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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2755915 times)
opticalcarrier
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February 13, 2014, 09:16:50 PM
Last edit: March 14, 2014, 03:14:32 PM by opticalcarrier
 #33381

I view the fee as a blockchain spam deterrent, any possible ROI is secondary IMHO.  We don't have any major activity on the blockchain at the moment.  All is relatively quiet, but that will change as services are added and merchants begin to use NXT for payment.  After only a few short months of very little activity the full blockchain is already over 50 megs on disk.

I think the fee should only be changed if the price of NXT goes up significantly.  My 0.25 NXT minimum fee vote was based on the thought of 1 NXT going to the stable range of $0.15 to ~$0.30 cents US in the next six months.

I still say trying to tie the fee to some FIAT is the wrong direction.  Ill say it again - a transactions's fee should be tied to its byte size on the blockchain.  So lets say a NXT transfer is 128bytes, and its fee is .1NXT, so then an AM or alias transaction of size 256bytes should then cost .2NXT, and other transaction types follow the same method of fee determination.  We would determine a "base" transaction that is the smallest possible transaction, and set the .1 NXT fee to it.  (or .01 or .05 or whatever the community decides) and then scale every other transaction's fee to be based on its size compared to the base one.
But no one likes my idea.  Embarrassed

This proposal will require a bit more code; but for the moment I think a straight .1 NXT for all works, as it will encourage more use for now.
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Come-from-Beyond
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February 13, 2014, 09:16:54 PM
 #33382

this is much more interesting than it seems at first. having private data sections within code would solve many
problems, e.g. to create real smart software agents and also fully trustless gateways.

for those interested in this:
http://bitcoinmagazine.com/10055/cryptographic-code-obfuscation-decentralized-autonomous-organizations-huge-leap-forward/

Thx for the link, the article contained a link that I was looking for - to fully homomorphic encryption that could be used for Coin Mixing.
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February 13, 2014, 09:21:38 PM
 #33383

CfB and Jean-Luc,

"Hello John,

I was looking at the API but it seems like there aren't any APIs for bulk
usage; like returning all of the transactions for all of the accounts held
by the node or the balances of all the accounts. Everything has to be
queried one by one, which I guess wouldn't be a big deal in the early
stages but once there is more volume would be very inefficient.

I haven't looked at the code yet though, so it may not be that hard for me
to add those API calls.

-CoinPayments.net"


Please comment and I'll get that process moving with CoinPayments.
klee
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February 13, 2014, 09:22:29 PM
 #33384

http://www.cryptocoinsnews.com/2014/02/13/silk-road-2-0-has-been-hacked-and-4474-26-btc-stolen-operator-says-centralized-escrow-system-cant-ever-work/

http://www.forbes.com/sites/andygreenberg/2014/02/13/silk-road-2-0-hacked-using-bitcoin-bug-all-its-funds-stolen/?utm_campaign=forbestwittersf&utm_source=twitter&utm_medium=social
jl777
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February 13, 2014, 09:26:17 PM
 #33385

With our asset exchange would it be possible to issue an asset like a "buck". Where for each buck, the issure holds 1 USD. I know that a fiat gateway has some very serious limitations, but if the issuer only holds USD (and someone even verifies that) and it is not really possible to redeem those "bucks", then this would be a nice way of introducing a shorting instrument. The price of 1 buck would be always near 1 real dollar because of arbitrage.

Possible?
I dont think we can setup shorting directly by using an issued asset. A negative value asset would mean that you would be forced to payup when you redeem it, but as the holder of such an asset, I doubt many people would ever redeem it, so there would be a lack of liquidity.

What can be done is to implement something like XCP does with bets to create CFD (contract for difference). This then allows creation of options (call and put) and can then be used to create all sorts of different risk/rewards based on possible price fluctuations.

A put option is close to shorting, there is just the matter of the option premium

It is also possible to directly issue a call option, or put option, or I guess a negative USD Asset, but this opens the whole collateralization issue to ensure that the issuer will be able to pay, regardless of the market fluctuations. Anybody issuing USD puts sold before the coming collapse this summer, will most likely not be able to payup any uncollateralized options

Rather than engineering these derivatives, I think it is much more productive to think about issuing Assets that represent real things, like turtles, eggs, pigs and even cows or a timeshare week on POPPP's farm in France.

In the next year or two, what happened in Greece and Iceland will look like a small blip. USA cannot keep spending money like it is without a severe devaluation or hyperinflation or both, but either will make all the other countries refuse dollars and force USA to pay in something a lot more solid, like CNY or gold, etc. Whether this happens this summer when new capital flight control regulations are enacted, or if it is magically delayed by a year, it will happen. Russia and China are already negotiating with their trading partners to avoid using USD as reserve currency. Being the reserve currency (what international trade is settled in) has given USA about a 40% advantage. Also it is the only country that can change a number in a spreadsheet and voila! all the goods it needs just got paid for. Fiat, gotta love it or hate it.

Such financial collapse will create a massive flight into precious metals, commodities but people will still need to trade and what will they use as money? Gee, I wonder what could be used for money in a post-USD world?

James

P.S. By making it easy to issue real world backed assets within AE, NXT will become the reserve currency. We see BTC acting as this against cryptos, but the potential for NXT is a lot more

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
xyzzyx
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February 13, 2014, 09:26:59 PM
 #33386

I view the fee as a blockchain spam deterrent, any possible ROI is secondary IMHO.  We don't have any major activity on the blockchain at the moment.  All is relatively quiet, but that will change as services are added and merchants begin to use NXT for payment.  After only a few short months of very little activity the full blockchain is already over 50 megs on disk.

I think the fee should only be changed if the price of NXT goes up significantly.  My 0.25 NXT minimum fee vote was based on the thought of 1 NXT going to the stable range of $0.15 to ~$0.30 cents US in the next six months.

I still say trying to tie the fee to some FIAT is the wrong direction.  Ill say it again - a transactions's fee should be tied to its byte size on the blockchain.  So lets say a NXT transfer is 128bytes, and its fee is .1NXT, so then an AM or alias of size 256bytes should cost .2NXT.
But no one likes my idea.  Embarrassed

This proposal will require a bit more code; but for the moment I think a straight .1 NXT for all works, as it will encourage more use for now.

I like your idea.  I think it makes perfect sense.

"An awful lot of code is being written ... in languages that aren't very good by people who don't know what they're doing." -- Barbara Liskov
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February 13, 2014, 09:30:29 PM
 #33387


It would be nice to have a decentralized shops on top of nxt.. I think I saw a mention of this in the NRS client HTML...
opticalcarrier
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February 13, 2014, 09:32:37 PM
 #33388


friggin morons.  its not like they were warned or anything. oh wait...  (friggin morons)
Eadeqa
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February 13, 2014, 09:33:07 PM
 #33389

Bitcoins stolen due to the bug

http://www.forbes.com/sites/andygreenberg/2014/02/13/silk-road-2-0-hacked-using-bitcoin-bug-all-its-funds-stolen/

I think prices are on their down to under $100

If Nxt has the same issue, address it

NXT-GZYP-FMRT-FQ9K-3YQGS
https://nxtforum.org
Come-from-Beyond
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February 13, 2014, 09:35:54 PM
 #33390

CfB and Jean-Luc,

"Hello John,

I was looking at the API but it seems like there aren't any APIs for bulk
usage; like returning all of the transactions for all of the accounts held
by the node or the balances of all the accounts. Everything has to be
queried one by one, which I guess wouldn't be a big deal in the early
stages but once there is more volume would be very inefficient.

I haven't looked at the code yet though, so it may not be that hard for me
to add those API calls.

-CoinPayments.net"


Please comment and I'll get that process moving with CoinPayments.

That's why we need other APIs - Low-end and High-end. They will replace current API - Legacy.
Mario123
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February 13, 2014, 09:42:55 PM
 #33391

www.nxtclient.org

It's not finished yet. I didn't put the links in it because I don't know how we will promote them, which is really open source and who's client gets a separate homepage.

If you have any ideas or suggestions for this site: PM me or write here.

I'm no pro web designer but donations are welcome.

Direct links would be a huge help right now.  As I'm walking exchanges through Nxt, this allows them to play with the different options.

I will think about it tonight and will improve it. Thanks.

I updated the links.

www.NXTclient.org

Please leave comments or suggestions!

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February 13, 2014, 10:04:42 PM
Last edit: February 13, 2014, 10:29:08 PM by xyzzyx
 #33392

So what's likely up with these peers:

Code:
...
87.98.163.78      -    0    2'252'772 B   10'260 B    ? (?) @ ?
185.12.44.108     -    0    110'330 B     1'288 B     ? (?) @ ?
23.88.104.217     -    0    166'340 B     1'498 B     ? (?) @ ?
82.209.203.82     -    0    500'940 B     1'857 B     ? (?) @ ?
198.211.127.34    -    0    159'320 B     1'412 B     ? (?) @ ?
...

Misconfiguration?  Zombies?

Edit: I think I may have more of them in my peer list than I do actual NRS peers.

"An awful lot of code is being written ... in languages that aren't very good by people who don't know what they're doing." -- Barbara Liskov
VanBreuk
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February 13, 2014, 10:11:18 PM
 #33393


I updated the links.

www.NXTclient.org

Please leave comments or suggestions!

Thank you for this. Really necessary right now, I hope you don't mind if I link it as default client-selection option in the spanish site main menu.
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February 13, 2014, 10:16:27 PM
 #33394

Guys thanks to Opticarrier who just had a marathon configure session to ssl cert our VPS which is now trusted.

https://wallet.nxtty.com:7875/


So the community can make use of our online wallet if they wish, courtesy of the Nxt Mobile Applications Company.



msin
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February 13, 2014, 10:17:58 PM
 #33395


Yikes, bad for BTC.
Eadeqa
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February 13, 2014, 10:20:28 PM
 #33396


If general public lose confidence, it's bad for all crypto -- Nxt included

NXT-GZYP-FMRT-FQ9K-3YQGS
https://nxtforum.org
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February 13, 2014, 10:25:01 PM
 #33397


It is definitely bad in the short term :/

BTC is plummeting again, although not as much as it has.

However, we are nowhere close to being available to "general public" for at least a while now.

The crypto communities will on the other hand be interested in alternatives, which is good for Nxt.

Hopefully, instead of a blaming fest, this will turn to a more positive thing. I fear the blaming fest, however.

Member of the Nxt Foundation | Donations: NXT-D6K7-MLY6-98FM-FLL5T
Join Nxt Slack! https://nxtchat.herokuapp.com/
Founder of Blockchain Workspace | Personal Site & Blog
rriky92
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February 13, 2014, 10:26:53 PM
 #33398

New iNxt version 1.0.6 (iPhone app) sent to Apple to review!

What's New in this Version:
Code:
-Now app use SSL (Thanks to landomata and Nxtty server)
-New API for forging
-Improved performance of the Exchange page (Thanks to wolfgang's code!!)


You will see new version in 5 days in App Store


If you want to access source code just write me!
ChuckOne
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February 13, 2014, 10:27:14 PM
 #33399


Let's hope cryptocurrencies won't get hurt.
chanc3r
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February 13, 2014, 10:27:32 PM
 #33400


http://www.information-age.com/technology/security/123457039/hackers-stole--45m-from-middle-eastern-banks-in-cyber-heist

Remember this last year - the ATM network wasn't at fault - a Bank didnt keep its servers safe...
FIAT systems get hacked too if people don't follow precautions.

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