Also - you use a 7-character password? Isn't that kind of risky?
It is. I believe he logged in just to check if you can with passphrase shorter than 35 chars. You can login using whatever passphrase comes to your mind. This is a good time to talk about our Nxt Bots and why you need a use strong passphrases (like the ones generated in the new client)  **** BotsA Bot in general is an automated computer program. In the case of Nxt, the bots have been programmed to find the account numbers to all accounts associated with Weak Passphrases (such as ‘Dog’, ‘12345’ and ‘opensesame’). They continuously scan the Blockchain looking for Transactions happening in these accounts. Once a Transaction is detected, the Bots then automatically log into the account and move the NXT to an account they control. This often only takes a matter of minutes from the transaction into the account and nothing can be done to retrieve the stolen NXT. It is therefore VERY IMPORTANT to use a Strong Passphrase to ensure that your NXT are not stolen. Also see Brainwallet. **** Source: The Nxt Glossary >>>> https://wiki.nxtcrypto.org/wiki/Glossary \pluggety-plug-plug |
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Any more detail? Is there a change log? |
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The reality (IMO at least) is that neither is good enough for the very long term. We will eventually see the demise of both as there is further problems with PoW (at least as implemented in BTC and derivative coins as well, obviously) as difficulty and rewards fall below profitability. I don't really consider PoS as a better means of securing the blockchain than PoW - just a faster and less biased one. Certainly, you can argue that PoS still favors the largest wallet holders - but that still prevents a large part of the incentive for attempting attacks.
Hey, you described the weakness of PoW and why PoS is more secure. However, first you said you expect the demise of both PoS and PoW. What weakness do you see in PoS? The problem of multiple forks all being supported? Actually, it appears we'll get to see this play out in realtime with WC - as Mintpal is reporting that they've had a successful doublespend attack (remember those guys saying they controlled 51% of the coins... guess they did). The problem I see with PoS is simply the loss of confidence in the PoS model itself. There is nothing IMO that is inherently less secure about it vs. PoW... but there is also nothing that makes it inherently more secure either. Definitely the multi-fork possibility is dangerous - more to the image of PoS securing the blockchain than in and of itself - but I think it more will come down to a poorly distributed coin, with dubious membership... And that is why we must watch WC and learn for what comes next. I think it will improve BC's standing personally - although it will likely kill all the lesser clone coins coming up right now... I mean comparitively WC is a giant to orange, or blue, or whatever color is launching next week. So if it was first a scam, and then second a fraud-catalyst... that can't look good for coins with even less market cap and even worse distribution models. Time will only tell how bad it might be however - for any of us. If i am not mistaken, rat4 already has a new implementation of POS, and it is currently being tested on testnet Interesting. How does it work? Now maybe there will be three POS models |
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The Asset Exchange will go live in Nxt at block 135,000! A lot of work has been done to reach this landmark. Great work guys. I wish I owned more NXT. For those interested in Launch day (or soon after IPOs) on the Asset Exchange, you can look here for a list of companies that have made annoucements (though I have been meaning to update the OP so it is easier to follow ) James is launching a couple of his interesting projects and Graviton will be moving DGEX shares to the exchange in the days/weeks after initial launch. Anon136 has announce his silver bullion company but in the forum but has yet to confirm in the thread below his intentions. Exciting! *snip* Link does not bring you to the right topic. I think the link is fixed, can you test and then delete the link you quoted me for if all is well? Remember to use either of the two links from my posts and not the one you quoted in yours for testing  |
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The Asset Exchange will go live in Nxt at block 135,000! A lot of work has been done to reach this landmark. Great work guys. I wish I owned more NXT. For those interested in Launch day (or soon after IPOs) on the Asset Exchange, you can look here for a list of companies that have made annoucements (though I have been meaning to update the OP so it is easier to follow ) James is launching a couple of his interesting projects and Graviton will be moving DGEX shares to the exchange in the days/weeks after initial launch. Anon136 has announce his silver bullion company but in the forum but has yet to confirm in the thread below his intentions. Exciting! https://nxtforum.org/news-and-announcements/asset-exchange-ipos-launch-day-listings!/ |
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im sure blackcoin devs will adapt however they have to for decentralized checkpoints or pruning. regardless wc is a clone and so is ac and you dont "throw the baby out with the bathwater" ... so any model based of bc will always be inferior to bc because its not original.
But bc isn't origin... oh forget it I know some good devs, experienced in ctryptos, that might be interested in doing a code review. Pm me if you want them to take a look, once you get the release out. |
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in reply to the person trolling the stake photo, centralized checkpointing is not really needed at this time anyway. How would somebody be able to stake 51% if you look at the distributing nobody even has .5% of the coins. Its completely impossible.
Not trolling- all my favorite coins are PoS and this applies to all of them- but in a PoS system you aren't simply staking your coins you are staking coin-days: a function of the number of coins and their age. So you don't need 51% of the coins, you only need 51% of the coins-days that are being actively staked (you need 51% of the network weight). Edit: Just realized Blackcoin has no max coinage.. Is that a concern? Particularly with the low PoS incentive? I raised this about POS coins that use coinage to decide block creation a few days ago but was asked to remain silent. Then they spammed thr thread with long graphics posts to bury it  So good luck with that discussion! |
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Blackcoins checkpoint system was removed and nobody noticed? LMAO
Try again troll, not enough prople here will know what the implications are Haha, not my fault if everyone can't fathom the insecurities of PoS. Hmm all it takes is about 3 of the top holders to stake and your point is totally fail. Go troll AC or WC fool. How can this be true when you just said nobody has more than 0.5% of the coins? |
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in reply to the person trolling the stake photo, centralized checkpointing is not really needed at this time anyway. How would somebody be able to stake 51% if you look at the distributing nobody even has .5% of the coins. Its completely impossible.
Don't the top 3-4 accounts have 3million (4% ish) each? Someone has a link showing the top 100 accounts. Anyway, do you know when your trustless escrows will be released for beta? It would be worth a look |
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Blackcoins checkpoint system was removed and nobody noticed? LMAO Try again troll, not enough prople here will know what the implications are |
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My comments were about distribution, relatively high proportions of a coin being concentrated in relatively few peoples hands. This is what the article is about, the speed of distribution and how fast those coins get concentrated into relatively few miners hands.
If a miner can get a high proportion of coins in a short period of time, the price during the mining is irrelevant. They can go from coin to coin, one day or so at each collecting 2-20% of the coins and sooner or later one will pop and they will dump.
It might work out ok for the instaminer but this is justification for the coin itself being a bad investment.
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Thanks msin and Daedalus. I misunderstood about forging - that approach is far more sensible. Straight up lottery between the people who are in the room right now, with their chances determined by the number of coins they hold.
Any thoughts on the pros/cons of the two client options offered so far?
No problem. As I said, the lottery is the current implementation with Transparent Forging (TF) only 50% implemented. With full TF, you will be able to predict with high probability who will forge the next block and send your transaction to them to get it included in the blockchain very quickly. Full TF doesn't use the 'lottery' equation above. It doesn't need to as you know who the next 10 or so forgers will be. It uses an advanced method of gaining concensus, the details haven't been published. This is the most innovative bit of Nxt. And I am still finding all the scraps of details spread around in the devs posts that are published and piecing it together myself |
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Looks great from an installation/usability perspective. What's the deal if I'm using a laptop that's only on ~6 hours a day? Are there drawbacks? Just thinking of Joe Public using NXT and what's going to have maximum appeal. You can lease your forging power of your account to another account that will forge 24/7 for you. Forging pools are being set up as we speak. So you won't have to turn your computer on at all and still get NXT for forging. You will still be able to spend and move the cash in the account and the lease automatically updates the amount you have on lease. Leased forging is a feature unique to Nxt, another first (Edit: I might have jumped to conclusions here, were you referring to not being able to forge 24/7? )It's partly about forging. Though I understand the forging formula takes into account the last time you were awarded a block, so I'm not sure whether you 'catch up' to some extent after being away for a while. And leasing is a great idea too  It's also about updating the blockchain (which I think will happen pretty fast, compared to bitcoin). And any other factors that might be relevant... I know CPU mining bitcoins was a bad idea on a laptop and that shouldn't be an issue with NXT. Must be a few more things that will swing someone's decision to download a client or go for a web service. I believe the current implementation takes into account the time since the last block, not the time since you last forged (awarded a block). Chance = Target * TimeSinceLastBlock * Stake It is like a prize draw, you just have to be in the room listening to the results (forging) with your tickets (stake) to stand a chance of winning (being awarded a block). How long you have been away from forging doesn't have a bearing on it. Someone correct me if I am wrong! Choice of Client will ultimately come down to the features available, I know Offspring has encrypted messages implemented if that floats your boat that isn't currently implemented in the latest NRS 1.0.0 And you don't need to choose between download or web service for your Client if you don't want to. As Nxt 'wallets' are stored in a brainwallet (think 'the cloud' as an approximation), you can use the downloaded client at home and the web service out and about. All you need is your passphrase. Though obviously some features might not be available if not implemented in the specific Client. |
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Looks great from an installation/usability perspective. What's the deal if I'm using a laptop that's only on ~6 hours a day? Are there drawbacks? Just thinking of Joe Public using NXT and what's going to have maximum appeal. You can lease your forging power of your account to another account that will forge 24/7 for you. Forging pools are being set up as we speak. So you won't have to turn your computer on at all and still get NXT for forging. You will still be able to spend and move the cash in the account and the lease automatically updates the amount you have on lease. Leased forging is a feature unique to Nxt, another first (Edit: I might have jumped to conclusions here, were you referring to not being able to forge 24/7? ) |
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Everyone with twitter/fb should get involved with this, help get the word out! |
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Any chance for multi-sig by summer? If this comes, I think it is the game changer.
This was posted by James on the 22nd April, among other comments: **** The code is 90% done, source review 50% done. I think we should go to mainnet with some low risk coins first, like DOGE. then assuming no major issues, we can add LTC, BTC, then dozens more. **** Source: https://nxtforum.org/nxt-promotion/promotion-of-ae/msg10906/#newHe may pop over to give us another update |
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I think the main point was that the distributions of these coins were so quick that few could take part means it could be considered premined (referred to as a soft premine/instamine, one of the two is used).
That was indeed the point. If you start expanding the time frame... hell !!! even BTC will look premined to a guy born in 2545. Very good I agree. So how can any coin be truly 'fair'? There are billions of people who have never heard the phrase 'cryptocurrency', if any of them become mainstream then it would be incredibly unfair to billions who weren't there at the start. But there is the unfairness above and the incredibly, grotesquely unfair. If there is only hours/days to get involved, what difference does it make if the distribution is POS/POW/POT/hybrid? |
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I think the main point was that the distributions of these coins were so quick that few could take part means it could be considered premined (referred to as a soft premine/instamine, one of the two is used).
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Who want's blackcoin price to go up today?
Support blackcoin by burying unhelpful/damaging posts with helpful/promotional posts!
I see what you did there I bet there will be a lot of people thinking this is a GO for meme and spam post. From the "close your ears and bury your head in the sand" school of marketing One of those "unhelpful/damaging posts" may actually be helpful if you took them seriously, a catalyst for change, but "Blackcoin! Blackcoin! roaaRRR!!!" will always be more popular. |
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