To the whales out there, I have a question.
If the community voted to spend 10 million NXT in community fund on marketing, how would that affect you:
A) Positively, would buy more
B) Neutrally, no change
C) Negatively, would sell part of all of NXT
Any other comments from the "whale" perspective about NXT marketing spending would be appreciated. If you are thinking this way, then odds are that other potential whales are thinking the same way too.
James
I would be absolutely appalled if we spend 10Mil Nxt on marketing, that is utterly ridiculous. If we want NXT to get to .01 BTC, we will have to spend money on marketing. There is no way around it. If we like it to be around .0001 BTC, then we can stop all marketing now. What price do you want NXT to get to? Do you think it will get there without spending money on marketing, especially when there are already two significant competitors that are spending a lot on marketing? Marketing it a battle for mindshare. If people don't know about NXT and all they hear and see are emunie and etherium, how will NXT price get to .01 BTC? James |
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To the whales out there, I have a question.
If the community voted to spend 10 million NXT in community fund on marketing, how would that affect you:
A) Positively, would buy more
B) Neutrally, no change
C) Negatively, would sell part of all of NXT
Any other comments from the "whale" perspective about NXT marketing spending would be appreciated. If you are thinking this way, then odds are that other potential whales are thinking the same way too.
James
I would be absolutely appalled if we spend 10Mil Nxt on marketing, that is utterly ridiculous. Over 1 year Did you not see the value in having people at the trade show? That costs money. |
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We should stay with the plan of paying 230k nxt for this campaign and reserve the slots for the next months.
Keep in mind that Ethereum and emunie are on their way... nxt needs to be and stay in people's minds.
While long term etherium and emunie will probably get tangled in legal issues regarding their IPO's lack of formality, in the short term, they are coming out EXACTLY when NXT is vulnerable. Until April, we could actually have slightly less features than emunie. I know this is a tech oriented community, but I hope you can understand that sometimes it is prudent to substitute marketing/PR for a gap in tech. It is only a temporary thing and maybe it won't be a big deal, but what if people make emunie a giant success and take the thunder away from NXT? Is that a risk we should take when we don't have to? Marketing as DEFENSIVE weapon. Marketing to make people excited about NXT and wait until April to decide between NXT, emunie and etherium. By then, the lawyers might already be circling one or both of those, so it would be game over in favor of NXT. That is a nice outcome and well worth taking the chance with 10 million NXT that is inching closer and closer to the incinerator. It is like a use it or lose it vacation time. Let's use it. Now is the perfect time to use these funds. It will make all of our NXT worth that much more in the long run. That is what I want. Don't you? James If we are going to be behind other projects on features, shouldn't we be funding bounty projects for advanced features? I don't see how marketing solves that issue. How would any technical bounties speed up deployment of Transparent Forging? That is the key to everything and it is already being worked on by the best man possible. What technical piece is missing for NXT to be superior to emunie/etherium? From what I can tell, when nexern is done with client his DNA will be the etherium killer and I will bet that he will get it done before etherium's crowd process gets it done. So, with Asset Exchange we are pretty much at feature parity with emunie. What is missing? I have not tried the emunie beta, so I have no idea what features they have that NXT doesn't. If it is a super important feature that NXT doesn't have, then certainly, let's get a bounty for it ASAP. If we have enough tech and not enough marketing, why not balance it out and get the marketing? If emunie and etherium were not doing their IPOs as we speak, I would not feel this sense of urgency. There is only a finite amount of people who will invest in cryptos and they WILL be choosing between emunie, etherium and NXT as these are the second gen cryptos. Some will hedge and split between the three, some will go heavier into one other than the other, etc. Shouldn't we get as much of the second gen investor funds as we deserve? What percentage does NXT deserve? Are we going to get that percentage? If not, then we need more marketing. James |
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To the whales out there, I have a question.
If the community voted to spend 10 million NXT in community fund on marketing, how would that affect you:
A) Positively, would buy more
B) Neutrally, no change
C) Negatively, would sell part of all of NXT
Any other comments from the "whale" perspective about NXT marketing spending would be appreciated. If you are thinking this way, then odds are that other potential whales are thinking the same way too.
James
you have to define whale I don't know, maybe something like: 50 BTC dolphin 100 BTC small whale 250 BTC medium whale 1000 BTC big blue whale |
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We should stay with the plan of paying 230k nxt for this campaign and reserve the slots for the next months.
Keep in mind that Ethereum and emunie are on their way... nxt needs to be and stay in people's minds.
While long term etherium and emunie will probably get tangled in legal issues regarding their IPO's lack of formality, in the short term, they are coming out EXACTLY when NXT is vulnerable. Until April, we could actually have slightly less features than emunie. I know this is a tech oriented community, but I hope you can understand that sometimes it is prudent to substitute marketing/PR for a gap in tech. It is only a temporary thing and maybe it won't be a big deal, but what if people make emunie a giant success and take the thunder away from NXT? Is that a risk we should take when we don't have to? Marketing as DEFENSIVE weapon. Marketing to make people excited about NXT and wait until April to decide between NXT, emunie and etherium. By then, the lawyers might already be circling one or both of those, so it would be game over in favor of NXT. That is a nice outcome and well worth taking the chance with 10 million NXT that is inching closer and closer to the incinerator. It is like a use it or lose it vacation time. Let's use it. Now is the perfect time to use these funds. It will make all of our NXT worth that much more in the long run. That is what I want. Don't you? James Yes. Right after the official client is released. And you know what I mean by official. I mean the client the community deems to be the best and thus becomes labeled the official client because that is the parlance of our times. Funding authorization is ALL that is required for a signal to the whales that NXT is serious business and to save the 10 million NXT from being vaporized Marketing benefits the entire NXT community, globally. It is perfect way to spend community funds. Without marketing much harder to convince more whales to invest big. Also, whales like to make money, so if we announce funding before it is spent, it gives them time to accumulate the NXT before the big run up in price created by the big marketing campaign. With the client days away from being released, the time is now. With emunie IPO starting next week, the time in now. With etherium IPO starting, the time is now. This is a race and NXT is going to win, so lets let the whole world know this. all it takes is to fund marketing. James |
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To the whales out there, I have a question.
If the community voted to spend 10 million NXT in community fund on marketing, how would that affect you:
A) Positively, would buy more
B) Neutrally, no change
C) Negatively, would sell part of all of NXT
Any other comments from the "whale" perspective about NXT marketing spending would be appreciated. If you are thinking this way, then odds are that other potential whales are thinking the same way too.
James
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We should stay with the plan of paying 230k nxt for this campaign and reserve the slots for the next months.
Keep in mind that Ethereum and emunie are on their way... nxt needs to be and stay in people's minds.
While long term etherium and emunie will probably get tangled in legal issues regarding their IPO's lack of formality, in the short term, they are coming out EXACTLY when NXT is vulnerable. Until April, we could actually have slightly less features than emunie. I know this is a tech oriented community, but I hope you can understand that sometimes it is prudent to substitute marketing/PR for a gap in tech. It is only a temporary thing and maybe it won't be a big deal, but what if people make emunie a giant success and take the thunder away from NXT? Is that a risk we should take when we don't have to? Marketing as DEFENSIVE weapon. Marketing to make people excited about NXT and wait until April to decide between NXT, emunie and etherium. By then, the lawyers might already be circling one or both of those, so it would be game over in favor of NXT. That is a nice outcome and well worth taking the chance with 10 million NXT that is inching closer and closer to the incinerator. It is like a use it or lose it vacation time. Let's use it. Now is the perfect time to use these funds. It will make all of our NXT worth that much more in the long run. That is what I want. Don't you? James |
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jl777
+1
+ if we want to get to the journalists / celebrities / people with a lot of followers, this is a way
+ now ethereum etc cannot have that minute
I bet all of the people who make a living advising other people about crypto are listening to LTB and not waiting for the print version of bitcoin magazine. Now, bitcoinmagazine's website might be a different story. I forgot about the competitive aspects. Only finite slots available and until April or even when TF is fully deployed, we need to do everything we can to reserve NXT's place in people's minds, especially the influential people's minds. We have 10 million in community fund. Between now and April if we can't figure out what to do with it, it will be vaporized. We have proven that we will never be able to agree on how to vote... I say that it will be much better for NXT overall if we just spent it on a PR blitz, instead of having it vaporized. Marketing increases the value of every other NXT. However, it is not possible to accurately measure what each different piece of marketing does, so it does not really fit the typical bounty model. There are still many tech projects and my understanding is that they will be bounties from the founders that will continue. The price of NXT increased just when bter added NXT, but there was also another very significant event. NXT marketing got funded. 500,000 NXT is not much, but it was the biggest NXT marketing funding. Right after this I increased my stake in NXT and I bet so did a lot of other investors. Investors like to know that marketing is not being skimped. Get mindshare of the movers and shakers Recruit a bunch of new highly capable NXT community members Get a booth at trade shows Get print ads Get LTB spots and shows etc. etc. or send 10 million NXT to the shredder Can we vote on this? I cannot promise that a 10 million NXT marketing budget will double NXT price right away, but I can promise that spending 10 million NXT on marketing could double the price and it is certainly much better than destroying it! James |
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revision 2 (tell me if im getting closer) Ready for whats next? Written from the ground up with brand new source code, nxt is the first truely second generation crypto. By melding short term predictibility with longer term uncertanty, nxt's 100% proof of stake security model opens the flood gates for a torrent of breakthrough innovations. The ability to predict future forging nodes allows forgers to build trust within the community. This trust can be leveraged by merchants to acheve instantly secure transactions or by customers to acheve visa level transaction volumes via transaction clearing performed by forgers before recording transactions in the blockchain. Nxt's 100% proof of stake security model eliminates many of the costs associated with blockchain security that are, with bitcoin, presently born by the savers in the form of inflation. Finally, unlike bitcoin with its limited time block subsidy, there is no arbitrarily selected date far off in the future where nxt's security model will be put to the final test, if nxt works now, it will work always. I would drop "Ready for what's next?" right off of there. It's corny and unnatural sounding. Yea i agree. in my newest revision i just did this *insert intro* Written from the ground up with brand new source code, nxt is the first truely second generation crypto. By melding short term predictibility with longer term uncertanty, nxt's 100% proof of stake security model opens the flood gates for a torrent of breakthrough innovations. The ability to predict future transaction processors allows those processors to build trust within the community. This trust can be leveraged by merchants to acheve instantly secure transactions or by customers to acheve visa level transaction volumes. Nxt's 100% proof of stake security model eliminates many of the costs associated with bitcoin blockchain security. Costs presently born by the savers in the form of inflation. Finally, unlike bitcoin with its limited time block subsidy, there is no arbitrarily selected date far off in the future where nxt's security model will be put to a final test, if nxt works now, it will work always. *insert conclusion* im not good at aesthetics. it seems to be the only thing that some other people in this thread are concerned with so ill let them handle that. Maybe this is for print? There is a logical chain presented and it is very powerful, but there is no way I would be able to follow this if I were listening to it. With bullet points and formatting, maybe a diagram and chart, it would be a very strong claim + proof about NXT. James |
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I'm with Rickyjames on this one. I feel like the prices they are asking is steep as hell and they already invited us to speak there for free, didn't they? NXT is the future so they'll have to talk about us frequently if THEY want to be relevant. Also after hearing some of these samples I get a feeling that we are a cheap brand desperately trying to get attention. NOt a good look. If it was interactive, sure, but this is just random soundbites I see your point and I think it's a valid one. If we could somehow manage to get someone on the show, that would be amazing! We still got the community fund ~13kk Nxt so thats quite a lot of money. We could do multiple things. It's really a joke actually if we compare our marketing efforts to those of Ethereum. We got the transparent forging, not them  A community fund of 13K NXT is only 5% of the 275K NXT is about to be spent / blown on these audio ads. I think some serious thought needs to be put into whether or not these are worth the high price being charged especially since page one color ads last and last and last in a prime print location while a voice message is gone in 60 seconds. Plus the print ad has the follow-on URL / QR. Plus it's three times cheaper. I think the audio shows are archived and downloadable. Also, I have never read this bitcoin magazine. Print tends to be out of date due to long print cycle. Not sure if I am alone in this and maybe a lot of people we want to reach are reading this magazine. From what I can tell, the LTB audience is exactly the perfect demographic to recruit a lot of new NXT'ers from. We need as many people on the NXT team as possible. This audience certainly might buy some NXT, but I am much more interested in all the cool things they will build with NXT. That is the main value of the LTB audience as far as I am concerned. I doubt jean-luc reads the bitcoin magazine, much more likely people like him listen to LTB. James |
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revision 2 (tell me if im getting closer) Ready for whats next? Written from the ground up with brand new source code, nxt is the first truely second generation crypto. By melding short term predictibility with longer term uncertanty, nxt's 100% proof of stake security model opens the flood gates for a torrent of breakthrough innovations. The ability to predict future forging nodes allows forgers to build trust within the community. This trust can be leveraged by merchants to acheve instantly secure transactions or by customers to acheve visa level transaction volumes via transaction clearing performed by forgers before recording transactions in the blockchain. Nxt's 100% proof of stake security model eliminates many of the costs associated with blockchain security that are, with bitcoin, presently born by the savers in the form of inflation. Finally, unlike bitcoin with its limited time block subsidy, there is no arbitrarily selected date far off in the future where nxt's security model will be put to the final test, if nxt works now, it will work always. Anon, super lots of respect for what you are trying to do, but the content of your one minute really should be the basis for an entire show or an infomercial. one minute is impossible to convey more than 1 idea and 1 call to action. Remember, this will also be reaching total crypto newbies via terrestrial radio. A one minute radio spot can only do so much. With radio, a lot of times people are not paying 100% attention to what is said. I really liked joefox's second spot where there were all these news worthy things happening. If each time people heard the spot, they heard a string of even more news worthy things, then we establish NXT as always having good things happening. I like the approach of the first spot announcing NXT, but without much details at all. Think Apple's 1984 ad. Then the subsequent spots tie into the first spot delivering on the promise of lots of good things happening with NXT. Join the NXT team! Something like that could be the call to action. If people hear all these good things happening with NXT, odds are they will want to become a part of it. With our unique decentralized community, anybody can participate, so I think that should be the call to action. This is super expensive advertising, but listening to this will be dozens of very capable people who we should try to recruit into the NXT community. If we can work in a recruitment pitch for talented people into the spot that would be fantastic. We have so many on the NXT team and talented people like to work with other talented people. The more talented people we have, the stronger NXT becomes. James |
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Earn interest on BTC, LTC and PPC account balances
We now pay interest on BTC, LTC, PPC, NVC and WDC account balances, they are paid multiple times every day. Check out the help for details. does this mean vircurex is doing fractional reserve? one would think the community would be in horror over this. im not one of those hard line anti fractional reserve guys myself but i know a lot of people in the bitcoin community are. My understanding is that they distribute some percentage of the trading fees and call it interest. James |
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Good stuff. Week two is great. Week one has good content, but it sounds like a corporate advertisement. I think it needs to communicate the exciting community-driven nature of it somehow. It should make people feel like they want to get in on what's happening. I think it would benefit from a slightly more conversational tone too. Can you post the text, or send it to me? Good. I'm in agreement with bithic's comments. The overall tone needs to be more conversational, but doing that in a 1 minute spot is a bit tough as it needs to be concise. Week one's ad should really compel a listener to pull up their browser and go to nxtcrypto to see what it's all about. Assuming they've never heard of it before, the common reaction is "oh another coin...". It has to bust through that wall, deliver a few critical points and get listeners excited. I think delivering Nxt as a platform in the introduction is most important. For an intro something like "Nxt isn't just another alt coin. It's a community driven platform built on original code that's delivering features the crypto currency world want's and needs to move forward into the next generation." Then yada, yada with a few main points like "Nxt solves the 51% and even 90% attack of bitcoin with it's transparent forging feature". "This same feature allows the network to remain secure while performing visa scale transaction times." Cover the main failings of bitcoin and how Nxt solves them. Finish with the info source and hopefully that drives them to nxtcrypto.org to do some research. It doesn't have to be exactly that, obviously, but I think you get the jist. Just my opinion. Hopefully it contributes. We need to make sure people understand that NXT is currently evolving very rapidly. The fact that it can even evolve will probably be news to most people. We don't want people to get disappointed that not all of the promised features are there yet. I think we should talk about the incredible TPS, but in a future tense. Join NXT as we enhance it to the point where it can handle thousands of transactions per second. That is something that nothing else out there, first or second gen, can come close to. We need to solidify this in people's minds before April, when the attack of the klones begins. James |
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I wrote about 3 symbols in NxtMyths1:
Now we know about 3 symbolic numbers hidden in the world of Nxt:
- 3 January – the release of Nxt happened 5 years after the release of Bitcoin.
- 21 Bitcoins – The IPO was stopped in the time when were gathered 21 Bitcoins, i tis 1/1000.000 of the all existing Bitcoins from now on.
- Anonymous BCNext – BCNext plays the same role as Satoshi Nakamoto. We don’t know who they are.
- one more symbolic number: The IPO was stopped right after the 100th transfer (not 73th) to the Nxt's BTC genesis address. Nice! There might even be some technical reasons he had to stop as generating the genesis block is a mysterious thing and to my knowledge very few people are even able to do it. Maybe with more than 100 in the genesis block it got harder and harder or even impossible with the tools available? Regardless, the more symbology it has the more likely Dan Brown will write a novel based on NXT!! James |
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...we need a simple easy to understand answer that doesn't allow for it to be twisted into the NXT opponents mantra of "greedy founders".
James
Here are a couple different appeals, not all of them congruent. Appeal to potential investor greed: The tone of the appeal needs to more more forward looking than backward looking, more focused on the possibilities to be enjoyed by investing now, rather than justifying BCNext's decisions. This appeal targets speculators. "If you believe that NXT offers the possibility of significant value appreciation, then it might make sense for you buy a stake." People who buy shares of Bekrshire Hathaway do so because they believe that its value will increase from this point forward more than other things they might invest in. But I don't think they spend a lot of time condemning Warren Buffet or any of the early adopters for having made enormous gains already. Appeal to development integrity: This appeal targets long-term investors. BCNext closed the funding period because he accumulated exactly the amount of startup funding that was necessary for the project. Taking on more funding would have, in his view, corrupted [this might not be the best word] the development process. The goal was always, and continues to be, developing the best cyptographic architecture. It is common these days for corporations to reward stockholders at the expense of sound product development principles. BCNext is old fashioned in that he always places the integrity of the product above the financial rewards of his investors. But, as we all know, if the product is excellent, the money will find it. Do any of these appeals help us think about the audience we might be writing to, and the way we want to position the NXT product/process? I like them both! We can have a decentralized response. Why not have a place where the half dozen effective responses are and people can choose which one they like the best. James |
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Sure. We all understand that its not perfect. No one claims that it is. Sometimes you have to go with the least bad option. 1 human body 1 vote would be ideal for certain situations (like your example with a logo) but thats just not an option that we have available to us and any attempt to get an outcome closer to that out of a system like nxt will either entail more cost than benefit or be open to massive gaming.
It sure seems this way, but I hope that if we keep discussing it, we might eventually stumble upon some clever, unexpected solution. Too early to give up  Its technically possible but its a bit like saying "if we keep discussing it we may eventually come up with a clever unexpected solution to make gravity repel us from earth rather than attract us to earth" which may be true also but i wouldn't hold my breath. I still stand by my prediction that we will never reach consensus on how to reach consensus. James |
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...we need a simple easy to understand answer that doesn't allow for it to be twisted into the NXT opponents mantra of "greedy founders".
James
Genesis Block...it will only be "a simple easy to understand answer" for those that are truly interested in learning about the importance/characteristics of the Genesis Block in a 100% POS cryptocurrency... Isn't "million to one ratio" easy to understand. If we are requiring people to become amateur cryptographers to understand the genesis block and the difficulties a PoS currency faces at genesis, then that will make NXT not understood buy 99.99% of people. I claim that might not be in NXT best interests. We do want to grow beyond the bitcointalk universe, don't we? James |
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I have a new way to explain why NXT fundraising was closed at 73 people.
James
NXT fundraising was closed because BCNext generated the Genesis Block. It's not that hard to understand, but people seem to want to create all kinds of controversy around it. It was closed so the genesis block could be created and the community could start building the software and ecosystem. If BCNext waited until Jan, we'd be 2 months behind. Yes, time to market is another good angle. I understand this. What I sense is that this initial distribution is the weakest point of NXT and that we need a simple easy to understand answer that doesn't allow for it to be twisted into the NXT opponents mantra of "greedy founders". Who can argue with someone being superstitious or symbolic or legally astute? If we shift the debate to whether BCnext was superstitious or legally astute, it avoids the whole "greedy founders" mantra. We do have to be aware of how NXT is perceived by the public. We don't want to dwell on it, so that is why I tried to come up with an easy one liner we can use to move past this subject. FCclone: "NXT is so unfair, 73 people made a ton of money" answer: "BCNext was superstitious and wanted to avoid any legal problems from raising too much money" I do not think we can ignore this issue. Just trying to help fine tune our response. James |
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I have a new way to explain why NXT fundraising was closed at 73 people. Actually 2 ways, one is a symbolic/superstitious explanation: BCNext felt strongly that one millionth of BTC ultimate supply is the perfect amount to start NXT with. OK, it might seem silly to a lot of you, but do you know what percentage of people believe in astrology, ghosts, numerology, etc? The million to one ratio is easily understood by almost all of the world. The other is legal. BCNext knew that with rapidly rising BTC prices that if he didn't stop the fundraising, the amount raised would exceed the legal thresholds in more and more jurisdictions. Imagine if BCNext raised $25 million dollars worth of BTC (what etherium is trying to do), then all sorts of lawyers would be buzzing around and if NXT went down in price, there would be all sorts of legal issues to deal with. As it is with the token amount raised, there can be no legal liability from the fundraising. This is a big advantage that NXT will have over emunie, etherium, etc. I predict if they succeed in raising millions of dollars in capital, they will inevitably get embroiled in litigation, possibly from multiple jurisdictions. If the price goes down, they might very well be forced to refund all investors with what is remaining of their funds after all the legal expenses. So, BCNext was either very superstitious, symbolic or legally conservative. We can vote on which you think is right James |
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So, voting.
- The only thing we can reliably use is the total amount of money, but that is bad, because for some decisions this will be very undemocratic.
- We can't apply any "compressor" function to the wealth, because people will split into multiple accounts.
- We can't vote by accounts because they are cheap to create.
- We can't use PoW or Turing tests, because it's impractical and stupid (solving 30 captchas?). Can also be circumvented by paying cheap labor to do it.
- We can't use passport chips with challenge, because they are too rare.
- Maybe we could use what Bitcoin is trying to do with passports and zero-knowledge proof, but probably not until they actually implemented it.
- We can't use iris scans, because of privacy concerns and practical difficulties.
Come on, brilliant minds in here, think! What can we do?
Tiered voting weight by reputation Feedbacks for people in community to calculate multipliers for each person Minimum voting weight is 1, max weight is ... Tbd Some people are just more equal than others, this is reality and not unreasonable. Shouldnt klee have more weight than me? So if this is cool with community we just need to figure out feedback system and max weight James |
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