And just why should cloud mining be excluded and is that even possible as long as you make the coin possible to mine with CPU?
Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up. As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location. Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity. td services, are you going to buy during the pre-ipo or mine this with Botnets? I'm just curious, you seem to have some kind of vested interest. |
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I am refuting all claims that everyone who wanted to and knew about it were able to invest in NXT. This is simply not true.
The sooner you realize that "everyone who wanted to and knew about it were able to invest in NXT" BEFORE THE GENESIS BLOCK WAS GENERATED, the better it will be for your psychological well-being. This could apply in other situations as well... the sooner one realizes that "everyone who wanted to and knew about it were able to" mine thousands of BTC BEFORE DIFFICULTY EXPLODED, the better it will be for his/her psychological well-being. The genesis block was not created yet. Further discussion is pointless at this point, and you are correct that my emotions regarding NXT have been toxic. I was moving on to other things, but continued to see NXT come up in forums on other projects I'm following with initial claims that the distribution was fair and that everyone had the opportunity to invest in it. The boil which festered for the last 2 months has popped and drained. Congratulations, you have officially become a troll. |
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There was no "insider team". The release was publicly announced on this forum and everyone had plenty of opportunity to buy in before the genesis (and I wish I did!). ... The first code release was on Jan 3rd, and before that everyone had the opportunity to buy and sell Nxt on dgex.com. Now, after the code release, everyone still has that same opportunity. The reasons for a delayed/staggered code release have been much discussed, and I believe it is a necessary requirement for a truly unique offering in today's competitive market.
This is not completely true. I was not allowed to buy in when the pre-sale was suddenly closed without prior notice while I was seeking clarification of the deadline. People were generally under the impression it was open until January 3rd. I believe the actual reason for the sudden close of the pre-sale without advance warning was to prevent further dilution of existing investment, but no one wants to admit to this. From https://bitcointalk.org/index.php?topic=303898.480 : Can we still join in between now and January 3? I haven't really seen any clear definition of a deadline.
I'm waiting for the answer. BCNext reads this thread. Some changes in the plan: 1. Fundraising is over. That last 1 BTC, sent after the 2nd marking transaction, will be accepted but no more deposits should be made. 2. Nxt will be launched earlier than on the 3rd of January, right after the final test. 3. New Nxt users r supposed to be attracted by selling NXT and distributing via Nxt Faucet. 4. Messaging feature will be released later to avoid situation when somebody attempts to bloat the blockchain making it too huge for newcomers. BTW we need one more bootstrapping server, coz 2 servers is not enough.So, if I understand this correctly: 1) the main dev (BCNext) no longer posts directly to this thread but you purport to communicate with him and speak for him about the project, something we can't confirm, 2) the deadline for contributing BTC to acquire Nxt, which was originally described as being open until the genesis block was approved by the community sometimes at least a month from now, is now suddenly declared over with no advance warning; and 3) the BTC that were already sent to acquire Nxt, which the main dev (BCNext) promised earlier in this thread not to touch until the genesis block was generated, have now been moved. So what, neither was I, but I don't go around complaining about it. Stay with Ethereum, you can put in 10BTC and it will drown out by several thousand BTC from idiot investors looking to get rich quick. You are an idiot to think the decision has anything to do with dilution. |
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I don't see what the rush is to distribute the 10 million Nxt, is there a specific reason? In addition, if the individuals are trusted, why would the code need to be changed just to accommodate them? This just doesn't make sense, perhaps I am misunderstanding?
We need features, and to make features we need developers, this is where the Nxt or Nxt>BTC should be spent (or atleast 80% of it). All the hoopla regarding Nxt has died down now and I believe we have reached critical mass in the Bitocointalk community as shown be the diminishing accounts being created everyday. Everyone that is here now and participating is obviously committed, so I can say for sure we have a strong community of Nxt'ers.
The next milestone will be general public adoption, at least the general crypto community and for that we need a rock solid client that hopefully supports forging and a reliable network. In my opinion, being second generation, we need to get to the point where this can be run securely on a mobile phone (transaction and forging) - to me - that is second generation, but that can come down the road as we have plenty to work on regarding the core of Nxt.
All this talk about marketing is great, I work in that space, however, it is not needed at this time and perhaps never will be. All energy and funds (if needed) need to go to development, at least in the next couple of weeks.
I vote that the majority of funds either be dedicated to development or destroyed.
The same again. What do you mean by "dedicated to development"? Do you have something in mind? Then share with the community and suggest a bounty and the community will vote for it. Also what's the use of destroing the coins? That's fucking crazy. Even two payments of 5M to Cryptsy and BTC-E owners will be way better then destroying them. But I do agree with the first part. Changing the code just for that reason is maddnes. Don't developers have something more important to do? Why the hell we need this commity at all? Let the coins stay were they are now and focus on ideas for development and promotion. I can almost guarantee that the account locks is a new feature. He wouldn't change the code for bounty Nxt distribution. Anyway, I'm grateful he is providing 10M, he doesn't have to do that, and we can get on with out it if needed. |
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Why it's so important to decide and to it right now what to do with that 10M. Everything goes just fine! Let's just go with the flow.
Does anybody have a great idea? Let's vote if it should be done and then vote how much we should spend on it. What can be easier?
Somebody suggested to make a photoshoot with girls to advertise Nxt. Let's do it. Share ideas of the photoshoot, draw sketches etc. Then vote for the best idea and size of a bounty. And so on with the rest of unclaimed money.
I have something similar in mind. It is like a concept of "open bounty". Anyone can step up and present his/ her idea, propose a bounty and let the community decides. So we continue the tradition of asking for bounties in a decentralized fashion as we have been already doing in nextcoin and nxtcrypto forums so far. But now funding would be a bit easier to come by since we have common pool in addition to private donors's fund. This will work easier when we have the voting system in place. A person presents his/ her idea, propose a bounty and action plan, and set up a vote. Community can ask questions in the meantime and when the voting is over, the project will be funded if the vote passes the majority. A democratic and decentralized method of funding projects. We can even implement this type of "open bounty" even when the voting system is not yet in place. In fact, we actually did it one time already with the case of Maco's android app as the overwhelming majority refused to fund his 500K NXT request for his app. So we actually had a precedent in place already. Let's continue the funding process in this type of decentralized fashion instead of giving one person/ or group the authority of giving out the funds. No matter how much we obsess about the 10M, the distribution and implementation is happening, it's BCNext to do with as he pleases. We need to start focusing on a voting mechanism so we can decide what to actually do with the 10Mil. |
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Is this one of those examples of how a coin's value depends on the developers backing it, and not on features it promises?
This is an example of a troll who comes in after page 1000 and gives his 2 cents which is based on the last 3 posts prior to his own. |
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And yes Ethereum is indeed mind-bogglingly awesome, FellowTraveller (author of Open Transactions) had this to say on Reddit: "The most innovative blockchain-based cryptocurrency since Bitcoin itself, and the only one that I would bother acquiring units of."
I really don't like altcoins, and think all of them so far, including Litecoin, are useless, but I agree with FT, this is the only one, besides Bitcoin, I would acquire and support. I've known about this for a while, and have read the whitepaper, but didn't realize the secret was out already... The secret is out friend and the IPO will be heavily diluted. |
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Okey, take a look from the other side: it will be greatest anti-PR. Just imagine: instead of writting code for multisig, devs just create code hacks to emulate multisig. Ugly code hacks. "Hey, they premied 1 billion coin in code, now they spend coins in code, next time they block your coins in code! Greatest scam in history!!! Do Jean-Luc piss by BCNext's command?  " (Sorry, Jean-Luc, it is joke  ) This, this, this. I can't believe the hypocrisy of insisting that the community should implement multisig, followed by a ludicrous proposal to FAKE multisig for the sake of coin distribution. BCNext should eat his own dog food. If he wants to distribute coins this way, he should prioritize the implementation of a Nxt feature that supports its implementation for EVERYONE. I can accept the anarchic, inconsistent, and schizophrenic method by which bounties and rewards are being distributed, but this implementation of a distribution mechanism is the worst I've heard. Again: I think the IDEA is great. The specific method of IMPLEMENTATION is stupid. Really stupid. Frankly, I think the whole idea is just a test, and the fact that so many people are ready to +1 it just because the idea (allegedly) came from BCNext is, IMHO, proof of failure. I don't mean to malign Nxters. I listened to a Bitcoin podcast today that illustrated that most a Bitcoin adopters are far more ignorant than the average Nxt adopter. But we can do better. I disagree, BCNext is choosing 10 trusted members of the community to distribute the coins accordingly. In essence he is creating what everyone here has been screaming for, a Nxt foundation. For JLC, he can program 10 new locked accounts as a safeguard, probably a new Nxt feature that will require a different pass code to send. You are right, probably a test of a new feature. |
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@CFB. I have a question regarding AM. Can we make messages sent to any particular account public? I was thinking we could use public messages as a feedback/trust system. For example, if account "x" was selling something, I could go on blockchain explorer, lookup up that particular account, view public messages sent from previous users who had successfully purchased from account "x". Thanks.
They r public by default. Great, that's what I thought. I'll see if nexern would be able to implement into Blockchain Heard back from Nexern on including public messages ( reputation system) with each account in BlockChain explorer as well as his new client. He is going to include it. We can now use public AM as a feedback/reputation system, since the transaction # will be associated with the message, you can check to make sure the transaction and feedback was legit and associated with a particular item for sale. This will allow us to create simple listing markets (craigslist style), where most of the transaction can happen within the client from reputable sellers. Still need some innovation but it's a step closer. Would love to hear some input on this, before it gets buried in posts. |
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People selling Nxt aren't going to be able to stomach the long term. I remember seeing BTC fall from $31 to $2 in 2011. It stayed around $2-$5 for so long. I look at Nxt as a long term investment. I'm not looking for any kind of return and I certainly wouldn't measure that in $'s. Was your friend looking for a quick return to buy something? Regardless, you made a very smart decision.
There are only 2 long term investments in my crypto portfolio. BTC and NXT. I can't see anything else worth waiting. Nxt is the first alt I've ever purchased. I never even considered LTC or anything other than BTC....until now. |
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Im 100% with jl777 on moving away from AM to 'arbitrary data'.
Or something more sexy, like Distributed Storage. Or Blockchain Cloud Get creative, guys! Or just call it Nxt Message, because messaging is what it is and I like messaging. |
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I think NXT market gains should be measured from the value of initial release (~$1 million), not the 21BTC as that is a token amount and does not represent real world development costs.
James
Good idea. "Do not pay much attention to the price of 1 NXT measured in fiat money." - BCNext But the price of 1 Nxt measured in BTC is falling, although there were several good news in the last few days. I couldn't convince one of my friends whom funds I am managing to hold on his Nxts, so I bought his stake. I really hope it wasn't a bad decision of me. People selling Nxt aren't going to be able to stomach the long term. I remember seeing BTC fall from $31 to $2 in 2011. It stayed around $2-$5 for so long. I look at Nxt as a long term investment. I'm not looking for any kind of return and I certainly wouldn't measure that in $'s. Was your friend looking for a quick return to buy something? Regardless, you made a very smart decision. |
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@CFB. I have a question regarding AM. Can we make messages sent to any particular account public? I was thinking we could use public messages as a feedback/trust system. For example, if account "x" was selling something, I could go on blockchain explorer, lookup up that particular account, view public messages sent from previous users who had successfully purchased from account "x". Thanks.
They r public by default. Great, that's what I thought. I'll see if nexern would be able to implement into Blockchain Heard back from Nexern on including public messages ( reputation system) with each account in BlockChain explorer as well as his new client. He is going to include it. We can now use public AM as a feedback/reputation system, since the transaction # will be associated with the message, you can check to make sure the transaction and feedback was legit and associated with a particular item for sale. This will allow us to create simple listing markets (craigslist style), where most of the transaction can happen within the client from reputable sellers. Still need some innovation but it's a step closer. |
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So the IPO will last 3 months? or 3 months until a working client is available? |
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Important announcement
BCNext devised a way to handover unclaimed coins in such a way that doesn't require multisig and still keeps the spirit of decentralization.
BCNext will choose 10 people. I'll contact these people privately to ask for an account id. Each of them will create a special account and send it to me. 1M NXT will be sent to each account (10M total, not 9M, so the community is supposed to subsidize the public nodes by itself). Jean-Luc will be asked to add a special code that blocks outgoing transactions from these special accounts. When the community decides how to spend part of the unclaimed coins, Jean-Luc will change the code to allow partial withdrawals possible. 10 chosen ones will send 1/10th of the required amount to the account the funds r supposed to go to.
Notes: Only account ids will be published, names of the people who control them will be known only to BCNext and me. Jean-Luc won't be included into this group. The goal of this obscurity is to remove community pressure on the chosen ones.
Discuss, the community may put veto on this approach.
Sounds good to me, then we can move on and work on the voting aspect! |
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@CFB. I have a question regarding AM. Can we make messages sent to any particular account public? I was thinking we could use public messages as a feedback/trust system. For example, if account "x" was selling something, I could go on blockchain explorer, lookup up that particular account, view public messages sent from previous users who had successfully purchased from account "x". Thanks.
They r public by default. Great, that's what I thought. I'll see if nexern would be able to implement into Blockchain |
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@CFB. I have a question regarding AM. Can we make messages sent to any particular account public? I was thinking we could use public messages as a feedback/trust system. For example, if account "x" was selling something, I could go on blockchain explorer, lookup up that particular account, view public messages sent from previous users who had successfully purchased from account "x". Thanks.
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Nice work marcus03, lookin good.
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Please use the nxt thread to discuss issues relating to that currency.
What will the coin acronym be for Ethereum, I just can't imagine people getting excited about saying Ethereum all the time. |
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Yes, I agree that we should be in no rush to spend anything at the moment. I think this fund should be used to develop some really key and high level features on the development side. We could offer higher bounties, like 500k to develop key client features.
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