in mutual funds, or invested in peer-to-peer lending platforms with an edge in big data and artificial intelligence for automatic credit scoring.
|
||||||
|
|
||||||
|
This is a world of six-month product development cycles and constant updates, primarily of software, with a huge premium on simple user-interfaces and trusted security. A world where data is king. A world of many new players without imposing branch offices.
|
||||||
|
|
||||||
|
Some would argue that this puts a question mark on the fractional banking model we know today, if there are fewer bank deposits and money flows into the economy through new channels.
|
||||||
|
|
||||||
|
How would monetary policy be set in this context?
|
||||||
|
|
||||||
|
Today’s central banks typically affect asset prices through primary dealers, or big banks, to which they provide liquidity at fixed prices—so-called open-market operations. But if these banks were to become less relevant in the new financial world, and demand for central bank balances were to diminish, could monetary policy transmission remain as effective?
|
41
_i18n/en/_posts/2017-10-02-alt36resolution.md
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|
||||||
|
---
|
||||||
|
author: tungfa
|
||||||
|
layout: post
|
||||||
|
image: "alt36resolution.jpg"
|
||||||
|
title: "Alt36 Proposal Issue & Resolution"
|
||||||
|
original-author: Ryan Taylor
|
||||||
|
original-link: https://www.dash.org/forum/threads/alt36-proposal-issue-resolution.17131/
|
||||||
|
---
|
||||||
|
|
||||||
|
During the finalization process for the October 3rd budget cycle, we discovered that the two proposals submitted by AltThirtySix will not be paid, despite garnering a net 21% and 18% of the masternode votes. The cause of the issue is that coinbase transactions (which pay the proposals) cannot support multi-signature addresses, and the payment address specified by the proposal owner was a multi-signature address.
|
||||||
|
|
||||||
|
How will this affect the superblock on October 3rd?
|
||||||
|
|
||||||
|
The only proposals that will be affected are the two proposals submitted by AltThirtySix.
|
||||||
|
<https://www.dashcentral.org/p/Proposal-36DashSponsorships>
|
||||||
|
<https://www.dashcentral.org/p/Proposal-36-DashATM>
|
||||||
|
|
||||||
|
All other proposals, including the proposal from AltThirtySix's partner CannTrade, are unaffected. Sentinel checks each proposal is valid at the time the superblock is created, so the only effect will be the superblock will exclude the invalid proposals.
|
||||||
|
|
||||||
|
How was an invalid proposal submitted?
|
||||||
|
|
||||||
|
No indication is provided to the user on either DashCental or the Dash website proposal tools that multi-signature addresses are not supported. In addition, there is no validation check on either website, nor in the Dash Core software preventing a user from submitting an invalid proposal with a multi-signature address. Dash Core is actually designed to treat governance objects neutrally (e.g., no filtering or "judgement" of the objects, which is handled by the Sentinel layer). AltThirtySix had no way of knowing that the proposals would be treated as invalid by the system.
|
||||||
|
|
||||||
|
The issue was first discovered this morning, when our software engineers were checking the superblock voting and discovered the two proposals were missing from the list and began diagnosing the cause.
|
||||||
|
|
||||||
|
Proposed resolution
|
||||||
|
|
||||||
|
We have communicated the issue to AltThirtySix, and they are aware that the proposals will not pay out as expected. We would like to propose the following resolution to AltThirtySix and the masternode owners that voted for the proposal.
|
||||||
|
|
||||||
|
First, we would like AltThirtySix to submit a proposal for the November budget for the same sum as the two invalid proposals, with the Dash Core Group's business development address as the payout address. As soon as the proposal is passing, Dash Core Group will release the requested funding to AltThirtySix. Dash Core Group will recuperate its funds at the time of the November superblock.
|
||||||
|
|
||||||
|
This solution ensures minimal delay for AltThirtySix obtaining the counted-on funding to host their launch event on October 14th. I assume the high support level these proposals received will lead to them passing swiftly, so it should not have a dramatic impact on executing their plans.
|
||||||
|
|
||||||
|
In terms of preventing this issue from happening in the future, we are taking several steps.
|
||||||
|
1) We will update the proposal creating website to recognize multi-signature addresses and prevent their use
|
||||||
|
2) We will incorporate fix in the Dash Core wallet starting with version 12.3 (a ticket has already been submitted for this fix), which could be either enabling multi-signature addresses, or preventing proposals attempting to use them from being created
|
||||||
|
3) We are notifying DashCentral of the issue as well, to see if they can include warnings to users submitting a ticket
|
||||||
|
|
||||||
|
Also, in Evolution, masternode quorums validate the public user data, then core validates the header, so this issue will be avoided altogether in the future.
|
||||||
|
|
||||||
|
If you have questions, please post them here and we will reply periodically.
|
26
_i18n/en/_posts/2017-10-02-dashingamerica.md
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|
||||||
|
---
|
||||||
|
author: tungfa
|
||||||
|
layout: post
|
||||||
|
image: "dashinamerica.jpeg"
|
||||||
|
title: "DASHing across America on the Great American Pilgrimage!"
|
||||||
|
original-author: keiserreport
|
||||||
|
original-link: https://steemit.com/dash/@keiserreport/dashing-across-america-on-the-great-american-pilgrimage
|
||||||
|
---
|
||||||
|
|
||||||
|
We started our RT and Dash financed Great American Pilgrimage (GAP) journey across America. And here are some photos from the set so far.
|
||||||
|
|
||||||
|
We began in Los Angeles and have driven through to Denver so far. All has been sunny along the way.
|
||||||
|
|
||||||
|
Here are some photos of me and Max on the first day of production taken by Peter Duke, who I call the 'David Bailey of Santa Monica.' (And Bailey is actually a friend of mine, so I should know).
|
||||||
|
|
||||||
|
Notice the DASH t-shirt!?
|
||||||
|
|
||||||
|
All has not, however, been fun and sun. Here is, for example, how cranky I look when having to wakeup at 4am for an early morning start time:
|
||||||
|
|
||||||
|
And we have managed to keep working on Keiser Report. Here's a still from an upcoming episode this week and recorded in Denver:
|
||||||
|
|
||||||
|
I feel so blessed to have been able to experience some of the most stunning scenery on earth. So far, what has really stood out is the parts of Arizona and New Mexico through Navajo Nation:
|
||||||
|
|
||||||
|
The iPhone just doesn't do it justice. The first photo was taken at the Arizona/New Mexico border. And the second photo was taken north of Gallup, NM heading toward Colorado. A journey worth putting on your bucket list.
|
||||||
|
|
||||||
|
Anyway, back to some production meetings. But remember, if you see the DASHmobile on the road, wave to us!
|
10
_i18n/en/_posts/2017-10-03-DashNews.md
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|
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|
||||||
|
---
|
||||||
|
author: tungfa
|
||||||
|
layout: post
|
||||||
|
image: "dashnewsoct03.jpg"
|
||||||
|
title: "Dash News Weekly Recap E10 The Dash Conference, Big Announcements & Much More!"
|
||||||
|
original-author: Dash Force News
|
||||||
|
original-link: https://www.youtube.com/watch?v=400f2Y_J_eE
|
||||||
|
---
|
||||||
|
|
||||||
|
<iframe width="560" height="315" src="https://www.youtube.com/embed/400f2Y_J_eE" frameborder="0" allowfullscreen></iframe>
|
56
_i18n/en/_posts/2017-10-03-blockbyblock.md
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|
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|
||||||
|
---
|
||||||
|
author: tungfa
|
||||||
|
layout: post
|
||||||
|
image: "blockbyblockoct03.jpg"
|
||||||
|
title: "Block by Block: An Update on Merchants’ Acceptance of Cryptocurrencies"
|
||||||
|
original-author: Charles Keenan
|
||||||
|
original-link: http://www.tsys.com/news-innovation/whats-new/Articles-and-Blogs/nGenuity-Journal/block-by-block-an-update-on-merchants-acceptance-of-cryptocurrencies.html
|
||||||
|
---
|
||||||
|
|
||||||
|
While merchant acceptance of cryptocurrencies has yet to take hold in any meaningful way, there are efforts afoot to make the coins more palatable for payments.
|
||||||
|
|
||||||
|
At first glance, there's little wonder so few merchants accept Bitcoin and other cryptocurrencies. They simply don't see enough volume to justify the expense of investing in systems when volatility, skepticism, account fraud and transaction fees have scared off consumers.
|
||||||
|
|
||||||
|
Yet as long as crypto-technologies offer the potential of lower transaction fees, better cross-border convenience, more privacy and quicker settlement, developers of coins will keep trying to perfect their own creations.
|
||||||
|
|
||||||
|
As of mid-September, 866 currencies were listed on coinmarketcap.com, a website that tracks the overall market value. Each of these coins works off a protocol, with some of them focusing on payments, with the aim of offering a better mechanism than that of Bitcoin.
|
||||||
|
|
||||||
|
Dash, for example, a Scottsdale, Arizona-based organization that oversees a currency by the same name, is quietly building a platform for person-to-person payments and internet and mobile purchases. The company is led by Ryan Taylor, a payments veteran who has worked at McKinsey & Company, a global consulting firm, and a hedge fund.
|
||||||
|
|
||||||
|
"We are taking proven models and applying them to cryptocurrency," says Taylor, chief executive officer. "That's what makes Dash different. There's an actual strategy here from people who understand the payments space."
|
||||||
|
|
||||||
|
Dedicated funding source
|
||||||
|
Dash is also different from Bitcoin by having a governance structure. This consortium of stakeholders has voting rights, can give input on how to modify its blockchain protocol over time and makes suggestions on how to allocate its budget. Bitcoin, by contrast, is more like the Wild West (read: completely decentralized), making it hard for users to agree on any changes.
|
||||||
|
|
||||||
|
In the cryptocurrency world, miners are given complex mathematical problems to solve and are rewarded a block when doing so. With Bitcoin, the miner who solves the problem first gets the entire block. Yet with Dash, the block rewards are apportioned: 45 percent goes to the miner, 45 percent goes toward so-called 'masternodes,' and 10 percent goes to a treasury account.
|
||||||
|
|
||||||
|
Masternodes are dedicated IP addresses that are incented to incur the computer expenses of hosting in the decentralized network. This is critical because it encourages masternodes to add capacity to the network when needed, giving scalability. Those who own masternodes also can vote on new initiatives. The treasury is a fund that covers the organization’s expenses, from salaries to office space to technology support to advertising initiatives.
|
||||||
|
|
||||||
|
Coin swap
|
||||||
|
One of those initiatives in Dash's business plan involves funding of BitCart.io, an Ireland-based company that buys unwanted Amazon gift cards and resells them at a 15-percent discount, collecting a spread and doing all transactions in Dash. The company avoids traditional bank network fees of using dollars or euros, and it can sell the cards to anyone holding Dash currency around the world.
|
||||||
|
|
||||||
|
Last January, BitCart worked only with Bitcoin and that cryptocurrency almost sunk the company after transactions fees skyrocketed — erasing the discount for the consumer — and settlement times for some orders ballooned. Bitcoin was a victim of its own success: enthusiasm for the currency slowed down the network due to inadequately sized blocks.
|
||||||
|
|
||||||
|
"The network was completely clogged," says Graham de Barra, chief executive officer of BitCart. "Our business was affected heavily because of all of these delays due to the Bitcoin blockchain."
|
||||||
|
|
||||||
|
By switching to Dash, BitCart has regained its transaction flow, doing $50,000 to $100,000 in card volume each month. Because Bitcoin doesn't have a slush fund, there's no one there for merchants when there's a problem. Dash, on the other hand, gives de Barra an outlet. "You get those support tools with Dash," he says. "It's much more of a community and governed really well."
|
||||||
|
|
||||||
|
Still work to be done
|
||||||
|
Still, cryptocurrencies have a ways to go to be ubiquitously accepted by merchants. Liquidity is one issue. Their total market capitalization in mid-September was roughly $146 billion, roughly three percent of all general-purpose card volume in the United States for 2016. Blocks also generally have finite capabilities in handling traffic.
|
||||||
|
|
||||||
|
"The number of transactions that you can generate on the public blockchain is limited by design," says Eric Piscini, principal and global blockchain leader, based in Deloitte's Atlanta office. "Even with the most liquid of the currencies — Bitcoin and ether— a good exchange is needed to give you the liquidity."
|
||||||
|
|
||||||
|
Still, cryptocurrencies have a ways to go to be ubiquitously accepted by merchants.
|
||||||
|
|
||||||
|
Tax law is another obstacle. The Internal Revenue Service has ruled that Bitcoin and other altcoins are assets, so any spending of a cryptocurrency is subject to capital gains (or a loss).
|
||||||
|
|
||||||
|
"That is really problematic if you are buying a $10 item and having to deal with the complexity of reporting on it," says Erik Voorhees, chief executive officer of ShapeShift, a Switzerland-based cryptocurrency exchange.
|
||||||
|
|
||||||
|
Plowing ahead
|
||||||
|
Yet crypto-developers keep plowing ahead. Dash aims to keep transaction times fast with its ability to scale up. Transaction fees generally run one cent to two cents. Dash is working to shift the levies to merchants next year when it rolls out a payment system under the moniker 'Evolution.' Much like Bank of America did with BankAmericard — the precursor to Visa — and eBay did with PayPal, Dash's approach is to start small then expand beyond an initial ecosystem, Taylor says. "We are following a similar path," he says.
|
||||||
|
|
||||||
|
When there’s a business case, entrepreneurs will keep trying until someone gets it right.
|
||||||
|
|
||||||
|
Eventually, merchants will want in when customer demand picks up, and the currencies grow in market value, with more blocks created by the day. "It's inevitable," Voorhees says. "Merchants want customers. When 'X' number of customers has this asset, they will accept it as payment. No one knows what that number X is, but because crypto is so much more efficient than the traditional financial system, it will keep growing until that X number is achieved."
|
||||||
|
|
||||||
|
Far-fetched? Maybe, until one thinks back to a little more than a decade ago, when there was no iPhone, no Uber, no mobile banking and no Facebook. When there’s a business case, entrepreneurs will keep trying until someone gets it right.
|
42
_i18n/en/_posts/2017-10-03-wirex.md
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|
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|
||||||
|
---
|
||||||
|
author: tungfa
|
||||||
|
layout: post
|
||||||
|
image: "dash-parthership_2d5377.jpg"
|
||||||
|
title: "Dash Wallet & Contactless Cards With New Wirex Partnership"
|
||||||
|
original-author: DWirex Team
|
||||||
|
original-link: https://wirexapp.com/dash-wallet-integration/
|
||||||
|
---
|
||||||
|
|
||||||
|
Another week, another bombshell announcement.
|
||||||
|
|
||||||
|
Today, we’re proud to announce our new partnership with Dash.
|
||||||
|
|
||||||
|
|
||||||
|
WATCH LIVE: When Will Dash Integration Be Ready & How Will It Work On Wirex?
|
||||||
|
Yes, that’s right…the 7th largest cryptocurrency by market cap…
|
||||||
|
|
||||||
|
$54 million worth of Dash are exchanged, traded or otherwise transacted on a daily basis. With close to $2.5 Billion held within the Dash system.
|
||||||
|
|
||||||
|
They’re a serious player in the digital cash market, with a dedicated and inspiring team out to change the world for the better through viable blockchain personal finance solutions…
|
||||||
|
|
||||||
|
Sound familiar? 😉
|
||||||
|
|
||||||
|
As a long-term Wirex customer you know we continue to push through obstacles with technology, regulation, and rapid expansion.
|
||||||
|
|
||||||
|
We are very excited to be working with Dash on an important partnership for both companies.
|
||||||
|
|
||||||
|
Both teams have kick-started work on full integration of the Dash wallet inside the Wirex application.
|
||||||
|
|
||||||
|
It will take some time to complete the development so we won’t be making any promises on exact launch date just yet.
|
||||||
|
|
||||||
|
Adding Dash to Wirex will support Dash in becoming an increasingly popular everyday payment instrument around the world.
|
||||||
|
|
||||||
|
SBI Investments, who funded Wirex with $3million earlier in 2017, is working on a cryptocurrency exchange with deep roots in the Japanese economy where cryptocurrencies are recognised as legal tender. Our new legal entity and continued growth in Japan will help increase adoption of Dash throughout the fast growing Japanese customer base.
|
||||||
|
|
||||||
|
For crypto investors; we expect this partnership to support the continued rise in Dash far beyond the current $300 level.
|
||||||
|
|
||||||
|
We’re looking forward to bringing both Wirex and Dash users the benefits of a fully featured Dash wallet and contactless payment cards manageable inside your Wirex app.
|
||||||
|
|
||||||
|
Watch out for more updates on the Dash Wirex integration.
|
||||||
|
|
||||||
|
|
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