Fools Gold, Minergate, Darkcoin and why Only fools and horses work.

Its Friday just after 12 noon and I’m working local, which means I can nip home for dinner. An hour or so of idleness, email, Twitter, Facebook the usual – and then check out Bitcoin – a nice gentle rise in price and a welcome relief from the recent steady state. Finally I check out Minergate, I had been meaning to compile a list of ‘up & coming’ Alt coins but had never really gotten round to it – installing Minergate (on Windows especially) is an easy option and mines a number of coins I have an interest in, such as Monero and ByteCoin.

Another coin that has taken my interest is Darkcoin although the last time I’d looked at Darkcoin was probably more than 12 months ago. Other coins of interest are those which are unlikely to give way to ASIC mining. That is coins that can only be CPU / GPU mined. Even GPU mining seems to be an ever increasing arms race that requires an upgrade of specialised rigs every 6 months or so.

I have been running Minergate (CPU mining only – no GPU) in the background on a Windows 7 desktop for a number of days; whilst surfing or using general office software, Minergate has no noticeable effect on software responsiveness but I can hear that the processor is working hard judging by the increased noise of the fan. So it must be drawing down much more power than usual.

I know that this is not profitable and that I am probably just wasting electricity but in most cases I’m using the computer anyway, although sometimes I have left the computer running with the monitor switched off and the power option in Control panel set to continuous. As I live with a teenager and a 27 year old who acts like a teenager conserving electricity in my household is not a high priority and I can’t be wasting anymore electricity than my 2 teenagers ( lights,television left on – towels stuffed into the dryer straight from the washing machine…….its a long list)

Some interesting stuff about Darkcoin – Darkcoin started life as Xcoin and has recently changed its name to Dash. This most recent name change March 25, 2015 was to disassociate itself from the ‘Dark’ web and create a brand as far away as possible from the likes of the now defunct Silk road and the recent rise of Silk road copies. Unlike Bitcoin and other earlier cryptocurrencies Darkcoin Dash uses a chained hashing algorithm of eleven rounds known as X11 for proof-of-work.

‘This is so that the processing distribution is fair and coins will be distributed in much the same way Bitcoin’s were originally. ASICs will be much more difficult to make for these algorithms and should take years.

With chained hashing, high end CPUs give an average return similar to that of GPUs. An added benefit of the algorithm is that GPUs require approximately 30% less wattage and run 30-50% cooler than they do with Scrypt.’

taken from https://www.dashpay.io/x11/

To add privacy to transactions Darkcoin Dash uses a system known as Darksend which is basically a coin mixing system based on CoinJoin. Blah, blah, blah, blah. The details and technicalities of this coin are travelling way above my understanding – I check out the price – 1 Darkcoin Dash is equal to 2 dollars 38 cents, not bad for a ‘new’ coin.

Suddenly I realise my dinner hour has stretched to 90 minutes and I should have been back a work a while ago. I take a quick glance back at Minergate

AEON zilch nada

BCN 6529

DSH 1302

I glance down to Monero – XMR 0.028158189060

and then back to DSH

DSH – surely DSH is DASH – I have no time to check and flick the screen off leaving Minergate to mine DASH !!

All afternoon my mind keeps wandering back to the impossible possibility that DSH is DASH. The time now is 13:45 I have 1302 of DSH – that’s $2000 at least. By the time I finish work I’ll have about 10 grand.

‘This time next week – we’ll be millionaires !!’ -Only fools & horses

Deep down I knew DSH was not Dash but it was nice to dream for an afternoon. DSH is the short code for Dashcoin – currently trading against the dollar

1 DSH = 0.0011810252 USD

Technically Dash (short code DASH) is a great example of an Alt coin that fits a need; the equivalent privacy of fiat ‘cash’. Dash is truly Digital cash in which it is extremely hard trace a transaction trail. In this niche(?) market lies its success as reflected by it current price. The only downside at present is its confusion with its brand name. Xcoin to Darkcoin to simply DASH and not Dashcoin; additionally putting Dash into a search engine does bring up some interesting sites totally unrelated to DASH. Other than that I believe DASH is an Alt coin to watch, mine and buy.

Disclaimer – Dash is DASH and should not be confused with Daesh. This is only mentioned for the benefit of the NSA , GCHQ and the rest of the five eyes. Plus it might increase website hits.