Masternode 1000 dashes requirement reduction

C

cherryblum

New member
Good day everyone,

I would like to start a disscusion, what would be Pro's and Con's to reduce 1000 dashes requirement to operate a masternode?

I would think, that network will not gain many more new Masternodes, since Dash price is rising and it becomes more expensive to start to operate one.

Maybe it's wise to consider to reduce amount for example to 550 or 650 dashes.

It will be people who own less, might be able to start one, or the one who owns will add a bit of Dashes to start another one?

Opinions please ;-)

Best regard.
 
cherryblum said:
Basically I didn't know until now that there is Masternode.me service available too.

Has anyone used it?
Click to expand...

Firstly, masternode.me is a third party service where you're sending your coins to someone else and trusting them not to steal them, never a good thing! However, Moocowmoo is a long time Dash supporter and part of the core development team and I don't think anyone would disagree he's one of the most trusted members of the community, I use his masternode shares service and would definitely recommend it. But who am I? Some random dude on the internet. Due diligence at all times! Check it out, get some feedback, I don't think you'll be disappointed :)
 
cherryblum said:
Basically I didn't know until now that there is Masternode.me service available too.

Has anyone used it?
Click to expand...

I just ordered a MN share from Masternode.me a couple days back. Nothing really to report yet, but he seemed like a helpful person willing to go above and beyond to answer any questions.
 
stan.distortion said:
Firstly, masternode.me is a third party service where you're sending your coins to someone else and trusting them not to steal them, never a good thing! However, Moocowmoo is a long time Dash supporter and part of the core development team and I don't think anyone would disagree he's one of the most trusted members of the community, I use his masternode shares service and would definitely recommend it. But who am I? Some random dude on the internet. Due diligence at all times! Check it out, get some feedback, I don't think you'll be disappointed :)
Click to expand...

Yes, third party service is always a risk, but I too know that Moocowmoo is trusted member of this community.

In general, your part is mostly involves only paying the shares, the rest Moocowmoo manages for his 15% fee?
 
Silversaving said:
I just ordered a MN share from Masternode.me a couple days back. Nothing really to report yet, but he seemed like a helpful person willing to go above and beyond to answer any questions.
Click to expand...

Does your shares start to work instantly or do you need to wait some other, in order to create a total of 1000 dash to setup a Masternode?
 
cherryblum said:
Yes, third party service is always a risk, but I too know that Moocowmoo is trusted member of this community.

In general, your part is mostly involves only paying the shares, the rest Moocowmoo manages for his 15% fee?
Click to expand...

Yes, that's all. Moo will send you an address, you send (multiples of) 25 Dash to that address and you will receive payments. You receive a PGP signed receipt of payment by email and you can withdraw anytime after 30 days simply by emailing the receipt back to masternode.me. You can also add further multiples of 25 Dash to the same address anytime and receive payments on the total.

Just a heads up, sometimes he's very busy and can be slow to respond to emails (a day or two). He's always been quick to respond whenever I've contacted him but it came up when the 12.1 rollout was underway and only regarding an signup inquiry but when you're trusting someone with your coins there's every reason to be cautious.

EDIT: Instantly, you'll start receiving payments after about a week which is even better that running your own masternode :) (Newly started masternodes miss the first payment to help prevent folks hopping on and off)
 
cherryblum said:
Good day everyone,

I would like to start a disscusion, what would be Pro's and Con's to reduce 1000 dashes requirement to operate a masternode?

I would think, that network will not gain many more new Masternodes, since Dash price is rising and it becomes more expensive to start to operate one.

Maybe it's wise to consider to reduce amount for example to 550 or 650 dashes.

It will be people who own less, might be able to start one, or the one who owns will add a bit of Dashes to start another one?

Opinions please ;-)

Best regard.
Click to expand...

The pros larger network?? The cons: the mining profits get shared between more Masternodes so it would make it less incentivizing for Masternodes to hold they're 1000 Dash's. Thus it "may" make it so that Masternodes would prefer to sell they're Dash's when prices are trending down and so that would equal less price stability.
 
cherryblum said:
Does your shares start to work instantly or do you need to wait some other, in order to create a total of 1000 dash to setup a Masternode?
Click to expand...

Well keep in mind im a newbie as well here, but on my receipt he sent me, it says I bought a share in a MN "launched 2014-11-19 15:05:04". Thus I assume it's already active, but I have zero clue on when payouts happen. Hope that helps.
 
stan.distortion said:
Yes, that's all. Moo will send you an address, you send (multiples of) 25 Dash to that address and you will receive payments. You receive a PGP signed receipt of payment by email and you can withdraw anytime after 30 days simply by emailing the receipt back to masternode.me. You can also add further multiples of 25 Dash to the same address anytime and receive payments on the total.

Just a heads up, sometimes he's very busy and can be slow to respond to emails (a day or two). He's always been quick to respond whenever I've contacted him but it came up when the 12.1 rollout was underway and only regarding an signup inquiry but when you're trusting someone with your coins there's every reason to be cautious.

EDIT: Instantly, you'll start receiving payments after about a week which is even better that running your own masternode :) (Newly started masternodes miss the first payment to help prevent folks hopping on and off)
Click to expand...

Do you receive your earned dashes straight to your wallet? You need to provide address to receive, right?
 
cherryblum said:
Do you receive your earned dashes straight to your wallet? You need to provide address to receive, right?
Click to expand...

Yes, straight to your wallet. If I remember correctly you need to supply a receiving address but you may not need to, Moo worked out a failsafe way of receiving change back to the sending wallet for the Dash n'Drink project and he may be using that. I can't remember exactly how it was done but when I saw it it was kind of obvious and obviously safe but hadn't been used before, maybe someone from Bitcoin has picked up on it at this stage but I've not heard anything :/
 
stan.distortion said:
Yes, straight to your wallet. If I remember correctly you need to supply a receiving address but you may not need to, Moo worked out a failsafe way of receiving change back to the sending wallet for the Dash n'Drink project and he may be using that. I can't remember exactly how it was done but when I saw it it was kind of obvious and obviously safe but hadn't been used before, maybe someone from Bitcoin has picked up on it at this stage but I've not heard anything :/
Click to expand...

He did not require me to provide him an address when i signed up a few days back
 
Amanda talked about having saving amounts like masternodes

Sent from my MotoE2 using Tapatalk
 
You must log in or register to reply here.
Back
Top