This analysis ignores opportunity cost. When opportunity costs are taken into consideration, owning 1million coins is no more beneficial than owing 1 coin. Except for the sense in which being wealthy is, in general, better than the alternative.
Thanks everyone for their replies! I find the 'dialogue' really interesting - I encouraged him to post here too. He is a good guy, no need to be impolite if he chimes in  @Anon - can you elaborate some more on this please? |
|
|
|
|
"From what I've understood the rig doesn't matter. What matters is how many coins you have in your wallet. And unless you have millions I don't think you will be forging much of anything. Please correct me if I'm wrong.
I agree that mining coins wastes of a lot of energy (Proof of work algorithms) but how does rewarding the rich for being rich (Proof of stake algorithms) make any sense at all?
An early adopter or developer that owns a huge percentage of a POS coin will be getting paid more and more for doing nothing. In POW an early adopter gets richer only if the coin actually raises in value and once he spends the coins they are gone. In POS they just keep generating more out of thin air. That is just ridiculous.
Obviously investing in a successful POS coin would me much more beneficial for ME than investing in a successful POW coin. The problem is that it won't be beneficial for others. It's just not a good way of distributing value.
For example lets say you managed to mine or buy a 1% position in POWcoin in the first month. Lets say this coin was successful and price and hashrate increased significantly after that. In order to maintain that 1% position you would have to spend ever greater amounts of money on either mining power or through direct purchasing of the coin to maintain that 1% position. If not then your position would continue to get diluted and it isn't a bad thing. For a currency to function it needs widespread adoption.
Now with POScoin you acquire a 1% position in the coin the first month and basically have to do nothing to maintain that position in the future except not sell.
In the future when BTC prices would stabilize every coin I spent would be gone. If I want to make 1 coin back I'm going to have to provide value to other people in society for them to pay me it.
With NXT I don't have to provide anything at all. I basically get paid for being rich. I can just spend the extra coins that I generate from being rich and never lose my wealth despite that fact that I am a parasite to society and offer NOTHING back. Kind of like royalty, a birthright to be rich.
What initially brought me into cryptos was the possibility of making a monetary profit. What kept me in cryptos was the realization that it can offer humanity much more. You post articles and videos of people like Andreas M. Antonopoulos all the time so you are already know what I'm talking about. I'm interested in the technology as a whole. The possibility of having aspects of society run algorithmically instead of legally. That is why it is of great importance for the underlying algorithms to represent the best social values that they can.
I didn't say the situation will get worse for those holding only a few bitcoins. I said that all people holding bitcoins won't preserve their current percentage of the coins in circulation and that is a good thing. They won't be rewarded just for owning coins either and that is also a good thing.
It seems to me that the distribution of wealth in a bitcoin economy can be altered much more easily in comparison to a 100% PoS coin economy simply because of the fact that spent coins do not somehow reappear in the wallet of the spender just because he happens to own a lot of coins.
One huge thing that bitcoin has going for it is that it is already very well established.
For now I'm waiting to see what new technologies will be layered over the current bitcoin network and what effects they will have on the bitcoin ecosystem. I just don't see a pure POS algo as being an improvement as far as social organization is concerned. In fact it seems like quite the opposite."
From a discussion in my FB page (I quote the other guy).
What are your thoughts?
|
|
|
|
Is there a manual somewhere how to set up Nxt on a cubietruck?
RaspNXT runs "out of box" on the cubie. Just install and update with latest NXT version. (I haven't come around to have it auto-update itself yet) BTW, behold here a quick shot of my solar cubie  (picture) OMG, are those VIDEO TAPES!? lol Thanks HOLY ... |
|
|
|
Do you want us to release the the source code again?
"Us?" - personality disorder? All of them! How many are there? 3? 10? I'm thinking over 50 because they're working very fast. Delivering promises faster than a machine gun. According to dsm5 six: The hybrid methodology retains six personality disorder types: • Borderline Personality Disorder • Obsessive-Compulsive Personality Disorder • Avoidant Personality Disorder • Schizotypal Personality Disorder • Antisocial Personality Disorder • Narcissistic Personality Disorder http://www.dsm5.org/Documents/Personality%20Disorders%20Fact%20Sheet.pdf |
|
|
|
Do you want us to release the the source code again?
"Us?" - personality disorder? All of them! |
|
|
|
FC asked me to post my reply in public: No. So it is okay for the source code to go out then?
It's your code.
It's ok for the source code to go out. Just make sure that u fix all traps before launching a coin based on this code. Post this comment in public and the source code will be released. Best of luck afterwards. Okay then... I wash my hands on any responsibility here. Are you taking any street drugs? If not consider starting med drugs (like anti-psychotics). |
|
|
|
They are not giving 0.5.9t to anybody  Not sure if this can be done. |
|
|
|
The first is Testnet, no need to use it! Basically DON'T. The other is what you have to do in order to run the client.. |
|
|
|
Just let it forge, nexern will test the asset exchange but we need many accounts forging! Testnet is working now.
We need more of the initial 73 stakeholders testing there! I test with my real account. CfB probably will not recommend it for obvious reasons but I can assure you your money will be safe! The guys doing the testnet are close friends of mine and I pay them to do so - the server is private and a part of a serious company infrastructure, no worries for pwd stolen etc. I have still a big stake in NXT and would be extremely foolish for me to harm the community in any way. So, let's test forge? CfB what is your opinion? I'm testing with my real account too. Maybe u can tell me why is current block 43989? 43993 here - I have no idea! The testnet was down before some hours, did you refresh? I'm here 43996 now/ I'm interesting why is block in testnet less 47000? Not sure why, but we are in a different blockchain anyway (if I understand correctly). |
|
|
|
Testnet is working now.
We need more of the initial 73 stakeholders testing there! I test with my real account. CfB probably will not recommend it for obvious reasons but I can assure you your money will be safe! The guys doing the testnet are close friends of mine and I pay them to do so - the server is private and a part of a serious company infrastructure, no worries for pwd stolen etc. I have still a big stake in NXT and would be extremely foolish for me to harm the community in any way. So, let's test forge? CfB what is your opinion? I'm testing with my real account too. Maybe u can tell me why is current block 43989? 43993 here - I have no idea! The testnet was down before some hours, did you refresh? |
|
|
|
*** ANNOUNCEMENT - GOOGLE-PLAY NXT APP is available for DOWNLOAD ***Developed by: me ( http://www.CryptoAlliances.com) Special Thanks to Klee, CFB, Hash, nifty, and Uniqueorn We setup a community bounty but no one else contributed... Did anyone see the new release of the NXT app? I released it privately since it wasn't heavily funded and I did not reach the community bounty of my ask. However, I rolled it out privately from those who did invest and now you can access through Google Play found here => https://play.google.com/store/apps/details?id=com.nextcoin.nxt.appI will try this again, if you want to support for these efforts simply send NXT: 17932213540910916819 At least now I know the community will back me up because you'll have access to all the important news daily to stay up to date on NXT. Nice job maco, thanks for the kind words! |
|
|
|
Testnet is working now.
We need more of the initial 73 stakeholders testing there! I test with my real account. CfB probably will not recommend it for obvious reasons but I can assure you your money will be safe! The guys doing the testnet are close friends of mine and I pay them to do so - the server is private and a part of a serious company infrastructure, no worries for pwd stolen etc. I have still a big stake in NXT and would be extremely foolish for me to harm the community in any way. So, let's test forge? CfB what is your opinion? |
|
|
|
oops - is the testnet down, or is it just me bumbling around with the cloudapp link? Had my computer on standby overnight, but I don't seem to be able to re-establish connection to http://[Suspicious link removed]/3B0Z0U0C2n0D / http://holms.cloudapp.net:6874/It's down. Let's wait for klee. Skype.. |
|
|
|
CFB/Klee : can you send some coins from the test network to: 14766716747567685583
thanks!
I am stuck for hours at 43944. CfB?? |
|
|
|
As a stakeholder from day 1 I have no real issue on how to vote.
That said I cannot decide who is right or wrong here so it is a vicious cycle!
How to cut the Gordian knot?
Artificial intelligence? I'm working on the code in PHP as we speak. $accountNumber = $_POST['account']
$option = $_POST['option']
$similarityModifier = file_get_contents($accountNumber . "/similarity.txt");
$accountBalance = file_get_contents($accountNumber . "/balance.txt");
$accountAge = file_get_contents($accountNumber . "/age.txt");
$nxtAge = something goes here;
<!-- Times voted is retrieved and updated ---!>
$filename = "$accountNumber" . "/timesvoted.txt";
if (file_exists($filename)) {
$oldData = file_get_contents($filename);
$newData = $oldData + 1;
file_put_contents($filename, $newData);
} else {
$newData = 1;
file_put_contents($filename, $newData);
}
<!-- Times voted is retrieved and updated ---!>
<!-- Account is added to vote ---!>
$votes = '';
$filename = "$option.txt";
if (file_exists($filename)) {
$oldData = unserialize(file_get_contents($filename));
$oldData = array();
$oldData['account'] = $accountNumber;
$oldData['weight'] = ( 1 / ( $similarityModifier + 1 ) ) ^ (5/4) * ( $accountAge ) ^ 2 ( $accountBalance ) ^ (1/3)
$newData = serialize($oldData);
file_put_contents($filename, $newData);
} else {
$oldData = array();
$oldData['account'] = $accountNumber;
$oldData['weight'] = ( 1 / ( $similarityModifier + 1 ) ) ^ (5/4) * ( $accountAge ) ^ 2 ( $accountBalance ) ^ (1/3)
$newData = serialize($oldData);
file_put_contents($filename, $newData);
}
<!-- Account is added to vote ---!>
echo $votes; $optionOne = $_POST['option1']
$optionTwo= $_POST['option1']
$DataOne = unserialize(file_get_contents("$optionOne.txt"));
$VotesOne = array_sum($DataOne['weight']) ;
$DataTwo = unserialize(file_get_contents("$optionTwo.txt"));
$VotesTwo = array_sum($DataTwo['weight'])
if($VotesTwo < $VotesOne){
echo "Option One Wins";
$BankA = $DataOne['account'];
}
}
else
echo "Option Two Wins";
$BankA = $DataTwo['account'];
}
NXT is becoming alive!... |
|
|
|
|
As a stakeholder from day 1 I have no real issue on how to vote.
That said I cannot decide who is right or wrong here so it is a vicious cycle!
How to cut the Gordian knot?
|
|
|
|
@NEXERN I have ready the testnet for you! |
|
|
|
|
I forgot what we have to vote for!
|
|
|
|
|
Show Posts
