NXT nodes are needed to make NXT strong. Those nodes are only going to be stood up by people motivated to do so. I repeat my contention that forging does not seen to be a strong motivator for setting up NXT nodes when examined closely. This could be a problem. This forum exists to address to problems.
How much NXT you earn from forging depends on transaction volume. NXT users is still a small pool of individuals and transaction volume is low. Transaction volume will increase exponentially as we have seen with Bitcoin which will increase forging profits dramatically. I guess this situation is like when Bitcoin first launched many years ago... what motivation was there to mine? Transaction volume or exponential increases in it don't alter the bottom line at all. They only define the timeline you see in getting there. A 1000 NXT forging stake will earn you 0.0001% of all transaction fees, which is identical to saying you get 1 transaction fee NXT for every 1,000,000 generated by the system. You will double your 1000 NXT stake after 1,000,000,000 NXT have been generated in transaction fees. How long it takes to generate a billion NXT in transaction fees depends on the average size of all NXT transactions. For every thousand NXT in the average transaction size, a trillion NXTs must change hands for you to double your 1000 NXT forging stake. Math is math and facts is facts. What's your numbers, or what's wrong with mine? Your math assumes that all 1000000000 NXT will constantly be in nodes. Once the coin moves not everyone will have their computer on 24/7. Hence, the percentage of 0,0001 isnīt the correct percentage for your chance at forging a block. |
|
|
|
Another way of saying this is that if you run a forging node with 1000 NXT, you will earn only 1 NXT for every 1 million NXTs that are charged as fees. Thus you will "double" your 1000 NXT initial forging stake only when THE ENTIRE AMOUNT OF AVAILABLE NXT has cycled through once not as transactions, but FEES.
Maybe it's just me, but I gotta say that forging does not seem to be a very good motivation for running a node.
With traditional coins, mining pools allow a steady income rather than once-in-a-lifetime lottery windfall when (/if) you finally get a block. Is there to be a similar concept for someone to bother forging with only a handful of NXT? I think you have a skewed viewpoint. ATM scrypt coins offer a fairly decent return, IF you already have the equipment. If not, then you would need to invest in that (GPUīs that give a decent return arenīt cheap) That will change totally middle of next year, when dedicated scrypt miners will arrive. Then you will need to fork out massively to start and GPU mining will no longer be profitable. Not to mention that mining costs power! Also, the market in coins after the BTC boom is crazy and nothing like a real market. At the moment, you are cashing in on the fact that people have no idea what they are doing. Thatīs fun, but wonīt last. As soon as the power scrypt miners come in, people will turn away, and you will be dealing with people who mean real business. Then profits will mean WORK. With NXT, this is no different, only now you have to take a transparent risk: fork out money if you trust it and hope for gains. If you donīt trust it, like in any venture, you donīt step in. There were a few people who were willing to invest early with no garantuees except that they were willing. After that, some people could get in fairly cheaply again, also for no garantuees but their trust, based on knowledge and insight. And now, because people WANT to get in and have a piece of the pie, you have to pay more. Supply and demand. This is perfectly normal business sense and I am a bit confused why the hell this is so hard for people to grasp. |
|
|
|
If the only thing needed to access an address is the password, what would happen if more than 1 addresses have the same password?
Canīt happen. happen with extremely low probability, system'll give u warning, if I correct. Not same passphrases (1 phrase unlock 1 account), but equal hases (account id) to both phrases. I stand corrected  |
|
|
|
Is it worth to run a node with around 1000 Nxt? Will I be able to forge anything thats worth it?
Yes, u'll be earning 0.0001% of all fees. Another way of saying this is that if you run a forging node with 1000 NXT, you will earn only 1 NXT for every 1 million NXTs that are charged as fees. Thus you will "double" your 1000 NXT initial forging stake only when THE ENTIRE AMOUNT OF AVAILABLE NXT has cycled through once not as transactions, but FEES. Maybe it's just me, but I gotta say that forging does not seem to be a very good motivation for running a node. This example only goes when ALL NXT are in play. The percentage is calculated over all NXT that are in accounts running nodes. If they are not, then the percentage changes. |
|
|
|
The fact its continuously raising suggests itll collapse (bubble)
Its just riding the wave behind bitcoin. Along with all the others.
You talk as if it is a bad thing that it collapses in value. Due to its architexture, NXT thrives of the flow of the "coin", not on hoarding. If people dump, let them. |
|
|
|
If the only thing needed to access an address is the password, what would happen if more than 1 addresses have the same password?
you would access the same account which is why choosing a truly strong and unique password is of key importance e.g. try to put "test" as password and you'll see that you have access to that particular test account I know that it's very unlikely to use the same long password in 2 different addresses, but the problem is that someone could just spam different passwords and randomly hit some existing addresses. thats why we are advised to use strong randon character password ie 50+ letters number symbols Even with long passwords, it could be profitable to have hacker farms spamming random passwords, if Nxt prices increases enough to be worth the effort. alot of time and energy would be needed to do so, my pass comes in at infinite years to crack on password strength website Unless of course the hackers run the password strength website This is the same kind of argument as saying "unless the locksmith made multiple keys". Just like the locksmith would need to follow you home, the hacker would first need to know where you are going to use that pass. |
|
|
|
If the only thing needed to access an address is the password, what would happen if more than 1 addresses have the same password?
you would access the same account which is why choosing a truly strong and unique password is of key importance e.g. try to put "test" as password and you'll see that you have access to that particular test account I know that it's very unlikely to use the same long password in 2 different addresses, but the problem is that someone could just spam different passwords and randomly hit some existing addresses. I found one just by guessing: qwertyuiopasdfghjklzxcvbnm (I did not steal the coins, they were gone already.) I guess this is the 12345 of long passwords! Eventually, even long passwords will have a top 1000 of most used. People are too lazy to invent secure passwords. Thatīs their problem, isnīt it? If you are dumb enough to put a bad lock on your house, you shouldnīt be surprised if things get stolen either. I have no pity for people who are sloppy with their computer security. Itīs simple enough to use a good password generator. If you arenīt even willing to do that, you basically deserve to be robbed at some point. |
|
|
|
If the only thing needed to access an address is the password, what would happen if more than 1 addresses have the same password?
Canīt happen. |
|
|
|
DGEX is swamped with work at the moment and withdrawals are still manual. It takes some time, but it WILL get to you  |
|
|
|
At the moment, the rise of prices is nice, but there will be drops, too. I just hope people wonīt panic and dump at that moment. But people will be people, so it probably will happen. The activity at this moment is the same as for a new exciting altcoin. HUGE rises and probably some huge drops at some point, too. The coin is very young and not stable yet. That is not a criticism. I see so much good work going in, that in the long term it will, I believe be a very credible medium. It also makes for much needed excitement during my holidays |
|
|
|
Aaaaand GDEX just imploded  how so? Kept getting a server error for over 15 minutes... Never mind me  |
|
|
|
|
There is no reason for panicsell.
Itīs much easier to buy low at this price if you already have a wallet of BTC and then dump when you double...
|
|
|
|
Will I be rich in 5 years with 500 NXT?  Also, would you invest right now? are we in a bubble? I have been waiting and it has only gone higher. Maybe this will help give some perspective. Lets say nxt got to the point where it had the same market cap as bitcoin does now. (21million/1billion)*500*700=$7,350US This also means just putting it in your wallet, not forging and just waiting. Hardly the most profitable way to go about it I have my wallet open all day with the 500 sitting on there but I have never recieved anything. what are the chances that you will process any transaction with 500? how do you calculate this The best I can do is refer you to the FAQ. Itīs explained here: http://nxtcrypto.wikia.com/wiki/FAQ#Forging |
|
|
|
Will I be rich in 5 years with 500 NXT? Also, would you invest right now? are we in a bubble? I have been waiting and it has only gone higher. Maybe this will help give some perspective. Lets say nxt got to the point where it had the same market cap as bitcoin does now. (21million/1billion)*500*700=$7,350US This also means just putting it in your wallet, not forging and just waiting. Hardly the most profitable way to go about it |
|
|
|
 Hello, I am a webmaster who is really interested in cryptocurrencies. I am actually working on a localbitcoins website but for alt-coins. I have almost everything done, I am waiting for my graphic designer to send me the work I asked him. Website will be in english, spanish and french. I'm planning on making a Nxt only exchange, just as localbitcoins but for Nxt. The website will allow users to buy Nxt with USD / EUR making everything easier and more accesible for everyone. I still don't have the domain name so if you have one or you have any suggestions please tell me. The iniciative has been very well accepted specially in the Quark post, as everything started building a website for QRK. Now that I have almost everything finished I'm trying to create different websites for 2-3 more alt-coins. I would like to know if you would be interested in the initiative. My Nxt wallet is: 17070893084359262654. If you support this idea I would be really greatful if i receive a donation. Website coding will be different and it will take me some time to have it ready to work with Nxt. Any donations will be a great help for motivation. I hope to have everything ready before the end of the year. Cheers! I like the idea of this alot. Although you should drop the e from the logo and just have NXT. We do need another exchange as i cant see cryptsy/btce adding NXT anytime soon. Maybe get it ready for the january source release. As atm min nxt still has teething problems and the more new comers are finding it hard ro keep up with the updates etc and it gives us a bad name atm. Id be pissed if i payed $ for nxt and couldnt work the wallet There is a thread for logo's on the official forums. Entries for the logo will end on 27th of December. You are just in time https://nextcoin.org/index.php/topic,811.90.html |
|
|
|
|
24228 4747512364439223888 25 December 2013 13:53:13
160 100'264 + 169 20'491 B
1 14598158014289481533 3616 %
|
|
|
|
Iīll get the drinks in, then |
|
|
|
Do I need to get my "The End is Nigh" pamphlets out of the attic or can I just keep sitting and stuffing my face? |
|
|
|
|
I am just seeing negative mining amounts popping up in the blockchain explorer:
ACCOUNT : 6483973064837388393 PermLink | PDF | JSON
Balance Total : 2,810,946 NXT USD Equivalent [1] : 114,915.26 BTC Equivalent : 172.59
Transfer Total : 19 Transfer In : 2 Transfer Out : 17
Paid Fees Total : 48 Amounts In : 2,804,368 Amounts Out : 156,000
First Transfer : 14.12.2013 Last Transfer : 24.12.2013
Mining Ratio [2] : 0.2648 % ŧ [-5685765 NXT]
Happens for all accounts I checked...
|
|
|
|
NXT----obviously， it's a great idea! but it's too hard to use, we cann't spend whole time to keep eye on the screen to check if the block stucked or not. if no one could solve this ploblem, i dare to say: NXT will disappear soon. the good idea must supported by easy way to use ,but NXT.....
Any new thing is hard to use. The first car was terrible to use, the first bike, the first vacuum cleaner, washing machine etc. etc. etc. Things get better with time. Iīve spent most of the day (for perspective) reading old old threads and articles about Bitcoin. Itīs a hoot! In almost every thread you saw people putting it down and mocking it in terms of "itīs for nerds and will never get anywhere". I am willing to bet quite a lot of money that these people are groaning very loudly since april and/or the beginning of december. Only time will tell, but donīt come complaining if you missed yet another boat. maybe you are right! but be sure, i will complaining if i missed the baot and cann't aboard a ship. I have no idea if I am right I might be betting on the wrong horse here, too. BUT Iīm willing to take a calculated risk here. I see loads of people sincerely investing time and effort in this and taking a realistic view of things. Basically, because I am fairly inept at grasping the real fundamentals of the venture, I need to go on my trust in those involved. They seem competent and dedicated (just looking at this thread and the effort involved confirms this to me) and that is good enough for me. That is no garantuee for success, but itīs way better than just making a copy of something that someone else already has done, as with most alt coins. So, Iīm perfectly willing to wait and see and maybe lose. I know that if all goes well, I (and all others with me) are on to a winner. |
|
|
|
|
Show Posts
