PoS is not the matter, the matter is precisely the closed-source IPO'ed Nxt. And btw, how do I know it doesnt include malware??
Source of 0.4.7 was officially made public last month. Still since it's a Java app, you can decompile the latest version with a few clicks and get all the readable code. The devs do not obfuscate the code, unlike some other competitors (eMunie). Anyway, do you think exchanges like Bter and Vircurex would add it if the client actually had malware... c'mon now. Anyways, if everything felt right about NXT, price would already be sky high. So the time to get in is now when there's still people dismissing it on silly things like the app being Java based, uncomfortable GUI etc. |
|
|
|
Nxt has dozens of arguments against it, has been launched in the worst way possible, and if the development team now disappears you would have something without development that is worth nothing. Closed source, unfair lauch, very uncomfortable java software. questionable security (until they release the entire source code), No, the right thing is NOT buy nxt, no matter how much worth, and a serious exchage should not admit it.
Bitcoin was 'uncomfortable' to use in its early days too, no GUI just command line. There's nothing wrong with Java either, just armchair programmers talk it down because of its stigma with exploits on the web. If Java isn't your thing you can always disable it your browser, as I do. NXT only uses it for the daemon itself. |
|
|
|
Thirdly.. 51% was talking about BITCOIN.... i said the concentration of coins is fundamentally is WORSE than a 51% attack in the context of NXT because the concentration acts like gravity attracting more coins. essentially those people who control the largest amount of coins control the entire market of not just existing coins but the creation of new coins.. this is very dangerous indeed. this is the fundamental flaw of any entirely PoS system.
you missed the point of my post completely due to lack of understanding both BTC and NXT.
Nope. Read up on how transparent forging works in NXT. I didn't miss your point, you claim someone will buy up a ton of coins and eventually control the entire supply through forging. I don't think this is possible unless, as I said, the attacker acquired over 90% of the coins. The fees generated from forging wouldn't be enough to increase their stake size to 90% if they had say 60, 70% of the coins, which already would be VERY hard to get. Also, if the attacker misses his chance to create a block his forging power is penalized for that round and his fees would go to other stakeholders. So a possible attack would assume he is forging at all times and never misses a block (very unlikely). In that sense even a 90%+ attack may not be successful. That's why I said it's more realistic that the government or some entity would just build a massive ASIC network to take over Bitcoin. Much easier... |
|
|
|
When/if Nxt is distributed widely, let's say 100,000 accounts in various countries. How on earth would the US be hunting random 100,000 people in the world? You are talking nonsense. SIlk road wasn't decentralized. It was one site run by one person.
that's the point, as I understand it the addresses with the most NXT are the ones who get the most newly created NXT coins so there is no incentive for Nxt to be distributed widely. Nxt addresses work like gravity.. the bigger they are the more coins they attract from the mining process. this process alone tends towards centralization of the currency into a few large addresses over time. authorities OR criminals from any persuasion do not need to go after 100,000 people they just need to target the top addresses. once they control the largest addresses the majority of newly mined coins naturally flow to them.. they don't even have to work to get more coins.. if I understand how NXT works correctly this IS a fundamental flaw. it is much more dangerous than a %51 attack which can only allow attackers to spend 1 or 2 blocks worth of coins before the miners start rejecting the transactions. if you look a the bitcoin richlist for example... address with the most BTC was actually seized from the Silk Road. (if this site is correct) http://bitcoinrichlist.com/top100now in BTC world that doesn't matter because those coins are taken out of circulation and the owner of that address, the biggest miners and the most powerful devs are NOT the same people. so the miners keep mining and the devs keep on working new coins get created and spread around. if that situation were to occur in NXT land.... then that seized address would simply keep growing because by virtue of it being locked nobody can spend the coins. ask yourself this.. who is going to mine or buy NXT if most of the new coins will go to the FBI for example... please correct me if my understanding of the underlying NXT model is incorrect but to me that seems to be how it works. First, I don't know what you mean by "newly created coins" as NXT isn't inflationary. The coins aren't generated from thin air - they come from fees. Second, the seized funds from Silk Road haven't been taken out of circulation, the FBI is planning to sell them. Third, a 51% attack isn't possible with NXT, an attacker would have to get like 90% of the coins, which seems impossible. It's more likely the government will build its own ASIC network to try and take over Bitcoin if you want to engage in those kind of theories. |
|
|
|
|
Are you going to release an external miner? Otherwise I don't see how pools will be available at launch. Seeing as this is supposedly a different implementation of SHA-3, everyone will be forced to just mine through the wallet solo initially.
|
|
|
|
I'm getting ~14200kH/s on two 7970s although the reported hash rate goes down to like <4000kH after a few mins of running. That said, the reported shares on ypool stay around 726.9121 /h so it seems to be working correctly regardless. Nice work  |
|
|
|
|
I think the publicity was quite good - it was actually mentioned on Coindesk.com in an article alongside Mastercoin like a week ago, most projects here don't get anywhere near that kind of exposure early on. I was expecting the amount of BTC burned to be way higher.
|
|
|
|
|
I can't seem to compile it in Windows, VS 2010 returns this error:
Error 1 error C2864: 'MetiscoinOpenCL::out_tmp' : only static const integral data members can be initialized within a class xptminer\metiscoinMiner.h 29 1 xptMiner
|
|
|
|
I think it's partly because a lot of people on this section of the forum are also miners. They see NXT as a threat. The distribution could have been better, but honestly, if the IPO was re-launched today I don't see how it would change things. In a way, all the skepticism surrounding NXT played to its favor because you didn't have these large investors dumping dozens of BTC. Like with Counterparty, someone burned over 30 BTC yesterday to get a stake over 1%. Basically the people that complain about distribution are just mad they missed the IPO... Anyway, I agree this is the most promising crypto out there. Can't wait to see where it goes a year from now, interesting times ahead |
|
|
|
interesting NXT was 1BTC/1Million 1 week ago, now it's 75BTC? Not sure about this one - climbing too fast. Seems like a scary fall could occur
It wasn't 1 BTC / 1 million a week ago, over a month ago yes. A lot has happened since, plus in general people are quicker to jump on new cryptos these days. Not as much skepticism from the average buyer like in years past. |
|
|
|
Those mentioned are not 2nd gen cryptocoins, don't be a fool! They are either minor variations on already existing cryptocoins (NXT
and clones are PPC + NMC done with Java) or totally depend on existing cryptocoins which they actually make more cool (MSC and all
others). eMunie? Nothing new. You need to analyse things a bit more for yourself and not fall so easily on sale pitches and propaganda.
And you need to stop spreading utter nonsense. Even if you don't like them cryptos like NXT do bring new things to the table. Progress is good. |
|
|
|
I'm a newbie in cryptocurrencies, and I am trying to make sense of the claims that this coin will be valuable. Original announcement: "50 coins per block Reward halves every 810,000 blocks" Client now says the block is at 24172. That means there are 1208600 coins out there. It might seems as a valuable coin for those that presently don't even manage to mine one coin in 24 hours. But there are others sitting on more than a million coins? How much of those coins were generated early, for instance the first two days of the coins existence? I don't know if this block explorer is genuine, but I guess that it can be used to answer such a question for those that know more: http://109.230.230.110/mtc/It seems to me, though I don't know how to prove it, that a very large proportion of the coins were generated early. The coin's difficulty went up quickly when it was launched. I was on the coin the moment it came out. With 65 4 core desktops and a few servers I managed to get 20,000 or so. The rest I have is from Ypool. I think coin distribution is really good. When the coin came out there was only the source and the windows/linux wallets. Beyond that your guess is as good as mine. Whoa, 20,000? How is that good distribution? Considering it would take over 2000 4 core servers mining for an entire month to get that many coins now, and you got them in like a day. This coin is overvalued with the amount in circulation right now, at $0.8 it already has a $973k market cap, and doesn't have anywhere near the amount of community/dev support as other coins in this tier. Some people think it's going to hit $8-10 a coin soon... that would mean a cap of over $10 million. I don't see this happening, at least not anytime soon. |
|
|
|
one sketchy thing about the approach to connect the script to bitcoind is
if somehow trojans get into counterpartyd, they can do damage to the entire btc wallet,
it might be worth an effort to create new wallet containing only your XCP addresses with some small amount of coins in it before letting counterpartyd connect to
well the code is open, any malicious stuff would be instantly discovered. That said to be on the safe side having a separate BTC wallet just for XCP is probably good practice, it's what I did, since who knows if a bug will accidentally empty your BTC wallet or something (highly unlikely but possible). |
|
|
|
Sorry to be a the cup of cold water...
Anyone else having trouble with their deposits showing up? Not blaming Vircurex. I know this is a different coin, so Kumala may have a few bugs to work out. I'm just saying, I've deposited some funds and I've not seen the confirmation countdown in over 10 minutes.
Has anyone been able to make a deposit?
Worked fine here, took about an hour to go through. |
|
|
|
|
Worth pointing out that a lot of people couldn't get NXT into Bter when the price was 0.000010 +. I watched their account, and they had deposits backlogged for almost an entire day. It's possible the price wouldn't have even got that high if the deposits were posted earlier. I had a lot of NXT in limbo thanks to that delay.
|
|
|
|
As we can see, with the volume of confirmed bad news, the market is agreeing to head towards $0. Bitcoin has failed, as is confirmed.
Agreed. The time to get out is now. |
|
|
|
|
100 confirms would still be way quicker than Bter, they take an upwards of 6 hours to process deposits in my experience.
|
|
|
|
|
What's so innovative about Vertcoin? It isn't the first coin that claims to be ASIC resistant, a lot of scrypt-jane coins did adaptive N factor.
YAC did it months ago...
|
|
|
|
So, where's a good place to sell YAC these days? It's been off Cryptsy for almost a week now. I emailed support and they say it is under maintenance and will be back up, but who knows when that will be.
I use Bter. |
|
|
|
|
Someone just needs to come out with another coin that has a low cap like BitBar and it'll easily hit $5...
But if you are talking coins with a decent sized cap then maybe PrimeCoin.
|
|
|
|
|
Show Posts
