Yes, but that doesn't mean it is decentralized. In fact, centralization of mining power is one of the biggest concerns for BTC now. Further, I don't think BTC protocol allows rollbacks.
It's decentralized if no one entity has 51% power (or 90% when TF is implemented in a few months). There is no one entity in NXT that has 51% forging power. If forgers decide to download the modified release and do the rollback, then it's democracy in PoS style. BTC software could also be modified to do a rollback and if enough miners download it and reach 51% of mining power OR if enough miners decide to secretly mine a separate chain and reach 51% of mining power, they orphan all the other miners' blocks. For some strange reason, you seem to equate the majority threshold and democracy as the benchmark for decentralization. It is not. Further, don't keep snipping our conversations. Otherwise, I might forget you earlier claims such as BTC has done rollbacks before. Also, your last two sentences seem to refer to forking. I hate overquoting. I think I stated clearly what centralization is - one entity holding 51% of the mining/forging power. This is not the case for NXT. Yes, my last sentences refer to forking. So what's your question? |
|
|
|
Yes, but that doesn't mean it is decentralized. In fact, centralization of mining power is one of the biggest concerns for BTC now. Further, I don't think BTC protocol allows rollbacks.
It's decentralized if no one entity has 51% power (or 90% when TF is implemented in a few months). There is no one entity in NXT that has 51% forging power. If forgers decide to download the modified release and do the rollback, then it's democracy in PoS style. BTC software could also be modified to do a rollback and if enough miners download it and reach 51% of mining power OR if enough miners decide to secretly mine a separate chain and reach 51% of mining power, they orphan all the other miners' blocks. |
|
|
|
At least bluff a little that it's going to be rolled back.
I am not good at bluffing and not going to. Let the chips fall where they may. |
|
|
|
Coordination of peers/forger into a voting block is not decentralized.
Not all Nxt holders will be involved in the decision-making process, and the smaller shareholders and retail partners will be alienated - even if such a measure reaches 51%.
In the case of retailers, they could potentially face loses for services rendered or products sold.
In view of that, what major investor or retailer would dare make any future commitments to Nxt if they know Nxt has a history of doing rollbacks?
Would a major retailer be willing to offer a Nxt payment option to their customers knowing a rollback is a possibility?
In crypto currencies the majority of miners/forgers decide everthing. It's 51% or so in PoW and in NXT at this time. When TF is implemented in NXT, then it will take 90% power to overcome the chain, which will make it more secure than PoW. Bitcoin did rollbacks in its history too, so nothing dramatic here. |
|
|
|
So, here is what's going to happen. In NXT, forgers decide what chain to forge on. NXT is all for decentralization. CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.That's why he's going to put a modified release for download, which rolls back the chain. If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back. If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back. That's how decentralization works in the PoS world. The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS. Let's see how this drama unfolds  Interesting. A practical problem may be that most forgers automate, checking in maybe once or twice a month. Forgers should be actively notified of the position so that they download the release and forge the uncorrupted fork. I think this is right but by all means disagree with me if it is not. There is no such thing as corrupted or uncorrupted chain. Personally, I am going to forge on the old chain, because I believe in that people need to be their own bank and not keep funds at exchanges. |
|
|
|
So, here is what's going to happen. In NXT, forgers decide what chain to forge on. NXT is all for decentralization. CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.That's why he's going to put a modified release for download, which rolls back the chain. If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back. If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back. That's how decentralization works in the PoS world. The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS. Let's see how this drama unfolds |
|
|
|
The price is already so low. Kind of pointless to sell.
If one thinks it will be going even lower, it makes perfect sense to sell. |
|
|
|
|
Sell LTC,
buy NXT with 80%,
split the rest 20% between NEM, Qora, BitsharesX, Dogecoin and Dogeparty.
|
|
|
|
Oh great! Can we expect someone to clone NEM now and possibly release to live net before NEM does? |
|
|
|
|
What happened? Is NEM expected to go up? Should I buy? )
|
|
|
|
Ok, I saw it referred to as "payout" here so that's why I'm a bit confused. I was curious what the return or reward or whatever you want to call it would come out to per 1 NXT coin. I'm simply trying to figure out ROI for NXT if the price of NXT doesn't appreciate at all. Kind of like a dividend for a stock - it's good to know the % return one would get before buying the stock.
Thanks!
If you mean forging, forging is not profitable, at least at this stage of few transactions happening in NXT network, forging is about keeping the network and your investment secure. On average, at the current volume of transactions and with the current static fee you can expect to increase your stake by 0.5% over a year if you forge 24/7. But like I said nobody knows what volume of txs and what fees will be in the future. The supply of NXTs in the system is constant, it doesn't increase, forgers only collects fees that users include with transactions. The larger your stake, the more chance you have to forge a block. If you have a small stake (less than 50-100k NXTs) and don't want to bother with solo forging, you can lease your effective balance to a pool. Your coins are still in your wallet, pool doesn't have access to them, only your forging power is leased. Effective balance - is a NXT term for forging balance. Effective balance is coins that have stayed in your wallet for at least 1440 blocks (~40-45 hours). |
|
|
|
Counterparty has had 2,539 assets created. After a single day Dogeparty has had 2,928 assets created, which is kind of hilarious.
Yeah, compare it with only 223 assets created in NXT, because it costs 1000 NXTs (~$35 at current price), and in Dogeparty it costs $0.08 Not sure how much it costs in Counterparty, but probably no more than a couple of dollars. |
|
|
|
i like btc more than NXT, can you tell me why?  Because BTC has been around longer? |
|
|
|
|
$400 should be able to hold. However, the pessimistic scenario seems to be unfolding, which means we probably won't see $1000 for another 12 months.
|
|
|
|
When and where are we gonna be able to sell xdp ?
Haha, nobody promised you would be able to sell XDP XDP is a currency to trade on Dogeparty platform. The valid question would be when are we gonna be able to actually trade on Dogeparty, should we wait for the end of the burn period? |
|
|
|
|
Too late, they got spooked and changed their mind, buy wall removed. Free fall now faster than planned. Could hit 0.008 this weekend.
|
|
|
|
up  |
|
|
|
|
Mining is stage ONE of crypto currencies, it provides financing to buy into stage TWO aka Crypto 2.0 which is energy efficient, which means smaller fees, more services, more security, more value and non-inflationary.
|
|
|
|
|
Someone put a 100 000 LTC buy order at btc-e @$5.23, perfect chance to dump if you're a bagholder. Last chance before free fall.
|
|
|
|
|
This doge burning could provide more value to doges, and boost its price, which could bring the hash rate closer to that of Litecoin. I'd like to see Litecoin do the same cloning of Counterparty, I even suggested that in one of the threads a month or two ago, but it looks like Litecoin is left to fend for itself and will eventually lose users and miners to Dogecoin. Now that Dogeparty gives additional value to doges, it will not surprise me if it happens.
|
|
|
|
|
Show Posts
