Just peg 1 unit to 1 qora to eliminate confusion.
Issue as many units as you actually possess qoras, you may show your Qora balance to prove that and send 1 qora to someone who can confirm the transaction.
This establishes basic trust for you.

After you have issued the asset, put a sell order, someone will put a buy order, and you'll make a match somewhere in the middle

In the Asset Description set the rule that you will only redeem a minimum amount of 1000 qoras and will charge a 0.5% fee to redeem + a qora tx fee (whatever it is), so suppose they redeem 1000, you send them 994 (5 is your profit minus 1 qora tx fee).

To request a redemption, they transfer the qora asset to your NXT account and send you a message thru the NXT client with their qora wallet address. You process the redemption within 24 hours.

That's basicly all of it.

The main point is, it's a win-win for Qora and NXT, more NXTers will have a vested interest in Qora's success as they will buy into Qora stakes and vice versa - more Qora holders will like NXT in their turn. Without this sort of cooperation it will be much harder to compete with Bitcoin. I don't know who wins in the end, but I sure would like to diversify into Qoras, but it should be a secure way.

It just doesn't help Qora at all that almost no exchange lists it, I mean it's a no-brainer and if I was a big Qora holder I'd set up this asset on NXT AE and slowly build trust with the communities. Can make some nice profit too, because redemption doesn't have to be free, charge 0.5% or something like that, you don't have to work for free. Qora exchange rate would go up as a side effect, as demand for Qoras would pick up + free publicity to all NXTers on the new asset.

Yep, me too, I am sure many NXTers would like to diversify and get some Qoras. We just have to eliminate the middle man (Bitcoin) here, and going thru a centralized exchange. That's the future, let's make it.

You're trustworthy enough, you could issue an asset against your own Qoras, don't have to be someone else's. Just make sure you issue as many asset units as you have qoras in your possession, otherwise we may end up in fractional reserve banking, which we really don't want here

But we really need this thing, guys, to help with the distribution of Qoras. What use if they are concentrated in a few hands, and centralized exchanges that you can buy them on are slim to none, and generally suck.

What's the going QORA/NXT exchange rate?

I mean since both NXT and Qora are trying to distance themselves from PoW, from Bitcoin, they should have their own exchange rate established. Oh, and can some trustworthy holder of Qoras (dzarmush?) issue a Qora asset on NXT Asset Exchange, redeemable on demand for real Qoras.

I know, this might be against the Qora's principles to be sold on a competitor's exchange, but then, NEM seems to be doing great and Qora hasn't released its own decentralized exchange yet I'd like to buy Qoras, but not on a centralized exchange, I am too nervous to deposit and trade on centralized exchanges, really, especially with all these exchange owners magically disappearing.

EDIT: just read what abctc suggested above after I wrote this. Well, anyone reputable in this thread can issue a Qora asset and people can test it and redeem small amounts of Qoras, so what stops you, Qora guys? )

EDIT2: checked the last trade for Qoras at Poloniex, QORA/NXT exchange rate should be around 0.00435 per current NXT/BTC rate. I think, we can start with that, there is a need to disconnect from Bitcoin, it's in both Qora's and NXT's interests.

About 100x more than when the stakes were distributed, and there is no even public alpha client, crazy! I mean what are people thinking?

I don't think so. Most people wouldn't even notice. Heck, most people already think Bitcoin is dead from the FUD they read/heard/watched on the Mt. Gox going under event and when you tell them it's only one exchange that went bankrupt, they stare in amazement. Most people are clueless about crypto currencies or generally money matters.

PoW is a disaster waiting to happen. Some coins with diversified algos like Myriadcoin may take longer, some may take less time to crash. Proof-of-Stake is the only long-term sustainable answer, extendable to counter attack the deflationary pressure through the Monetary System, and not prone to kill switch attacks.

When NXT gets more popular in Asia, those early Europe morning hours's blocks would also be filled, for now it's best to look at daily volume and average txs per hour number.

June 2 - 1888 txs per day - ~79 txs per hour I know it's not something really big, but there is a progress over the past 2 weeks.

Exactly, that's why I made a point there is a profit opportunity here even if the tx fee is lowered to 0.1, it won't matter much for profitability. By the time big stakeholders stop buying up the NSCs from forgers, the number of txs will allow forging to sustain profitability for forgers, provided all the planned and in-the-works features of NXT and NXT itself becomes popular enough.

150 000 blocks generated over the next 6 months * 11 NXT per NSC = 1.5 mln. NXTs, I think big stakeholders can afford that easily to ensure protection of the network. In 6 months from now, if NXT can't be at least #2 on coinmarketcap, it probably failed.

EDIT: in other news, Bter's NXT coffer has lost some funds in the last 2 days, and little new funds are deposited, meaning few sellers and perhaps the price has bottomed now.

It's hard for me to tell when you wake up, but in reality the number of transactions has been on the rise after Asset Exchange launch, check out the chart:

http://www.mynxt.info/charts/transactions_per_day.php

As you can see, june 7 - 3592 txs per day, that's about 4.5 txs per block or ~150 txs per hour, assuming the NXT network generates on average ~800 blocks per day.

Most blocks are not empty in the past 2 weeks, also proof of the Asset Exchange picking up steam:

http://mynxt.info/blockexplorer/blocks.php

Soon the Digital Goods Store and Alias trading will launch, and the number of transactions will increase more.

So please check your numbers again, they don't match with reality

Last I heard, Peercoin is not being kept decentralized by design, since it can be easily raped by sha-256 ASICs. There are central checkpoint servers or something with Peercoin. Looks like Bitcoin is also heading that way.

The classic miners mentality will have to adapt to NXT philosophy, that's true
But there is still a profit opportunity here, that was my point.
Besides, one can do indirect mining, by mining sha256/scrypt coins and selling them for NXTs, and then use those NXTs to (lease-)forge.

I'd like to counter-balance your statement a bit - won't make decent money forging at this point. But with each feature added, there are more and more transactions in the NXT network and more fees for forgers. One month ago there were a lot of empty blocks, but since the Asset Exchange launched, the number of empty blocks is small, most blocks come with fees. Just wait till the DGS, Alias trading and other features launch. Of course it's by leaps and bounds at this time, you get a new feature, but the fee may be lowered, but there is a NSC transferred to forgers that can be sold to compensate for lower fees. Also, definition of decent money can be different, sure, you won't make even 5% yearly from forging on your stake, but you don't risk anything either, you don't have to buy any expensive hardware, all you need is a browser. By rought estimates with forging yearly you can make at least what most western banks pay to depositors or more, and you don't need to expect a bank run.

But there is a threshold amount for forging profitability. You need at least 6000 NXTs to do a form of forging called 'leased forging', below that amount you will lose on fees to lease and withdraw your forged NXTs from a pool. 6000+ NXTs or more and you can forge profitably with a pool. 50k-100k NXTs - you can try solo forging if you feel lucky

Just copying what I wrote in the NXT thread.

One thing I've noticed since the launch of the NXT Asset Exchange - it's a breather on your nerves to trade on it.

Take any centralized crypto exchange. If you want to buy something, you can't help thinking - would it possibly go down tomorrow, would I get my deposit back, hence you rush your trades, buy at spot to quickly withdraw, instead of creating an under market buy order and waiting for it to fill. That is a loss of profits and what's more important damage to your health.

With the decentralized exchange you create an order at exactly where you want to buy an asset, and your worries of the exchange going under and running away with your funds are gone. That saves a lot of nerves, each active trader should really love it, helps avoid a lot of anxiety gastric acid.

You mean the price of Bitcoin decreases and the big hasher stops hashing that much? I wouldn't call it a 'mechanism to deal with large hashers', because everybody is punished proportionately with the decrease of the price (smaller miners may be punished even more than big ones). If that is the only 'mechanism', it's as good as none.

It's unlikely it will hit $10 000. Sure, under a hyperinflationary scenario, should/when it happens, when a loaf of bread will cost $300, bitcoin can hit a million, but who would care about dollars then.

Show me


On the contrary, I believe, when people download the alpha client they will dump their stakes at an unimaginable speed, and that will be a good time to buy, maybe I'll start thinking of buying at the price of 3000 NXTs per stake, provided the alpha client is released of course, and is able to perform basic functions without major hickups.

I believe this can be suggested to devs as an NXT Improvement Proposal. If an issuer of an asset is willing to accept other backed by NXT currencies, why limit that choice.

I am sorry to rain on your parade, but:

a) there is a coin like that - CommunityCoin, distributed to 500 stakeholders equally, and it proved that distributing equally doesn't necessarily equate with innovation and adoption;

b) NEM has been nothing but hot air for a few months now, they haven't shown a single line of code, you got to be out of your mind to seriously expect something out of it. I'll take my words back as soon as I see their alpha wallet on June 25, and might even buy a stake in NEM, but of course not at the current ridiculous price with absolutely nothing backing that price.