I also believe Litecoin is dead simply because it doesn't really have any advantages over Bitcoin and there are far too many much more innovative coins being launched continuously. With so many options out there, why would anyone invest in Litecoin?
greater network security then any other alt,...as for v btc, a known dev, which is a biggy when it comes to mainstream acceptance and regulation hurdles  Are you saying regulators can make Litecoin developer model Litecoin to their requirements?  Like in completely centralized obedient pet crypto? |
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So for example if BitGold doubles in price in a week then the collateral is there to back BitGold at that new price level.
Ok, still don't see why not just let the price float freely, why put collateral to it every week? Is there an equivalent of what this is all about in real world trading (stocks, bonds, whatever)? What is this financial instrument called? Maybe that can make it more clear. |
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I've said it before and I'll say it again. I'm never selling my NEM for anything unless one day NEM turns out to be fundamentally flawed and another coin rises up to replace it. NEM is going to be my primary cryptocurrency and I will use it as such for as long as it remains active and developed. I'm pretty sure I'm not the only one here thinking the same thing either.
Such dedication. Much support |
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However BitAssets are covered by BTSX as collateral, so participants can agree to trade around the value of anything, Bitstocks, BitCurrency, BitCommodities etc. knowing the position is covered.
Thank you, this is an important part. So BitAssets are covered by BTSX as collateral. If I understand it correctly, NXT plans to do something like that within its Monetary System feature, where tokens are supposed to be issued covered by NXTs as collateral. NXTs would be 'locked' and a certain amount of tokens issued. Those 'locked' NXTs would set a minimum price in NXTs the issued tokens can be remeeded for. Of course, tokens can be traded above that price. That would be the best equivalent of Bitshares market pegged BitAssets. Provided I got your explanation right. |
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I understand and like 'free floating' asset prices, 'pegged' screams of manipulation of price. So what's the purpose of those, can anyone give a use case?
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is Bitshares and Ethereum going to be one system? it'll be an epic battle of the giants to behold: NXT vs Bitshares/Ethereum. Stay tuned in |
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What is market pegged BitAssets and why are they important?
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I always withdraw everything immediately.
good boy! |
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Out of 4000 NEM stakes only 1000 are available to be requested and distributed on the Nxt AE until official launch. Out of this, 649 have already been sent out and 351 are still available. So 649 stakes = 16.225% distributed stakes.
Wow, that can really crush the price when more stakes are distributed. |
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Will you guys be smart and prudent now and withdraw from exchanges? You don't have to say yes right away, you can think, perhaps all these hacks make life not so boring.
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He'll probably keep both.
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The hacker just returned 12 1/3 Million additional NXT to BTER.
+ 6 Mil ... + 10 Mil Which about solves it. That's good news, how many Nxt does the hacker still have left to return? about 8M well, he said he believes in NXT, so he probably won't return it. |
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Yes what? You will keep coins at centralized exchanges? Well, good luck then |
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Are you guys going to keep coins at centralized exchanges now? |
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NXT is a social experiment as its founders like to say, devs give forgers a choice, so that forgers can exercise their right to vote with their forging power. That's the reason for this patched release. This goes to show the spirit of forgers and what they stand for. If they weren't offered a choice, it would be unknown what forgers stand for, and whether they truely support ideas of crypto currency. NXT forgers proved they do. You can keep trying to twist it as if it's not in NXT favor, but for all unbiased people it's clear to see what it's all about. But trolls gonna troll, it's their life.
So why don't they introduce this as a permanent feature? Give forgers the option to whitelist or blacklist every single transaction at will. Maybe with a nice thumbs up button.  Do you know why? Because this would be the shittiest of all alt-coins... Actually forgers can do that on their own, NXT is open source, just like in Bitcoin miners can do that. They can modify the software to include or not include txs. If 51% (or 90% soon when Transparent Forging is enabled) of forging/mining power agrees to use the same modified software, then an alternative longer chain can be formed. That's the beauty of crypto currencies and that's basics of crypto currencies too |
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1 077 million doges burned, not bad, what are you projections? Will it reach 2 billion?
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NXT is a social experiment as its founders like to say, devs give forgers a choice, so that forgers can exercise their right to vote with their forging power. That's the reason for this patched release. This goes to show the spirit of forgers and what they stand for. If they weren't offered a choice, it would be unknown what forgers stand for, and whether they truely support ideas of crypto currency. NXT forgers proved they do. You can keep trying to twist it as if it's not in NXT favor, but for all unbiased people it's clear to see what it's all about. But trolls gonna troll, it's their life.
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So the response by the NXT community is to taint the coins involved in the theft?
NXT community is decentralized. What individual members of the community do (exchanges in this case) is not unanimous opinion of all NXT community, and NXT community has no control of what individual members do, it's super duper decentralized, you know. Some members of NXT community even think of getting rid of its semi-official forum, because the forum makes it sort of more centralized, which goes against principles and values of NXT. Exchanges are free to act on their own, they are businesses, just like in real world you can choose to accept the money you know for sure involved in theft or not accept it. |
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Thanks. So was there any chance a roll back could have happened? And now they are not going ahead, does this mean the hacker now controls 5% of the hashrate of Nxt?
Theoretically, if 51% of forging power would be sent to forge on an alternative chain, just like in PoW currencies, where 51% of the hash rate of one entity can overcome other chains. However, in NXT no single entity owns 51% and if this happened, it would be a combined decision of many forgers (like in voting) or distributed consensus. The hacker at the moment controls ~4.6% of the hash rate, correct (he sent 5m back to bter before he disappeared, maybe he'll send more later). There are plans in the NXT community to notify all exchanges not to accept funds from that address, however that may not work in practise. He can sell and depress price of NXT for some time, but can't destroy NXT with this. If you're looking for bargain prices of NXT, get some bitcoins ready soon. |
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What I read was that it was bter making the decision to to roll back or the community decision to block that account.
The fact that this was talked about is cause for concern. From what I read if enough people decided they could have used their coin forging power to make it happen with little downside.
Some people are more tolerant of others controlling their currency and I understand that. However that is unacceptable for my uses.
If I have been misinformed instead of calling me a retard please explain. As I understand it if a similar hack happened in bitcoin everyone would have just said. Oh well it was the exchanges fault. But with Nxt the exchanges hold power because they are effectively the biggest miners.
When NXTs are moved from a wallet, the wallet of the exchange is left with no forging power, they can't make any dicisions whatsoever. Coins have to stay in wallet for 1440 blocks to get forging power. Only those forgers who have coins in the wallet for 1440+ blocks and forge, decide the fate of NXT. There are rolling checkpoints in NXT, that make chain reorganizations past the last 720 blocks impossible. Which means all txs which were included in blocks older than 720 blocks deep are 100% irreversible, even theoretically. I hope this briefly explains all your wrong assumptions. PS: when Transparent Forging is implemented, the numbers will change from 51% of forging power necessary to overcome last 720 blocks to 90%, and blockchain reorganization from 720 blocks to 10 blocks. Per CfB's words. |
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