Darkcoin

 

Darkcoin appears to have captured the imagination like its running on dream gas! For me its the first crypto thats got me as excited as bitcoin did when I first heard about it. The ingenuity of bitcoin didn’t quite stretch as far as proper anonymity of transactions, so enter… Darkcoin, to address this little problem. Going by the popularity of this newcomer crypto, preserving anonymity and privacy is important to a great many people who are flocking into this altcoin.

And why shouldn’t privacy be important? Many people need to wake up and realise this, probably not so many in the bitcoin space though. But it alarms me how few people know  about  intel agencies spying on us or how few care that google logs everything about you for example.

Heres a representation of the volume of trading pairs on the cryptsy exchange over the last 24 hours. Does any particular one stand out ?

Taken from http://www.cryptocoincharts.info/v2/markets/show/cryptsy

MintPal, another popular exchange, shows a very similar depiction. Darkcoin trading is dwarfing the others at the moment.

Heres another chart from Bitcoin Wisdom website, showing darkcoin priced in bitcoin, DRKBTC, on the MintPal exchange with 4 hour candles. Price is on a log scale.

This view is showing basically all the data since trading of DRKBTC began. If you’d bought some a month ago and converted them back to bitcoins today you’d have increased your bitcoin by factor of 10! Even in last few days they have doubled. All this while bitcoin against the US$ is also stampeding higher! Another interesting comparison is predetermined quantity of darkcoin which can ever be mined is 22 million, making its scarcity very comparable with bitcoins 21 million.

As caveat, darkcoin is not without plenty of risk, also I imagine a log increase is very common for innovative new cryptos, many of which can’t sustain it and subside away again. (Might be an interesting study for another day), but anyway since Darkcoin has captured my imagination and tempted me to get some of my very first altcoin I thought I’d better make a post about it.

edit: I’ve written a new post which gives a bit of a counterbalance to the enthusiasm of this post, link here https://afbitcoins.wordpress.com/2014/06/06/the-darkside-of-darkcoin/

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2 thoughts on “Darkcoin

  1. According to this reddit post the exchange bitfinex is already supporting darkcoin. Trading in Bitcoin and the first to provide direct US$

    Dear customers,

    We are pleased to announce that Darkcoin will be available to trade on the Bitfinex platform starting at 6PM CET. It is rare for us to add new trading products, but we believe that the advent of privacy-centric cryptocurrencies warrants out attention. Specifically, we believe that Darkcoin and the team behind it represent the most credible foray into this important frontier, and now that Darkcoin’s market capitalization has reached non-trivial levels, we have decided to offer it as a trading option to our customers. As one might expect, will support trading in DRK/BTC, but, in addition, we will the first exchange to support trading in DRK/USD.

    While we have no crystal balls at Bitfinex, we do nonetheless believe that the new features that Darkcoin aims to implement represents a substantial development in the cryptocurrency space, and we believe that any innovation that enhances privacy deserves our attention. Naturally, we do not condone the use of Darkcoin for illicit purposes, but we do believe in the right to privacy.

    Initially, we will only offer cash exchange transactions. In time, as our order book deepens and Darkcoin successfully navigates certain milestones, we will also possibly allow swap leverage and shorting, should Darkcoin’s risk profile and volatility merit it.

    Darkcoins can’t also be used as collateral for margin transactions.

    We hope that you that you find these new trading products to be of value to you and we, of course, always welcome your feedback.

    Best regards, The Bitfinex team

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