Hey Aaron,
I'm putting on a debate about Metacoin layers on FRIDAY in miami, will anyone able to speak about NXT be able to attend? Mastercoin, Ethereum and Bitshares will be there. This will run on LTB as a full episode next week.
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Adam B. Levine
Editor-in-Chief
Let's Talk Bitcoin! Oh how I wish I were in Miami. Or anywhere even close. I don't know how I feel about Nxt being described as a metacoin, but since Ethereum is also on the list, it's not so bad. I have noted that Andreas has mentioned Nxt a few times as "a layer on top of Bitcoin", though, which bugs me. I've been thinking about a few topics lately that Nxt proponents should address, because they're also hot topics in the Bitcoin world: fungibility, transparency vs security, counteracting centralization, the "mining economy", numbers of transactions per block (and how they change over time) as a measure of value, maintaining strong consensus on the network, and "scarcity" (which I am beginning to think is simply a myth in the digital realm). I think Nxt has some interesting solutions for these issues and think we should be documenting them in the whitepaper. I swear I'll get to it one day. I'm also wondering where we are with finding someone to take the 10BTC fund for a cryptanalysis on Curve25519 key generation and EC-KCDSA signing...? I stumbled upon this guy, from Amsterdam, who proposed a Curve25519 cryptanalysis in 2009, and am wondering if any of our Netherlandic friends (Damelon??) might want to poke him: Cees de LaatInteresting event there. Could Niffy present NXT and talk about technical stuffs ? I don't think any technically strong guy plan to be in Miami yet. What's a pity. could someone go ? It is a excellent chance to present NXT. Ferment ? wesleyh ? Cfb ? how much would be a Belarus-Miami flight ticket ? How about Ola  Nifty is a great network engineer, but not a developer. Guys, it would be worth putting some of that bounty toward flying one of our developers to the conference. Getting in front of the movers and shakers is one of the most important PR opportunities for Nxt. someone is probably better than no one and its almost thursday already. spread this around to everyone you can and lets just see if we can get ANYONE there by friday. Are any of you technical and articulate folks able to make it for Friday if funds are not an issue? This is such a huge opportunity, and I would love to see someone like Anon or JoeFox there. I bet we can pull together some funds to get one of you there if you're able to clear your schedule. I would gladly chip in a couple hundred $-worth of Nxt, and I think others definitely would as well. |
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Interested.
Sold on the 4 times as many. I love big numbers.
But I asked for 1 billion NEXX. How can this compete?
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I'll be modest, I want 1 billion NEXX. I might change my mind later.
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Interested!
Enjoyed the banter on the first few pages very much. Trolling raised to an art form.
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I don't like the concept of the rich getting richer, which is why I also dislike PoS.
I think this is why you should like PoS. With Nxt's PoS forging, the ROI is the same percentage whether you invest $100 or $100000. This is as fair as it gets. Both investments will grow at the same rate. PoW mining such as that used in Bitcoin is not this fair. Why? Because the nature of hardware/electricity costs and economy-of-scale gives an advantage to the rich. For instance, they can buy 100 or 1000 miners (or manufacture their own!) for a much better deal than the little guy who can only afford one. |
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Personally,
the concept of Proof of Stake (POS) by NXT coin is interesting and different compare to Proof of Work (POW) used by Bitcoin.
I think during infancy stage, like Bitcoin, it would be beneficial and FAIR to everyone, especially miners to use POW concept.
Once reached a certain threshold, maybe 50%, 80% or 100%, then the concept of POS will be more relevant to sustained the network and miners.
Currently, in NXT coin the early stakeholders are hording all the coins and benefiting them only. There is very little volume and the TRUE value is not reflected as there is no liquidity in the system.
This is not a True and Fair concept of decentralized Crypto currency in the first place.
Hi tstang, I'd say volume is pretty good, given the very early (beta, in fact) stage Nxt is currently in. It will improve as more exchanges list it (Bter just added it today!) and as the clients and features mature. Regarding true and fair decentralization, I think PoS offers more opportunity for decentralization because hardware costs are not a barrier to entry in supporting the network. And for distribution, things aren't as bad as you might think. Here are some more stats about Nxt distribution vs Bitcoin pulled from http://nxtcoin.blogspot.ca/2014/01/nxt-volume-history.htmlNxt 28.9% is owned by 0.07% 21.5% is owned by 0.14% : 2x 24.8% is owned by 0.55% : 7.9x 20.7% is owned by 99.76% : 1425x vs: Bitcoin 28.9%: 0.005% 21.5%: 0.087% : 17.4x 24.8%: 0.98% : 196x 20.7%: 98.928% : 19786x Based on this I think things are looking very positive for Nxt. Could Nxt have been initially launched with a better distribution? Probably, but it's far from terrible and getting better as more buyers enter the market. The community is very active, development is happening quickly, and support is growing. I think these will have more of an impact on Nxt's future than how ideal the initial launch was. These are also why it will be hard for a clone to compete with Nxt. |
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Here's a great essay from Anon136 of this forum that explains the key innovations in Nxt's unique Proof-of-Stake/Transparent Forging implementation. Definitely worth the read. https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1I think Nxt could challenge Bitcoin in time. Some of these ideas will be hard for Bitcoin to adapt to (would require changes at the fundamental level, which might necessitate a hard fork - difficult to do when so much money is at stake). Bitcoin could possibly come up with other ways to remain competitive though. I think this year will be very interesting. eMunie looks very interesting too. As does Zerocoin. From what I gather, Bitcoin could implement Zerocoin, but probably won't in order to cooperate with governments. It wouldn't be able to implement the Nxt or eMunie ideas without a significant rewrite though, as these have very different ways of doing things that are not based on Bitcoin. Nxt looks cool and all, but I just don't get how it's going to work with the fixed transaction fee. If the value of Nxt rises to, say $1, That means the minimum fee for a transaction is $1! This implies a market cap of only 1 billion. How can Nxt be competitive vs other coins with such a high fee? Otherwise, the PoS system looks really interesting. Can't we have PoS without fixed fess, or are fixed fees somehow fundamental to the PoS implementation (P2PCoin has the same issue)? The transaction fee isn't set in stone. Here's a thread (including a poll) discussing various options for dealing with it in future: https://nextcoin.org/index.php/topic,2075.0.htmlUltimately, the community will decide how transaction fees are handled. Right now it's set at 1 Nxt for simplicity, and this is ok for the moment because of Nxt's current low value. |
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And to those who are having trouble grasping Nxt's revolutionary innovations, here's a great paper written by Anon136 that goes into a bit more depth than the infographics. He voices a valid concern about Nxt's distribution, but I believe my above post shows that things are moving very well towards a much better distribution. If you don't yet know what "Transparent Forging" is, read this paper. It will be very important in future if cryptocurrencies are to have a hope of rivaling credit card network transaction volumes. https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1 |
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To those complaining about Nxt distribution, if that's your concern then you better get out of Bitcoin as well. According to http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=2750001.18% of all non-trivial bitcoin accounts hold 68.89% of all bitcoins. This is after 5 years of distribution. Here are some more stats pulled from: http://nxtcoin.blogspot.ca/2014/01/nxt-volume-history.htmlNxt 28.9% is owned by 0.07% 21.5% is owned by 0.14% : 2x 24.8% is owned by 0.55% : 7.9x 20.7% is owned by 99.76% : 1425x vs: Bitcoin 28.9%: 0.005% 21.5%: 0.087% : 17.4x 24.8%: 0.98% : 196x 20.7%: 98.928% : 19786x By these metrics Nxt's distribution is already fairer than Bitcoin's. This is after roughly 1.5 months of distribution, and it'll probably improve even more in the coming months. |
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A billions were released by an insider team via exchange even before the code was open sourced.
Scam scam scam! Dont understand how people fall for this.
Its biggest scam in the history of crypto currencies.
If approximately 1.5% of accounts own greater than 60% of all bitcoins, by your logic, how is bitcoin not a scam? If you can explain to me how that distribution is fairer than Nxt, I will believe that you not an absolute idiot. hey can you give a me a source for that? if its true than i think nxt has already surpassed bitcoin in homogeneity of distribution  According to the stats on http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=2750001.18% of all non-trivial bitcoin accounts hold 68.89% of all bitcoins. What I mean by all non-trivial bitcoin accounts is all those with more than 0.001 bitcoins. All accounts with more than 100 bitcoins make up only 1.18% of this total, yet they hold 68.89% of the wealth. So the overwhelming majority of bitcoins is controlled by the top 1.18%, and that's after 5 years of distribution. |
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Alias with encrypted URI == stealth account.
Great! Perhaps a Wiki entry should be written about this, as anonymity is a major concern for many who are interested in long-term fungibility of cryptocurrencies. Something that shows how this can be/is achieved with Nxt would be helpful! I don't have the background or I'd volunteer. |
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Can something like Stealth Addresses be implemented on Nxt? I don't have the technical knowledge to comment on it, but this seems very interesting. What caught my attention is that anonymity is achieved with a single, fixed, public address: "* Abstract A Stealth Address is a new type of Bitcoin address and related scriptPubKey/transaction generation scheme that allowers payees to publish a single, fixed, address that payors can send funds efficiently, privately, reliably and non-interactively. Payors do not learn what other payments have been made to the stealth address, and third-parties learn nothing at all. (both subject to an adjustable anonymity set)" http://sourceforge.net/mailarchive/message.php?msg_id=31813471https://twitter.com/aantonop/status/423536604347527168/photo/1 |
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I want to freeze the acc. It is just my opinion though.
Why do you want to freeze the account? Do you foresee a greater need for funding in future? |
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A) 15.-28.2.2014: Get existing and new:
1. Articles (!) (with uniquehorn)
2. Infographics (!) (salsacz)
3. Videos (salsacz)
4. Scientific Papers (utopiafuture+salsacz)
5. Reviews (!) (community, salsacz)
You should get Anon136 involved in the writing. He's a great communicator with a really strong grasp of the technicalities as well as the revolutionary implications of Nxt. I'm sure you've read his paper already. It's my go-to resource for stimulating interest in Nxt: https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1 |
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nxt really is the model for distributed autonomous corporations. Inorder to have thousands or millions of blockchains that are all secure it is imperative that they not be in competition with one another for the resources that make them secure. with mining, the strength of one blockchain is the weakness of another. Or put differently, every hash/s on blockchain a is a hash/s that is not available to secure blockchain b. with the nxt framework we can have an almost infinite number of secure blockchains. this is a prerequisite for a vibrant ecosystem of distributed autonomous corporations.
*edit* i may write a paper about this
I hope you do! Your last paper was great. Make sure someone posts it on the Nxt forums if you do. |
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Here's a great essay from Anon136 of this forum that explains the key innovations in Nxt's unique Proof-of-Stake/Transparent Forging implementation. Definitely worth the read. https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1I think Nxt could challenge Bitcoin in time. Some of these ideas will be hard for Bitcoin to adapt to (would require changes at the fundamental level, which might necessitate a hard fork - difficult to do when so much money is at stake). Bitcoin could possibly come up with other ways to remain competitive though. I think this year will be very interesting. eMunie looks very interesting too. As does Zerocoin. From what I gather, Bitcoin could implement Zerocoin, but probably won't in order to cooperate with governments. It wouldn't be able to implement the Nxt or eMunie ideas without a significant rewrite though, as these have very different ways of doing things that are not based on Bitcoin. |
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i did! i showed the conversion, it was 25,000 nxt. I wouldnt have offered that much because i have limited funds, but since i started finding my offers rejected i figured i could stand to offer more. i cant believe they are still rejecting at 25,000  do you expect that they would read it if you offered 1 bitcoin directly? (they might not cope with the task of exchanging  ) btw. missed the link to the paper, would you mind reposting? Some bloggers might take offense to being offered funds to read an essay. They might view it as a bribe to write about Nxt, and they would want to keep their reputations clean, especially if they have built a reputation on unbiased reporting. I think a better tactic might be to give some key reasons why it will benefit their blog and how their readership would benefit from the information, and perhaps even offer to do a guest post (after establishing your credentials). You could also give a point-form summary of the key points of your essay to pique their curiosity. I think your paper is a fantastic promotional resource for Nxt, and I agree the crypto-currency thought leaders need to clue in to it. The implications for the crypto community are too far-reaching to ignore. |
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