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Title: Why is the Nxt forging return so low? Post by: Bizmark13 on August 17, 2014, 07:24:28 AM I entered a couple of numbers into the Nxt Forging Calculator (http://www.mynxt.info/forging_calculator.php) which basically is an approximation of how much Nxt you can forge with your Nxt wallet. My goal is to have 10,000 NXT by the end of this year (and 1 BTC), but if I enter that number into the calculator, it turns out I will only get about 0.13 NXT per week (with 1 week being 168 hours).
Even at the height of Nxt's value, that is only 1 cent! Today, it's even much less than that! :( So... What incentive is there for average people like me to forge? Even a Nxt whale with 1,000,000 NXT would only get 12.96 NXT per week. At current prices, that is under 50 cents! Title: Re: Why is the Nxt forging return so low? Post by: 50cent_rapper on August 17, 2014, 07:47:24 AM This shit is fixed in Crypti (XCR) where you forge not on your coins in wallet, but time of running node.
Theread: https://bitcointalk.org/index.php?topic=654463.0 Whitepaper: https://github.com/crypti/whitepaper Title: Re: Why is the Nxt forging return so low? Post by: Brangdon on August 17, 2014, 01:35:34 PM Quote Why is the Nxt forging return so low? Nxt is a proof-of stake coin. That means it doesn't need to pay miners to do the work involved in "proof of work". There's no high block-reward, only transaction fees. The fees are set low to encourage people to use the currency. Actually, most people think the fees are currently too high, and they will be lowered considerably soonish. Lower fees will make micro-transactions more viable. Low fees is a basic long-term advantage Nxt has over Bitcoin. (The short term advantage is no inflation; Bitcoin inflation is currently around 10%/year, to pay miners. As the block-reward halves and inflation drops, Bitcoin fees will increase.)So... What incentive is there for average people like me to forge? To secure the network. The more honest people forging, the more resilient the network is to dishonest people. If you feel your 10,000 NXT isn't worth securing, you don't need to forge. A whale with 1,000,000 NXT will have more to lose, so probably will want to forge.Basically, Nxt is not a currency for greedy fat cats to make money by doing virtually nothing. Title: Re: Why is the Nxt forging return so low? Post by: ShroomsKit_Disgrace on August 17, 2014, 02:33:30 PM Forging is not about becoming rich, as mining could be. It is about securing your investment
Title: Re: Why is the Nxt forging return so low? Post by: From Above on August 17, 2014, 02:36:52 PM why is dem returns so low? cuz NxT is a fucking hardliner scam .. Spoetnik Approved™
~CfA™~ Title: Re: Why is the Nxt forging return so low? Post by: fudbuster on August 17, 2014, 07:40:49 PM This shit is fixed in Crypti (XCR) where you forge not on your coins in wallet, but time of running node. Theread: https://bitcointalk.org/index.php?topic=654463.0 Whitepaper: https://github.com/crypti/whitepaper Yup, Crypti's forging setup is far more fair than NXT's. |