ThePurplePlanet made the argument that you can perform a 51% attack with less than 51% of the stake, which seems to be true to me, as long as transparent forging is not yet implemented.
But the same goes for bitcoin, you can perform a 51% attack with only 5% of all hashing power IN THEORY, but you would have to get extremely lucky, thus it's not a practical attack.
Let's say ThePurplePlanet buys 5% of Nxt (price will skyrocket and this will cost him millions of dollars). Now he wants to doublespend on vircurex or bter or dgex. Bter and vircurex require 20 confirmations, and withdrawals on dgex are even checked manually after a longer period.
His chances of forging 20 blocks in a row are 0.05^20, or am I mistaken? He'd have to wait a looooooong time till he succeeds.
If you think it is theoretically possible, please describe how, step by step precisely, be as specific as possible, don't use ambiguous or general text.
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Perfect crime. Spend several billion dollars, buy 90% of all coins and try to destory the currency. Maybe in ThePurplePlanet's Universe it sounds normal. Or maybe he should just take care of his mental health a little better.
I also doubt whether one can buy up to 90%+ (or something close to 90%) even with plenty of money. There will be people who will not sell all of their stake no matter how much the bid is. Just think about that the difference between $0.1 billion and $10 billion is meaningless for most people, they just cannot spend so much.
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Perfect crime. Spend several billion dollars, buy 90% of all coins and try to destory the currency. Maybe in ThePurplePlanet's Universe it sounds normal. Or maybe he should just take care of his mental health a little better.
it is possible with 90%+ (I mean after the transparent forging is fully implemented), it is impossible with 5%.
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Go buy 5% of nxt (will cost you 1 million dollars -- if prices don't go up while you are buying that many nxt) then come back here showing the "attack". If you succeed, the prices will drop and you will lose your 1 million dollar investment. That's the problem with these "what if" scenarios. They are not practical. People who have that much at stake have an incentive to protect the network without any shenagginings. It's in their own best interest to protect the network. That's why it's called proof of stake.
One cannot attack Nxt that way even if he is unreasonable and do not care about the money.
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Someone said the creator of NXT actually has all of this coin as the 71 individual were not real people...
There are initial investors with their real name revealed, do some search.
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After reading some posts across the forum about Nxt, I am really surprised that why I never heard someone complaining that people with more money in bank earn more bank interest and never met someone who dreams becoming rich only by earning the bank interest.
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I wonder why people do not understand that easily that buying mining equipment or buying Nxt is actually the same. I needed to explain it here over and over again, nobody actually understood it. (Or my English is too bad) Your english is good enough. People (not including trolls) are just lazy, they don't do their research and learn. They just put their doubt out and wait for others to feed them. If others do not (This happens a lot, it's really time consuming and frustrating, like CfB said, he cannot take care of every one who don't understand simple things) then they just claim it's a serious problem. Only when Nxt becomes mainstream and the price is high enough, they will think there is a reason and take their doubt only as their doubt not a fact.
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I am glad to see that more and more people realize that Nxt is more like shares of a company than just a currency. Nxt provides services for people, that's the key point. For bitcoin, its value depends on that people believe it has a value as a currency, just like some kind of papers have values because people believe the credit of the governments. While Nxt does not base its value on belief. Anything that is useful has a value naturally when people begin to use it to satisfy their needs. Nxt is such a thing. The features and businesses around it are forming the ecosystem. I personally think it will be more useful than Google and Facebook.
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I don't need my cryptos to make my breakfast or provide me with hookers and blow contacts.
well, a lot of things are not necessary. many people live a good life in small villages without internet access.
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I don't get the mindset that has accepted bitcoin isn't a pyramid scam, and can accept its high concentration of ownership amongst a few hundred people, but those same people KNOW that NXT must be a scam, and so isn't worth a risk at 2 cents. The "...but bitcoin blah blah" argument is real thin. It's not 2009 anymore. Bitcoin is the center of the crypto universe and without it we wouldn't be discussing Next's poor distribution. I can't change the events of 2009, but I can make decisions about fledgling altcoins today. My opinion on Next is that it's a poor investment with little incentive to compel someone to swap their bitcoin for it. And the "unfair" of the capitalization has been exist for a very long time, we should have got it right long before 2009. It's really too bad we didn't.
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I don't get the mindset that has accepted bitcoin isn't a pyramid scam, and can accept its high concentration of ownership amongst a few hundred people, but those same people KNOW that NXT must be a scam, and so isn't worth a risk at 2 cents. The "...but bitcoin blah blah" argument is real thin. It's not 2009 anymore. Bitcoin is the center of the crypto universe and without it we wouldn't be discussing Next's poor distribution. I can't change the events of 2009, but I can make decisions about fledgling altcoins today. My opinion on Next is that it's a poor investment with little incentive to compel someone to swap their bitcoin for it. I see your points, maybe you will feel comfortable to swap your bitcoins for Nxt clones with "fair" distribution. There are already quite a few of them. They copy the code from Nxt, so they have the same functions as Nxt which are much more advanced than those in bitcoin. The clones have a bright future according to your arguments. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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I think, with the features of Nxt being released, the price will rise gradually for a few days, then many people will suddenly realize that the price just keeps rising and flood in, the price then jumps.
It's hard to predict short period evolution of the price, but for the long term, the price of Nxt is definitely going to rise a lot.
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Then you've only seen a few coins in your life. It sure isn't the most promising one either.
I think I have seen enough, I also read some whitepapers. Name some coins you think more promising than Nxt. I am open enough to hear some different opinions if they are supported by valid arguments.
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so with NXT, if i have a wallet with say 1000 NXT, how long does it take to 'forge' new coins and how much will i get in return?
is there a minimum of coins you have to hold?
can someone give me a quick summary please? if you dont 'mine' nxt but rather earn them just by running a wallet then i'll give it a go. I've never really read much into the whole proof of stake thing.
Don't expect to earn a lot by forging. Forging income, which is just the transfer fee of the blocks your account generates, is only comparable to bank interest, or even less since most of the blocks are empty at the moment (There will be more transfers when the features are released). The dev said the effective balance (the power you use to forge) is still in whole NXT, which means that you can forge with 1 nxt at the moment (though the chance is extremely low) but not with 0.1 nxt. You only need to open the wallet keeping your account unlock to forge. When the Account Leasing is enabled a few days later, you can also lease your forging power (without moving your NXT from your wallet) to a pool let the pool take care of the forging, then you don't even need run anything.
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NXT have survived a very hard time the past months.
- Price went down continuely, thanks to Bitcoin. - NXT had only a hard to install client that almost nobody liked for a long time. - BCNext who came and left. Very mysterious person. No trust.
All these points count no more. NXT showed his strength by his strong community. They showed that they can manage everything if they want it.
I think the hardest thing is that, for the past months, the devs worked hard to handle the internal logic of the code, which has no user visible changes, while all other features depend on it. This has come to an end. New features are being released. For the price going down, I think, in addition to large stake holders cashing out, devs and marketing people need to pay bills. The bounty is given out in nxts. If they are not rich enough, they also need to cash out some to pay the bills.
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You are right. But don't worry. Community can decide to disable non-active early stakeholder accounts with Voting System feature. If they still don't make any contribution to NXT development and promotion, then we can shut down them. We need to lay down some fund from early stakeholders for NXT promotion: free giveaways, airdrops, hiring talented devs and promoters, payments for services and etc. I think it is fair. They can't exploit common efforts of community no more. They had enough time to unload their huge stakes. Just vote!
No, you cannot do that. Voting System doesn't work this way. Such a feature will kill Nxt and will not be implemented. But it is possible, if it is programmed. Active early stakeholders, making contribution to develop NXT, are good. But non-active early stakeholders will kill Nxt faster. This is a trap like as dynamite with timer. People are afraid them and don't want to invest in Nxt. This situation can go on indefinitive long time. At that time other competitors can push out Nxt from market. Such a feature will kill Nxt even faster. Release this feature on Nxt, BOMB! Nxt is dead. People would not invest in something that their money can be shutdown by others' voting. The feature makes the purpose of cryptocurrency totally meaningless. Cryptocurrency should not be controlled by people. We need no power other than the power of the nunbers. Edit: non-active early stakeholders cannot kill Nxt
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You are right. But don't worry. Community can decide to disable non-active early stakeholder accounts with Voting System feature. If they still don't make any contribution to NXT development and promotion, then we can shut down them. We need to lay down some fund from early stakeholders for NXT promotion: free giveaways, airdrops, hiring talented devs and promoters, payments for services and etc. I think it is fair. They can't exploit common efforts of community no more. They had enough time to unload their huge stakes. Just vote!
No, you cannot do that. Voting System doesn't work this way. Such a feature will kill Nxt and will not be implemented.
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So you're saying that NXT is the best coin? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) To be fair, it's the most promising one at the moment as far as I know. When the promised features are released (they will be soon), it will be at least one of the best. And Nxt is much more than a coin, that's why BCNext didn't use a coin in its name.
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Nxt hasn't offered anything that would make me slightly interested.
That could be understood because most of the exciting features of Nxt has not released yet. But they are coming soon. That's why I recommend you to the forum to have a look at what's developing and what's coming next.
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Why would I join that forum?
To find out whether you can see the potential of Nxt there.
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