Good algorithm works equally good on 2 wallets, 3 wallets and 101 wallets and indefinite number of wallets. Bad algorithm needs someone like Come-from-Beyond to make unverifiable claims that 'it works, believe me!'
C'mon! It's not religion, it's programming!
The right way to do this is to have some penalty for fat wallets and encourage a lot of small wallets. So 100 small wallets should make more than 1 fat wallet. |
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An account with 2 million NXT generated 28 NXT... the 50 million NXT guy generated almost 100k NXT lol
The concept is pretty flawed. Whoever gets the most coins makes most coins, how is that different from ASICs on Bitcoin? Someone care to explain?
I think the idea in general was pretty good... but as we can now see itīs only useful for the lucky few who own several million Nxt. More specifically, the 9 people who own 50 million Nxt each. What 9 people? Can you please show me their accounts #'s? The 9 folks who paid 1 BTC each. Go back to early threads, you'll find it. |
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...Whoever gets the most coins makes most coins, how is that different from ASICs on Bitcoin? Someone care to explain?
jeez man, what youve just posted is EXACTLY what we've been shouting for months. The difference is that your ASICs depreciate, consume lots of power, and require maintenance That's right. With Bitcoin early miners have their ASIC equipment depreciate. Furthermore, to keep up with the mining they have to consume power, do maintenance and acquire new rigs. With 100% proof of stake, the big holders just sits there forging coin without any real costs. He does not do any mainetance, he is not required to add new investments, he just sits on his hoard and acquires new coins. Did I miss something here? |
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An account with 2 million NXT generated 28 NXT... the 50 million NXT guy generated almost 100k NXT lol
The concept is pretty flawed. Whoever gets the most coins makes most coins, how is that different from ASICs on Bitcoin? Someone care to explain?
It ain't, early adopters get richer. That is what proof of stake is. The more stake I have, the richer I become. OMG! an account with zero NXT forged 81K NXT!!! oh teh noes! com one. you can make all kinds of accusations, doesnt mean you have all the facts Just saying how it really is. The rich get richer. What facts did I miss? |
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still waiting for my Ixcoin: xZ1VbxAmpb4fcr3SSQruqG6zWgRERnqix7
Sent 100 IXC. OP truly delivers Delivers what? A buck ten ($1.10)? lol... Come on, this guy made a top notch pro logo. Luke said he was paying for the logo and the website but so far we've been doing all the work and paying for it all too. Come on Luke CoinWalker, pay this guy something decent. I've seen coin design contests and they're crap, this guy got it right on the first try. That's impressive. You got the story all wrong Vlad. It took a collaboration of 3 different designers to get it right. Yes, it is not big, but we don't have a lot to give! Go check the logo design thread to see how it evolved. |
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An account with 2 million NXT generated 28 NXT... the 50 million NXT guy generated almost 100k NXT lol
The concept is pretty flawed. Whoever gets the most coins makes most coins, how is that different from ASICs on Bitcoin? Someone care to explain?
I think the idea in general was pretty good... but as we can now see itīs only useful for the lucky few who own several million Nxt. More specifically, the 9 people who own 50 million Nxt each. |
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An account with 2 million NXT generated 28 NXT... the 50 million NXT guy generated almost 100k NXT lol
The concept is pretty flawed. Whoever gets the most coins makes most coins, how is that different from ASICs on Bitcoin? Someone care to explain?
It ain't, early adopters get richer. That is what proof of stake is. The more stake I have, the richer I become. |
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There's one guy at one address (4747512364439223888) with 50 million NXT, creating block after block... not really fair I guess, but neither is Bitcoin mining. check in http://87.230.14.1/nxt/nxt.cgi?action=100Is that another Nxt flaw? It forces users to keep all their coins in a single address. If this single address is compromised, the loss can be much higher than a lot of addresses. It does not forces anything. If the user doesn't want to forge, he can split it all he wants  If the guy has a lot of coin, then the incentive is to put all that coin into one address and to forge with it. Sheesh! |
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To avoid the situation were people choose weak password, there is a simple solution.
Do not let them choose. The client should generate an account itself.
It would be like the bitcoin private keys. Hidden from the user, unless he's looking for it.
But to do that, then you need a wallet. That's because the user will not be able to memorize the key. Nxt doesn't have a wallet. A "wallet" is nothing more than a file with private key in it. This can be done on client side. I think the upcoming official client by "Nexern" uses the following system, and I really like it. Ask the user to make a password (does not have to be strong). Make a random string and combine them both, so it will look like this: (1) The user makes a password called say "mypassword". (2) The client makes a random password that is say "fdhghfgfdk5756fhfgh44r677#" The client saves that random password in wallet.dat Now the user's full Nxt password would be "mypassword_fdhghfgfdk5756fhfgh44r677" That would be impossible to crack. The "mypassword" part will exist in user's brain, and fdhghfgfdk5756fhfgh44r677 part is saved in wallet.dat Make sure to remind the user to backup wallet.dat. Is the nexern wallet open source? Where can I borrow it? |
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There's one guy at one address (4747512364439223888) with 50 million NXT, creating block after block... not really fair I guess, but neither is Bitcoin mining. check in http://87.230.14.1/nxt/nxt.cgi?action=100Is that another Nxt flaw? It forces users to keep all their coins in a single address. If this single address is compromised, the loss can be much higher than a lot of addresses. |
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CUDA would work too, but would be slower I think. Good thing you can PoW mine darkNXT; it's not lost forever. What is darkNXT? |
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Would you really want him to? Sometimes I hope he will join the light side of the Force... I think you misspoke... you mean "dark side". My response would be the same a Luke Skywalker's. |
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That would ruin the whole idea of brain wallet. Plus kill a lot of fun we have with simple passphrases and maybe some legitimate uses for short passwords.
Curious, like what use? |
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What happens to the massive premine that Thomas N. aka Old Miner did?
Does it go away in the re-brand?
~BCX~
Disclosure: I currently hold over 200,000 ixc from the 2011 days.
You have 200,000 IXC! Would you like to contribute to the development fund? |
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To avoid the situation were people choose weak password, there is a simple solution.
Do not let them choose. The client should generate an account itself.
It would be like the bitcoin private keys. Hidden from the user, unless he's looking for it.
But to do that, then you need a wallet. That's because the user will not be able to memorize the key. Nxt doesn't have a wallet. |
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Please point me where you found "Exposing the private key" phrase, I can't see it.
his claim is that since the public key is a curve25519 hash of the private key that it is exposed.  Yes exactly. You guess the private key "since it was created by a human", then you crack the account. That is why there are so many Nxt accounts that get cracked. You don't even need to do the cracking against the network, you just do it against the public block chain. If the developers don't think this is fundamentally broken, then I really question their judgement. |
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Funny thing. Lyaffe made a challenge with guessing a passphrase https://nextcoin.org/index.php/topic,3718.0.htmlI decided to simplify rules, created an account with simple passphrase and sent 100 Nxt to that account. The passphrase was an answer to the question: "I'm a big fun of soap operas and have no idea about security.". Guess what. Someone stole 100 Nxt before I even managed to post the question This is really scary. There is apparently a continuous, ongoing attack against NXT looking for weak passwords. There is no way to know how many hackers are doing this or how much computer horsepower is being directed towards this because the attack can be run offline against a copy of the blockchain. Every day we are signing up 100 users on average and we are hoping to get many, many more. NEW USERS ARE NOT BEING TOLD OFTEN ENOUGH OR STRONGLY ENOUGH ABOUT THE IMPORTACE OF A LOOOONG RANDOM PASSWORD. Every day new users are coming in and using a short password and immediately lose their NXT just like dzarmush did. They do not put a happy smile after their experience. They do not put a happy smile after their experience. They do not put a happy smile after their experience. I truly believe that one of the biggest threats to NXT is word of mouth about poor security. "Yeah, I tried to buy some NXT, it was stolen in 42 hours, better steer clear of that coin..." That kind of talk - and the activities that precipitate it - needs to be nipped in the bud NOW. We only get a fresh reputation once - and people are losing NXT at an alarming rate, at least to me. Some day when I am all caught up (ha ha ha) I want to start a Wiki page listing every known past instance of lost NXT and have new users record their experiences on what happened to them in some kind of table. This is data we need to be accumulating. Can''t be fixed. It is fundamental broken. Exposing the private key (even if it is hashed) is just fundamentally wrong. |
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still waiting for my Ixcoin: xZ1VbxAmpb4fcr3SSQruqG6zWgRERnqix7
Sent 100 IXC. |
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can there be contracts with nxt? is there a document?
The following features are listed under the wiki's ' planned features' section: multisig/escrow two-phase payments smart contracts So out of those three, it looks like some fairly robust contracts can be cooked up. I would personally like to see more info on smart contracts. Curious, how is multi-sig supposed to work when the account # is limited in length? |
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