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But then you're basically inflating the currency and usurping value from Nxt as it should be the unit used for these purposes, no? These are roles that Nxt would take; doing so with nodecoin reduces Nxt's functions and in turn it's demand/value as opposed to nodecoin adding value on top of the system.
+1. Totally agree and I can tell why it is true. The value of nodecoins solely come from the running the Nxt nodes (protecting the network) which actually has been run with Nxtcoins, for instance, running nodes have a change to win Nxtcoins as the rewards. Now on top of that the Nxtcoin rewards, nodecoins become the second rewards for that. It is a pure redundant thing to do so. If you want reward more for running Nxt nodes you can simple reward them more Nxtcoins as the transaction fees (in the future, with more business built on Nxt and more transactions running on the Nxt, the nodes/forgings will get much more reward fees event with the reduction of the transaction fee). Nxtcoins' value is from their protecting the Nxt network. The nodecoins' value is also from their protecting the Nxt network. To let nodecoins do so, you actually put nodecoins and Nxtcoins in the same position. The owners of the nodecoins will demand the same treatment/status which the Nxtcoins owners have. Nodecoins will easily dilute Nxtcoins. We already have Nxtcoins to be used to protect the network and transactions and they are scarce. we don't need another coin to do the same work. We can create some other coins for creative business built on top of Nxt. |
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There is no changes in hoarding, no changes in incentives, community is shrinking, price is falling etc. and nothing happens.
Isn't the price falling because of some changes in hoarding? No the price is falling because interest is diminishing. Some of the hoarders may have started dumping in the last days as we lost CIYAM and several marketers. No, we did not lose Ciyam. He just left this main thread and went back his comfort zone to work on the AT project - http://ciyam.org/open/?cmd=view&data=20140228080813138000&ident=M100V120&chksum=8f5f6d1d&scrollx=0&scrolly=711 |
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rewarded nodecoin is uncorrelated with the holding Nxt of Nodes?
Eventually it will because it is earned solely by running the Nxt nodes and it is a reward for that. The owners will naturally demand a share of Nxt because they pay for it and they would think they have the naturally right. It makes sense for nodecoins owners. But it does not for the NXT existing owners because NXT are not supposed to be inflated and supposed to be scarce. Someone already were talking about to use nodecoins in the AE as a payment tool. It eventually will drive Nxtcoins away as in the real worlds a bad currency can drive a good currency away. Why don't create a coin for a business like gaming, gambling, utility trading, not instead for NXT network. We already have Nxtcoins for NXT network. Btw, BCNext tried to reduce mining for mining (selfish mining). Now the nodecoins try to double reward mining for mining. |
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Interested. Like the name.
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I am not an economist. nodecoins value is probably less that .01 NXT, but more than .0001 NXT I dont see how the lack of value for nodecoin could affect NXT. It is just an asset that adds no value if it is deemed to be worth 0. However, if it does gain traction as a inside NXT tipping currency, or a altruistic network supporting donation method, or crazy nodecoin collectors dreaming of the moon, then whatever value it has will actually increase the value of NXT. The sum value of all the NXT assets will be reflected in the value of NXT. nodecoin should be fun, not so serious. Everybody can easily get some, but nobody can get a lot (unless evilknievel has cracked nodecoin mining too). I dont think dumping can really happen. nodecoins are the most egalitarian crypto ever made  nodecoins give instant feedback to people for running a NXT node. This was raised as a problem a while back. I said I can fix it. Based on the incredible amount of feedback and interest, I think we can say that nodecoin does indeed do what it is designed to do, reward people for running a node and giving them instant feedback. At .01 NXT valuation, they are statistically earning around 15% of actual forging (which they will still be doing!), but it is 100 times more fun to see more and more and more nodecoins every block. James I don't know how it works. It will be good if it can really strengthen the network. But is it a reward for pure mining? Does a person already earn transaction fee as the reward for running a node? Now you try to double reward pure mining. Is all this consistent with BCNext's vision? BCNext tried to get rid of mining for mining (selfish mining). He wanted to encourage people to build business and strong nodes to be able to Handle DDos attach. |
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on the subject of nodecoin value,
They have shot up in the price from .1nxt to .9nxt 900%! in a few hours!
TO the NODE MOON!
Ok. 1 nodecoin=1 NXTcoin. NXT are no longer scarce any more. New redistribution starts. You are robbing nxters, especially the whales. |
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Klee has a point. There is a chance that Nodecoin/NXTcoin could fail in the price.
Maybe we have to call it something completely different. When it fails, it wouldn't destroy the image of NXT.
In NXT there is no mining, but forging. We can call it Titanium for example.
+1. Call it something cheap like minicoins or dogcoins. |
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Let's call them Nxtcoins so that everybody will stop calling Nxt Nxtcoins
OUTSTANDING. bravo. all agreed? That will only make nodecoin==nxt. Do you want that happen? |
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Development Updates:We are updating the Skycoin wire protocol. This is the last thing on checklist before launch.=== Blob Replicator ===The Blob Replicator is done. Blob replicator is used for transaction replication and the emergency messaging system. - https://github.com/skycoin/skycoin/blob/master/src/sync/blob_replicator.goThis uses a gossip protocol to replicate data among a swarm of peers. - A blob is a series of bytes. The id of a blob is its SHA256 hash - On connect a peer receives a list of all the hashes of the Blobs the peer has. - the client requests any blobs peers have that the local client doesnt have - When a client downloads a new blob, it announces the hash of the blob, so other peers know it exists - There is a callback function that determines if blob is valid, should be ignored or if peer sending the blob should be kicked - Blobs are only replicated if they are "valid" and the callback function judges validity Uses of blobs include - emergency messaging system (criteria: blobs contain valid signature) - transactions (criteria: transactions must be valid and meet various criteria) Example of using Blob Replicator: https://github.com/skycoin/skycoin/blob/master/run.go=== Request Manager ===Request manager is under development and almost done. Request Manager rate limits requests and is used to protect against DDoS and Sybil attacks. https://github.com/skycoin/skycoin/blob/master/src/sync/request_manager.goRequest Manager - queues up requests for data and spreads them over times - keeps tracks of what requests are in progress - limits requests per peer - disconnects clients who are not responding to requests - disconnects clients who send data that was not requested - stores information for detecting DDoS and Sybil attack nodes - kicks nodes that are slow, to speed up blockchain downloads === Hash Chain Replicator ===This is like the Blob Replicator, but used for block chain replication. This component is used for downloading the blockchain and for Obelisk. This is last component of the wire protocol before launch. +1. |
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at least we can copy asset ideas: Businesses using user-created tokens:
1) Airlines - transferable flyer miles create a more dynamic and fluid market for airline tickets, hard nut to crack but an obvious one, supply is created by the airline's economists/consultants and destroyed when redeemed for tickets. You just need to convince one airline.
2) Game companies - most game companies that rely on microtransactions go through the Google or Apple payment gateway and lose 30% of their revenue, but those companies can't regulate how they change their own game data-base when a blockchain transaction is recognized. I can email several people I know in both the indie and social game sectors to see how interested they would be in trying a transferrable, higher margin currency for their premium game content.
3) NGO's could use these coins to try and kickstart economic activity in regions where they are operating, Auroracoin style, a bit of a long-shot but the PR and actual economic upsides are huge. I don't have such a large contact list in this segment but it's worth going through a DB of NGOs doing development work in underbanked regions and cold-emailing them.
+1. Maybe it is time to create a Nxt business development committee or Nxt foundation to collect, consult, promote, and develop this kind ideas to help business persons to create business on top of the Nxt infrastructure. |
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