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121  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 07:26:25 PM
when does the beta-test get started?

Next week.  I need time to implement and test all changes proposed by Cunicula.
122  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 07:24:29 PM
Now you are just bragging..

I would like to invest in this project as well, but I'm not yet convinced.

Maybe you SHOULD reveal your identity first. 

just imo..   Roll Eyes

Yeah, a little bit Smiley  I'm excited to see my dream is becoming real.  A month ago I had only an idea, now I've got people who believed me.  They are becoming Nxt adopters, they are developing services for Nxt, now I'm sure that this project won't fail.

Regarding my identity...  I will stay anonymous for the time being.
123  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 01:50:39 PM
I mean, at one moment you can stop the Nxt development, abandon your second BitcoinTalk account, and spend collected bitcons for your personal needs. And this scenario is more probable, if you manage to collect a few thousand of bitcoins. That is why I propose to make a finite fundraising (=  initial Nxt distribution)  - say, 200BTC (or how many needed for further development).

The only way to prove you wrong is to develop what I planned.  You can wait until you see the progress and then join us.  You won't get the early adopter bonus but that's the way RISK vs REWARD works.
124  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 01:47:17 PM
I can not give you exact numbers.  Try to assess them taking into account some facts:

1]  Nxt does not require to waste electricity (no centralization of mining power around pro-miners)
2]  Colored coins will lead to a revolution in finances (decentralized exchange of property in atomic transactions)
3]  Instant transactions (I can't find words to explain how it's cool)

Nxt collected 1,500 USD worth bitcoins.  I'll eat my hat if in half a year they won't be worth a couple of millions.
125  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 01:19:34 PM
Let's try to do it such way

1]  Post here a link to your webpage (facebook, twitter, blog) that spreads the word about Nxt.
2]  Publish your Nxt account id.
3]  Wait for some coins from a donation pool after Nxt is launched.

I will set up the donation pool account right after the launch.
126  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 12:55:55 PM
Would you consider finding someone to coordinate marketing and  public relations? Look at JR, for example. His skills in this area are mastercoin's no. 1 asset. Good projects fail due to bad PR all the time.

Nxt is a decentralized currency and I am just a developer.  I expect Nxt users will do marketing and PR.
127  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 12:53:45 PM
You can make a poll to ask about it from current stake holders.

How will I know that a particular forum member is a stake holder?
128  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 12:28:55 PM
I can't give away 1 million coins, they are not mine.  This million would be taken from those who paid/will pay with bitcoins, reducing value of their nxts.
129  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 12:06:05 PM
Yes, I'm fully aware, that I won't get bitcoins back, and I'm not talking about my temptation, but about yours - when, say, 300 people send you, say, ~20 transaction of 1BTC each, total 6000BTC  - will you be able to resist the temptation to disappear with this $1'000'000?

Could you explain what you mean when say "disappear"?  In the OP I stated that "BCNext" is my second BitcoinTalk account.  I made it to be anonymous, noone needs to "disappear" if their identity is unknown.


no problem (although you have said "All services were promised to be developed free of charge" on 2013-10-19, 18:33:53), if further development needs, say, 200BTC, you can distribute Nxt equally to the first 1000 forum members (with >1 month old account and > 30 posts), which send you 0.2BTC via blockchain.info.

All service == faucet + currency exchange + stock exchange + virtual goods store.  They are listed in the OP.
I do need funds to launch some other projects, but it's too early to tell about them.  Frankly speaking I need these bitcoins to start the development and then I expect Nxt price to skyrocket (when users see Nxt has a lot of superior features like reliable instant transactions). Then I sell some of my nxts to get the rest of the money.


that's why I said "to forum members with, say, more then 1 month old account, and with more then 30 (or 50, or ..) posts".  Maybe there exists a more interesting idea of the finite distribution of the stakes.

There are a lot of well-maintained sockpupets with 1+ year history and 100+ posts.
130  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 11:28:47 AM
I would like to hear your feedback on https://bitcointalk.org/index.php?topic=316104.0 (Instant transactions with guaranteed confirmation)
131  Alternate cryptocurrencies / Altcoin Discussion / [Nxt] Instant transactions with guaranteed confirmation on: October 22, 2013, 11:27:41 AM
This thread is dedicated to discussion of Nxt features (https://bitcointalk.org/index.php?topic=303898.0), don't confuse it with Bitcoin or other altcoins.


In Bitcoin a payment is made by transferring all coins from input to output addresses with difference between input and output paid as transaction fee.  If someone wants to send only part of the coins they must send the rest back to one of their own addresses.  An attempt to use the same input twice is a double-spending, only one of the transactions will be confirmed even if enough money is sent back.

Unlike Bitcoin and its forks, Nxt uses a single account instead of multiple addresses for each user.  It is possible to send multiple transactions from the same source address (called "account"), all these transactions will be confirmed if the account holds enough coins.  Someone still can attempt a double-spending by paying for something with low fee and then sending all their coins to other account with higher fee, making it impossible to confirm the first payment.

We can counteract a double-spending attack in Nxt by using special accounts.  A special account has certain limits that don't let to create transactions for more than (for example) 1/10th of the balance in total within a 24 hour timeframe.  The network will simply ignore transactions and blocks that violate this rule.

A merchant (or a vending machine) can accept payments from special accounts without waiting for confirmations.  The only thing should be done is checking that a received transaction doesn't violate the rule.

Does anybody see flaws or disadvantages in such design?

P.S.  Payment privacy in Nxt will be provided via mixing.
132  Alternate cryptocurrencies / Altcoin Discussion / Re: [Nxt] What advanced feature to add in the first place? on: October 22, 2013, 10:35:37 AM
Why?
133  Alternate cryptocurrencies / Altcoin Discussion / Re: [Nxt] What advanced feature to add in the first place? on: October 22, 2013, 09:46:08 AM
2/3 chose colored coins.  So be it.
134  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 09:44:02 AM
Nxt is not mine, it's our.  I can't decide such things alone.
135  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 22, 2013, 09:25:21 AM
The raised funds will be spent for further development (for example, now I'm negotiating with guys who are willing to create a product similar to http://bitcoincard.org/).  You will not get the bitcoins back in any case so temptation shouldn't be taken into account.  If you worry that you will not get NXT then go to http://88.198.210.245:7875/ to see it's not a vaporware.

It's a terrible idea to distribute NXT equally to the first 1000 forum members.  There are so many sockpuppets here.
136  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 21, 2013, 07:41:50 PM
Thank you for the advice.
137  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 21, 2013, 03:56:18 PM
Any suggestions how to implement colored coins before I start coding?  I am planning to start development next week.
138  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 21, 2013, 03:44:18 PM
What about the rules:
1]  The longest chain wins.
2]  If two chains are equal then a chain with a greater last block id wins.
?

Id of a block = 8 first bytes of SHA256(BlockHeader) in the little-endian byte order.  Block header contains hash of all transactions.
139  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 21, 2013, 02:34:11 PM
You have to impose the maturity period on all addresses that have recently received coins not just novel addresses. Otherwise you can attack by moving coins across a set of established addreses.

1 block maturity period for established addresses should resolve the issue, right?
140  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 21, 2013, 11:11:19 AM
I had a small talk with the guy who is launching the stock exchange for Nxt.  He was curious when the colored coins feature would be ready.  Colored coins remove necessity in a third-party service because securities represented by colored coins can be traded for ordinary NXT in an atomic transaction.  This is a superior feature (no trust to anyone required, no fees charged by third-party services) which could make the stock exchange unpopular.  I expect to have colored coins implemented upon the Nxt launch.  A decentralized stock exchange has a big disadvantage though, all transactions require 1 minute to confirm (in average), no high-frequency trading.  I want you all to answer the question:  Do we need a centralized exchange?
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