NXT :: descendant of Bitcoin - Updated Information

[BaiMangal]

than ill just do silver bullion only.

what does this mean? sry for the silly question but if its real silver plate does it not have TAX on top of it?

[1714293214]

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[1714293214]

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[xibeijan]

Below is the message doctorevil sent to inform captain picard, cfb, and opticalc!

We must get this guy to join us as dev!

+1

+1

[Anon136]

than ill just do silver bullion only.

what does this mean? sry for the silly question but if its real silver plate does it not have TAX on top of it?

you don't have to deal with fincen compliance if you are just trading digital tokens for silver and silver for digital tokens. you arnt considered a money services business unless you handle fiat in some way.

[Isildur23]

Guys, sorry for the super silly question. I read every post here but when i saw that FC was promoting NEM i ignored every post in which i see "NEM". Now i see that Utopianfuture is responsible for NEM and most of the active people here are in the staheholders' list of NEM (are they really? Anon? Come-from-beyond?). Will NEM have the same features like Nxt (especially transparent forging)? And the only difference will be the community and developers? I know I gotta be missing something and i sound silly but i have to ask. Thank you for the response!

[brooklynbtc]

rofl. i completely missed that thread where i was mentioned like a dozen times

U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...

I was planning on being the silver bullion gateway but I could also do fiat.

Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.

I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.

yea idk anything about governments and their crazy edicts. im definitely not going to try to comply with the ever changing whims of thousands of disorganized but well armed sociopaths. if there is a big risk associated with being a fiat gateway than ill just do silver bullion only.

Yeah not all the people looking to buy Crypto are doing so out of "interest". Plenty are looking for a way just to move money. Hate to be the guy the FBI come looking for..

[cryptolawyer]

rofl. i completely missed that thread where i was mentioned like a dozen times

U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...

I was planning on being the silver bullion gateway but I could also do fiat.

Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.

I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.

Stop by the NY Bitcoin Center at 40 Broad on Monday night and throw some NXT into the mix. I was there last week and Doge was being traded alongside BTC.

If you do, I'll know who you are, and come over and introduce myself.

[brooklynbtc]

than ill just do silver bullion only.

what does this mean? sry for the silly question but if its real silver plate does it not have TAX on top of it?

you don't have to deal with fincen compliance if you are just trading digital tokens for silver and silver for digital tokens. you arnt considered a money services business unless you handle fiat in some way.

and I assume you can trade crypto to crypto as well.

[stereotype]

than ill just do silver bullion only.

what does this mean? sry for the silly question but if its real silver plate does it not have TAX on top of it?

you don't have to deal with fincen compliance if you are just trading digital tokens for silver and silver for digital tokens. you arnt considered a money services business unless you handle fiat in some way.

Is that what Mike Caldwell would say?

[Passion_ltc]

NXT Vote on Transaction Fees seems no longer discussed.  So... my final tally:

Fee Amount

Votes

0.000001	1
0.001	2
0.01	10
0.05	1
0.055	2
0.1	37
0.25	2
0.1	7

Mean: 0.184870983870968
Median: 0.1
Mode: 0.1

https://i.imgur.com/jQzwKMG.png

Google Doc:
https://docs.google.com/spreadsheet/ccc?key=0Akjrt0LTBXgcdFFkSGMwXzd4Q2NPU21yU2NOYWVldlE&usp=sharing

This marks the end of my tally.  If someone else wants to continue, I can give permissions on the google doc.  Send me a PM.

Cheers!

I would say we finish this and implement the 0.1 NXT fee.

[brooklynbtc]

rofl. i completely missed that thread where i was mentioned like a dozen times

U should monetize ur reputation. If u were a fiat gateway operator for Asset Exchange, u would help the community a lot. I would accept dollars issued by u without any doubt. Think of such a business plz...

I was planning on being the silver bullion gateway but I could also do fiat.

Does anyone have any thoughts on US based fiat exchange? Seems you have all the FINCEN registration to go through.
What does localbitcoins do? Fly under the radar? I bought my first Btc in person from localbitcoins, from a daytrader literally on wall street.

I will gladly make myself available as a New York based fiat exchange, but trying to sort the legality.

Stop by the NY Bitcoin Center at 40 Broad on Monday night and throw some NXT into the mix. I was there last week and Doge was being traded alongside BTC.

If you do, I'll know who you are, and come over and introduce myself.

Hey CL

 What's the usual method of trading over there? fees?
 I would imagine offering NXT is a little harder, what with phone apps and wallets. Def need a laptop with you I assume?

[Anon136]

than ill just do silver bullion only.

what does this mean? sry for the silly question but if its real silver plate does it not have TAX on top of it?

you don't have to deal with fincen compliance if you are just trading digital tokens for silver and silver for digital tokens. you arnt considered a money services business unless you handle fiat in some way.

and I assume you can trade crypto to crypto as well.

that is correct

[xibeijan]

NXT Vote on Transaction Fees seems no longer discussed.  So... my final tally:

Fee Amount

Votes

0.000001	1
0.001	2
0.01	10
0.05	1
0.055	2
0.1	37
0.25	2
0.1	7

Mean: 0.184870983870968
Median: 0.1
Mode: 0.1



Google Doc:
https://docs.google.com/spreadsheet/ccc?key=0Akjrt0LTBXgcdFFkSGMwXzd4Q2NPU21yU2NOYWVldlE&usp=sharing

This marks the end of my tally.  If someone else wants to continue, I can give permissions on the google doc.  Send me a PM.

Cheers!

I didn't see the announcement to vote.

[mkmen]

Critical bug disclosure

Few days ago the guy who found a vulnerability in Blockchain.Info and picked the secret phrase of Nxt genesis account found a security flaw in NRS cryptographic algorithm.

...

I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

I'm the guy.  I just created a thread providing more technical details https://nextcoin.org/index.php/topic,3884.0.html and to answer questions.  I don't really check this forum/thread so posting there is the best way to reach me.

Huge respect to you. I'm gonna send some NXT to your "ransom" account once I'm comfortable running the client. Thank you for this.

[FrictionlessCoin]

Below is the message doctorevil sent to inform captain picard, cfb, and opticalc!

We must get this guy to join us as dev!

The disclosure CfB recently announced on the BCT thread might leave some with questions regarding the exact details.  Here's what I sent CfB, Jean-Luc, and OpticalC earlier:

-Gentlemen-

All versions of NXT are currently vulnerable to a transaction replay attack.

I've tested this exploit successfully (TXs 16383865633576457223 and 6120913904145250080).

This message has only been sent to you 3 (Jean-Luc, opticalc and CfB); however, I plan to eventually make a public disclosure.

Specifics:

Anyone on the network can create 15 replicas of a transaction that verify OK but which have distinct transaction ids.  This has to do with a phenomenon called signature malleability.  Given a valid signature X₀, anyone (not just the original signer) can create 15 additional distinct signatures X₁, X₂ ... X₁₅ which all verify correctly. 

The only circumstances in which a transaction can not be replayed are if:

(1) the sender's balance is too low or
(2) the transaction deadline has expired

Example exploit scenario:

BTER currently has a 40M+ NXT wallet it sends withdrawals from.  If I was evil, I could transfer 100k NXT back and forth between myself and BTER.  Lets say I do this 10 times.  A few hours later I could create 15 replays of each withdrawal transaction, netting 1.5M NXT.  If I was super evil I could send the replays immediately after each withdrawal, redepositing the new NXT and growing the heist exponentially.  One could drain their entire 40M wallet in 3 round trips starting with just 12500 NXT.  Eviler still, one could also replay recent transactions flowing into BTER from depositors in order to steal their funds as well, swelling the total catch beyond 40M.

Several possible fixes come to mind:

(1) define a canonical signature representation (bitcoin's approach)
(2) exclude the signature field when calculating the transaction id (probably too sweeping a change at this point)
(3) explicitly check for replays in processTransactions (a bit of a kludge)

The math:

The output of Curve25519.sign is v.  This value essentially acts like an element in a finite field who's order is the same as the curve group order (2²⁵²+2¹²⁴).  So for any v, you can add 2²⁵²+2¹²⁴ and arrive at a value that is equivalent as far as the underlying field math is concerned.  NXT encodes v using 256 bits (32 bytes).  Since 2²⁵⁶ is significantly larger than the group order, there are ~16 distinct 256-bit encodings of each field element.  Because everyone knows the group order and v is part of the signature, anyone can generate the other encodings to perform this attack.

In closing, I just want to say that it hurts my evil heart not to exploit this.

-Dr. Evil-

This was quickly followed up with some back and forth with CfB where I provided him actual code for the exploit (which I'll elide here for obvious reasons) and a discussion of the plan for how to rollout a fix (which they implemented within hours of initially communicating with them).

He also threw me 10 BTC, which I didn't really expect but greatly appreciated.  I got all of jack shit (other than a warm fuzzy) when I privately revealed to blockchain.info a RNG bug that had already lead to multiple documented thefts.

I'm happy to answer in this thread any remaining technical questions the community might have about the nature of the flaw.

quoted.

[ChuckOne]

NXT Vote on Transaction Fees seems no longer discussed.  So... my final tally:

Fee Amount

Votes

0.000001	1
0.001	2
0.01	10
0.05	1
0.055	2
0.1	37
0.25	2
0.1	7

Mean: 0.184870983870968
Median: 0.1
Mode: 0.1

Should be:

1.0

7

[timmyd]

Why we need crypto-currency

http://www.bbc.co.uk/news/business-25861717

thats bullshit.. your money so you can withdraw what ever you want! id have a shit attack if my bank said i couldnt withdraw my own money in person in the bank.. id understand a few hundred thou or a million but not just a couple thou... there all goin buyin bitcoin from zipzap lol

Yeah, it's scary.  If a well capitalised bank like HSBC is not letting customers withdrawal 7,000, then the finance world is in a really bad state!

That's not a conspiracy theorist article either--- it's BBC!

Unless it states in the banks terms and conditions that "on deposit of funds into the bank. The bank then own your deposit , they cannot stop you withdrawing your money for any purpose"
Its basically theft. I suggest that anyone who trys to withdraw their own money from a bank and they refuse to call the police. Its theft they cannot hold your money hostage. Unless like i said the deposit becomes property of the bank. And if it does say this in any banks terms then it must be hidden and i reckon people would like to know abou this.

[ChuckOne]

NXT Vote on Transaction Fees seems no longer discussed.  So... my final tally:

Fee Amount

Votes

0.000001	1
0.001	2
0.01	10
0.05	1
0.055	2
0.1	37
0.25	2
0.1	7

Mean: 0.184870983870968
Median: 0.1
Mode: 0.1



Google Doc:
https://docs.google.com/spreadsheet/ccc?key=0Akjrt0LTBXgcdFFkSGMwXzd4Q2NPU21yU2NOYWVldlE&usp=sharing

This marks the end of my tally.  If someone else wants to continue, I can give permissions on the google doc.  Send me a PM.

Cheers!

I didn't see the announcement to vote.

What's you opinion on that?

[Anon136]

you know guys. we could cut out the dollar by tying our main token that we trade with to something extremely liquid but lacking other properties of money. the nxt token representation of the object will give it its strong money characteristics and the high liquidity of the item its tied to could give a stable and recognizable price.

so just as an offhand example, the basic pricing could be done by having the main medium of exchange be a token that represents 1 egg. say i am an egg farmer, i issue 1 million grade a egg colored tokens. the nxt/egg cross becomes the deepest and most liquid token in the market and so then nxt becomes priced in eggs. if you want to know what the value of a nxt is in dollars then you go to the supermarket and check out the price of eggs and just do the conversion. if you want eggs than you just trade 1 token for 1 egg to the egg farmer.

eggs probably bag example. ill try to think of something better.

[msin]

Critical bug disclosure

Few days ago the guy who found a vulnerability in Blockchain.Info and picked the secret phrase of Nxt genesis account found a security flaw in NRS cryptographic algorithm.

...

I can't explain details of the flaw, coz it's out of my area of expertise. U can contact him directly via nextcoin.org forum.

I'm the guy.  I just created a thread providing more technical details https://nextcoin.org/index.php/topic,3884.0.html and to answer questions.  I don't really check this forum/thread so posting there is the best way to reach me.

Let's get this guy on board, Klee is in charge of the infrastructure team, so perhaps Klee can get him on board and a good chunk of Nxt from unclaimed.

[mezzovide]

Below is the message doctorevil sent to inform captain picard, cfb, and opticalc!

We must get this guy to join us as dev!

+1

+1