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1441  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 11, 2014, 12:19:12 PM
It would not be hard to take that same code and find the average transaction fee per block found.

I am not talking about average fees per block. I am talking about how much that would be in fiat in the future, we don't know that. We don't know how much fees per block will be in the future. All this 'analysis' based on past events is not relevant. It could well justify renting a VPS, labor is not a lot, 30 mins per month(?), NXT is already quite stable. Especially funny if someone projects fees based on their testnet, as in the case of BitShares.
1442  Alternate cryptocurrencies / Announcements (Altcoins) / Re: NEM Official Moderated Thread - Open Alpha Has Launched[Updates & Discussion] on: July 11, 2014, 10:22:20 AM
I just talked with BCnext and he said that NXT is 6.0.

Just make it 8.0 so people in Asia are extra happy (8 is a lucky number) Smiley
1443  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 11, 2014, 06:00:53 AM
Here is the simple explanation.  If I have a relatively small portion of NXT I will very rarely mine a block.  Therefore, for it to be worth my while, the fees have to be extra high to make up for this.  So for the NXT system work and maintain decentralization, transaction fees have to be grossly inflated or the network has to rely on the good will of the owners of forging nodes.

So the short short of it is NXT/Peercoin need inflated fees to maintain decentralization. 

It depends on a lot of factors.
Renting a VPS costs $3-5/month (that's the total monthly cost of operating a node that you can forge on).
Your profit from forging needs to be above that for forging to be justified.

But since we don't know how much 1 NXT will cost, how many txs the NXT network will handle, we can't calculate how much in fees forging will bring, and how much in fiat that will translate to. It's all guessing at this point, it all depends on demand for crypto currencies from general population. Hence, no analysis is possible with any reliable degree of accuracy.
1444  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 11, 2014, 05:15:15 AM
Bytemaster (BitShares founder, Daniel Larimer) made an very interesting analysis that will answer all of us a lot of questions about the pros and cons of every system... It is worth reading...

If this 'analysis' is as objective as the issues I outlined here:
https://bitcointalk.org/index.php?topic=664146.msg7736134#msg7736134
I wouldn't bother with reading it. Besides, it's hard to predict anything in cryptos even if you try to stay objective, everything changes blazing fast.
1445  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: July 10, 2014, 07:01:39 PM
I installed NRS version 1.1.6 and now the client is running slow, unable to see recent blocks.

Transactions I made yesterday, are no longer viewable. How long are transactions kept? Is there a reason to adjust the deadline?

Try to redownload the blockchain. Reinstall NXT.
1446  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: July 09, 2014, 04:04:37 PM
Any specific thoughts/counters to the fears uncertainties and doubts, points described in the article?

Crypto currencies is wild west, that's what they are designed to be. Like regulations? - Stay in fiat.
1447  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: July 09, 2014, 03:45:50 PM
Peoples thoughts...........

FUD.
1448  Alternate cryptocurrencies / Altcoin Discussion / Re: rpietila Altcoin Observer on: July 09, 2014, 03:45:05 PM
Tell it to coiledcoin.

Never heard of it.
1449  Alternate cryptocurrencies / Altcoin Discussion / Re: what research to do before going to a developer to create a coin? on: July 09, 2014, 01:35:44 PM
all the info is right here in this subforum Smiley
1450  Bitcoin / Bitcoin Discussion / Re: Acceptance of Bitcoin Grows, as Does Wariness of Digital Currency on: July 09, 2014, 06:00:51 AM
Great. Although all these good news dont seem to move the market.. Huh
Stop checking the weather every two seconds and let's talk about the climate change. It's much more important you know.




That picture is stuck in April, is there an update up to today? Looks like if you project the price action to July, it will be out of that uptrending green channel, broken to the downside, or at least sideways, but still out of the green channel.
1451  Alternate cryptocurrencies / Altcoin Discussion / Re: Whats up with LTC? on: July 09, 2014, 04:38:42 AM
Litecoin is Feathercoin on steroids.
1452  Alternate cryptocurrencies / Altcoin Discussion / Re: rpietila Altcoin Observer on: July 09, 2014, 04:35:30 AM
I find it funny seeing that people attacking Monero on Monero thread are the same praising darkcoin in other threads.. it tells a lot.

Yeah. If someone needs to attack Monero, they should at least use other CN coins as arguments, like Fantomcoin that can merge-mine with others and thus can survive better than others Smiley
1453  Alternate cryptocurrencies / Altcoin Discussion / Re: Which Proof of Stake System is the Most Viable on: July 09, 2014, 04:29:46 AM
I believe perhaps this is the same table referenced.  It has been changed and updated.  It has NXT/Bitshares vs other networks.  I think some of the accuracy concerns have been addressed ?

Well, as long as it's impossible to include features specific to NXT into that table, which would show in red for BitShares, and as long as all the features showing in green for BitShares already work, I would say the accuracy concerns have been addressed Smiley
1454  Alternate cryptocurrencies / Announcements (Altcoins) / Re: NEM Official Moderated Thread - Open Alpha Has Launched[Updates & Discussion] on: July 08, 2014, 05:46:00 PM
Sorry guys I'm still a bit confused as to how fake tokens were floating on the exchange, can someone clarify? Do we need to be concerned about stakes we bought (do I need to validate the account I bought from?), or is this just going to get eaten by the dev war chest fund?

You can't do anything about fake tokens on a decentralized exchange, all orders are matched automatically. Decentralized exchange is not controlled by anyone, that's how it's designed to be. They are not even fake tokens, they are same good tokens, just given to someone a few times.
1455  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 08, 2014, 03:33:17 PM
Hi ya, yeah I like NXT, Yes I agree, the part about your leased forging needs to be updated. But there's a big difference between 300 or 3000 random accounts and 101 elected delegates. Those 300 accounts could link to very few people.

In BitShares a delegate position is very well remunerated. So people will be fighting over those positions to convince and prove to shareholders they are worthy. So we may well have 101 people spread across the four corners of the globe if shareholders think that's best for the DAC. They can also be voted off easily and even by the system if they delay blocks, don't include transactions etc. it's a very different proposition.

But I'm one of the least technical supporters, I think others could explain it better.

You don't quite understand.

300-350 is the number of forgers who have successfully forged at least one block. But the number of forgers is larger than that, some are just not lucky yet. The number of successful forgers gradually increases with time as the distribution gets more even. For example, 6 months ago there were only 200 accounts that successfully forged blocks (you can verify that with the java code above), now there are 300-350.

There is no reliable way to calculate how many accounts are forging, you can only calculate how many have been successful at that by checking their public keys in the block chain.

Not sure what you mean by 'those 300 accounts could be linked to very few people'. If you mean the Sybil attack, well, can't delegates in BitShares also be linked to very few people? Can't one person run a few nodes? It's not like BitShares ask for government ID and allows to run only one Smiley

I understand the way it works in Bitshares now. Just explaining that that link by Daniel has a few things that need to be corrected.
1456  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 08, 2014, 02:31:41 PM
If you want to read more about the system http://bitshares.org/delegated-proof-of-stake/

Edit: Yes read that link, it covers comparisons to all the other system in terms if 'decentralisation', attacks etc.

That's a nice link, thank you.
In the section on NXT decentralization Daniel makes some assumptions, quoting:

Quote
2.5.3 Nxt

Nxt uses transparent forging where the next node is deterministically selected. It can be compared to using Delegated Proof of Stake where the only person you can delegate to is yourself and the frequency in which you have the opportunity to forge a block is directly related to your balance. In this sense Nxt is more decentralized than Peercoin and Bitcoin, but still suffers poor user participation due to security risks and the fact that most regular users do not leave their computers on all day to take advantage of the opportunity.

From this perspective we can conclude that the Nxt network is being secured by a small minority of the shareholders. In effect, if you don’t show up to vote you lose your vote. To resolve this issue some Nxt users pool their funds and trust a 3rd party to mine for them. This increases shareholder participation by being a form of Delegated Proof of Stake, but also risks their balance while they are participating in the pool.

In fact, there is no poor user participation in NXT. Analysis of the blockchain reveals that the total number of accounts generating new blocks in NXT is between 300 and 350. Which is better than 100 delegates in BitShares.

Here is the java code that can be used to calculate active (who have forged blocks) forgers in the NXT blockchain:

Code:
import java.sql.Connection;
import java.sql.DriverManager;
import java.sql.ResultSet;
import java.sql.SQLException;
import java.sql.Statement;
import java.util.ArrayList;
import java.util.HashMap;
import java.util.Iterator;

public class inspectDB {

        public static void runQuery(int startHeight, int endHeight) {

                Connection conn = null;

                String dbUrl = "jdbc:h2:nxt_db/nxt;DB_CLOSE_ON_EXIT=FALSE";
                dbUrl += ";DB_CLOSE_ON_EXIT=FALSE";

                try {

                        Class.forName("org.h2.Driver");

                        conn = DriverManager.getConnection(dbUrl, "sa", "sa");

                        Statement stmt = conn.createStatement();
                        // generator_public_key
                        ArrayList<String> pubgenkeys = new ArrayList<String>();
                        String stmtStr = "SELECT generator_public_key, height, timestamp, total_amount FROM block where total_amount >= 0 and height > "
                                        + startHeight + " and height < " + endHeight;
                        ResultSet selectRS = stmt.executeQuery(stmtStr);// total_amount
                        while (selectRS.next()) {
                                String a = selectRS.getString(1);
                                pubgenkeys.add(a);

                        }

                        Iterator<String> it = pubgenkeys.iterator();
                        HashMap<String, Integer> occ = new HashMap<String, Integer>();
                        while (it.hasNext()) {
                                String cur = it.next();
                                // System.out.println(cur);
                                if (occ.containsKey(cur)) {
                                        int last = occ.get(cur).intValue();
                                        occ.remove(cur);
                                        occ.put(cur, new Integer(last + 1));
                                } else
                                        occ.put(cur, 1);
                        }

                        int numBlocks = endHeight - startHeight;
                        int numAddr = occ.values().size();

                        System.out.println("startBlock  " + startHeight
                                        + " generated by # addresses : " + numAddr
                                        + " (numBlocks: " + numBlocks + ")");

                        conn.close();

                } catch (SQLException e) {
                        e.printStackTrace();
                } catch (ClassNotFoundException e) {

                        e.printStackTrace();
                } finally {
                        if (conn != null)
                                try {
                                        conn.close();
                                } catch (SQLException e) {
                                        e.printStackTrace();
                                }
                }

        }

        public static void main(String[] args) {
                int maxh = 200000;
                int step = 10000;
                for (int bh = 0; bh < maxh; bh += step) {
                        runQuery(bh, bh + step);
                }

        }
}



Also, in the last paragraph last sentence he says users risk their balance with a pool. No, they don't. The feature called Leased Forging doesn't require sending your coins to a pool. It only helps to lease your effective balance for forging. But your coins are all in your possession, nobody but you has access to them.

Other sections of that link may be checked also for doubtful information. I outlined two most outstanding... eh, inconsistencies Smiley
1457  Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!? on: July 08, 2014, 05:29:32 AM
Yeah, the confusing investment scheme doesn't provide for a smooth investing experience and makes you think twice. Provided that an overwhelming majority of coins take a pump and then dump after the launch due to various factors, I don't think there is a particular hurry to invest now vs waiting till the live net comes online and major quirks have been ironed out. I hope there would be a way to buy BitShares X somewhere somehow after the launch if they turn out to be a good system, the market will sort itself out. Maybe even someone will set up a gateway on the NXT AE Cheesy
1458  Bitcoin / Bitcoin Discussion / Re: Real honest Money on: July 07, 2014, 05:39:46 PM
I said above that yes, selfish mining issue is related to large pools. The incentive is extra block rewards and taking those rewards away from competitors by orphaning their blocks. "Bitcoin is broken" is just the title of the article, we are not discussing the title, we are discussing the issue of selfish mining, which is real and does happen. You can go on burying your head in the sand, it doesn't make this issue go away. The outcome is smaller miners go out of business, large pools become larger.
1459  Bitcoin / Bitcoin Discussion / Re: Real honest Money on: July 07, 2014, 05:13:46 PM
You won't gain more rewards.

You will. Exactly by hiding blocks and mining a longer chain and then orphaning competitors' blocks. See the links above and watch the blockchain for confirmation.
1460  Bitcoin / Bitcoin Discussion / Re: Real honest Money on: July 07, 2014, 05:11:12 PM
No, it's not about this.

Please feel free to educate yourself:

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/

http://hackingdistributed.com/2014/01/15/detecting-selfish-mining/
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