[ANN] Nxt :: descendant of Bitcoin

[BCNext]

when does the beta-test get started?

Next week.  I need time to implement and test all changes proposed by Cunicula.

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[klee]

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..   

Yeah, a little bit   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.

As long as you are not dacoinminster I think I am fine 

[BCNext]

No, I'm not him

P.S.  Of course, I would say this in any case 

[klee]

No, I'm not him

P.S.  Of course, I would say this in any case 

Damn you Satoshi! Don't you trust BTC anymore??

PS: Panic SELL BTC now people 

[bidji29]

One of the problem of Bitcoin and other Digital currency is the fluctuation in price. For a merchant it's a big problem to accept and handle such big fluctuation.

The instant transaction are a very big advantage over bitcoin but I think the price stability is very important too. Do you have some plan for that?

Per example, Microcash, a next generation currency too, will try to do it. http://forums.microcash.org/index.php/topic/739-microcash-current-working-details/

[BCNext]

I had the initial guess that you may be the same Satoshi, but I usually do not express my thoughts

I'm not Satoshi.  Hell, I would say this in any case!

[BCNext]

The instant transaction are a very big advantage over bitcoin but I think the price stability is very important too. Do you have some plan for that?

Yes, I expect stable growth.  /joke

Colored coins + Messaging let to easily run USD-NXT gateways.  Merchants can ask dollars but customers will pay with nxts.  Gateway owners are the only ones who will have problems but it's their business.

[Fuserleer]

I've been following this with some interest..until now.  That statement is just...well...mind numbing regarding the valuation.

$1500 to $2M in 6 months just isn't going to happen, you have some sound idea's, and the concept is interesting, but there is nothing here that gives Nxt the potential for an investment increase of 2666% per annum in the first year...nothing.

Your presented 3 USP's are not particularly unique either, other cryptos offer similar, but at a very strong risk of sounding coy and brash (which I don't like doing), until you have a feature set that rivals the following, it's game over before you start..I'll start with similar to the ones you list:

1]  Efficient electricity usage
2]  Multiple in system exchangeable currency support (kind of "colored" coins I guess)
3]  Instant TRUSTWORTHY transactions < 10s
4]  Secure wallets
5]  Encrypted transactions
6]  100% anonymity
7]  51% resilient
8]  Sybil attack resilient
9]  Self governing dynamic supply model and distribution
10]  REAL Currency value stability
11] TRUE Peer 2 Peer exchange and marketplace
12] Transaction notes & messages
13] Secure encrypted "email" w/ encrypted attachments
14] Invoices, remittances and receipts sub-system
15] System based escrow
16] Ratings & rep system with community dispute/resolution model
17] Ready to go payments API for eCommerce
18] POS terminal support
19] Scalable to VISA scale (read 300 trillion transactions per year)
20] .....  I'll stop there I think

I could go on and on, but I've proved the point, that is, $1500 - $2M in 6 months would be a stretch for a system THAT advanced even with a huge marketing push...and a system that advanced is coming.  The above is a fraction of the eMunie feature set, ALL and every part of it decentralized and it will be on a device near you this side of Xmas.

Enjoy playing on the railroad until the freight train cometh.

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.

[kelsey]

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)

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.

sorry I am missing something here so that 1500 USD worth of btc that people used to get NXT cost no electricity?

[BCNext]

$1500 to $2M in 6 months just isn't going to happen, you have some sound idea's, and the concept is interesting, but there is nothing here that gives Nxt the potential for an investment increase of 2666% per annum in the first year...nothing.

There is one thing here that gives Nxt the potential.  I do write the code instead of talking how it should be written.  I mean Bitcoin improvement process, which is so slow mainly due to necessity to co-ordinate work of all core developers.  Also, Nxt will be the first currency implementing colored coins and other advanced features.  Anything that comes to the market later will have to work very hard to catch up with the leader.

P.S.  Look at some useless Bitcoin forks, they jumped from 0 to hundreds thousands dollars in a few months.

[BCNext]

sorry I am missing something here so that 1500 USD worth of btc that people used to get NXT cost no electricity?

No, the point is that Nxt doesn't require electricity to be mined.

[stdset]

Address length - 8 B (max 20 chars in human-readable notation)

So there going to be 2⁶⁴ possible addresses? Isn't it too few? Let's imagine your currency won the widest possible adoption and everybody (7*10⁹ users) on the planet uses it, and has private keys for 100 addresses (that's the minimum amount in bitcoin, actually we should consider much greater number). In that case, from each individual's point of view, collisions are still unlikely. But in general they are more than likely.

Another question - why coins are going to be indivisible? If that's just UI limitation, how divisible they are going to be by protocol?

[Fuserleer]

$1500 to $2M in 6 months just isn't going to happen, you have some sound idea's, and the concept is interesting, but there is nothing here that gives Nxt the potential for an investment increase of 2666% per annum in the first year...nothing.

There is one thing here that gives Nxt the potential.  I do write the code instead of talking how it should be written.  I mean Bitcoin improvement process, which is so slow mainly due to necessity to co-ordinate work of all core developers.  Also, Nxt will be the first currency implementing colored coins and other advanced features.  Anything that comes to the market later will have to work very hard to catch up with the leader.

P.S.  Look at some useless Bitcoin forks, they jumped from 0 to hundreds thousands dollars in a few months.

Well, major kudos points for actually cutting code instead of being a cut and paste shit-coin maker, I figured this already which is what spawned my interest.

I still don't see how a half handful list of features (unless there are more that you haven't disclosed), which aren't particularly ground-breaking, is going to make it hard for anything with true innovation across the board later to catch up or exceed you.

I'm not trying to be rude, or insult you here, I just don't see it.

Pretty much every "innovation" I see claimed here is the same....you are all fighting a war with 6 shooters, trying to be number #1. Everyone is messing around with that same gun making it a little bit better here and there and hoping they get the edge over BTC.  Never gunna happen.  You need to go and create a battery of howitzers to even have a chance of wobbling BTC from where it is, and even then, that will be hard.

Yeah, useless Bitcoin forks jumped a couple-hundred thou, then went right back to zero....fact is NO RECENT crypto development has held its value, or even performed well long term because its all the "same old same old" which has been done elsewhere but is ESTABLISHED.  A couple of fancy new features aren't going to break that mould....

[BCNext]

Address length - 8 B (max 20 chars in human-readable notation)

So there going to be 2⁶⁴ possible addresses? Isn't it too few? Let's imagine your currency won the widest possible adoption and everybody (7*10⁹ users) on the planet uses it, and has private keys for 100 addresses (that's the minimum amount in bitcoin, actually we should consider much greater number). In that case, from each individual's point of view, collisions are still unlikely. But in general they are more than likely.

There are 2^256 possible addresses, the rest 192 bits are not used at the moment.  In future we may decide to use next 64 bits to extend visible part of an address, then all existing addresses that are 20 chars long now will become 40 chars long.  Right now if someone finds an address with the same 64 bits they won't be able to send transactions.

Another question - why coins are going to be indivisible? If that's just UI limitation, how divisible they are going to be by protocol?

It's not very convenient to have a lot of decimal places in my opinion.  The current version of the protocol supports only 2^32 numbers, but in the future it can be changed.  Centralized exchanges can use fractional numbers to track user balances and round amounts upon withdrawal.

[BCNext]

A couple of fancy new features aren't going to break that mould....

Agree, but services built around these features will do.  Let's continue this discussion in half a year when we see decentralized exchanges and merchants accepting instant transactions.

[Come-from-Beyond]

19] Scalable to VISA scale (read 300 trillion transactions per year)

U r David Copperfield, rn't u?

Only a centralized solution can reach this scale.

[Fuserleer]

Really?  There are decentralized solutions that dwarf VISA's processing and data management capabilities.

There is this one thing, anybody can use it, it has the entire knowledge-base of mankind on it, plus endless entertainment in both textual and media forms, up to the second news, instant communications via a number of methods to suit your preference and much much more, no one owns it, its totally decentralized in its operation (although some evil no-gooders are attempting to change that for their own financial gain of wealth and power...anyway....) its called the internet.  Look it up, you'll be amazed!!

19] Scalable to VISA scale (read 300 trillion transactions per year)

U r David Copperfield, rn't u?

Only a centralized solution can reach this scale.

[Come-from-Beyond]

Really?

http://en.wikipedia.org/wiki/CAP_theorem and http://en.wikipedia.org/wiki/Moore's_law tell me we won't see such a solution within next 15 years.

[Fuserleer]

Really?

http://en.wikipedia.org/wiki/CAP_theorem and http://en.wikipedia.org/wiki/Moore's_law tell me we won't see such a solution within next 15 years.

Solid facts, but, you don't need to see all the data, at all nodes at the same time to achieve VISA scale secure processing of transactions. So only 2 of the 3 being possible as Brewer suggests is sufficient to get the job done.

[BCNext]

This VISA scale thing should belong to other thread, if you don't mind.