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5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
200,000 total <-- 20% of limit (
Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included.
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this was free not?
Can the developer explain why he is selling NEX before giving for free for those who showed early interest? At the very least it's discourteous. You got so much attention because people believed they would get a free stake in this new coin, but instead you're now selling it for NXT; The coin you're very criticising? Please explain. Coins are being given away to Visacoin and Nxt victims. Visacoin victims submit their BTC transactions and will be paid proportionally. Nxt victims (actually more specifically, soon to be victims) exchange their Nxt coins for 5% of the total available NEX coins. We consider Nxt coins to be soon to be worthless. What about people who have BTC, LTC and other crypto-currencies? We'll we aren't taking taking their money. We do this out of charity and fairness. |
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Official scam complaints have been filed with forum moderator for a number of reason. Please do not send this guy any payment.
These are all Nxt videos, this guys is trying to scam you. Be warned.
NEX
NEX Introduction
What is NEX? Discussion by Tai Zen and Leon Fu (24:56)
How to Mine NEX
How to Use NEX Client
How to Register Alias Tutorial
Frictionless, you have posted twice since msin posted this notice about you using NXT videos to advertise NEX. The people who created these videos haven't give you permission to use them to advertise NEX, so why don't you amend your first post to remove them? frictionless does not care about stealing other peoples intellectual property. He doesn't care about stealing people's donations. He says NEX is free, then it keeps changing. Oh, he also has a quantum computer from the future because he can crack any 256 bit encryption. Ok. Removed. |
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How about this... rather than proportional payout. Highest winning bidder in the block?
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I would propose the following to get a really fair coin distribution for a 100% PoS coin:
Add the bitcoinj library to the NEX code and let it run in SPV mode.
Every NEX node continuously scans the bitcoin blockchain for P2SH transactions that are going to a proof-of-burn address.
You define a sliding window (i.e. 100 bitcoin blocks) and distribute rewards proportional to all bitcoins that were sent to the burn address within the last 100 bitcoin blocks.
You can define a decreasing reward curve for the next 1-4 years, such that after this initial bootstrapping rewarding phase the bitcoinj library can be excluded from the source code.
I think this would be the most fair distribution model, because there is no initial IPO. The price of the new coin will be determined always by the free market: If there is a period where more people are willing to burn their bitcoins for NEX coins, then they each get less NEX coins for their bitcoins. On the other hand if there is a period were no one wants to burn their bitcoins to get NEX coins, then everybody could just jump in and burn just a few satoshi to get almost the full NEX block reward without much competition. So you see fair distribution by market value.
It would make sure that the new coin actually really starts at value zero and will gradually improve to gain value. Therefore from an economic standpoint this would be the same distribution model as with Bitcoin.
It will borrow the fair distribution model from Bitcoin and the nice proof-of-stake model from NXT.
Of course this distribution model also has a much lower barrier to entry for every current bitcoin owner, even if he decides only after half a year to exchange some bitcoins for NEX coins. He could just look if he gets a better price at some exchange or if he goes the way to directly convert by burning bitcoins. This is the same mechanisms as someone interested in bitcoin could decide to buy a mining rig or to directly buy bitcoins on an exchange.
So instead of an initial-public-offering the coin has a continous-public-offering with decreasing reward over the next few years. This makes sure that the coins will be distributed quite broadly to many people.
The problem with this is the value of bitcoin is not static, and so one day someone may get 10000 NEX for 1 BTC and the next 12000 NEX (or vice versa). In fact over the course of one year the price of bitcoin may triple, and so what? You are tying the price of NEX to the highly volatile and speculative BTC. This is not a good idea. What if the price of BTC tanks over the course of one year? So at the beginning of the year you get 1000 NEX for 1 btc, but by the end of the year when you SHOULD be getting less NEX due to the tapering down of the burn reward system, they can buy 3x as many bitcoin for the same amount and so get 3x the NEX? So NEX has to decrease in value by 66.66% for no other reason than bitcoin took a dive. Otherwise this idea is great. edit: elaboration I think you slightly misunderstood how it would work. The following is not true, because the reward is not coupled to a certain amount of BTC! they can buy 3x as many bitcoin for the same amount and so get 3x the NEX?
No, they would get the same amount of NEX for their USD. The reward is fixed to a certain time interval and NOT a fixed conversion rate to BTC! Therefore the reward system is independent from the volatility or value of bitcoins. Please let me elaborate using an example: We could use a sliding window of one day (864 bitcoins blocks). The amount of distribution of NEX per day is fixed in the protocol and does not depend on the actual number of bitcoins destroyed: 1. Year: 1000 NEX per day 2. Year: 500 NEX per day 3. Year: 250 NEX per day 4. Year: 0 NEX per day No matter how bitcoins volatility changes the total number of distributed NEX coins stays the same! These total rewards are distributed to all individuals who burned bitcoins proportional to the bitcoins that they destroyed during the last 864 blocks. If more people burn, their individual reward gets smaller. If less people burn, their individual reward increases. But the total amount of reward is fixed. Very similar to bitcoin mining power. So now let's illustrate your example of a highly volatile bitcoin price using two scenarios: Scenario A: 1 BTC = 1000 USD (very volatile) 1 NEX = 1 USD 1000 NEX are distributed per day The free market will make sure that rewards are distributed worth of 1000 NEX per day. Therefore the market equilibrium fill be reached, when "miners" will burn 1 BTC per 24 hours, because 1000 NEX = 1000 USD = 1 BTC Scenario B: 1 BTC = 100 USD (very volatile) 1 NEX = 1 USD 1000 NEX are distributed per day The free market will make sure that rewards are distributed worth of 1000 NEX per day. Therefore the market equilibrium fill be reached, when "miners" will burn 0.1 BTC per 24 hours, because 1000 NEX per day = 1000 USD per day = 0.1 BTC per day So you can easily see that the bitcoin volatility does not effect the reward distribution of NEX. If NEX has a stable USD value then the mining reward has also a stable value. I am liking your idea even more!!!! |
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I'm interested!  NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money) lol you haven't done your home work. How do you think NEX is going to get their source code? The hard way... reverse engineering it. Anyway, we saw underneath the covers.... it is complete garbage. Anyone who holds Nxt coins can lose every one of it at a moments notice. All accounts are accessible by everyone and are protected only by a password that can be brute forced by a hashcat farm. |
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Charity. OK we are supposed to be on the donating end. Who will be on the receiving end? In the case of a charity this is an important question . I'm holding some NXTs but I don't feel myself a victim. Am I missed something? BTW you have many valid points. I agree the NXT client is a crap, the distribution is quite unbalanced, but I don't see why your coin would be better. - You admittedly planning to use the same codebase, so you will face the same technical issues. - Where are the technical details, where's the source code?- Proof of burn is a concept without a single line of real world code. - Here in this topic you basically trying to do the same thing what the NXT guys did when they recruited their shareholders. Edit: OK. I found the (NXT) source code . We decompiled the NXT source code and have a working clone under test. We are in the middle of refactoring the code base to something much better. We are extremely surprised how bad NXT code really is. You can check out our github repository to see for yourself. Anyway, I doubt that 15% of the original code will remain after we refactor it. I had thought Nxt had promise, but after looking under hood, the most promising endeavor would to migrate everyone out of it. That is how NEX was born. |
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NEX Invest Coin (NIC) coins are the name of the currency that will be distributed initially. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional NIC coin per week for every 1,000 NIC coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 NIC coins, you will receive roughly 50 NIC coins, or 5% per annum.
NEX Enterprise Coin (NEC) coins can only be obtained by burning NIC coins. For every 1,000 NIC coins that are burned you will receive one NEC coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each NEC coin will generate five NIC coins per week. In one year of holding one single NEC coin, you will receive roughly NIC LV1 coins. This equates to an increase of 25% per annum. Would you please elaborate on this? Will InvestCoin and EnterpriseCoin both have max supply limits? Is there a mechanism to convert back from EnterpriseCoin to InvestCoin? If not, then doesn't that suggest that EnterpriseCoin inflates infinitely? I think there needz to be a mechanism to deflate EnterprizeCoin as well. NIC (or NEX) are tradeable. NEC (Enterprise) is not tradeable. Let me explore your contention about Enterprise Coins inflating infinitely. |
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You are adopting it for the NEX coin because you are a parasite with absolutely 0 coding abilities. You simply scour these forums for people who are truly innovative (like the person starting this project), and then copy their ideas and/or code because you are incapable of creating anything by yourself.
First you demanded that Come-From-Beyond hand over the Nxt code, and now you are trying to squeeze help and/or code out of Levelcoin. You literally make me sick to my stomach.
Let me guess, you're a Nxt supporter. |
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I would propose the following to get a really fair coin distribution for a 100% PoS coin:
Add the bitcoinj library to the NEX code and let it run in SPV mode.
Every NEX node continuously scans the bitcoin blockchain for P2SH transactions that are going to a proof-of-burn address.
You define a sliding window (i.e. 100 bitcoin blocks) and distribute rewards proportional to all bitcoins that were sent to the burn address within the last 100 bitcoin blocks.
You can define a decreasing reward curve for the next 1-4 years, such that after this initial bootstrapping rewarding phase the bitcoinj library can be excluded from the source code.
I think this would be the most fair distribution model, because there is no initial IPO. The price of the new coin will be determined always by the free market: If there is a period where more people are willing to burn their bitcoins for NEX coins, then they each get less NEX coins for their bitcoins. On the other hand if there is a period were no one wants to burn their bitcoins to get NEX coins, then everybody could just jump in and burn just a few satoshi to get almost the full NEX block reward without much competition. So you see fair distribution by market value.
It would make sure that the new coin actually really starts at value zero and will gradually improve to gain value. Therefore from an economic standpoint this would be the same distribution model as with Bitcoin.
It will borrow the fair distribution model from Bitcoin and the nice proof-of-stake model from NXT.
Of course this distribution model also has a much lower barrier to entry for every current bitcoin owner, even if he decides only after half a year to exchange some bitcoins for NEX coins. He could just look if he gets a better price at some exchange or if he goes the way to directly convert by burning bitcoins. This is the same mechanisms as someone interested in bitcoin could decide to buy a mining rig or to directly buy bitcoins on an exchange.
So instead of an initial-public-offering the coin has a continous-public-offering with decreasing reward over the next few years. This makes sure that the coins will be distributed quite broadly to many people.
Dude... let me think about your proposal. So you are saying the NEX shares the same address at Bitcoin.... people burn bitcoins to create NEX coins in their wallets? |
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Interested.
How does the zero cost buy in work?
I see the 1:50 trade NXT for NEX, but that is not a zero cost buy in now is it.
There needs to be a way to distribute coins freely and fairly.
By saying you are interested, you will get coins as a percent of those who said they were interested. |
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How many coins will be offered to those who just say "I'm in"?
Perhaps 1:50 is not a great deal if by default everybody already received 500.000 coins..
Maybe you don't realize that this is charity. The entire Nxt experience is horrible. People can't get their clients to sync, people lose wallets all the time and it is so common for the files to become corrupted. I'm not making this up, just head over to the Nxt threads. Go download the client and see if you can get anywhere. Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity. Same kind of charity we are giving the VisaCoin victims. Nxt coin holders are actually victims not investors. |
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I'm interested! NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money) Haven't you heard? Nxt is a proprietary closed source coin disguising itself as 'open source'. We've already decompiled it and have a running version of it. One reason it is closed source is because the code is plain horrible. In fact, the entire experience is horrible. People can't get their clients to sync, people lose wallets all the time and it is so common for the files to become corrupted. I'm not making this up, just head over to the Nxt threads. Anyway, that's why the 1:50 Nxt to NEX exchange is reality plain and simple charity. Same kind of charity we are giving the VisaCoin victims. Nxt coin holders are actually victims not investors. |
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5000 OOO
1000 romawi
10000 garicup
10000 nomailing
20000 canth <--- exceeds limit
10000 chetalk
3000 kolbas
10000 teco051
10000 bitular
8000 indigon
4000 homerzhu
2000 nfigueir
5000 tobyliciously
98,000 total <-- 10% of limit
Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included.
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We discovered your idea and really like it. Therefore we are incorporating this idea with our new coin NEX. https://bitcointalk.org/index.php?topic=422052The coin is in active development, if you would like to contribute your expertise, please let us know. How are you planning to incorporate it?  The first part of the protocol (we call it NIC, NEX Invest Coin) works like a Proof of Stake coin. The second part of the protocol (we call it NEC, NEX Enterprise Coin) is straight forward since it is just an atomic translation of NIC to NEC. It is also a proof of stake on the NEC side. Damn OP, frictionless just took your idea, renamed it and then called it his own... I spot a trend going on here. But hey, maybe he'll provide free alpha/beta testing for you  I posted attribution to this thread. It indeed is a good idea. So that is why we are adopting it for the NEX coin. |
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I'm in, how do i get coins? =)
Say you are interested in this thread. We will allocate coins for free. |
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Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all?
The best way to think about this is to make the analogy between banks and enterprises. Actually, I should rename the LV1 and LV2 coin, "NEX Bank Coin" and "NEX Enterprise Coin" . With the NEX Bank Coin you get 5% interest. You never lose your principal. With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain. It is actually a quite excellent and simple system. The new names are nice. So there's no forging (or equivalent of forging) going on now? Does anyone need to run clients at all to forge, or only when we want to buy or sell NEX? It is like proof of stake implementations, so your clients need to be online to be able to gain the 5% or the 25%. |
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We discovered your idea and really like it. Therefore we are incorporating this idea with our new coin NEX. https://bitcointalk.org/index.php?topic=422052The coin is in active development, if you would like to contribute your expertise, please let us know. How are you planning to incorporate it? NEX is an entirely new implementation built from the ground up. The first part of the protocol (we call it NIC, NEX Invest Coin) works like a Proof of Stake coin. The second part of the protocol (we call it NEC, NEX Enterprise Coin) is straight forward since it is just an atomic translation of NIC to NEC. It is also a proof of stake on the NEC side. |
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PROPOSAL: Implementation of the following PROOF OF BURN: https://bitcointalk.org/index.php?topic=422309.0;topicseen FOR NEX Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.
Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?
In summary, this looks like an excellent idea. Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins. This proof of burn functionality is superior to the 'forging' feature of Nxt. The LV1 coins will be called "NEX Foundation Coins" The LV2 coins will be called "NEX Proof of Stake Coins" Note: Only NEX Foundation Coins are exchangeable as described by the proposal. We will refine this over time. Very interesting proposal. Do we get our bonus LV1 coins only when we're forging, or does the network give us them even when we're not forging? Or is there no forging going on at all? The best way to think about this is to make the analogy between banks and enterprises. Actually, I should rename the LV1 and LV2 coin, "NEX Bank Coin" and "NEX Enterprise Coin" . With the NEX Bank Coin you get 5% interest. You never lose your principal. With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain. It is actually a quite excellent and simple system. |
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