Trading Thread for Nxt :: Descendant of Bitcoin

[Pouncer]

Welcome to the trading thread of Nxt, the descendant of Bitcoin.

You've heard about Nxt, and may have landed here with the intention of owning some of this revolutionary cryptocurrency.
Bitcoin may have finally met its match! But before you proceed, here are answers to some FAQs.

1. What is so unique about Nxt?

• Nxt is the first cryptocurrency coded from scratch using java. It is not a fork of Bitcoin or any other altcoin.
• Nxt is a 100% PoS currency with a transparent mining algo that protects against government & wealthy entity
• Nxt's transparent mining algo brings it much closer to achieving VISA/MasterCard processing volumes.
• Nxt promises advanced features including Alias System (implemented),  Transparent Forging (being phased in), P2P Exchange (coming soon), Arbitrary Messaging, Instant Transactions with guaranteed confirmation, Voting, Two-Phase Payment, Distributed Storage, Mixing Service, Multisig, Smart Contracts, etc...
• Nxt compared to Bitcoin, Litecoin, PeerCoin, Quarkcoin
• Nxt does not have "coin" in its name  
  
• Watch this introductory video

2. How do I start mining Nxt?
You can't mine new Nxt like you do Bitcoin or altcoins. All Nxt that will ever exist have existed since the beginning of time. I mean Nxt time. One billion Nxt was created in the genesis block on 24th Nov 2013 13:00:00.

3. Ah ha! So this is another one of those pre-mined coins that makes the creator(s) super rich?
Not really. All Nxt that came into existence were paid for with Bitcoins by early adopters before the generation of the genesis block. The creator, BCNext, paid for it like everybody else. Here's the details of what early adopters paid for their stake in the genesis block.

4. Now, that's unfair!! A small group of original stakeholders paid Nxt to nothing for their stake, and now they're selling them for orders of magnitude their original cost?!
It's actually not unfair. Let me explain. When BCNxt made the announcement on 28-09-2013, 20:29:09 & invited investors to fund the project, there was not a single line of code released. There was no white paper. Just an idea from a new, anonymous forum member. Some FUD comments included:-

Fear
"Obvious scam. Please don't send any money to an account created 4 days ago."
Uncertainty
"so this is alpha? and people who have offered btc?"
Doubt
"Do we have any proof this 100% POS coin even works?  I am very suspicious.  If it's so easy to design a secure 100% POS coin why didn't Satoshi do it?"

During the seeding period, very very few believed in this project and/or the creator. Many turned away, others chose to wait and see. There was a period when no one sent in any satoshi for days. BCNxt had to introduce early adopter bonus (incentive multipliers) for investors who sent in funding early. Even so, many chose to send in very small amounts. Someone sent in 0.00000001 BTC when they could have invested up to the maximum of 1BTC. On hindsight, even that small investment turned up to be a very wise one!

In the light of this, would it be fair to criticise the creator or initial investors (who funded the project despite the FUDs) for the so called "unfair distribution"? Risk takers & visionaries were rewarded accordingly. Equal opportunity was given to all.

Nevertheless, if you're reading this, you're among the very few presented with an opportunity to buy in at a very early stage. Nxt is still a high risk "binary" investment. You could lose everything, or you could gain orders of multitude years down the road. The call is yours.

4. Who is BCNext?
I don't know. Do you know who is Satoshi? Since Nxt is a descendant of Bitcoin, I guess the creator must have also followed in the footsteps of his/her/their parent to remain anonymous. There must be a reason for it, but who knows?

5. OK, back to the coins. If there are no new Nxt to be mined, how do you validate the blockchain and secure the network?
We do it in a very cool manner, literally. Nxt is a pure PoS currency. Users validate the blockchain and secure the network by running a light weight software on any computing device, even one that used to run WinXP. No ASICS, GPUs or multicore CPUs required. For doing this energy-efficient task, users secure the blockchain & are rewarded with transaction fees. Currently, fees may be low, few & far in between, but due to the rich feature set of Nxt, potential income from fees may be substantial further down the road.

6. Interesting! What do you call this process?
It's so new, we don't really know what to call it. Some have suggested "Forging". After mining and purifying your gold, you forge it into jewellery or coins. Same concept here.

7. OK, get to the point. How can I start to mine, I mean forge?
You need metal to forge metal. Watch this video to understand the concept.
Then, start by getting hold of some Nxt (giveaways, bounties, "beg", buy). Before you can start forging, you need to create your Nxt account, and here's how:

(a) Download the most recent version of the software and run it using this guide
(b) After opening the GUI (webpage), click the Lock icon on the top left hand corner.
(c) Enter a very long and secure pass phrase & click Unlock. Remember this phrase. It's your brain wallet.
(d) Give your Account Number that just magically appeared on the top left corner to whoever is sending you your very first Nxt.
(e) Next, leave your account in the Unlocked status, or simply close your browser without unlocking your account. Forging is now under way!

8. Where & how can I buy some Nxt?
(a) Just post your requests on this thread (BEWARE of scammers. Use escrow when trading with untrusted parties)
(c) A centralized exchange dgx.com where you can buy Nxt with BTC.
(d) A centralized exchange nxtchg.com where you can buy Nxt with BTC.
(e) A centralized exchange NewAltEx.com where you can buy Nxt with BTC.
(f) A centralized exchange NXT-E.com where you can buy Nxt with BTC or LTC (under testing)
(g) A centralized automatic exchange bter.com where you can buy NXT with BTC and CNY
(g) On the Ripple network, through Peercover where you can buy Nxt with BTC & XRP
(h) Coming soon: P2P decentralized exchange within the Nxt network.

9. Where can I find more information about Nxt?
(a) Original Nxt thread by BCNxt
(b) Current main thread (software & general discussions)
(c) Forum at nextcoin.org
(d) Nxtcrypto.org website & forum
(e) Nxt API thread
(f) Nxt Block Explorer
(g) Nxt Wiki
(h) Nxt Bounty
(i) Nxt Giveaway



Edited: 7 Dec 2013. Original OP that is now irrelevant is archived here.

[cc5alive]

WTS 1,000,000 NXT for 0.0000001 XBT (BTC) each.

[kwest]

WTS 1,000,000 NXT for 0.0000001 XBT (BTC) each.

Really? 1 million for 0.1 XBT? That's 10 times cheaper than previous sellers.

[cc5alive]

/hangs head in shame

Typo. I'm selling in total 1 Million NXT for 1 XBT (BTC).

Thank you for pointing that out.

EDIT: Sale at this price is over.

[bybitcoin]

Nice thread Pouncer Sure you need some help, perhaps people who are ready to help could pm you or post here to let you know!
In general it is much wiser if people try to not trade very big chunk of coins at once in a single trade. A good solution is to divide the trade amount into smaller parts and do the trade several times instead!
Also one very important point: if there is a bid or ask offer which gets matching by someone but the initial poster and owner of that offer do not answer or react to the matching trade request for a while, that posted offer should be void and removed from the order book (two or three days deadline) until the poster guy come back and renew his offer again! (this is to avoid fake non-real bid or ask offers)

[Pouncer]

Nice thread Pouncer Sure you need some help, perhaps people who are ready to help could pm you or post here to let you know!
In general it is much wiser if people try to not trade very big chunk of coins at once in a single trade. A good solution is to divide the trade amount into smaller parts and do the trade several times instead!
Also one very important point: if there is a bid or ask offer which gets matching by someone but the initial poster and owner of that offer do not answer or react to the matching trade request for a while, that posted offer should be void and removed from the order book (two or three days deadline) until the poster guy come back and renew his offer again! (this is to avoid fake non-real bid or ask offers)

I'm busy over at Mastercoin, so we need someone to step in to coordinate this. All the templates are ready. Let's wait for more feedback, suggestions on who to be in charge.

[klee]

Nice thread Pouncer Sure you need some help, perhaps people who are ready to help could pm you or post here to let you know!
In general it is much wiser if people try to not trade very big chunk of coins at once in a single trade. A good solution is to divide the trade amount into smaller parts and do the trade several times instead!
Also one very important point: if there is a bid or ask offer which gets matching by someone but the initial poster and owner of that offer do not answer or react to the matching trade request for a while, that posted offer should be void and removed from the order book (two or three days deadline) until the poster guy come back and renew his offer again! (this is to avoid fake non-real bid or ask offers)

I'm busy over at Mastercoin, so we need someone to step in to coordinate this. All the templates are ready. Let's wait for more feedback, suggestions on who to be in charge.

When I am sure I have everything up & running I can help here!

[aTriz]

I would like to offer my services to the Nxt community, if we need a second escrow agent, I will gladly step up and take this roll. I have been around for a while now and have made a number of trades in this community. Thanks guys

[Pouncer]

I would like to offer my services to the Nxt community, if we need a second escrow agent, I will gladly step up and take this roll. I have been around for a while now and have made a number of trades in this community. Thanks guys

Would you like to start by managing the order book?

[Noitev]

made this

https://docs.google.com/spreadsheet/ccc?key=0AgUjqeXz2DTUdGdLZS1CMHdZN2VNZ0ZDSTE1UWV3NEE&usp=sharing#gid=0

[balanghai]

How about that? What are the odds of this exploding next year?

[r3animation]

Buying 250k NXT for 0.25BTC.

[bybitcoin]

Noitev was the first guy who promised to open the google doc and manage it. Pouncer, you may pm him and see if he could do it or not.
For escrow help, the best thing to start from, is to get the help of some known people who have previous escrow backing history in btt community.
While appreciate your readiness to help  escrow the coming trades, but we first need some known faces to provide the initial escrows for the sake of safety. Then we can add some more volunteers by asking them to back up their escrow service by putting some BTC in reserve!
In general I advise anybody desiring to sell or buy some Nxt to do it in small portions and do not trade a big chunk at once!

By the way I opened the Bounty Thread: https://bitcointalk.org/index.php?topic=345773.0
Good opportunty to get a big stack of Nxt is residing there too!

[bybitcoin]

Buying 250k NXT for 0.25BTC.

I can sell you 250K for 0.25 BTC!

[Come-from-Beyond]

How about that? What are the odds of this exploding next year?

I predict that price will go down a little but after the decentralized exchange is launched and ppl see a lot of opportunities for new business models the price will skyrocket.

[bybitcoin]

How about that? What are the odds of this exploding next year?

I predict that price will go down a little but after the decentralized exchange is launched and ppl see a lot of opportunities for new business models the price will skyrocket.

Yes this is true. There are some few guys who are trying to sell big chunks but most of the people are holding and waiting
With the arrival of decentralized exchange and colored coins enabled, the price will get some jump for sure!
Still I am desiring to sell and distribute 5% of my stake to people interested to buy, as we need more mining nodes to secure the network, but I won't sell at a price less than 0.000001 for sure! (a giveaway is coming soon)

[bybitcoin]

WTB  50000NXT for BTC0.0311

NXT Address: 5900762986908991240


thnx    

You pm d me. No need to pay anything, as the first lucky buyer in this thread, I decided to donate you those 50000 Nxt for free. They will arrive in your account in a few minutes! Cheers
Already sent, please confirm when you received them!

[Pouncer]

made this

https://docs.google.com/spreadsheet/ccc?key=0AgUjqeXz2DTUdGdLZS1CMHdZN2VNZ0ZDSTE1UWV3NEE&usp=sharing#gid=0

I was requested by another user to set this up. Did not realise you've got that running. Great!

It'll be better to have only 1 order book. Shall we replace https://docs.google.com/spreadsheet/ccc?key=0Alf2rui4QGsjdC00aVBXVGtmMTFUQmZGQ3EtUFBidGc&usp=drive_web#gid=0 with
https://docs.google.com/spreadsheet/ccc?key=0AgUjqeXz2DTUdGdLZS1CMHdZN2VNZ0ZDSTE1UWV3NEE&usp=sharing#gid=0

in the OP?

Edit: Or do you have another thread going?? If so, we should just close this thread. Again, not good to duplicate efforts and create confusion.

[manrus]

WTB 75,000 NXT for 0.05 BTC

[Pouncer]

made this

https://docs.google.com/spreadsheet/ccc?key=0AgUjqeXz2DTUdGdLZS1CMHdZN2VNZ0ZDSTE1UWV3NEE&usp=sharing#gid=0

I was requested by another user to set this up. Did not realise you've got that running. Great!

It'll be better to have only 1 order book. Shall we replace https://docs.google.com/spreadsheet/ccc?key=0Alf2rui4QGsjdC00aVBXVGtmMTFUQmZGQ3EtUFBidGc&usp=drive_web#gid=0 with
https://docs.google.com/spreadsheet/ccc?key=0AgUjqeXz2DTUdGdLZS1CMHdZN2VNZ0ZDSTE1UWV3NEE&usp=sharing#gid=0

in the OP?

Edit: Or do you have another thread going?? If so, we should just close this thread. Again, not good to duplicate efforts and create confusion.

The new Nxt thread references this order book. So, Noitev, would you like to continue working from this file? I can pass editing rights to you.