I am watching this NEX melodrama with a combination of fascination and horror but Friction Clown is making two very important points that need to be addressed seriously here and not by attempting to out troll him.

It DOES seem idiotic to expose NXT accounts directly to internet hacking, even to me and I understand the math.  This seems idiotic on an emotional level that overwhelms facts and reality and logic.  It will cause people who do not understand math to reject NXT and that is bad. Soooooo.....one more time with my pet peeve...WE NEED AN ACCOUNT FREEZE CODE CAPABILITY A USER CAN LOAD INTO THE BLOCKCHAIN AS A PAID MESSAGE THAT ALL NODES WILL RECOGNIZE AND REJECT ALL TRANSACTIONS OUT OF THIS ACCOUNT UNTIL A USER REVERSES IT AND TURNS IT OFF WITH A SECOND PASSWORD.  I think this could have stopped EVERY example of NXT theft / loss we have seen so far. If this is a bad idea, somebody tell me why and shut me up.  If it's not a bad idea, let's implement it and shut Friction Clown up, sooner rather than later.

FC is also right that non-error correcting endless numeric addresses are idiotic and right from the 1950s.  We should commit to the discussed Reed Solomon NXTXX-XXXXX-XXXXX-XXXXX address format and get into the 1990s.  Even if it does look like a windows authentication code it is user friendly and gets the job done.

And out of curiosity...just what DOES happen if a chosen node goes down in the middle of forging a block?

NEX is a joke but a potentially deadly one if we do not respond quickly to its legitimate criticisms.

Sigh.  Interested.

Just when I thought this thread couldn't get any more bat crap crazy, the thread proves me wrong.  Good night all.

Interested.

So..it has come to this.   ( http://xkcd.com/1022/ )

If NXT does not insure user security with extreme measures, we are going to get our reputation killed while somebody else does.

I post on page 1000 from dairy queen, go back to the hotel, get up at zero dark thirty to go to the airport and spend the day in threee different jets getting home, check this thread, and 55 pages later everything is total bat crap crazy.  

Hell yeah on getting listed at last on a first tier exchange and a 100 % price rise.  

But this latest "somebody got my NXT" has pegged my paranoia needle again.  As far as I am concerned we have yet to get to the bottom of a single incident here even tho we tarred and feathered EpicThomas.  Something is STILL going on and it is bad.

I will say this again and again until I get Dev concurrence.  WE NEED TO IMPLEMENT AN OPTION TO ISSUE AN ACCOUNT FREEZE CODE BLOCKING OUTGOING NXT TRANSFERS THAT GETS CARRIED ALONG IN THE BLOCKCHAIN AS A MESSAGE UNTIL RESCENDED BY THE ACCOUNT OWNER VIA A SECOND DIFFERENT PASSWORD.

More later I gotta unpack and get caught up at home after being gone two weeks.  GO NXT!!!

1000!

Typed  in the to go lane at Dairy Queen waiting on a Georgia Mud Fudge Blizzard!  Yum!

Ack.  Wrong button.

Except at Coinbase you gotta wait 10 days and at Mt. Gox it takes even longer to register.  Check localbitcoin.com, get some BCT, send it to Dgex.com, buy yourself some NXT.

I agree this is good news to get more NXT into more pockets, but something else is going on too.  These sales are not a steady decline - they are four separate big sales in a very short period of a few minutes that are in the 600K - 900K range.   Over 3M total - and the price keeps bouncing back up every time.

Any chance you can include the NXTXX-XXXXX-XXXXX-XXXXX address system before release?  Or have you at least committed to implementing this in a later version?  I think it is very important to offer an alternative to twenty-digit-long-without-a-break account numbers ASAP...

Just as important to NXT and just as revolutionary as the transparent forging algorithm is the miniblockchain concept.  I've been researching this so I can write it up in the whitepaper and not sound too stupid:


http://www.bitfreak.info/files/pp2p-ccmbc-rev1.pdf

https://bitcointalk.org/index.php?topic=195275.msg2029436#msg2029436

https://bitcointalk.org/index.php?topic=215936.0

It's fascinating to follow the development and timeline of all this.  You can see NXT breaking out of its shell and getting born, just look at who's posting where and the title of that third link.  There's probably even a few hints in there for a good detective on just who BCNext might be, but some things in life are better left with an air of mystery about them...

Yes, we do need this.  Yes we do yes we do yes we do.  

Salsacz has outlined in another thread a similar committee just for marketing, and we need that too.  

But IMHO we also need a purely administrative foundation to think about the organization and deployment of NXT in the months to come.  This will be especially critical since CfB has said recently he is only going to work on NXT core software itself until April, then he is going off to work on another feature for NXT called Project K.  BTNext and JeanLuc hardly post here at all,  certainly not to the same degree CfB does, and that's fine - they are doing an amazing job turning out new code versions.

NXT did not exist in any form before Sept 28, 2013.  NXT has made spectacular progress from one guy's idea and original post to a functional system with hundreds of deployed nodes and a widely held coin valued at 0.00004 BTC per unit in less than four months.  Organizing a foundation is the next logical step to keep this momentum going.

Let's do it.

If you need a sheriff, or a blabbermouth, I'm available...

You click to that little tab at the top of the page that says My Messages, you click on the tab that says New Message, and where it says "To:", you type in "JeanLucPicard"...

And an exceptionally smart and committed community.  We will figure this out.  I will continue working on whitepaper as best I can.  Ricot's NXTXX-XXXXX-XXXXX-XXXXX address scheme will get implemented.  Everybody will add their ingredient to this NXT "stone soup" and it will go to the moon.

But making sausage can sure be such a mess...

+10,000.  I would add JeanLuc to this list.  I see us going on for pages about voting.  I see us going on for pages about aliases.  I see us go on for pages about selling NXT for BTC outside Dgex, then CfB saying no more NXT will be sold below 0.001 BTC because Wall Street is coming to look at peer-to-peer exchange.  

We don't need features yet, we need plain vanilla user-friendly functionality to hold and transfer coins.  We need a one-click client that Joe Sixpack can install and use.  We need a dead simple API that other exchanges like Cryptsy can easily plug into and get us in the ability to trade with ease.  We need a whitepaper that focuses with laserlike intensity on NXT's (1) PoS forging, (2) mini-blockchain (c) 1 minute transaction time and (d) 10,000+ transaction per second capability promoted as MAJOR SOLUTIONS to the looming disasters that are about to befall Bitcoin over their ludicrous PoW mining arms race, bloated 16GB blockchain, sluggish 10 minute transaction time and maximum 7 transaction per second limit.  And we need a stated deadline for when full open source code will be released.

I vote for centralized leadership and vision and effort to get us to that launch point.  A flurry of decentralized service providers working on open source code will take us to the moon from there.

See, we need details and specifics like that if we're going to do a whitepaper...and that's true on many NXT topics.  The more I research all of this to get up to speed to write a whitepaper, the more I realize how ignorant I am of what's under the NXT hood.  I also think Bitcoin will implode within a year, the only question is whether it happens from blockchain freeze or miner flameout.

@EvilDave - <tips hat back, with a hint of a smile>

I've got a general question about the NXT blockchain.  How big is it today in MB?  How big do we expect it to be after 1M transactions?  10M?  100M?  Is there any real plan to prune it or store it only on some nodes with other nodes only accessing an indexed part of it?  I see how transparent forging is better than PoW mining.  WHat have we got to claim a superior second-generation blockchain, particularly since we are updating it 10X faster than Bitcoin's and plan to add all sorts of features into it?

Gotta understand the blockchain to write it up in the whitepaper...

I would recommend about 16 LTC.  

Should get you around 10K - 11K NXT.

Try dgex.com

I have been adding some text to the NXT whitepaper at the wiki and my angle for the section I'm writing is Bitcoin Problem / NXT Solution.  Here's some interesting text I've researched, which considering my earlier Raspberry Pi calculations above, convinces me that Bitcoin is a dinosaur with a meteor in the sky coming in, while NXT is a cute furry mammal waiting patiently in its burrow for its time on the world stage:


PoW's Negative Ecological Consequences

Confirming transactions for existing Bitcoins, and creating new Bitcoins to go into circulation, requires enormous background computing power that must operate continuously.  This computing power is provided by so-called "mining rigs" operated by "miners".  Bitcoin miners compete among themselves to add the next transaction block to the overall Bitcoin blockchain.  This is done by "hashing" - bundling all Bitcoin transactions occurring over the past ten minutes and trying to encrypt them into a block of data that also coincidentally has a certain number of consecutive zeros in it.  Most trial blocks generated by a miner's hashing effort don't have this target number of zeros, so they make a slight change and try again.  A billion attempts to find this "winning" block is called a "gigahash", with a mining rig being rated by how many gigahashes it can perform in a second, denoted by "GH/sec".   A winning miner who is first to generate the next needle-in-a-haystack, cryptographically-correct Bitcoin block receives a reward of 50 newly-mined Bitcoins - a reward worth, at the time of this writing, around $50,000.   This competition among miners, with its hefty reward, repeats itself over and over and over every ten minutes or so - by early 2014 generating rewards of over 7000 bitcoins per day worth around $7 million dollars per day.

With so much money at stake, miners have supported a blistering arms race in mining rig technology to better their odds of winning.  Originally Bitcoins were mined using the central processing unit (CPU) of a typical desktop computer.  Then the specialized graphics processing unit (GPU) chips in high-end video cards were used to increase speeds.   Field programmable gate array (FPGA) chips were pressed into service next, followed by mining rigs specialized application specific integrated circuits (ASIC) chips.  ASIC technology is the top of the line for Bitcoin miners, but the arms race continues with various generations of ASIC chips now coming into service.  The current generation of ASIC chips are the so-called 65nm units, based on the size of their microscopic transistors in nanometers.  These are due to be replaced by 28nm ASICs in early-2014 and 20nm units by mid-2014.   An example of an upcoming state-of-the-art mining rig would be a Butterfly Labs "Monarch" 28nm ASIC card, which is to provide 600GH/sec for an electricity consumption of 350 watts and a price of $2100.  On the horizon is a card from Hashblaster slated to have three 20nm ASIC chips providing 3300 GH/sec for 1800 watts of power consumption.  Most operational mining rigs will probably be upgraded to this standard of performance and efficiency by mid-2014.

The mining rig infrastructure currently in place to support ongoing Bitcoin operations is astounding.  Bitcoin ASICs are idiot savants - they are able to do only the Bitcoin block calculation and nothing more, but they can do that one calculation at supercomputer speeds.  In November 2013, Forbes magazine ran an article entitled, "Global Bitcoin Computing Power Now 256 Times Faster Than Top 500 Supercomputers, Combined!".  In mid January 2014, statistics maintained at blockchain.info showed that ongoing support of Bitcoin operations required a continuous hash rate of around 18 million GH/sec.  During an day of 86,400 seconds, this means around 1.5 trillion trial blocks were generated and rejected by Bitcoin miners looking for the magic 144 blocks that would net them $7 million.  Thus around 99.99999999 % of all Bitcoin computation go not to curing cancer by modeling DNA or searching for radio signals from E.T - instead, they are totally wasted computations.  

The power and cost involved in this wasteful background miner support of Bitcoin is enormous.  If all Bitcoin mining rigs had "Monarch" levels of capability as described above - which they will not, until they are upgraded - they would represent a pool of 30,000 machines costing over $63 million and consuming over 10 megawatts of continuous power while running up an electricity bill of over $3.5 million per day.  The real numbers are significantly higher for the current, less-efficient mining rig pool of machines actually supporting Bitcoin today.  And these numbers are currently headed upward in an exponential growth curve as Bitcoin marches from its current one transaction per second to its current maximum of seven transactions per second.