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201  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 01, 2013, 10:02:33 PM
I think it's a good idea to tell about block generation in Nxt.

Alice has 2500 nxts on her account.  Last time she found a block 4 days ago.  Her money is like a mining rig with hashpower equal to 2500 * 4 = 10000 GH/s.
Bob has 1000 ntx on his account.  He was on vacation and hasn't opened his account for 20 days.  His money is like a mining rig with 1000 * 20 = 20000 GH/s hashpower.
Each time Alice or Bob opens their account they have a chance to generate a block.  More money they have, higher a chance to do it.  More time passed since the previous generated block, higher a chance to generate a new one.
Even a small amount can generate a block by accident.
An exchange that holds coins of its customers can afford to provide the service with 0% fee.  It will still earn money via block generation.
202  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 01, 2013, 09:20:11 PM
If mining is proof of stake and coins are earned by charging tx fee's, does this mean clients can compete with each other to reduce tx fee's? Would there be a minimum tx fee?

Clients can compete.  The minimum fee will be 1 smallest unit.


Also, since mining is 100% proof of stake, I'm guessing the only way to get coins is to have coins in your wallet? 

Correct, it's the only way to generate coins.  Of course, anyone can buy coins for other currency or earn them by selling goods / providing service.
203  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 01, 2013, 08:45:07 PM
So i hand over tons of BTC for a promise that i will get an unproven altcoin, that will probly be worth nothing?

Seems you didn't get the point.  Let me explain again...

1]  Nxt is 100% proof-of-stake currency.  Why?  Because this lets not to waste tons of electricity and protects against 51% attacks.
2]  Proof-of-stake means that users must own some coins.
3]  How to generate coins?  Premine 100% and giveaway like Ripple?  No way.
4]  Let's transfer tiny amounts of bitcoins to my address.  More you send, more you get.  Looks good to me.
5]  Why send coins to my own address, not some unspendable address?  I need a way to send the coins back, just in case.  Or fund development of services to promote Nxt, if the total amount happens to be decent.

I hope this explanation will help.
204  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 01, 2013, 07:55:01 PM
I'm looking for different services that will be listed in the official client.  https://bitcointalk.org/index.php?topic=305916.0
205  Economy / Services / [Nxt] Looking for different services on: October 01, 2013, 07:53:39 PM
I'm launching a descendant of Bitcoin and looking for different services that should be ready very soon after the launch.  These services will be listed inside the web client in a special section.  The list of the required services is as follows:

1]  A gateway from Bitcoin to Nxt and back.  Should act like a currency exchange, but without unnecessary features (margin trading, chatbox, etc.)
2]  A casino like SatoshiDice
3]  Shops that sell digital goods with instant delivery
4]  Some other things, it's up to you

I can't pay but I believe that listing in the official client is worth a lot.
206  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: October 01, 2013, 06:51:48 PM
I got a link to the interface prototype


http://s18.postimg.org/k2ofw3s5j/prototype.png


I put it into the OP.
207  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 30, 2013, 12:44:29 PM
I found a guy who will develop the web client.
208  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 07:13:35 PM
I need help to develop a web client.  It will be used to send transactions, monitor the network and do other things like Bitcoin client.  PM me if you can help.  I can pay a few bitcoins for the work.
209  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 02:37:10 PM
That was only networking, no block nor account handling yet.  Could you, please, leave the server working so others could bootstrap their nodes?
210  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 02:13:17 PM
This is the networking part: https://mega.co.nz/#!6owCCbyS!DvGh_0jftXCF317RkpZT1WIxVI9lXsWpoPj3cJpDPDo

1. Download Nxt.zip
2. Go to the directory with the file
3. Type "java -cp Nxt.zip Nxt"

If your computer is visible on the Internet then type "java -cp Nxt.zip Nxt <my_IP_address>" instead of #3.

This soft logs 2 types of messages:
- Number of connections (changed each time a peer connected/disconnected)
- Number of peers (changed each time a list of known peers is updated)

PM me about bugs if you find any, please.
211  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 08:07:38 AM
Maybe it's a superstition but I'm trying to follow in Satoshi's footsteps.
212  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 07:28:52 AM
Oh, BTW, don't send big amounts, please.  If someone owns very big stake of coins this can lead a proof-of-stake currency to failure.
213  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 29, 2013, 07:23:11 AM
03/Jan/2014 is a very good day for the launch.  Exactly 5 years after the launch of Bitcoin.  The genesis block and software will be published much earlier so the community will have enough time to check and test everything.

Tell me the IP of your server, please.
214  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 28, 2013, 09:26:12 PM
what will you do with bitcoins you received? they're yours to keep?

I don't think there will be decent amount, as I said you should send small amounts, it's just for distribution of coins.  If the balance becomes big it will be spent for further development after the initial launch.  I could ask you to send bitcoins to an unspendable address, but I prefer to have a chance to send bitcoins back to their owners in case if Nxt is not launched due to different reasons.


basically you create nxt, then ppl will pool their bitcoins together so they can buy nxt from you?
then you will distribute 100% of created nxt according to the bitcoin contribution?

No.  All nxts will be in the genesis block waiting for someone who knows the secret phrase entered on the 1st step.  I won't be able to take these coins because the network will reject any non-legit transaction.  Everyone will get nxts in proportion to the bitcoin contribution.


how many bitcoins are you going to contribute? (are you going to keep the coins you contributed yourself?  Embarrassed )
or you will take a creator cut (certain %)

I don't know how much I will contribute.  This depends on the price of Bitcoin and some other factors.  These bitcoins, like the others, will be used to pay bounties for development.  No creator cut.
215  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 28, 2013, 08:03:09 PM
I'm looking for guys who could help me to test the networking.  Post here IP addresses of servers and I'll add them into the list of well-known peers.  Later you are supposed to launch Nxt software on these servers.
216  Bitcoin / Bitcoin Discussion / Re: Living solely on transaction fees on: September 28, 2013, 07:31:31 PM
I don't want to derail this thread.  Repost your reply in the thread dedicated to Nxt, please, and I will answer the questions.
217  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 28, 2013, 05:50:15 PM
Mastercoin relies on the Bitcoin blockchain and requires ASICs mining non-stop.

Nxt uses its own blockchain and any coin holder can mine a block by accident even with their mobile phone.  Almost 0 electricity required.
218  Bitcoin / Bitcoin Discussion / Re: Living solely on transaction fees on: September 28, 2013, 05:34:51 PM
The network would be much smaller, the block subsidy is all that is increasing the size of the network.

The network will be bigger.  Because each time someone opens a wallet they can mine a block by accident.
219  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 28, 2013, 05:26:57 PM
No.

I'm saying that if someone sends me 1000 bitcoin they'll get

total_number_of_nxt * 1000 / balance_of_1BCN1ugdKdWd9pQ8Am9hMhtHZfmbXzxE8a

coins.
220  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Nxt :: descendant of Bitcoin on: September 28, 2013, 04:43:03 PM
STOP SENDING COINS WITHOUT A MESSAGE ATTACHED, please.

A message should be attached via [Custom] transaction through http://blockchain.info.
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