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Dash's InstantSend Failure Taught Us How NOT to Implement Cryptocurrency Features

Dash made a mistake.
One of Dash’s hallmark features, InstantSend copied the GreenAddress feature in Bitcoin by having masternodes lock the inputs of a transaction so that they can’t be spent elsewhere, effectively making transactions confirmed in 1.3 seconds instead of 10+ minutes. While certainly revolutionary, this innovation was unfortunately implemented and marketed using incompetent methods that caused it to be overlooked for years, as the market cap of Dash imploded to a tiny 0.5% of the total crypto market and fell in rank from #3 to #16.
InstantSend was a feature nobody wanted
At its start, InstantSend (then InstantX) was worth its weight in hype: It was a shiny new gimmick that supposedly solved some big deficiency in Bitcoin, promising to take Dash to the MOOON. Then, everyone except brainwashed Dash Kool-Aid drinkers kind of collectively realized that no one particularly cared. Bitcoin transactions showed up right away and pretty much always went through, and even waiting for confirmations only took about 10 minutes or so. There was no compelling reason to switch to using Dash over this feature, because it solved a problem that no one really had.
Users and merchants having to take additional action was a huge no-go
The biggest barrier to usefulness for Dash's instamined Ponzi tokens was having to manually enable the InstantSend option. This wasn’t a problem because it’s so difficult to simply check a box when you want to use the feature, but because most wallets and services didn’t even implement it to begin with. In an ecosystem with hundreds of tokens to keep track of, no one would want to pay Dash some special attention and carve out a little time and effort to implement its special features so it could stand out against its neighbors. This left very few services (mainly the Core client for the longest time) actually enabling InstantSend, and until relatively recently there were not even mobile wallets for both iPhone and Android that could use a feature mainly touted for retail transactions. Despite all that expensive and tireless developer work, in the vast majority of wallets the Dash experience was indistinguishable from that of Bitcoin or Litecoin, the parent projects whose code ungrateful Dash Core steals while talking trash about the devs who wrote it for them.
Even worse, merchants and other services had no idea what to do with a received InstantSend transaction. I remember spending Dash some many months ago, and the point-of-sale app not recognizing the payment at all due to InstantSend being used. The ecosystem is much better educated now, but many services still don’t recognize InstantSend due to the simple fact of having to actually pay it some attention and nobody wanting to use Dash because of its price collapse and KuvaNation36 vs. DACH Force Embassy civil war.
Implementing InstantSend by default is a public relations experience win
The massive MOOON PAAMP for Dash isn’t Evolution vaporware and blockchain username abandonware. It’s default InstantSend. By automatically locking the vast majority of transactions instantly, at the protocol level, now Dash will, on all systems and platforms, have a distinct PR advantage over every other coin. Rather than having to sell exchanges, merchants, users, etc. on how great Dash would work for them if they just took a few additional steps, now the pitch is simplified to “Just use Dash.” Traders will see how effective instant and secure deposits and withdrawals are, particularly for arbitrage opportunities across exchanges. Merchants, particularly online, will love not having to wait or check up on payments, or, even worse, doubt whether or not the payment will end up going through. Customers will appreciate the instant gratification of buying and immediately receiving. In my hopium-induced dream world, implementing an old feature by default will for most have the same effect as rolling out an exciting new feature.
Monero got this right
Whether or not this is something most Dash Cargo Cultists want to hear, Monero got this aspect right by having its special features enabled by default. While this was pitched as a philosophical issue, in practice it really boiled down to user experience: use Monero from virtually any wallet, expect higher privacy than Bitcoin. By supporting Monero, every service was forced to implement its special features, and therefore its competitive advantage over others. Dash is in essence doing the same thing, only for a project that’s in much less popular (indeed, widely hated as a scam).
Dash was before its time, but now it's too late
Fierce competition and the decline of the Buttcash adoption movement have made crypto projects struggle for cash, giving Dash’s bloated treasury system a starvation diet. Network congestion has made the reliability of several networks suffer, giving an edge to BSV's 128mb block scaling research and CTOR's increased TPS. And now, in the age of unprofitable X11 mining and easily affordable 51% attacks, InstantSend and ChainLocks promise to instantly make Nakamoto Consensus' longest-valid-chain rule an obsolete inconvenience.
Dash lagged in the past because its many useless and broken opt-in features were easy to ignore by the rest of the world. Now with its instamined Ponzi tokens, untested homegrown security, and centralized governance/development, Dashcoin is about to continue being one of the most unpopular and despised scams in the cryptospace.
submitted by nEvolution36_Hopium to DashUncensored [link] [comments]

[uncensored-r/Bitcoin] Day 5: I will repost this guide daily until available solutions like SegWit & order batching are ...

The following post by Borax is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7mgcbf
The original post's content was as follows:
NOTE Just a daily repost because original OP Bastiat seems to be offline (due to holidays I guess). However, this is quite important as I see much misinformation on which exchanges use segwit or not. Please upvote for awareness.
BACKGROUND
Subhan Nadeem has pointed out that:
If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 176,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
A few thousand bitcoin users from /Bitcoin switching to making their next transactions SegWit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy SegWit for everyone ASAP. Let's make it happen. You can help by taking one or more of the action steps below.
ACTION STEPS
  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin
IMPORTANT NOTE: The mempool is currently overflowing. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange
SELECTED TOP EXCHANGES BY SEGWIT & BATCHING STATUS
Exchange Segwit Status Batching Status
Binance ? NOT READY Yes
Bitfinex Not deployed ?
Bitonic Not deployed ?
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Not deployed No
HitBTC Ready Deployed Yes
Huboi ? ?
Kraken Not deployed Yes
LocalBitcoins Not deployed ?
OKEx ? ?
Poloniex Not deployed Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
Smaller exchanges which have implemented Segwit
Exchange Segwit Status Batching Status
Zebpay Deployed Yes
Wirex Deployed ?
Source 1Archive Source 2
After seeing this, is it any wonder that 90% of transactions on the network are not using the SegWit technology? And then is it any wonder that fees are ridiculous?
WALLETS
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction. Next time you need to send a transaction, use "pay to many" and set your second recipient to be your address in a SegWit wallet you control. However, if you have received a lot of payments to your old software, be aware that this could be a large (bytes) transaction and therefore you might be better off waiting. You will have to decide whether it's worth taking the hit now to prevent wasting money on fees in the near future vs not spending any coins until SegWit adoption is higher.
SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android/iOS
Coinomi (In progress) Android
TODAY's NEWS/DEVELOPMENTS/VICTORIES
MEMPOOL/SEGWIT STATISTICS
FAQs
If I'm a HODLer, will it help to send my BTC to a SegWit address now?
  • No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unneccessary transactions for now.
Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?
  • The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download Electrum v3.0.3 to generate a SegWit address.
    A transaction between two SegWit addresses is a SegWit transaction.
    A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
    A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
    Source
What wallet are you using to "batch your sends"? And how can I do that?
  • Using Electrum, the "Tools" menu option: "Pay to many".
    Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
Why doesn't the Core Wallet yet support SegWit?
  • The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

12-27 17:31 - 'Day 5: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? Unconfir...' (self.Bitcoin) by /u/Borax removed from /r/Bitcoin within 0-9min

'''
NOTE Just a daily repost because original OP [Bastiat]1 seems to be offline (due to holidays I guess). However, this is quite important as I see much misinformation on which exchanges use segwit or not. Please upvote for awareness.
BACKGROUND
Subhan Nadeem has pointed out that:
[If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 176,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again]2 .
A few thousand bitcoin users from /Bitcoin switching to making their next transactions SegWit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy SegWit for everyone ASAP. Let's make it happen. You can help by taking one or more of the action steps below.
ACTION STEPS
  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin
IMPORTANT NOTE: The mempool is currently overflowing. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange
SELECTED TOP EXCHANGES BY SEGWIT & BATCHING STATUS
Exchange Segwit Status Batching Status
Binance ? NOT READY Yes
Bitfinex Not deployed ?
Bitonic Not deployed ?
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Not deployed No
HitBTC Ready Deployed Yes
Huboi ? ?
Kraken Not deployed Yes
LocalBitcoins Not deployed ?
OKEx ? ?
Poloniex Not deployed Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
[Source 1]3 ([link]18 ) [Source 2]4
After seeing this, is it any wonder that 90% of transactions on the network are not using the SegWit technology? And then is it any wonder that fees are ridiculous?
WALLETS
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction. Next time you need to send a transaction, use "pay to many" and set your second recipient to be your address in a SegWit wallet you control. However, if you have received a lot of payments to your old software, be aware that this could be a large (bytes) transaction and therefore you might be better off waiting. You will have to decide whether it's worth taking the hit now to prevent wasting money on fees in the near future vs not spending any coins until SegWit adoption is higher.
SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android
TODAY's NEWS/DEVELOPMENTS/VICTORIES
  • [Core is considering prioritizing SegWit GUI in the Core Wallet and pushing out an update fast without waiting for other features]5
  • [An Exodus Wallet representative has said they will not enable SegWit for now]6
  • [Largest exchange in Brazil implemented withdraws using Segwit]7
MEMPOOL/SEGWIT STATISTICS
  • [BitInfoCharts.com - Average Transaction Fees]8 - median $24USD per Tx
  • [Blockchain.info - Unconfirmed Transactions]9 - 176K Unconfirmed Tx's
  • [SegWit Charts]10 - 10% SegWit Tx's
FAQs
If I'm a HODLer, will it help to send my BTC to a SegWit address now?
  • No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unneccessary transactions for now.
Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?
  • The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download Electrum v3.0.3 to generate a SegWit address.
    A transaction between two SegWit addresses is a SegWit transaction.
    A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
    A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
    [Source]11
What wallet are you using to "batch your sends"? And how can I do that?
  • Using Electrum, the "Tools" menu option: "Pay to many".
    Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
Why doesn't the Core Wallet yet support SegWit?
  • The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?
  • Draw your own conclusions based on their own words:
    [March 2016 - Coinbase CEO Brian Armstrong has reservations about Core]12
    [Dec 2017 - Coinbase is STILL working on Segwit]13
SEGWIT BLOG GUIDES
  • [HowToToken.com - How To Send Bitcoin Faster And Cheaper Over SegWit Transactions]14
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
  • Day 1: [If every Bitcoin tx was a SegWit tx today, we'd have 8,000 tx blocks & the tx backlog would disappear. Tx fees would be almost non-existent once again. THE NEXT BITCOIN TX YOU MAKE, MAKE IT A SegWit TX. DOWNLOAD A SegWit COMPATIBLE WALLET AND OPEN A SegWit COMPATIBLE EXCHANGE ACCOUNT RIGHT NOW]15
  • Day 2: [I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today]16
  • Day 3: [I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges/wallets adding SegWit, Core prioritizes SegWit GUI]17
  • Day 4: [I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 174K, more exchanges adding SegWit, Core prioritizes SegWit GUI][link]19
'''
Day 5: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? Unconfirmed TX's @ 175K
Go1dfish undelete link
unreddit undelete link
Author: Borax
1: https://www.reddit.com/useBastiat 2: ha*kerno**.com*bitc****ow*e*s-yo*-*eed*to*do-these-two-th*ngs-rig*t-*o*-a7*122d*23*4 3: bi*coi*co*e*or**en*segw*t*adoption/ 4: https://www.reddit.com/Bitcoin/comments/7kherf/what_exchanges_batch_there_withdrawal_txs_to_save/ 5: https://www.reddit.com/Bitcoin/comments/7lc1n9/latest_bitcoin_core_irc_meeting_segwit_wallet_is/ 6: https://www.reddit.com/Bitcoin/comments/7lcm1t/exodus_response_as_to_why_they_havent_adopted/ 7: https://www.reddit.com/Bitcoin/comments/7lgxnc/largest_exchange_in_brazil_implemented_withdraws/ 8: https://bitinfocharts.com/comparison/median_transaction_fee-btc-xmr.html#3m 9: https://blockchain.info/unconfirmed-transactions 10: se*wit.*a*ty/ch*r*s/ 11: how**tok**.com*exp*a*ned/se*d-bitco*n-fa*ter-cheaper-**gWit**ran*ac*i*n* 12: https://blog.coinbase.com/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf 13: https://blog.coinbase.com/bitcoin-segwit-update-3ab0484e4526 14: h*wtoto***.com/explai*ed*s*nd-bitc*in-***te*-*hea*er-S*gW*t-tra*sa*tions/ 15: https://www.reddit.com/Bitcoin/comments/7kyzxn/if_every_bitcoin_tx_was_a_SegWit_tx_today_wed/?utm_content=comments&utm_medium=user&utm_source=reddit&utm_name=frontpage 16: https://www.reddit.com/Bitcoin/comments/7l9tda/day_2_i_will_repost_this_guide_daily_until/ 17: https://www.reddit.com/Bitcoin/comments/7ljpf5/day_3_i_will_repost_this_guide_daily_until/ 18: https://web.archive.org/web/20171212214514/https://bitcoincore.org/en/SegWit_adoption/ 19: https://www.reddit.com/Bitcoin/comments/7m6zd0/day_4_i_will_repost_this_guide_daily_until/
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Green Address Digital Wallet Sign Up and Getting Started Tutorial For Beginners Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ... Green Address Bitcoin Wallet - Segwit, RBF, 2FA, Multisig and More Bitcoin Vs Blockchain  Difference Between Bitcoin and ... Videotutorial del Wallet GreenAddress

Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Blockstream Green is the bitcoin wallet the industry has been waiting for - sending and receiving bitcoin on the go has never been this smooth. Other wallets on the market offer a choice between convenience, security, and control. With Blockstream Green, you get all three. GreenAddress wallet vs. Bitcoin Core. Though they have their differences, Bitcoin Core and GreenAddress have many similarities. Mobile compatibility; While Bitcoin Core is only PC-based ... Yes, greenaddress is quite weird... Pros vs Mycelium: Not only for mobile: Online access. Multisig (enables daily spend limits) Instant confirmations. Cons: No trading . Does not work if the website goes down (I am not really sure if Mycelium will work if servers go down) level 2. 3 points · 4 years ago. No, Mycelium won't work either if the server goes down, but they're working on an SPV ... The fee you see in the sending transaction dialog is paid to Bitcoin miners to confirm your transaction (i.e. add it to the Bitcoin blockchain). Transactions fees change according to demand on the Bitcoin network. Miners may ignore or delay transactions with extremely low fees. GreenAddress automatically calculates a fee that aims for your ...

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Green Address Digital Wallet Sign Up and Getting Started Tutorial For Beginners

Today I take a look at a more advanced option for mobile wallets: Green Address. In includes things like Segwit addresses, RBF (replace by fee), 2FA (2 factor authentication) and multi-signature ... Videotutorial acerca de cómo funciona el Wallet digital de GrrenAddress. Bitcoin für Anfänger einfach erklärt! [auf Deutsch] Bitcoin-Börse (erhalte 10€ in BTC) https://finanzfluss.de/go/bitcoin-boerse *📱 Sicheres Bitcoin-Wallet... Safely storing your bitcoins (and other digital assets) is an important part of the world of digital assets. It’s like you have complete control over your bank account and no one else can access ... Hi I am quickly going over why fees are high and what you can do about them. Decentralization is key so support Segwit enabled wallets, I will stop using my Blockchain.info wallet and move away ...

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