It is 4 in the morning here and the wife cant sleep -_-! but will leave you guys with some good reads: Q: I've read that bitcoins are infinitely divisible: Bitcoins can be divided up and trade into as small of pieces as one wants How is this possible programmatically? The only thing that comes to mind are floating points which are inaccurate. Are bitcoins truly infinitely divisible or merely practically? A link to the relevant source code would be more than welcome. A: (last one)If there is a need for them, additional decimal places can be added with concensus of the network. This is why some refer to "infinite" divisibility, because we can select the level that we need as time goes on. The current level selected in the code (by Satoshi) is 8 decimal places (1 satoshi = 0.00000001 BTC) hence the nickname for the smallest unit currently possible for bitcoin today. As a thought exercise, if a consensus of the network (miners, but also clients and server applications for compatibility reasons) decides to update to a version of the protocol that includes 16 decimal places inspired by your post, we could end up with a new base unit (1 satoshi = 100,000,000 gracchi) as well as nanobitcoins (nBTC), picobitcoins (pBTC), and even femtobitcoins (fBTC, 10 gracchi) I have trouble imagining the need for such a thing, unless destroying bitcoin becomes a prevalent method of use. If it is needed the potential is there and will never dilute your held bitcoins, which actually makes it a problem some would love to see the need to solve.shareimprove this answer - @ Gracchus In theory, every cryptocurrency modeled after bitcoin could be retrofitted for more (or less) decimal places. Some altcoins have made changes to these parameters already, but so far I have not seen anyone who has tried to alter one after issuance. @Murch, that is an example of one of many technical details that would need to be solved. Check bitcointalk for more detailed discussions, there are several threads along this topic IIRC (with actual core developers commenting.) – CoinEnablers Jan 4 at 15:03
Funny the sentence that you made bold in above text says, "If it is needed the potential is there and will never dilute your held bitcoins, |
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Also guys I just thought of this.
What if you want to increase nxt to 10 billion? what would you do with the existing holders? hmmm how about you make their balance (balance*10)?
So? how is this different from this idea by enabling more decimal places?
If the above scenario makes you rethink about my arguements. Please share with us your thoughts and input.
No, the above scenario doesn't make me rethink anything. If everyone's account is increase by 10 then we will have 10 times more nxt, and one nxt will be equal to 1/10 current price, at the current demand/supply marketplace. Nothing has changed. The same applied to fractions. Nothing has changed. We need more users, less fees, higher demand. Introducing NQT is the right thing. |
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The transaction fee won't change immediately. So it will be 1NXT before the change and 100000000 NQT (or 1 NXT) just after the changed.
Yes not immediately but this change allows it to happen, which is a good thing. |
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I see your problem, because it indirectly decreases the trading value for one whole NXT. Because now people have the option to trade a fraction of 1 NXT i.o. 1 whole NXT.
It doesn't decrease the value of whole nxt. It increases it as your one nxt is equal to 100000000 nqt. If many more new users start trading in NQT, you who once held 1 nxt got richer. |
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Then "after a while" take every dollars and cut it to 100000 part where each part also works in this currency system.
What that would mean is that 100000 part would be equal to 1 dollar. In fact, since more people would use all these smaller parts, it would in fact increase the value of 1 dollar. It's not dilution. If anything, it will increase the value of 1 dollar |
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It's like saying that if you have $100 bill, and you convert it to 100000 cents , you just diluted your money.
There is no logic to to that claim as $100 = 100000 cents
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I am trying to understand what Lophie've just said. And It is not an easy task....
If you check his posting history, he has been selling millions of nxt for a while (he was original stakeholder).l Obviously he doesn't have any more nxt left to sell. What he said was total nonsense. |
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For every single reason that makes me believe in bitcoin, now is making me tell you all. NXT is a JOKE. You had something good and took it too far, you broke it.
BCNxt is a genius of approached a problem very nicely (mining in a 100% proof of stake). The initial spread of the NXT was not the best (I have better suggestions to post later) but it is still accepted. Maybe you all forgot suddenly but bitcoin is making money out of thin air and this is why everyone is losing their minds about it all over the globe. It got attraction because for the people who understands the economics involving bitcoin find it very sound.
Good luck going anywhere toward a main stream crypto when you increase the money supply by 10^6 at a certain block, forcing all users to adopt the chain by unifying the client from one source and giving existing owners of 100% of the supply 10^6 more tokens in the system in a flash? You really expect the price to "increase" and "to the moon"? Get real!
What do you provide? asset exchange and other features? the source is open and actually a smaller well connected forked network will perform better for the asset exchange NXT is offering.
Congrats guys, Block 132,000 is the death of nxt as a crypto "currency". Maybe it will survive as something else but it definitely dead in my eyes as a decenteralized crypto currency. Even NovaCoin suffered less than what NXT would, very soon.........
suggestion? reboot the network, new genesis; or stop the delution before it hits.
Fractional nxt is dilution? What nonsense. It's not going to do anything to the price, either up or down. It's not "dilution." It allows us to have lower transaction fees (absolutely essential) if 1 nxt price becomes too high. This was absolutely essential change and should have happened long time ago. |
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Do we need 'proper' testers or can click-around-and-hope-for-the-best testers be useful? At this point he needs proper dev testers. It's a fairly technical project and there is no UI for the layman to test (like AE). I believe he needs coders to write unit tests (java coders). I don't think so. Unit tests are written in some kind of assembly code. I doubt many people can help here. |
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I wonder whats going to happen to all of the graphics cards that were used for mining? Gamers will be happy.
Not really http://hashrate.org/ |
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Let's goad Wesley that he releases trustless version as browser extension.
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- Create the account.
- Send a small amount of money to it, that you wouldn't mind losing.
- Wait for it to confirm so you can spend it.
- Spend it.
- Send the rest of the money to it, like you wanted to do in the first place.
You can skip step 2, 3, 4, and add step 6 "create an alias". Cracking a single 64-bit account still takes a long time (300 years with 1 billion searches per second) so it's not as if your account will be in danger of getting cracked after 1 minute of confirmation wait. |
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Would it be possible to distribute the stakes slowly, lets say within 1 or 2 months time to avoid dumping too fast ?
I would not mind to wait for a while to get my stake.
This is clearly a good idea. I approve  Very bad idea. People who will get the coins later will get screwed, while early ones pocket the money selling coins. There will still be dumping, but only early ones would be making money, while those who come later will be left holding the bags,. How would we trust the developers aren't picking themselves and their friends first? They are already getting 10% of stakes, so they will have plenty to sell while rest watch and wait. If this system is adapted, I want to see provable/verifiable random mechanism. That is, Sha256 (BTT account ID) then use that result in a java's Math.random as a seed. No special favors for developers. |
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Anyone among our stakeholders that has some experience with the legal implications of running an exchange ?
If there is no fiat involved, it would not be a problem, as long as you pay taxes on profit. With fiat included, you might need to register/license or something. |
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When is white paper being released?
Does it uses Java's standard library ecdsa ?
ecdsa - yes. What curve? |
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When is white paper being released?
Does it uses Java's standard library ecdsa ?
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I hope you understand our changes and see that it is not reasonable to launch eXocoin before May. The new time can be used to make the product more stable, implement the essential missing features and adapt to exchanges.
Would there be still a at least 2 weeks to mining after the official launch? So if the official release is in May, mining starts on May 25th? I would like this gap to be bigger so the IPO investors don't lose money. How about official release on May 11 and mining starts on June 1 |
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OK - Peercoin is something new. But all other hundreds of coins are copy/paste with nothing to offer. Nas is one of those forks with nothing actually new, but it's first 2nd gen clone. I just don't understand your reaction. Either you call garbage 99% coins or admit that Nas is the same as every other clone.
Yes, I do call coins that add nothing new garbage. They are quick money making schemes by someone sitting in his mom's basement doing copy and paste. I can release Nxt clone too (I have enough java) but so can a million others high school dropouts. But what's the point? Ok, now it's clear. Although I don't share your point of view. It's too idealistic in my opinion. I don't mind to make some extra money and I don't mind if someone could make fortune on copy/paste job. The clones (motivated by greed) dilutes the effort to work and promote on one platform to general public and businesses. It will eventually kill the entire crypto currency (the slow death is already happening). Why would I pay whatever cents for 1000 NAS when it will take me less than a week to launch NAS Mark II where I get to control and distribute millions of NAS Mark II? Soon you will have hundreds of thousands of clones, and general public and businesses will lose interest. Death is imminent. You're too pessimistic. Doge brought thousands of new people into the world of cryptocurrecies. It all started with few geeks mining bitcoins, now my mom asks me how it's going on exchages and awares me if central banks are going to ban bitcoin  I only see bright future for cryptocurrencies. I believe everyone who bought dogecoin in Jan already lost 50% or more money. At least doge has active community and real developers who actively promote the coin. NAS is a piece of shit. This is last response to you. Stop posting about NAS crap in exo thread. |
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OK - Peercoin is something new. But all other hundreds of coins are copy/paste with nothing to offer. Nas is one of those forks with nothing actually new, but it's first 2nd gen clone. I just don't understand your reaction. Either you call garbage 99% coins or admit that Nas is the same as every other clone.
Yes, I do call coins that add nothing new garbage. They are quick money making schemes by someone sitting in his mom's basement doing copy and paste. I can release Nxt clone too (I have enough java) but so can a million others high school dropouts. But what's the point? Ok, now it's clear. Although I don't share your point of view. It's too idealistic in my opinion. I don't mind to make some extra money and I don't mind if someone could make fortune on copy/paste job. The clones (motivated by greed) dilutes the effort to work and promote on one platform to general public and businesses. It will eventually kill the entire crypto currency (the slow death is already happening). Why would I pay whatever cents for 1000 NAS when it will take me less than a week to launch NAS Mark II where I get to control and distribute millions of NAS Mark II? Soon you will have hundreds of thousands of clones, and general public and businesses will lose interest. Death is imminent. |
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