Episode-2028- Amanda Johnson on the Cryptocurrency DASH — 26 Comments

  1. Really glad you did this episode Jack!

    I have been reading up on dash for a week or so now and was beginning to ask around and most folks haven’t heard much about it.

    Tripped over this today –

    Aside from building savings, the article also mentions ways using dash to save money… including a way to apparently get 15% of amazon (which I haven’t verified yet).

    Thought the community might like to know about that.

    • Loes.Mike,

      Thanks for the tip on I have not used that one either. I will have to try it! I have however used which I believe is probably very similar, you can buy or get BTC using Amazon purchases. Pretty slick. I use it everytime I need something from Amazon and don’t mind waiting a few extra days fore the 15-30% discount. Good stuff, who doesn’t love saving money right?

  2. How cool! I’ve been a big fan of Amanda ever since she did The Daily Decrypt. Man I miss The Daily Decrypt, but I am so glad she got in with the DASH team. Love her new series DASH Detailed. I always wanted to ask her what it is like to get paid regularly from a blockchain. She is such a cool part of this new history, in the future many people will get paid from blockchains. Can’t wait to listen on my commute tomorrow! Much respect for Amanda her crypto IQ is very impressive.

  3. Great Episode, I have been excited for Evolution ever since I saw that they were working on it. DASH makes sense in the long run for continually getting better as a protocol and a currency with their allocation of block rewards structure. No other big competitors are doing that, and although Amanda mentioned that it is expensive, of which she is right, I think it the right structure none the less. Still kicking myself for not taking the plunge couple of years ago and setting up a master node when it was still cheap to do so. But yes, I agree they need to keep on the steam with the marketing front. Funny you mentioned Danny from The Crypto Show and his endeavors as far as going across the country and getting cannabis dispensaries on board with accepting DASH for payments. They are going to need more than that. But these two people are DASH pioneers! Great episode.

    • What is funny is when you were on the show you were lamenting it would cost about 80K that was a few weeks ago, it would now be almost 200K.

  4. Yeah, maybe it’s STILL cheap, lol. Out of reach for me now, none the less. But very cool that they are going to be allowing people to buy shares in a MN. I love that Amanda had such a non direct path to all of this, very different from a lot of the typical IT background people in the space. I did not know that about her. She truly is inspirational.

  5. How many of the TSP listeners went to the Dash YouTube channel and did the retweet for $5 dash? Great episode.

  6. Outstanding. I’ve been interested in the concept of crypto for a while now, but I just didn’t “get it”, at least not well enough to actually buy some. But between this podcast and Amanda’s DashSchool videos, I finally feel like I’m have the information I need. Thanks!!!

  7. I’d like to nominate Amanda for the expert council! I think she’d be a great addition!

  8. Brandon,

    Wondering if you have heard of and your thoughts on Coinomi. I have some coins without a good place to keep them off of an exchange.

    Do you have any experience with Coinomi and their wallet?

      • Joe,
        Funny you should mention Coinomi. I think I grabbed it off the play store about a month ago and then deleted it because I just didnt use it. But I re downloaded it and looks pretty slick. Interesting reviews, some say its buggy sometimes, too be expected especially with new projects I guess. Bummer some coins it supports has no shapeshift compatibility. I hear what you are saying as to having no good place off an exchange to store random or new coins. I have the same problem. The short answer to your question is no I guess. I am in a weird spot these days. I still don’t really trust exchanges, but recently have been getting into day trading some of these crypto pairs. For the longest time I couldnnt figure out a good place for my Factom. I looked into Factom paper mill paper wallet but couldnt get it to work with my Windows machine, missing dll file. I still have not gotten around to trying it on my Linux machine would would probably work, because Linux rocks! But now I have been trading my Factom back and forth on Poloniex to make money while I’m at my day job, lol. So I’ve been slowly getting more comfortable leaving coins on exchanges. I don’t keep any large amounts of any established coins on there but some obscure coins I leave there for now I guess. I always keep an eye out for new solutions to take possession of the keys though.

  9. After listening to the Podcast, and Amanda’s YouTube playlist, I left wondering about a bunch of things.

    First, to be widely adopted you need to be either notably BETTER at a providing a service, or be marketed until people line up like lemmings to buy your product.

    So, with crypto, the altcoin pitch seems to be ‘we’re going to be the next federal reserve/bank/paypal/Western Union (ignoring Ether, just talking about Dash’s pitch).

    And here’s the thing. At the moment, none of those are true.

    What got me thinking about this was Amanda’s ‘grandma example’. The ‘great leap forward’ for Dash is a better wallet that brings it to being ON PAR with existing functionality at Paypal. The only problem with that? It’s STILL more difficult to use.

    Example – I want to send $1000 to my buddy.
    Paypal – Login in Paypal, XFER $1000 from my linked bank account to my buddy. Cost $0.

    Dash – Find a reputable website that will sell me Dash (changes regularly). Setup clandestine meeting, or travel to sellers bank to make deposit. Take picture of receipt and send it to middleman. Wait for the transaction to clear. Open up vaporware wallet (not out yet) and punch in buddies name to send. He gets them. Finds a website where he can sell his Dash. At some point someone wants Dash and heads to his bank to deposit the money.. he eventually gets the money from the middleman. Cost $? (No certainty about what the transaction fees for the purchase and sale of Dash are).

    Now, here’s the thing. Why should ‘granny’ choose Dash OVER Paypal?

    This isn’t a Dash complaint. It’s the same problem with BTC for this use. I can transfer BTC for almost free, but if I’m buying it on Coinbase & my friend is selling it Coinbase to get his cash, you’re paying 3% in fees. 3% is a lot more than 0%.

    So, how about ‘store of value’? Well, would you take grannies retirement savings and ‘invest’ them in Dash? It MIGHT be a great idea. But ‘might’ means ‘pure speculation’.

    going to split this here so it’s not too long to reply too..

  10. Another comment at the end of one of Amanda’s talks was ‘you can be your own bank’.

    Now in a way, that seems to be the masternode pitch. You basically are becoming a ‘member bank’ in the Dash system, for which you’re receiving a percentage of the currency inflation (though I’m not sure how this works after they reach their coin cap).

    In this sense, it does work like the FED owners who are guaranteed a ‘rate of return’ on all the dollars they ‘provide’. But there’s a little problem with this also, which is that you only want currency for one thing: to purchase goods and services.

    But, if all of those goods and services that you’re purchasing are being sold/denominated in US DOLLARS, you have to EXCHANGE whatever currency you’re holding. And this is where granny starts getting annoyed again.

    On Monday Granny walks into her local hip/trendy coffee shop and orders her Americano. How much? 1 Dash. On Tuesday she walks in, how much? 0.75 Dash. On Wednesday 1.5 Dash. Thursday? F’ it, I’ll pay cash.


    Yes, if your currency du jour is always appreciating, decreasing costs (in dollars) are awesome. But there’s also the problem at the other side, paying people in crypto. One off services/purchases, not a problem. But lets say I want someone to clean my house every week. We agree on 1 BTC a week. See the issue?

    another split…

    • So plenty of people are paid for recurring services in crypto right now and it is done as a float against the native currency, I don’t see that changing anytime soon.

      I agree to pay Insidious to provide technical services for TSP on a weekly retainer of payment in BTC, that retainer is to be at 200 dollars a week, that means he is on call for any needs, any work will be done at 50 dollars an hour off the retainer per month, work beyond that will be paid at the labor rate of 50 an hour. Typical deal for that type of service.

      Right now 200 a week is 0.07565 BTC. The payments will be made every Monday at 5PM Central standard time and be subject to the BTC to USD exchange rate at that time.

      Coinbase already has this built in, I can send you a button, you set up recurring payments from your wallet address on a monthly basis priced either in BTC or USD.

    • No reply button for @Modern Survival’s comment.

      Reducing float against dollars is where I think things could get interesting.

      The BLS says that on average people pay:
      32.88% Housing
      16.40% Transportation
      12.79% Food

      Add that all up and you get 62% of the average persons income being spent on those 3.

      So, you do Permaethos v.5 (not sure what we’re up to). Set it up as a Cohousing situation w/ an attached farm. The cohousing has car sharing.

      x% of your residents work for the Site, and they’re paid 100% in PermaCoins. The rest of your residents work/earn outside money. There rent, and their groceries must be paid for in PermaCoins.

      This gives the resident workers local currency for purchasing the remaining 38% of their needs.

      So why would you bother? Initially because it would reduce your startup costs for the Site (labor costs until you’re profitable @60% less). Appreciation of the currency could be tied into increasing profitability of the farm (surplus sold for local currency and/or converted into stable commodities (gold) or used to invest in expansion). Holder of PermaCoin = share/stakeholder.

  11. I wandered. How it DOESN’T make you your own bank – Fractional reserve lending.

    And then there’s the ‘interest’ part. The ability to pay interest assumes that there is MORE to pass out.

    So in this case the assumption is that the MORE comes from the appreciation of the currency, at the moment from increased adoption, but in reality at the moment from speculation (See ether USE versus BTC USE).

    A sustainable Dash might be paying interest from fees/services generated by the Dash system, but this gets back to the earlier question about why is this SUPERIOR to existing solutions (why should anyone start using it instead of Paypal).

    Alright, going to generally shut up now and see what other people think.

    P.S. Not a hater. Was a miner until I got tired of spending all my BTC buying new ASIC miners, and currently have six figures in crypto.

    • The point on interest is one I meant to ask her about, as in “what generates the interest”?

      Banks can pay interest (shitty though it may be) because they leverage money and do so in a state protected monopoly.

      Perhaps “interest bearing” is a misspeak, but I didn’t get that feeling I am going to follow up and get some clarification on that.

  12. Also, not beating up on Dash in particular.

    I LOVE the MasterNode concept, and the voting mechanism. The DAO model is something that would be very useful in a VN situation.

    In some cases I can see going further and using it as an ‘elect a dictator’ mechanism for when you need a single person to make a hard decision that can’t be reached by consensus (not a fan of 50.1% = you win).

    Something that their next generation wallet made me think about was the concept of your entire wallet being ‘on the network’ (no local copies). Of course that gets back to proving identity for access (think: your current bank acct).