Where Bitcoin (BTC ) has shortcomings, Diamond coins (DMD) offer solutions
Let's face it, Bitcoin (BTC) works but has and will come across many problems, some of them insolvable
Some of BTCs problems are:
- BTC is based on proof of work (POW)
- BTC is mainly in the hands of ASIC mining factories that (because of cheap electricity) are based in China
- BTC transaction costs are extreme (approaching 50-100 USD/transaction)
- BTC has scalability issues (meaning it cannot handle too many transactions/second)
ASIC miners (multiprocessor mining devices equipped with CPU-coolers sounding like hoovers) have changed the face and the future of BTC forever. As ASIC miners knocked on the door of the Bitcoin core developers, they were in doubt as to allow the devil in or not. As they did, they bound themselves in many ways to the shackles of large BTC mining corporations based in China. BTC began with "1 cpu = 1 vote" (Satoshi Nakamoto). Now it has become "X ASICs = X votes".
BTC is therefore -in many ways- in the hands of the ASIC miners and viewed through the eyes of a Chinese ASIC farm owner, problems 1-4 are not considered by said miners as problems; they are viewed as solutions and a way to earn $$$!
We all presume that everything will go well with the forks, like they did with Bitcoin cash. If BTC forks were to go horribly wrong and BTC and it's forks would simply falter, because of random coding/software issues in combination with the Chinese government telling it's ASIC mining farms to do or vote x or y, which would lead to fork failures for reason Z, either successively after the forks or at the same time in concert with the forks, what would you do? What is your hedge against such a situation? Do you have a plan?
Wouldn't you prefer to be invested in a cryptocurrency that is purely designed to be a decentralized storage of value like Diamond coins (DMD)? Here are seven simple reasons why you should choose DMD, seven reasons/opportunities BTC does not have or cannot give you as an investor!
*DMD uses efficient, enviromentally friendly Proof of stake (as opposed to BTC's POW)
*DMD is scarce, only 4.38 M coins
*DMD is fast, transaction costs are designed to be cheap
*DMD earns you passive income while you're parked in DMD (either via staking or MN)!
*DMD has a friendly HODLer community
*DMD has available helpful proactive developers
*DMD has a lot of room to grow
And here are two more just for the fun of it!
*DMD's longevity and coin distro has given it a network base compared to that of top 20 coins
*DMD has no scams, no premines and is a no-pump'n-dump coin
*DMD offers shelter as information gets scarcer and harder to come by
Needless to say, I'm heavily invested in DMD coins so please do your research before drawing your own conclusions.
DrDMD
If you're interested, DMD slack channel and ask for an invite and you will receive an invitation shortly.
The POW algorithm really should be depreciated by now. But it's hard to convince a community this big, to make such a drastic change.
It's a shame BTC didn't choose an alternative when it was still a small coin.
BTC will be stuck with POW for the foreseeable future.
Good points, good points! POW has been its strength but has evolved into the achilles heel of Bitcoins. The higher BTC go, the more obvious and pressing the need to find a hedge against BTC becomes...preferably in the form of an alternative cryptocurrency that actually is designed to store value. Thanks for your quality comment!
good jobb. Upvoted!
please check my last post and upvote it if you have 2min, I think you will find value in it. Cheers:)
I researched this coin awhile back and was interested in investing. The problem I had is the staking itself. If I remember correctly in addition to having the wallet downloaded on your computer I believe you need to have your computer on all the time in order to stake all the time.
I recalled reading about a project that would perform the staking task for you so I searched to see if I could find it. Can't remember the name now but it went bust. I did find another named POSW. At the time I discovered the article it indicated diamond was included in the list of crypto they would stake for you. As of today they are down to one crypto they will stake. That being their own. So basically another bust.
For a person like me most of the benefit is lost since I can not keep a computer running all the time. Or am I missing something?
Hi! Thanks for your interest and comment. There are a multiple ways you can solve the staking problem, but basically, you unfortunately have to buy a cheap laptop, buy (yes buy) place it in your home, put a strong password onto it, put an EXTREMELY strong password on your DMD wallet and let the laptop do the staking for you. There are countless of ways staking, go to our slack channel dmdcoin.slack.com ask the friendly developers and community members for help. They'll be happy to advise. Wish you the best!