NXTcommunityfund updateAs directed by James (jl777), who has sole authority to allocate the NXTcommunityfund, I have transferred 75K NXT to 2037401990853753795 ( I believe this is controlled by Salsacz) as partial payment towards the Let'sTalkBitcoin audio advertising campaign. https://bitcointalk.org/index.php?topic=412243.msg4909278#msg4909278There have been two contributions by unknown (to me, anyway) donors into NXTcommunityfund since my last report. These generous contributions were for 99,499 NXT and 500,000 NXT. Thank you, generous donors !!! With these two deposits and one withdrawal (plus a 1 NXT fee), the current balance of NXTcommunityfund now stands at 2,652,506 NXT valued at $178,877.29.
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@mww: I encourage you to read the 25 pages of the marketing thread here: https://bitcointalk.org/index.php?topic=412243.0 . There is a proposal to divert 3,000,000 NXT currently worth $210,000 to marketing efforts in 2014, and that is on top of existing funds allocated for NXT marketing. PM Salsacz for those figures. The total available to support any NXT efforts you get involved in is probably over a quarter million dollars. Oh, you might post a request over there or PM Salsacz or landomata to see the master consolidated NXT marketing plan. Most quarter-million dollar ad budgets are required to have a master consolidated marketing plan before spending a single dime of money, right? Isn't that how they do it in your top 4 marketing company? I'll get reading in a bit and give my 2 cents. We have full plans which usually split the brand's advertising up into different mediums. in this plan the budget is set and a general overview of how the campaign is going to be delivered, through what mediums, is presented. Then we have the individual media plans which focus on a particular medium, for example, the digital plans contain a list of sites such as yahoo, aol, facebook ect how much we will spend on each site, how much inventory we expect to get, the dates the activity is running, the metric we will be the gauging the effectiveness of the activity on and what metric the publisher will be basing there reportings on (eg CTR, CPE, CPS ect) So yeah, very similar. FYI, i work in the UK so our regulations might be slightly different but we don't legally have to provide a full plan, or an individual one. But without these plans our clients would never know how there money was spent. also, it helps allot when keeping track of what activity you have paid for and giving a general overview of what is going to happen across different companies. So yeh, not a legal requirement overhere, but you'd be pretty crazy not to do one just to give everyone involved a fixed overview of what is taking place, especially when dealing with multiple publishers across multiple mediums. Thanks, That sounds extremely organized and logical. I especially think the metrics you mention sound like a great idea. I am sure you will have much to contribute. Welcome aboard the NXT marketing effort! |
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Use reddit to build audiences within reddit. Don't use it for anything else. reddit is perfect for awareness and brand campaigns when all you want to do is spread awareness and build a community inside reddit. But for anything else, its a massive waste of time. Reddit's userbase is similar to facebook's in that user's are not in a correct state of mind to effectively push a product.
My advice would be to start up a small test campaign, target some of the bitcoin related subreddits and have the ad clickthrough to the NXT subreddit. The only issue with this is the NXT subreddit has very little information and will fail in engaging the user, so before any money is pumped into this, it is important the NXT subreddit actually contains enough information for the consumer to keep them there, and to make them want to come back.
Honestly, i wouldn't push anymore than the above. from an advertisers prospective, reddits advertising is not suited for anything other than building communities inside of reddit. Anything else usually ends up as a leakage of funds that could be spent better elsewhere.
Anyways, i've got a lunch with condenast either friday or monday, ill have to check my diary, but yeh, i'll ask them what they think, chances are they will just agree with me but i will see, they might have some new innovative features that could help us target/track.
@mww: I encourage you to read the 25 pages of the marketing thread here: https://bitcointalk.org/index.php?topic=412243.0 . There is a proposal to divert 3,000,000 NXT currently worth $210,000 to marketing efforts in 2014, and that is on top of existing funds already allocated for NXT marketing. PM Salsacz for those figures. The total available to support any NXT efforts you get involved in is probably over a quarter million dollars. Oh, you might post a request over there or PM Salsacz or landomata to see the master consolidated NXT marketing plan. Most quarter-million dollar ad budgets are required to have a master consolidated marketing plan before spending a single dime of money, right? Isn't that how they do it in your top 4 marketing company? |
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Oh, that's a good idea, +1 I'd be more than happy to contribute as much as i can, atleast for a year or so, i see a huge future for NXT, a future i would be proud to be apart of. I am officially doing the Snoopy Dance.  |
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Is there any way to reduce or outright throttle bandwidth usage of the NXT client?
I've been running NXT client on Windows since mid Dec, upgrading to newest version when new ones are out. The client uses between 150KB/s to 500KB/s. This works out to 390GB to 1.2TB(!) per month. My ISP charges dearly for exceeding 300GB/mo. I first found this out because in Jan I unexpectedly hit 500GB of usage - thanks largely to NXT client. In the first 10 hours of the new month, NXT client (now version 0.5.11) has already racked up 18GB of transfers.
I can't pay Comcast another $50-200+ a month to be able to run such a bandwidth hungry app.
Please let me know any way to reduce the NXT client bandwidth consumption, and/or to set explicit throttle limits on it. My apologies if this should be common knowledge, but I've already searched these forums and general internet for throttling or bandwidth related docs or posts and found nothing. Thanks. We have absolutely GOT to get a handle on bandwidth scaling vs. TPS vs. blockchain growth. We have GOT to. Particularly before we start telling people they can forge NXT on a smartphone in our advertising. |
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Just for the record, your math is wrong, so anyone who agrees on this assumption, should make his own calculations first It's a fact that James has authorized 75K NXT and I will be disbursing that later today as directed. I understood that the audio spots were twice weekly for three months reaching an audience of 10,000 and were funded at a level of 275K NXT when NXT was priced at 0.07 USD each given the current Bitcoin price. That's 275,000 * 0.07 = $19,250 for 13 weeks * twice weekly * 10,000 people = 260,000 impressions for a CPM of 19250/260 = $74.03. I rounded to $75 for sake of an even number to use in discussion. because in previous text you were counting only on 13 spots and not 26. But you must add many important things - if we didn't book it in couple of hours, ethereum would have bought that minute. Then, there is a difference between listeners of LTB and any other ordinary visitors of websites etc. Listeners of LTB have big influence on other people (journalists...) - those listeners can speak directly to the celebrities/important people, listeners of LTB are experts, advisors with huge power Hi Guys, By night i'm usually ranting on this forum and asking silly questions, but by day i'm the lead digital analyst for one of the big 4 marketing communications companies. Anyways, you guys are getting absolutely extorted. This CPM is off the roof; i've never actually seen a CPM this high when dealing with radio. I'll get in contact with my radio team tomorrow morning, but at the moment, unless i've missed some sort of targeting, i really cant see why you are paying so much. If your dealing with any sort of advertising please contact me, i have access to pretty much the entire industry and know a good deal when i see one. I also have a team of 6 other analysts whos job it is to find out whatever i want to know across the other major mediums. I'd be more than happy to assist for free as i see NXT's potential. Please shoot me a PM with what i can help with, or if you just want to run by any advertising opportunities. +99999999999999999999999999999999999999999999999 mww, you and I are officially BFFs. At last, somebody that knows what the hell they are talking about when it comes to advertising and is willing to use the term CPM. I have been saying this exact same thing for days and have been called a liar while doing it. It gets worse, they had an opportunity to sit somebody FOR FREE in a soundroom panel discussion where the first ad was aired, and the show is willing to interview us exclusively FOR FREE. And we've paid them close to $20K !?!?!?! Dude, I am hereby officially nominating you for membership on the NXT marketing committee if you want the slot. https://bitcointalk.org/index.php?topic=445209.msg4917173#msg4917173 |
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Final question from me (at least for today): What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?
Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain. Okay. That's a solid response, thank you. It also says to me that we can forget about Raspberry Pis on a 1000 TPS network and we need to set up lots and lots of fast VPSs with multi-terabyte SSD drives. And we need to set up blockchain pruning as our number one development priority, with the intention of doing it quarterly in a 1000 TPS NXT network. Somebody tell me I'm full of crap and why. Please. If we can split the blockchain, why shouldn't a RaspberryPi (or something similar) be able to handle 1000 TPS? Maybe I don't get it... The main blockchain is the one with the transactions on it. It's going to grow at 10GB per day in a 1000 TPS network even if you strip all of NXT's other functions off into smaller secondary blockchains. How can a Raspberry Pi store a ten-day-old 100 GB NXT blockchain for processing when its turn comes to forge a block? Maybe I'm missing something about how blocks are added to a blockchain. Can you forge a block and add it on to a NXT blockchain if you don't have a copy of the entire blockchain stored locally? If so, can somebody elaborate on that? |
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Final question from me (at least for today): What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations?
Nxt blockchain can be split into many parallel blockchains, one for Payments, one for Arbitrary Messages, one for Asset Exchange, and so on, reducing requirements to storage/bandwidth for those who don't need some of the features. And this is almost for free, coz forgers r able to secure all the chains, unlike Bitcoin, where a miner is able to secure only 1 chain. Okay. That's a solid response, thank you. It also says to me that we can forget about Raspberry Pis on a 1000 TPS network and we need to set up lots and lots of fast VPSs with multi-terabyte SSD drives. And we need to set up blockchain pruning as our number one development priority, with the intention of doing it quarterly in a 1000 TPS NXT network and weekly on a 10,000 TPS NXT network. Somebody tell me I'm full of crap and why. Please. |
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Will the April release of software support some kind of system that does not store every transaction on a rapidly growing blockchain? Just the data of current balance level for registered users, perhaps?
No. How many of the full time devs will continue to work full time on NXT in May?
No idea. Final question from me (at least for today): What is the strongest/most positive statement you would make to a audience of Bitcoin users about how NXT blockchain use/processing is superior to Bitcoin blockchain operations? |
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You mentioned before you hoped to implement parallel blockchains by April. What are these and are they still in the April release?
Looks like I won't have them ready by April. Parallel Chains is just another way to store data. I love playing 20 questions with you, CfB. Will the April software release be capable of handling 1000 TPS if the right number and type of systems were online as NXT nodes? If so, what is the largest blockchain size such a node will have to handle? I can't answer these questions coz I don't know what min fee will be in April and how popular Nxt will be. Assume the minimum fee will be 0.01 NXT. I don't see what "popularity of NXT" has to do with the question; from a systems engineering / capability standpoint 1000 TPS is 1000 TPS. I am trying to build up from past comments what I can truthfully say in front of an audience in Texas about what the April capability of NXT is going to be. This is important. I do not want to say something about NXT in front of a bunch of hostile Bitcoin people that is going to be proven wrong only three weeks later. You have said NXT will someday be capable of 1000 TPS operation. You have said we are going from JSON storage at 512 (is that right?) to binary storage of transactions at 128 bytes per transaction. In a binary system of 128 bytes per transaction, the blockchain for such a system going full throttle will grow by 10GB per day IF it is storing every transaction. You have said that service providers are not required for 1000 TPS operation. You've said service providers are going to be the ones storing the entire blockchain. You have said parallel blockchains as a method of data storage will not be implemented in April as you'd hoped. THis implies that the nodes themselves are going to have to handle an enormous blockchain, much bigger than anything Bitcoin has handled to date, in a very short time. So, two simple questions - Will the April release of software support some kind of system that does not store every transaction on a rapidly growing blockchain? Just the data of current balance level for registered users, perhaps? How many of the full time devs will continue to work full time on NXT in May? |
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Salsacz - This is very amusing and true - but you need to change "even don't" to "can't even". In English, "even don't" is never used as a word group. |
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You mentioned before you hoped to implement parallel blockchains by April. What are these and are they still in the April release?
Looks like I won't have them ready by April. Parallel Chains is just another way to store data. I love playing 20 questions with you, CfB. Will the April software release be capable of handling 1000 TPS if the right number and type of systems were online as NXT nodes? If so, what is the largest blockchain size such a node will have to handle? |
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can we pls speed up Service providers....how much would it cost to implement this feature?
Asset Exchange, Voting System and Account Control r the only things that r planned to be released by April. no decentralised exchange? do you happen to have a roadmap/to-do list that gives the expected dates of completion for each of the different features? Asset Exchange == decentralized exchange. No roadmap after April. You mentioned before you hoped to implement parallel blockchains by April. What are these and are they still in the April release? |
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can we pls speed up Service providers....how much would it cost to implement this feature?
Asset Exchange, Voting System and Account Control r the only things that r planned to be released by April. no decentralised exchange? do you happen to have a roadmap/to-do list that gives the expected dates of completion for each of the different features? + 1 I need this for the Texas talk. So we will not be ready for 1000 TPS in April without service providers, right? |
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He specifically COULDNT do it because he knew that as a nxtcrypto.org site he would have to follow wishes of the community, and as official forums site of DGEX he just couldnt give up that control.
That's how capitalism works. U shouldn't expect that others want to make the world better, most of them just want to have more dollars. I don't say such people r bad though. Hearing this from the heart of Belarus makes me smile and have hope for the entire world. |
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Just for the record, your math is wrong, so anyone who agrees on this lie should make his own calculations first It's a fact that James has authorized 75K NXT and I will be disbursing that later today as directed. I understood that the audio spots were twice weekly for three months reaching an audience of 10,000 and were funded at a level of 275K NXT when NXT was priced at 0.07 USD each given the current Bitcoin price. That's 275,000 * 0.07 = $19,250 for 13 weeks * twice weekly * 10,000 people = 260,000 impressions for a CPM of 19250/260 = $74.03. I rounded to $75 for sake of an even number to use in discussion. So...where is my math wrong? And if I made a mistake based on a misunderstanding, please don't accuse me of lying. I am acting in good faith here. Salsacz, you do good creative work and I respect you. Landomata is obviously a very talented individual and he has my respect as well. I am not going to challenge the decisions the two of you on advertising again, and I suspect that will take some clenching of my teeth. But in my opinion, you would both best serve NXT by coming up with a consolidated advertising plan first, open to community comment before execution, that includes CPM as a key metric for consideration and then price that plan instead of just saying things like "I dream it up and somebody executes it" and "Let's pop the ad budget up by 50% with unclaimed NXT". Good luck to you both. |
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If I am deemed eligible to serve despite being a treasurer of the community fund, I would like to be on the infrastructure committee.
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Why the fuck are you making the font size big?
Noone has said we're spending the NXT "up front"; but 1 year is a long time period. 3m NXT in one year on marketing is not a lot at all.
I have no idea why you have such low confidence in the NXT community. WE've got this far without almost any NXT funding.
In poker terms I am not going all in on one hand. As someone who has won big poker tournaments on Pokerstars I must say your analogy makes me chuckle
I have reduced my font size and ask that you reduce yours. I have enormous faith in the NXT community. My point is that we don't have source code or even a stable knowledge of just what NXT is yet, and we should leave ourselves a reserve to deal with that fact. Congrats on winning at Pokerstars. Peace. Out. |
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Ricky I respect you cuz you are my elder...but pls note I was a voting member of the Board at 24 years old and the operating budget of our organization was 250 million dollars....so I know how to operate in a strategic management structure.
I thank you for your respect, and I applaud your accomplishment and good fortune to participate in controlling a quarter billion dollars right after graduating from college. As time goes on you will experience failure, and that will give you wisdom and a sense of caution. |
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