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Author Topic: [ANN] Nxt :: descendant of Bitcoin  (Read 363352 times)
bybitcoin
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October 22, 2013, 06:13:20 PM
 #241

when does the beta-test get started?
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October 22, 2013, 07:24:29 PM
 #242

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..   Roll Eyes

Yeah, a little bit Smiley  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.
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October 22, 2013, 07:26:25 PM
 #243

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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October 22, 2013, 08:13:27 PM
 #244

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..   Roll Eyes

Yeah, a little bit Smiley  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  Tongue Roll Eyes
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October 22, 2013, 08:23:20 PM
 #245

No, I'm not him Smiley

P.S.  Of course, I would say this in any case  Cheesy
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October 22, 2013, 09:04:42 PM
 #246

No, I'm not him Smiley

P.S.  Of course, I would say this in any case  Cheesy
Damn you Satoshi! Don't you trust BTC anymore??

PS: Panic SELL BTC now people  Tongue
bybitcoin
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October 22, 2013, 09:27:34 PM
 #247

I had the initial guess that you may be the same Satoshi, but I usually do not express my thoughts Wink
Anyone you are, we hope you to implement an optimized secure POS model, with a native colored coin feature attached to it.
Cunicula is a great help, also Meni Rosenfeld could be of help a lot, since he has contributed to POS and colored coins as well.
If you are going to publish a whitepaper, I can help you, I am a math guy from academia. Still I don't believe until the launch point you would need to publish the codes (since stakes will be distributed disregard what the codes are), you can put codes open for peer review at the launch point or a date close to it, this will prevent copycat before we take off. So for now a whitepaper is enough!
About the exchange after launch, I don't believe we need to pay somebody to make one for us. An early automated BTC to Nxt exchange will be enough. The two features that are the best to implement first are colored coins and internal messaging, in my opinion. Just please do not put the messages bytes inside the blockchain tree.
I hope you use a kind of merkele tree or something similar for keeping the non-zero balances, that makes it possible to cut the blockchain tree length a bit, and this will resolve the bloat problem. (there is a project named mini-blockchain project by bitfreak that could give you a good vision for this)
Talked a lot, all in all, wish this project a bright fortune Smiley
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October 22, 2013, 10:16:13 PM
 #248

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/

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October 22, 2013, 10:19:43 PM
 #249

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

I'm not Satoshi.  Hell, I would say this in any case!
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October 22, 2013, 10:33:54 PM
 #250

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.
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October 22, 2013, 10:56:04 PM
 #251

Quote
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.
Gateway could simply be an exchange and will not have any problems at all, customer will the one who pays the exvhange fee though.
Sent pm for Meni Rosenfeld and killerstorm (they are both involved in colored coins idea and implementation), told them about your project and invited them to join our discussion thread here. Hope they join soon Smiley
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October 22, 2013, 11:30:43 PM
 #252

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.

Radix - DLT x.0

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October 23, 2013, 02:46:42 AM
 #253

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?
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October 23, 2013, 07:00:54 AM
 #254

$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.
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October 23, 2013, 07:02:48 AM
 #255

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.
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October 23, 2013, 08:46:58 AM
 #256

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?

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October 23, 2013, 09:02:15 AM
 #257

$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....

Radix - DLT x.0

Web - http://radix.global  Forums - http://forum.radix.global Twitter - @radixdlt
BCNext
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October 23, 2013, 09:40:50 AM
 #258

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.
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October 23, 2013, 09:48:14 AM
 #259

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.
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October 23, 2013, 11:18:45 AM
 #260

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.
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