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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756163 times)
Jean-Luc
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February 14, 2014, 05:23:05 PM
 #33721

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.


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Nxt blockchain platform | Ardor blockchain platform | Ignis ICO
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bitcoinpaul
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February 14, 2014, 05:23:47 PM
 #33722

The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.

+1.000000000
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February 14, 2014, 05:25:15 PM
 #33723

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Release 0.7.5

Cheers, Mr. Picard.
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February 14, 2014, 05:27:18 PM
 #33724

The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.

I just want to be sure about one thing - you aren't planning on using any floating point numbers for this are you (i.e. all the arithmetic will be using integers I hope)?

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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kknk808
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February 14, 2014, 05:28:28 PM
 #33725

By the way: last chance to get your money out of Nxtchg today: https://nxtchg.com/index.php

Seems like it has been sold.

I believe optical and brooklynbtc bought it. I think Tongue
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February 14, 2014, 05:28:33 PM
 #33726

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.

Well, that's a silver lining!

Also means we keep discussing the pros and cons of lowering the fee.
I was afraid I'd have to miss my weekend entertainment!  Cheesy

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February 14, 2014, 05:37:18 PM
 #33727

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.


Does anyone think it may be possible to split NXT in the same way that a stock splits when it gets too valuable?  i.e.  if you have one NXT you now have 100 NXT... everything just gets multiplied and then new transaction fee could be 10 NXT.  The reason I suggest this is because decimals are kind of a pain and it really encourages tipping and use when coins are not worth so much.  People just feel cheap tipping 1 NXT.  I think this is part of the reason DOGE tipping caught on so well.  BCNext wanted to avoid using decimals but I think was shortsighted about how much the value of one NXT could end up being.  Maybe this is too complicated to do though.
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February 14, 2014, 05:38:10 PM
 #33728

all the arithmetic will be using integers I hope
Yes of course.

lead Nxt developer, gpg key id: 0x811D6940E1E4240C
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bitcoinpaul
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February 14, 2014, 05:40:36 PM
 #33729

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.


Does anyone think it may be possible to split NXT in the same way that a stock splits when it gets too valuable?  i.e.  if you have one NXT you now have 100 NXT... everything just gets multiplied and then new transaction fee could be 10 NXT.  The reason I suggest this is because decimals are kind of a pain and it really encourages tipping and use when coins are not worth so much.  People just feel cheap tipping 1 NXT.  I think this is part of the reason DOGE tipping caught on so well.  BCNext wanted to avoid using decimals but I think was shortsighted about how much the value of one NXT could end up being.  Maybe this is too complicated to do though.

No, but it is like with bitcoins and mBTC.
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February 14, 2014, 05:44:01 PM
 #33730

Does anyone think it may be possible to split NXT in the same way that a stock splits when it gets too valuable?  i.e.  if you have one NXT you now have 100 NXT... everything just gets multiplied and then new transaction fee could be 10 NXT.  The reason I suggest this is because decimals are kind of a pain and it really encourages tipping and use when coins are not worth so much.  People just feel cheap tipping 1 NXT.  I think this is part of the reason DOGE tipping caught on so well.  BCNext wanted to avoid using decimals but I think was shortsighted about how much the value of one NXT could end up being.  Maybe this is too complicated to do though.

Every time a decimal place of precision is added it can also be viewed as inflating the total NXT supply by an order of magnitude.  The difference is really only how it is presented/viewed to the users.  So in that way added precision could be viewed as a split.

"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 14, 2014, 05:45:03 PM
 #33731

Yes of course.

Good to know - btw - if you are going to have to "upgrade" the tx format are you also considering adding "pay to many" txs (and for even better compression also "pay the same amount to many" which could be useful for things like sending "dividends")?

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
Jean-Luc
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February 14, 2014, 05:48:51 PM
 #33732

Good to know - btw - if you are going to have to "upgrade" the tx format are you also considering adding "pay to many" txs (and for even better compression also "pay the same amount to many" which could be useful for things like sending "dividends")?
Not now, this will open another can of worms.

lead Nxt developer, gpg key id: 0x811D6940E1E4240C
Nxt blockchain platform | Ardor blockchain platform | Ignis ICO
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February 14, 2014, 05:58:03 PM
 #33733

Not now, this will open another can of worms.

Okay - the Nxt Script stuff is probably going to open a few such nasty cans. Grin

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opticalcarrier
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February 14, 2014, 06:01:59 PM
 #33734

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.


Does anyone think it may be possible to split NXT in the same way that a stock splits when it gets too valuable?  i.e.  if you have one NXT you now have 100 NXT... everything just gets multiplied and then new transaction fee could be 10 NXT.  The reason I suggest this is because decimals are kind of a pain and it really encourages tipping and use when coins are not worth so much.  People just feel cheap tipping 1 NXT.  I think this is part of the reason DOGE tipping caught on so well.  BCNext wanted to avoid using decimals but I think was shortsighted about how much the value of one NXT could end up being.  Maybe this is too complicated to do though.

I think fractional amounts of NXT that is coming will resolve this.  Though I did suggest a split as an AE operation.
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February 14, 2014, 06:02:21 PM
Last edit: February 14, 2014, 06:34:30 PM by gs02xzz
 #33735

It turns out the transition to fractional amounts, which is required for reducing the minimum fee, will not be that simple. It would require adding a new transaction type, because the current ordinary payment transaction stores amounts and fees with 1 NXT precision, not multiplied by 100 as in the account balance. So it will take longer to implement and test. The positive side is that while doing that we can make the fractional part allow amounts much lower than 0.01, so we will achieve much higher divisibility.


Does anyone think it may be possible to split NXT in the same way that a stock splits when it gets too valuable?  i.e.  if you have one NXT you now have 100 NXT... everything just gets multiplied and then new transaction fee could be 10 NXT.  The reason I suggest this is because decimals are kind of a pain and it really encourages tipping and use when coins are not worth so much.  People just feel cheap tipping 1 NXT.  I think this is part of the reason DOGE tipping caught on so well.  BCNext wanted to avoid using decimals but I think was shortsighted about how much the value of one NXT could end up being.  Maybe this is too complicated to do though.

No, but it is like with bitcoins and mBTC.

I think it also can be solved by the "real" coins on top of Nxt. It is like that you don't use Nxt to buy groceries but you use edollars to buy groceries as in today's market you don't use gold to buy groceries but you use dollars to buy groceries.
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February 14, 2014, 06:03:32 PM
 #33736

By the way: last chance to get your money out of Nxtchg today: https://nxtchg.com/index.php

Seems like it has been sold.

I believe optical and brooklynbtc bought it. I think Tongue

how on earth did you get that Im involved in a purchage of nxtchg?  cause Ive never said anything of the sort, and Ive not seen anyone around here mentioning it either.
ChuckOne
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February 14, 2014, 06:03:37 PM
 #33737

all the arithmetic will be using integers I hope
Yes of course.


Glad to hear.
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February 14, 2014, 06:10:50 PM
 #33738

Good to know - btw - if you are going to have to "upgrade" the tx format are you also considering adding "pay to many" txs (and for even better compression also "pay the same amount to many" which could be useful for things like sending "dividends")?

What's your hope in having such feature?
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February 14, 2014, 06:17:49 PM
 #33739

By the way: last chance to get your money out of Nxtchg today: https://nxtchg.com/index.php

Seems like it has been sold.

I believe optical and brooklynbtc bought it. I think Tongue

how on earth did you get that Im involved in a purchage of nxtchg?  cause Ive never said anything of the sort, and Ive not seen anyone around here mentioning it either.

Sorry thought I heard earlier. It was mentioned. Just woke up so was a little mehhh...it was msin... >,>


Can look at brooklynbtc earlier posts Smiley

I apologize for any dishonor :/

Edit: found the quote from earlier

By the way: Nxtchg's site is for sale: https://nxtchg.com/sale.php

Someone might want to take it over.

Anyone want to front me the 10btc for it? I'll run it at 1% fee and split it with you until you have your investment doubled.

Deal?


Sure. PM me and I'll get on it tomorrow, going to bed now.
develCuy
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February 14, 2014, 06:31:36 PM
 #33740

Changed my NXT address to 12364258960487881341 in case you still want to donate some. Thanks!

develCuy's posts at steemitdevelCuy's profile on devtome  |  Devcoin - from the many, one. From one, the source
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