That actually sounds quite fair.  An i for an i, so to speak, er, post.

NXT FUND SPENDING COMMITEE MEMBERSHIP SELECTION UPDATE

Since I'm the guy that slammed on the brakes back on page 1854 about no spending from the new NXT community funds until fund committees get organized, and since everybody generally seems to think that was an OK move, I feel the responsibility to try and get the ball rolling again on committee organization.  Here we go.

To organize a small group of people to spend big piles of money, there has to be a legitimate, transparent process to give them that power.

The legitimate, transparent process we have gone through in this NXT community is that we have made the funding committee positions open to everyone.

utopianfuture on Feb 2 started a funding committee nomination thread, almost three weeks ago:  

https://bitcointalk.org/index.php?topic=445209.0

rickyjames on Feb 7-8 summarized the nominations made to that date in an identical post placed at four different forum locations:

https://bitcointalk.org/index.php?topic=345619.msg5007861;topicseen#msg5007861
https://bitcointalk.org/index.php?topic=445209.msg5007872#msg5007872
https://nextcoin.org/index.php/topic,3890.msg36822.html#msg36822
https://forums.nxtcrypto.org/viewtopic.php?f=2&t=753&p=3579&hilit=rickyjames#p3579

Each of these posts ended with:
***************************
NXT continues to develop at an incredible pace.  If you've read this far, it's because you care about NXT.  Consider applying for a committee seat to help take it further.

NXT Community Nominations To The Funding Committee (NCNTTFC) thread :

https://bitcointalk.org/index.php?topic=445209.0
***************************
The only further new nominations at all forum sites made as a result of these posts were:

drevil was nominated for TechDev by gs02xzz
hughmanwho and SecondLeo were nominated for the infrastructure committee by hughmanwho

Come-from-Beyond on Feb 9 accepted Pouncer, klee and neer.g as treasurers of techdev, infrastructure and marketing funds respectively, and the 8,714,025 unclaimed NXT from the genesis block under his control was split equally among their assigned funds.  Treasurers have NO authority to make spending decisions.  Their role is to be a bank vault and only let money out when it is authorized by a "designated spending authority" - in this case, a SINGLE spokesperson from an elected committee, to be chosen by that committee once it is elected.

https://bitcointalk.org/index.php?topic=445209.msg5032217#msg5032217
https://bitcointalk.org/index.php?topic=445209.msg5040620#msg5040620

Audit spreadsheets of NXT Fund assets are now permanently available , with the spreadsheet layout still being optimized at:

https://docs.google.com/spreadsheet/ccc?key=0AoE8nAOEMIa7dFFnWjRNYTM4RkhsN3dRRXFBaTBiaHc#gid=14 ,

Pinarello on Feb 18 picked up efforts to elect spending committee members by opening a spreadsheet for expressions of interest by people actually willing to serve (instead of just being nominated by others):

the post: https://bitcointalk.org/index.php?topic=445209.msg5220880#msg5220880
the spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AsrKGhOkVcFpdFRFeHNUdWx3Qy1nTjBPLUFNWUJKQkE&usp=sharing#gid=0

At the time of this writing, the only new names on this volunteer spreadsheet that have not been previously nominated as described above are:

^[GS]^, abuelau, Arckam (frmelin), bloodyrookie, Chanc3r, ChuckOne, CIYAM, Cointropolis_JustabitTime, Fry, Mario123, Pandaisftw, Ricot, TwinWinNerD, Zahlen, ZeroTheGreat

Thus 55 nominees were picked after the three week nomination process described above, conducted over all three major NXT forum sites, allowing both self-nominations and nominations by others:

^[GS]^, 2Kool4Skewl, abuelau, Allwelder , Anon136
Arckam_(frmelin), bitcoinpaul, bloodyrookie, brooklynbtc, buybitcoinscanada
Chanc3r, ChuckOne, CIYAM Open, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil, EmoneyRu, EvilDave
ferment, Fry, hughmanwho, Jean-Luc, brooklynbtc
jl777, Joefox, Kattywampus, Klee, l8orre
landomata,laowai80, Mario123, msin, mww
nextern, opticalcarrier, Pandaisftw, Passion_ltc, PeercoinEnthusiast
pinarello, Pouncer, rickyjames, Ricot, salsacz
SecondLeo, smaragda, Asian Prepper, TwinWinNerD, Uniqueorn
Utopianfuture, VanBreuk, Wesleyh, Zahlen, ZeroTheGreat



By the power vested in me from being full of hot air and having a big mouth, I hereby declare the period for accepting NXT Funding Committee nominations to be over.

Anybody that has a problem with that, quote just the red line above and give it a -1.  God help us if that happens.

Since I've still got some hot air left and I still have a big mouth:

We're gonna do a week of campaigning, and we're gonna have a one week long vote starting March 1.

Anybody that has a problem with that, quote just the red line above and give it a -1.  God help us if that happens.

Campaigning is gonna work like this.  I've opened up a new thread, NXT Funding Committee Nominee Statements:

https://bitcointalk.org/index.php?topic=479167.new#new

If you are a nominee listed above, and you want to serve on ONE AND ONLY ONE of the NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund spending committees, go post your willingness to serve on this thread.  State the committee you want to be on, and make a statement if you want about why you think you would be a good member for that committee.  

If you are not willing or able to make one single post on this thread, you probably aren't good committee material.  Just sayin'.

I will PM links to this post to all nominees at all sites and will repost it at the other two forums.

I have set up polls on whether each committee should have 5 or 7 members.  Go vote.

https://bitcointalk.org/index.php?topic=479190.0
https://bitcointalk.org/index.php?topic=479200.new#new
https://bitcointalk.org/index.php?topic=479214.new#new

I will set up three more polls for declared candidates on March 1 and repost everywhere calling for a vote for the agreed upon number of committee members for that committee.

Yes, I'm being a dictator here.  Sorry about that.  At least I am a dictator with a suggestion box, speak up if you've got a problem or an idea.

And I'm a dictator that's gonna step down on March 7, the day after I get back from representing NXT at Texas Bitcoin Conference.  

Because on March 7, there WILL be elected committees.  (I hope).

Sigh.  For the record, there's a difference between being a "treasurer" and being a "designated spending authority".

James / jl777 is the sole "designated spending authority" for NXTcommunityfund and NXTcashfunds, which are run by him as an individual with no committee structure.  He is like Santa Claus and the Tooth Fairy all rolled up into one, he can give those funds out as he sees fit to anybody he feels is helping NXT.   He gets to do this because NXTcommunityfund and NXTcashfunds are private funds set up by neer.g and Pouncer as a private deal with James.  Anybody contributing to these funds (and contributions are encouraged!) does so with the understanding that James is the ultimate designated spending authority from the original private deal that set up these funds.

I am a treasurer of NXTcommunityfund and NXTcashfunds.  I have the password to those funds and nobody else does.  I COULD spend this NXT, but I have NO authority to do so.  I only spend exactly what James tells me to do exactly as he says, no more, no less.  Public access to the blockchain and audit spreadsheets is the check and balance on ME and how the community keeps me honest.  

Now, James can't just spend these funds on HIMSELF with no oversight.  If James designates funds to be sent to HIM instead of SOMEBODY ELSE, then I have to clear it with neer.g or Pouncer first.  That is the check and balance on this huge power James has.  He doesn't have the password to the money, and somebody else has to give him permission to spend it on his own projects.

So, a "treasurer" has no real power except the power of trust and honesty.  They exist only as a check-and-balance against the "designated spending authority" going nuts and running off with all the NXT.  And the first thing an elected fund committee is going to have to do is decide which ONE of their members is going to be the "designated spending authority" that signs the orders that goes to the treasurers.

Now, I'm going to run for a seat on the infrastructure committee because I am a hardware guy, not a coder, and setting up a worldwide network to support NXT at 1000 TPS looks like a really interesting challenge to me.  I am going to run for this position even tho I am a treasurer on other funds.  I don't think there's a problem with that.  If that bothers people after reading the explanation above, then they can vote against me and I won't get in.

And I'll accept that if it happens.  We'll see.

NXT FUND SPENDING COMMITEE MEMBERSHIP SELECTION UPDATE

Since I'm the guy that slammed on the brakes back on page 1854 about no spending from the new NXT community funds until fund committees get organized, and since everybody generally seems to think that was an OK move, I feel the responsibility to try and get the ball rolling again on committee organization.  Here we go.

To organize a small group of people to spend big piles of money, there has to be a legitimate, transparent process to give them that power.

The legitimate, transparent process we have gone through in this NXT community is that we have made the funding committee positions open to everyone.

utopianfuture on Feb 2 started a funding committee nomination thread, almost three weeks ago:  

https://bitcointalk.org/index.php?topic=445209.0

rickyjames on Feb 7-8 summarized the nominations made to that date in an identical post placed at four different forum locations:

https://bitcointalk.org/index.php?topic=345619.msg5007861;topicseen#msg5007861
https://bitcointalk.org/index.php?topic=445209.msg5007872#msg5007872
https://nextcoin.org/index.php/topic,3890.msg36822.html#msg36822
https://forums.nxtcrypto.org/viewtopic.php?f=2&t=753&p=3579&hilit=rickyjames#p3579

Each of these posts ended with:
***************************
NXT continues to develop at an incredible pace.  If you've read this far, it's because you care about NXT.  Consider applying for a committee seat to help take it further.

NXT Community Nominations To The Funding Committee (NCNTTFC) thread :

https://bitcointalk.org/index.php?topic=445209.0
***************************
The only further new nominations at all forum sites made as a result of these posts were:

drevil was nominated for TechDev by gs02xzz
hughmanwho and SecondLeo were nominated for the infrastructure committee by hughmanwho

Come-from-Beyond on Feb 9 accepted Pouncer, klee and neer.g as treasurers of techdev, infrastructure and marketing funds respectively, and the 8,714,025 unclaimed NXT from the genesis block under his control was split equally among their assigned funds.  Treasurers have NO authority to make spending decisions.  Their role is to be a bank vault and only let money out when it is authorized by a "designated spending authority" - in this case, a SINGLE spokesperson from an elected committee, to be chosen by that committee once it is elected.

https://bitcointalk.org/index.php?topic=445209.msg5032217#msg5032217
https://bitcointalk.org/index.php?topic=445209.msg5040620#msg5040620

Audit spreadsheets of NXT Fund assets are now permanently available , with the spreadsheet layout still being optimized at:

https://docs.google.com/spreadsheet/ccc?key=0AoE8nAOEMIa7dFFnWjRNYTM4RkhsN3dRRXFBaTBiaHc#gid=14 ,

Pinarello on Feb 18 picked up efforts to elect spending committee members by opening a spreadsheet for expressions of interest by people actually willing to serve (instead of just being nominated by others):

the post: https://bitcointalk.org/index.php?topic=445209.msg5220880#msg5220880
the spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AsrKGhOkVcFpdFRFeHNUdWx3Qy1nTjBPLUFNWUJKQkE&usp=sharing#gid=0

At the time of this writing, the only new names on this volunteer spreadsheet that have not been previously nominated as described above are:

^[GS]^, abuelau, Arckam (frmelin), bloodyrookie, Chanc3r, ChuckOne, CIYAM, Cointropolis_JustabitTime, Fry, Mario123, Pandaisftw, Ricot, TwinWinNerD, Zahlen, ZeroTheGreat

Thus 55 nominees were picked after the three week nomination process described above, conducted over all three major NXT forum sites, allowing both self-nominations and nominations by others:

^[GS]^, 2Kool4Skewl, abuelau, Allwelder , Anon136, Arckam_(frmelin), bitcoinpaul, bloodyrookie, brooklynbtc, buybitcoinscanada,
Chanc3r, ChuckOne, CIYAM, Cointropolis_JustabitTime, Come_from_Beyond, Damelon, Davetrouser, drevil, EmoneyRu, EvilDave,
ferment, Fry, hughmanwho, Jean_Luc, jefdiesel, jl777, Joefox, Klee, l8orre, landomata,
laowai80, Mario123, msin, mww, nexetrn, Nifty_Nickel, opticalcarrier, Pandaisftw, Passion_ltc, PeercoinEnthusiast,
pinarello, Pouncer, rickyjames, Ricot, salsacz, SecondLeo, smaragda, TaiZen, TwinWinNerD, Uniqueorn,
Utopianfuture, VanBreuk, Wesleyh, Zahlen, ZeroTheGreat

By the power vested in me from being full of hot air and having a big mouth, I hereby declare the period for accepting NXT Funding Committee nominations to be over.

Anybody that has a problem with that, quote just the red line above and give it a -1.  God help us if that happens.

Since I've still got some hot air left and I still have a big mouth:

We're gonna do a week of campaigning, and we're gonna have a one week long vote starting March 1.

Anybody that has a problem with that, quote just the red line above and give it a -1.  God help us if that happens.

Campaigning is gonna work like this.  I've opened up a new thread, NXT Funding Committee Nominee Statements:

https://bitcointalk.org/index.php?topic=479167.new#new

If you are a nominee listed above, and you want to serve on ONE AND ONLY ONE of the NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund spending committees, go post your willingness to serve on this thread.  State the committee you want to be on, and make a statement if you want about why you think you would be a good member for that committee.  

If you are not willing or able to make one single post on this thread, you probably aren't good committee material.  Just sayin'.

I will PM links to this post to all nominees at all sites and will repost it at the other two forums.

I have set up polls on whether each committee should have 5 or 7 members.  Go vote.

https://bitcointalk.org/index.php?topic=479190.0
https://bitcointalk.org/index.php?topic=479200.new#new
https://bitcointalk.org/index.php?topic=479214.new#new

I will set up three more polls for declared candidates on March 1 and repost everywhere calling for a vote for the agreed upon number of committee members for that committee.

Yes, I'm being a dictator here.  Sorry about that.  At least I am a dictator with a suggestion box, speak up if you've got a problem or an idea.

And I'm a dictator that's gonna step down on March 7, the day after I get back from representing NXT at Texas Bitcoin Conference.  

Because on March 7, there WILL be elected committees.  (I hope).

Should the NXTinfrastructurefund spending committee have 5 members or 7 members?

Should the NXTtechdevfund spending committee have 5 members or 7 members?

Should the NXTmarketingfund spending approval committee have 5 members or 7 members?

Well, after being the one who argued for creation of the NXTinfrastructure fund in the first place, I have decided to withdraw my candidacy for it.  I have the desire but not the technical background that would be appropriate for an in depth deep dive into evaluating its proposed projects.  The slate is still full with five other qualified candidates, maybe more will join them if I move on while there is still time.  I will still be pursuing infrastructure questions here on the forum with great interest, but I'm thinking I am more use to NXT doing more background treasury organization stuff, maybe acting as de facto secretary behind the scenes for all committees perhaps, creating more marketing copy, etc.  We can all only split our time between so many projects.

So...NXT infrastructure committee.  If you're interested in it, your chances for getting on just got better.  Think about it.

NXT FUNDING COMMITTEE VOTING BEGINS MARCH 1

Nominees eligible for appointment to the NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund spending committees are as follows:

^[GS]^, 2Kool4Skewl, abuelau, Allwelder , Anon136
Arckam_(frmelin), bitcoinpaul, bloodyrookie, brooklynbtc, buybitcoinscanada
Chanc3r, ChuckOne, CIYAM Open, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil, EmoneyRu, EvilDave
ferment, Fry, hughmanwho, Jean-Luc, brooklynbtc
jl777, Joefox, Kattywampus (NiftyNikel), Klee, l8orre
landomata,laowai80, Mario123, msin, mww
nextern, opticalcarrier, Pandaisftw, Passion_ltc, PeercoinEnthusiast
pinarello, Pouncer, rickyjames, Ricot, salsacz
SecondLeo, smaragda, Asian Prepper, TwinWinNerD, Uniqueorn
Utopianfuture, VanBreuk, Wesleyh, Zahlen, ZeroTheGreat


If your name is on this list, please make ONE AND ONLY ONE post in this thread BY MARCH 1 stating your willingness to serve, what committee you want to serve on, and any commentary you wish to make on why you would be a good candidate to sit on that committee.

If your name is NOT on this list, or you do NOT want to serve on a funding committee, please DO NOT post on this thread.  Help keep it tight and focused on the serious task at hand.

Votes for the five/seven members of each committee will start on March 1, with candidates limited to participants in this thread by that deadline.

NXTmarketingfund goal is to support the advancement of NXT through spending on advertising, conference participation, and other expenditures to introduce NXT those who are not yet aware of NXT.
 
NXTtechdevfund goal is to support the advancement of NXT through spending on software development and the introduction of new financial and social service capabilities.

NXTinfrastructure goal is to support the advancement of NXT through spending on worldwide hardware deployment and those software/firmware efforts which minimize the NXT blockchain, minimize the NXT transaction time, and increase the transaction throughput to 1000 TPS and beyond.

Basically we want to maintain and tinker with what we've already got (infrastructure), make it significantly better in brand new ways (techdev), and grow it to da moon (marketing).

A spreadsheet documenting the current balance and past expenditures on each of these NXT Funds is permanently available at:

https://docs.google.com/spreadsheet/ccc?key=0AoE8nAOEMIa7dFFnWjRNYTM4RkhsN3dRRXFBaTBiaHc#gid=14

EDITED TO ADD: I PERSONALLY THINK THAT HAVING A "PER PROJECT" THAT MIGHT BE WORTHY OF FUNDING SUPPORT FROM THE COMMITTEE YOU ARE SEEKING TO JOIN IS ***NOT*** A DISQUALIFYING SITUATION.  UNDER THOSE CIRCUMSTANCES, A MEMBER COULD STEP ASIDE DURING VOTING WHILE THE REST OF THE COMMITTEE VOTED ON A "PET PROJECT", PERHAPS BY SECRET BALLOT.  PLEASE DO NOT LET THIS SITUATION KEEP YOU FROM BECOMING A CANDIDATE IF YOU ARE INTERESTED IN BEING ONE.

OK.  I have established a new Google Gmail / Drive account called nxtfunds . I hereby claim primary ownership of this account and I am sending the password to Pin via PM so we now share ownership of its contents.   Access will be expanded for various documents in this account to the appropriate members of the community as we get our act together here.  So far in the Google Drive section of this account I have set up (the barebones skeletons of) three funding request application forms and three form response spreadsheets for each of NXTmarketingfund, NXTtechdevfund and NXTinfrastructurefund.  

I've got to go to work where I am totally overloaded, and I am also working on another big NXT project (a trifold brochure layout) for Texas Bitcoin Conference.  So I am turning this over to Pin for further organization for now until I can get back to continue shaping it up.  

Pin, if you don't know how to use Google Drive / Docs to organize a collaborative project, well, have a fun time learning.  Step one is making the application forms public and advertising their URLs so people can start applying for NXT.  Feel free to modify / add to the forms before releasing them.  It will be a while before there are  committees in place to actually PROCESS these applications, but we can at least get started in COLLECTING them.

I am mainly interested in the project application treasury accountability control at this point, but this sure would be a good place to set up some committee organization forms and spreadsheets...

More to come.  

Pin, thanks for understanding.  The next-to-last thing I want to do here is piss you off.  You are showing great organizational skills and initiative here and those are wonderful assets.   I just want to slow down a little and channel all the energy you are showing.  When you harness a fast moving whitewater river, you get a calm, placid, slow moving lake.  But that lake has the controlled energy in it to power a city.

I'm still coming back later with project funding spreadsheet links.   I just need a little time to set it all up.

Thank you.  I really wanted dev review of this before blasting it out to the world.

I want to make one more point here as an official NXT treasurer.  Those NXT fund spreadsheets in my sig currently document THREE QUARTERS OF A MILLION DOLLARS of assets.  This is with the NXT price apparently still being held down by a whale doing a slow selloff of his funds, with NXT still on the launchpad instead of blasting off for da moon.  In a matter of weeks or a few months we could literally be in control of MILLIONS OF DOLLARS WORTH OF NXT.   This is a HUGE HUGE HUGE responsibility.  Disbursing these assets is not like peeling off a five out of your wallet at McDonalds.  There has got to be a CHAIN OF COMMAND.  The treasurer has got to receive clear, unambiguous, and documented authorization to disburse from a SPECIFIC DESIGNATED SPENDING AUTHORITY that everybody acknowledges. 

It's not as big a deal as making sure you've got Presidential authorization to turn that key in a nuke sub....but I'm treating it that way.  Would you rather have a treasurer who didn't?

Having made a general expression of dismay a few posts back, let me zoom in here a little.  Pin, I like you and we see eye to eye on a lot of things and I applaud your initative and these committees can probably use a Trail Boss and you might very well be the right person for that task. 

But I gotta call it like I see it.  And one guy who has not been voted in to be a leader just cannot make statements like "If no objection by tommorrow first project XYZ will receive 50K from the infrastructure unclaimed coins fund."  and "If no concensus committee has to vote" when the committee hasn't even had time to say boo to each other yet.  I haven't gotten involved yet because I thought we were still in some kind of phase where people were still putting their names in to APPLY for the committee. 

Somehow I missed the memo that we've got the tach redlined while we're screaming down the freeway of love in a pink Cadillac. 

So I'm gonna say two things and shut up.  I hereby vote no on every single infrastructure project until I see its details on a spreadsheet line.  And I'm gonna go off and create that spreadsheet right now.  I'll be back with the links.

Woah, woah, woah.  I want to call a time out here for a few pages.

I'm not trying to be the Grinch here, but I STRONGLY think we've got to get a better handle on this whole process before we just start handing out NXT left and right to ANYBODY. 

The infrastructure spending thread has been open for all of about 36 hours.  Already we've got 9 projects in the queue and only 23 posts in the thread - less than 3 per project.  There is NO WAY we have given the proper amount of deliberation to what is being proposed here.   And a vote is being called for already if we haven't achieved agreement as a committee? 

Um...what's wrong with this picture?

I am a big believer in spreadsheets to collect all the data in one place and if ever there was a need for them, it's right now.   We need to generate a standard spreadsheet listing who is asking, what their project is, how much they want, and a link to a thread that talks about their individual project.  Just for starters.

We need to establish a rule that nobody gets a vote on their project for at least a week after they've proposed it to avoid the exact kind of rush to judgement that is happening here.  I would personally prefer at least two weeks, but I don't want anybody to think I'm TOTALLY crazy...

I also sort of thought there was gonna be some kind of vetting of people putting their names down for committees, where they would have to put in at least one post describing why they thought they were qualified to serve on a committee, what they wanted to accomplish there, blah blah blah, and um....we might actually VOTE IN A POLL to pick the top 5?

Instead it's just put your name down as a candidate and you're in?  On as many committees as you want?

So how is voting for funding going to work in a group of people like THAT?

Hey, I'm all for rapid progress but we've got to establish some kind of initial setup and standards here and PACE OURSELVES FOR THE LONG GAME or this bounty of NXT is going to be gone in a FLASH.

I say forget about voting NXT out of the treasury for at least a few more days and lets go back to setting up the committees themselves and the "paperwork" that defines the process we are about to embark upon..

Thank you.  I confused mBTC and satoshi.  And good point about 51% attack, that is definitely another meme to put in there.

I have some marketing text I've written I would appreciate your comments on.  In particular, please point out any errors.  I am considering distributing this at Texas Bitcoin Conference.  If you see a part of it you want to comment on, PLEASE edit down to just the section you want to discuss.  The last thing I want to do is create slab walls of full quote text here for the next 20 pages...

NXT Vs. Bitcoin

Brainwallet Accessability
Bitcoin requires storing a digital file (the “wallet”) for use on only one computer. NXT allows knowing a short, ultrastrong password (35+ truly random characters) to access NXT funds from anywhere on Earth.

Network Simplicity
The Bitcoin network requires competitive Proof-of Work (PoW) GHash/sec mining using hi-cost, hi-energy, custom ASIC nodes.  The NXT network uses cooperative Proof-of-Stake (PoS) transparent forging between $35, 4W commodity Raspberry Pi nodes.

Transaction Rapidity
Bitcoin takes 10+ minutes per block for a max throughput of 7 transactions per second (TPS), currently using a 16GB (and growing) blockchain.  NXT currently takes 1 minute per block, with improvements in block timing speedup and routine chain pruning expected to support an eventual 1000 TPS.

True Anonymity
Bitcoin transactions between wallets are recorded forever on its blockchain.  NXT  achieves true transaction anonymity via the no-trust-needed zerocoin (testing now) / zerocash (coming soon) protocol developed at John Hopkins University.

Active Community
5000+ NXTers from 50+ countries are united in a vibrant online community.  We don’t just talk, we act.  We’re growing. Come join us!

NXT First 100 Days – WOW!

NXT’s genesis block was cast Nov 28, 2013.  Only 100 days later, by early March 2014, NXT has shown it’s more than “just a coin”.  A 2nd generation cryptocurrency written from the ground up in new Java code, NXT has rolled out numerous financial service capabilities that will revolutionize the crypto world – and more are coming!  As an alternative to long, complex transfer addresses, NXT offers a text “alias” registration system on its blockchain with over 60,000 registered in its first 100 days.  NXT has demonstrated a push-button interface for new altcoin creation atop its blockchain that allows ANYONE to create their own new coins, not just a limited  programmer priesthood.  Most significantly, NXT has a parallel testnet CURRENTLY TESTING crypto-signed peer-to-peer asset transfer and blockchain streaming asset quotes.  This unique capability offers an alternative to existing exchanges.  Don’t wait on next year’s teenaged ethereal dreams - join us on NXT Exchange TODAY!
  
Speaking of exchanges: almost a billion NXT has changed hands on numerous exchanges such as Dgex.com or Bter.com.  And Cryptsy is coming!  On Feb 8 Let’s Talk Bitcoin #82 at 13:30, “Big Vern” of Cryptsy commented: "[NXT] is not a cookie cutter coin…technical implementation [at Crypsy] is going to take a little more time...it's popular…it’s fair…I feel comfortable with [NXT].”

The NXT Bottom Line

1,000,000,000 genesis block NXT were  distributed to 73 founders who responded with a Bitcoin or less to a Bitcointalk [ANN] investment thread that was public and open for six weeks.  You could have been founder 74.  Now, with NXT only 100 days old, early mass distribution of “coins” from founders to users is still underway at exchanges like Dgex and Bter.  At this writing, NXT costs under 0.1 mBTC each.  Upcoming events which may drive that price higher include release of full open source code on April 4, inclusion of NXT on Cryptsy, announcement of new features, and an ongoing major advertising push by our Chinese members.

NXT doesn’t mine new coins – it forges (recycles) old ones.  NXT node operators (forgers, in the blacksmith sense of the term) use cheap CPU computers to receive transaction fees imbedded in any blocks they create and add to the NXT blockchain.    As a 100% Proof of Stake coin, forgers are selected to forge new blocks in proportion to the total NXT “coins” (or “stake”) they already own.  This results in a small return on investment proportional to your current holdings– like bank savings account interest.

NXT is not a mined, Bitcoin-based price-pop altcoin of the week.  NXT is creating a new financial ecosystem for use in coming years, based on cheap nodes for the common good.

NXT Is Green

Ecological?  Financial?  BOTH !!!

Bitcoin depends on a small mining node network fighting for their cut of  3600 newly minted Bitcoins per day.  The available daily operating budget to keep Bitcoin from freezing up is thus $3.6M or less (at $1K/BTC or under) to  generate the current 25 million GHash/s needed daily.  A representative miner “pickaxe” is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. The current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.  

Both costs are rising faster and faster. Exponential growth of Bitcoin’s hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later.  Bitcoin and clones like Doge are by their very nature destined to fail.

NXT solves this problem sustainably.  By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher.  A NXT blockchain support network of 1000 Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity – forever.  

In Berlin Salsa got us a discount on "TBC Sponsor" at $1000 (instead of $2500).  Good job negotiating, there, Salsacz!    Asian Prepper is flying in for TBC and also has a friend in Austin with a entrance pass of his own.   So I have put in the names for one pass for me and the other for AP.  I think I am getting a slot in a Alt-coin discussion panel that is still being organized.  I think we are good to go on Austin.  Plus, I am working on a little surprise for Austin that I'll probably unveil here by the weekend....  

The original discussion concluded 5 or 7, but that's not set in stone.  I personally think 5 sounds right.

Ummmmmmmmmmmmmmmmmmmmmmmmmm ............ I don't think so.