NXT :: descendant of Bitcoin - Updated Information

[bitcoinpaul]

Isnt Damelon's project the same one NXTcommunityfund has 25K from neer.g and another 25K from someone else?

yes, but we are talking about an professional solution for e-commerce that benefits everyone and we will be sure this will be deliverd on budget on time.

You have my garantuee on that.
You also have my garantuee that all of it will go to the devs and none to me.
This is about getting things done in a way we all feel is adding value.

Thanks for SEEING value!

Important stuff.

+1

[Zahlen]

I also sort of thought there was gonna be some kind of vetting of people putting their names down for committees, where they would have to put in at least one post describing why they thought they were qualified to serve on a committee, what they wanted to accomplish there, blah blah blah, and um....we might actually VOTE IN A POLL to pick the top 5?

Instead it's just put your name down as a candidate and you're in?  On as many committees as you want?

Yeah.  I've been busy on contract work this week (and will be until April 1) so I'm not able to keep up as much as I'd like.  There are lots of smart, competent folks like me who should be involved in these decisions but can't because they, you know, have jobs.  We seem to be rushing to do things QUICKLY, instead of PROPERLY.  

I'm ok with no vetting but

Candidates should sell themselves (okay, that sounded wrong ). e.g. Describe what they've done so far and link to it (even just contributing to discussion is fine). Explain what skills they have, and why they think they're a good fit for the committee they're interested in. They also need to confirm their availability. They don't need to reveal their identity (whether to the public, or just to someone trustworthy), but professional info like what trades they've been in, for how many years would help their case.

i.e. convince everyone (meaning people who hang out in all the different forums) why you're a good choice, make it easy for folks to find info about what you've done, so that folks can make an informed choice.

[Mario123]

• I want to call a time out here for a few pages.
• I'm not trying to be the Grinch here, but I STRONGLY think we've got to get a better handle on this whole process before we just start handing out NXT left and right to ANYBODY.
• I also sort of thought there was gonna be some kind of vetting of people putting their names down for committees, where they would have to put in at least one post describing why they thought they were qualified to serve on a committee, what they wanted to accomplish there, blah blah blah, and um....we might actually VOTE IN A POLL to pick the top 5?
• Instead it's just put your name down as a candidate and you're in?  On as many committees as you want?
• I thought we were still in some kind of phase where people were still putting their names in to APPLY for the committee. 

Yes yes yes. +100

Just throwing the name in the spreadsheet and becoming a member is really bad. I thought the nominees should add their names on it and then we vote. Where is the voting?
This happens very unstructured and I propose:

- Stop spending the unclaimed coins
- Stop promising coins for projects
- Start a new thread where we discuss how we should proceed (voting on committee members, how do the members work together, what are the rules)
- Until then, don't do anything with this precious coins

[Istanbul34]

Nice discussion here;

https://bitcointalk.org/index.php?topic=475406.0;all

[dave5555]

Maybe allocate some funds to Peer Explorer.  The person running it just got NXT stolen out of caches meant for node administrators.  The whole cache program he's running encourages the creation of VPS nodes.  Just a suggestion.

[2Kool4Skewl]

I want to make one more point here as an official NXT treasurer.  Those NXT fund spreadsheets in my sig currently document THREE QUARTERS OF A MILLION DOLLARS of assets.  This is with the NXT price apparently still being held down by a whale doing a slow selloff of his funds, with NXT still on the launchpad instead of blasting off for da moon.  In a matter of weeks or a few months we could literally be in control of MILLIONS OF DOLLARS WORTH OF NXT.   This is a HUGE HUGE HUGE responsibility.  Disbursing these assets is not like peeling off a five out of your wallet at McDonalds.  There has got to be a CHAIN OF COMMAND.  The treasurer has got to receive clear, unambiguous, and documented authorization to disburse from a SPECIFIC DESIGNATED SPENDING AUTHORITY that everybody acknowledges. 

It's not as big a deal as making sure you've got Presidential authorization to turn that key in a nuke sub....but I'm treating it that way.  Would you rather have a treasurer who didn't?

I'm glad rickyjames is being conservative in distributing the funds.  The allocation of the community Nxt fund should be done with great care and thought.  Don't blow through all of it quickly.  The longer the funds are held the more valuable they will become and the more projects you can fund.

It's my belief that dollar parity is going to be here sooner than we all think.  Remember no more Nxt is being created.  We this happens the community will have $9 million at its disposal to fund projects.

Regardless of the USD value of the community Nxt fund remember, "You can only spend a dollar once."

[mcjavar]

ANNOUNCEMENT!

Asset Exchange is a great tool, but will not succeed without service providers. The most important question is…
How to get legal FIAT out of the IPO?

Let me explain the IPO process using Nxt´s Asset Exchange through our example:
We have a limited liability company (ltd) in Austria with financial reports for the last two years which is accessible online. The owners are known; we will try to provide a reasonable business plan and are ready to attend Q&A sessions so we can wave away all doubts. We are planning to pay dividends regularly to our investors depending of income. 
We are not a startup, but for this project, we will need another office, new developers, and a lot of things related to the daily job which we can´t (yet) pay with Bitcoin or Nxt, so we will definitively need FIAT to make those purchases. We need legal FIAT that the company can spend.
I am pretty sure that after the story with Visacoin (and all the other scammers) most of us will only invest in companies/projects of well-known community members, where the transparency is given, so you know whom you are lending your money. And they will also need a gateway to get legal FIAT out of the IPO.
I decided to consult a tax advisor, a business consultant and a professional offshore consultant to get an overview about the possibilities. And I am more than thrilled about the news I got.

My offer:
There are several ways for a company to get FIAT out of crypto, paying only a reasonable amount of tax. But all the ways are going through a special company (with special license) that is made for this purpose. There are professionals who know how to set things up in a LEGAL way, without risks. Sure, we need to pay (a reasonable amount of) taxes, but for that, we can have a good night´s sleep without the risk of getting busted for money laundering, tax evasion or something similar. We can have our own company, earn money by charging handling and transaction fees, AND help the community to grow and evolve. I am looking for a well-known community member to team up with to found this special company. I am a member of the community since the end of November and am ready to meet in person, wherever we can arrange it. This is a big opportunity, I think, but I can´t do it alone. I need someone to brainstorm with, to share the ideas, the work, the responsibility, the win and of course the risk of this investment.
Setting up a company (anonymously, so our name will not be linked to it) will cost 15 000 Euro (around 33 BTC or 350 000 Nxt) INCLUDING all costs for setting up the company in the Seychelles, all the consultants fees, and all other connected costs for the first year. From the second year on, the maintenance costs will be around 6000 Euro + an annual turnover tax of 1.5%. Setting up the same company not anonymously would cost 10 000 Euro.

We will be able to help to convert crypto to FIAT, and also to pay the dividends (in a legal way in FIAT) to the investors through our company if the startup doesn´t want to bother with this. Something similar to what Havelock Investment is doing, except, that we will not look for projects and attract investors, as this will be done using Nxt´s Asset Exchange. We step in once the funding was successful and the desired amount of investment was raised by the community.

I´ve already spent around 500 Euros on consulting with the above mentioned guys, so I am very serious about this, but will not start the project alone, just to make this clear.
I will be in Moscow this Friday till Monday and will be in New York in the end of March if someone would like to discuss this in person.

Anonymous Seychelles company for 15k €? Why anonymous? And why 15k €? You can open it online for about $1k.
The government annual fee for a CSL is just $200, the rest of that 6000 € is your consultant's profit

Just create a ltd in some country without vat on cryptocurrencies (like Hong Kong, or even Germany I think) and that's it.

Still, I don't see the reason for an existing company to not just use an existing bitcoin exchange to get money out of ipo, unless it's actually illegal in its country (China?).

Do you have experience how things like this work? I saw that you can register online for less, but if you have no idea how it's working and never did it before you will most probably mess it up and it will take a lot of time to register your company, if you manage it at all. I have no experience with things like this, that's why I need professional help.
Why being anonymous? Because we can't know how the regulations will change. I personally won't like to have ny name publicly linked to an offshore company, because this could rajse the awareness of the tax office in Europe. Which is evesything but not nice.

How will the company manage the money coming from the exchange? Will they write a contract with all the investors? How can you explain if 500 000 usd pops up from Asia (for example) on your company's bank account?

[landomata]

I want to make one more point here as an official NXT treasurer.  Those NXT fund spreadsheets in my sig currently document THREE QUARTERS OF A MILLION DOLLARS of assets.  This is with the NXT price apparently still being held down by a whale doing a slow selloff of his funds, with NXT still on the launchpad instead of blasting off for da moon.  In a matter of weeks or a few months we could literally be in control of MILLIONS OF DOLLARS WORTH OF NXT.   This is a HUGE HUGE HUGE responsibility.  Disbursing these assets is not like peeling off a five out of your wallet at McDonalds.  There has got to be a CHAIN OF COMMAND.  The treasurer has got to receive clear, unambiguous, and documented authorization to disburse from a SPECIFIC DESIGNATED SPENDING AUTHORITY that everybody acknowledges.  

It's not as big a deal as making sure you've got Presidential authorization to turn that key in a nuke sub....but I'm treating it that way.  Would you rather have a treasurer who didn't?

+100

+100

This is very very very important, we need to keep a firm hold on the spending of these funds.

Ricky is right this is one (BUT IMPORTANT) process that most be centralized...preferably in very strong hands.

[punkrock]

Whoops,

we just got pushed back to second place by Teslacoin

https://www.mintpal.com/voting

Unregistered users = 3 votes per hour!

>>>>>>>>>>>>>>> PLEASE VOTE! <<<<<<<<<<<<<<<

Registered users = 6 votes per hour!

Please quote me, share on Twitter, Facebook, Reddit... thanks!

BUY VOTES FOR NXT!

1 VOTE = 0,00005 BTC
1 BTC = 20,000 VOTES FOR NXT

Website: https://www.mintpal.com/voting
How to? Send any BTC to 1KB2AWLpKByBifkyQLJERhZi4jVDGWMA4n

Each 0.00005000 BTC received will count for 1 vote. All payment votes will be publicly visible, as you can see by clicking here.

[Zahlen]

The world's first pizza sold for crypto$ through an AE!

(Worldwide delivery within 60 mins, piping hot or a 2nd pizza free )

I got pizza for you.. worldwide delivery, i dunno

This will be the future of pizza delivery.

[2Kool4Skewl]

Whoops,

we just got pushed back to second place by Teslacoin

https://www.mintpal.com/voting

Unregistered users = 3 votes per hour!

>>>>>>>>>>>>>>> PLEASE VOTE! <<<<<<<<<<<<<<<

Registered users = 6 votes per hour!

Please quote me, share on Twitter, Facebook, Reddit... thanks!

BUY VOTES FOR NXT!

1 VOTE = 0,00005 BTC
1 BTC = 20,000 VOTES FOR NXT

Website: https://www.mintpal.com/voting
How to? Send any BTC to 1KB2AWLpKByBifkyQLJERhZi4jVDGWMA4n

Each 0.00005000 BTC received will count for 1 vote. All payment votes will be publicly visible, as you can see by clicking here.

DO NOT PAY ANY MONEY TO HAVE NXT LISTED ON AN EXCHANGE!

THIS IS A MOVEMENT ABOUT FREEDOM FROM UNETHICAL PRACTICES!

NXT CAN STAND ON ITS OWN!

[martismartis]

Just to inform, 0.7.6 runs smoothly on Android TV stick public node.

For a while

Picuntu? Please share hardware and software information, I am VERY interested... I bricked a stick for this...

Ubuntu 13.10 in Android, TV stick with RK3066 chip

Would you be willing to do a how-to write up on the wiki?

http://wiki.nxtcrypto.org/wiki/How-To

Reposting from my previous post:

OK, here we go. Small tutorial on running NRS in Android TV stick.

Tested on Android TV stick, running 4.2.2, RK3006 Rockchip, internal sdcard.

1. Stick has to be rooted.

2. install Complete Linux Installer from app store https://play.google.com/store/apps/details?id=com.zpwebsites.linuxonandroid

3. Go through all steps as it on http://www.youtube.com/watch?v=b17Bfza1X3A. I used small 13.10 image, because I installed it in internal sdcard. Extracted it takes 2GB. Important: use ext2.zip files if your android is less than 4.3 and you download them manually from http://sourceforge.net/projects/linuxonandroid/files/Ubuntu/13.10/

4. If you did everything as instructed, you should see Ubuntu running on your device. Install java. Important: install oracle java

5. Now copy Your next folder to your desktop folder in ubuntu

6. goto to nxt folder, open terminal window in this folder, type java -jar start.jar and here we go!!!

7. Now you can use chrome browser in android (no need is to have one in ubuntu) and check everything is working.

Didn't try on other android devices, but I think it should work on any android device.

Ask if you will stuck at some moment (i stuck 10 times in 3 days Smiley), I'll try to help. 20 years ago I was a coder, but now I'm not so tech guy, but I'll try the best.

Next stage by myself is to run NRS on my smartphone and later on refrigerator Smiley So grab your tablets, smartphones, sticks and, instead of talking about voting, global warming and where to spend 10M NXT, run NRS on them Smiley


Finally, if You like my work, there is account for donations: 4552966463117743023  Smiley It took for me 3 days and 6 bottles of wine Smiley

Martis

Somebody should try to go through this and post results. I'm not native english speaker, so it would be difficult for my to write how-to. But, if nobody will do this, I can try

[bitcoinpaul]

DO NOT PAY ANY MONEY TO HAVE NXT LISTED ON AN EXCHANGE!

THIS IS A MOVEMENT ABOUT FREEDOM FROM UNETHICAL PRACTICES!

NXT CAN STAND ON ITS OWN!

Sometimes, we have to push things a little bit. But this "pay to be on exchange" smells a little fishy, yes.

[abctc]

Maybe I should just disable debug logging by default, it only makes people think something is wrong. The intention was to make it easier to follow what is going on with the block and transaction processing, in the cases where something does go wrong.

- or maybe just change messages's format from "DEBUG: Block 6489.........." to less disturbing "INFO: Block 6489.........."  ...

[2Kool4Skewl]

DO NOT PAY ANY MONEY TO HAVE NXT LISTED ON AN EXCHANGE!

THIS IS A MOVEMENT ABOUT FREEDOM FROM UNETHICAL PRACTICES!

NXT CAN STAND ON ITS OWN!

Sometimes, we have to push things a little bit. But this "pay to be on exchange" smells a little fishy, yes.

Ethics come first.

[jeff88]

NXT added to Cryptosaur, extension for Google Chrome and Opera
See more here: https://bitcointalk.org/index.php?topic=458091

[Come-from-Beyond]

Incorrect text marked with red:

I have some marketing text I've written I would appreciate your comments on.  In particular, please point out any errors.  I am considering distributing this at Texas Bitcoin Conference.  If you see a part of it you want to comment on, PLEASE edit down to just the section you want to discuss.  The last thing I want to do is create slab walls of full quote text here for the next 20 pages...

NXT Vs. Bitcoin

Brainwallet Accessability
Bitcoin requires storing a digital file (the “wallet”) for use on only one computer. NXT allows knowing a short, ultrastrong password (35+ truly random characters) to access NXT funds from anywhere on Earth. Bitcoin has this too.

Network Simplicity
The Bitcoin network requires competitive Proof-of Work (PoW) GHash/sec mining using hi-cost, hi-energy, custom ASIC nodes.  The NXT network uses cooperative Proof-of-Stake (PoS) transparent forging between $35, 4W commodity Raspberry Pi nodes.

Transaction Rapidity
Bitcoin takes 10+ minutes per block for a max throughput of 7 transactions per second (TPS), currently using a 16GB (and growing) blockchain.  NXT currently takes 1 minute per block, with improvements in block timing speedup and routine chain pruning expected to support an eventual 1000 TPS.

True Anonymity
Bitcoin transactions between wallets are recorded forever on its blockchain.  NXT  achieves true transaction anonymity via the no-trust-needed zerocoin (testing now) / zerocash (coming soon) protocol developed at John Hopkins University. Not implemented yet.

Active Community
5000+ NXTers from 50+ countries are united in a vibrant online community.  We don’t just talk, we act.  We’re growing. Come join us!

NXT First 100 Days – WOW!

NXT’s genesis block was cast Nov 28 24, 2013.  Only 100 days later, by early March 2014, NXT has shown it’s more than “just a coin”.  A 2nd generation cryptocurrency written from the ground up in new Java code, NXT has rolled out numerous financial service capabilities that will revolutionize the crypto world – and more are coming!  As an alternative to long, complex transfer addresses, NXT offers a text “alias” registration system on its blockchain with over 60,000 registered in its first 100 days.  NXT has demonstrated a push-button interface for new altcoin creation atop its blockchain that allows ANYONE to create their own new coins, not just a limited  programmer priesthood.  Most significantly, NXT has a parallel testnet CURRENTLY TESTING crypto-signed peer-to-peer asset transfer and blockchain streaming asset quotes.  This unique capability offers an alternative to existing exchanges.  Don’t wait on next year’s teenaged ethereal dreams - join us on NXT Exchange TODAY!
  
Speaking of exchanges: almost a billion NXT has changed hands on numerous exchanges such as Dgex.com or Bter.com.  And Cryptsy is coming!  On Feb 8 Let’s Talk Bitcoin #82 at 13:30, “Big Vern” of Cryptsy commented: "[NXT] is not a cookie cutter coin…technical implementation [at Crypsy] is going to take a little more time...it's popular…it’s fair…I feel comfortable with [NXT].”

The NXT Bottom Line

1,000,000,000 genesis block NXT were  distributed to 73 actually ~100, coz some weren't claimed on time but were sent later founders who responded with a Bitcoin or less to a Bitcointalk [ANN] investment thread that was public and open for six weeks.  You could have been founder 74 101.  Now, with NXT only 100 days old, early mass distribution of “coins” from founders to users is still underway at exchanges like Dgex and Bter.  At this writing, NXT costs under 0.1 mBTC each.  Upcoming events which may drive that price higher include release of full open source code on April 4, inclusion of NXT on Cryptsy, announcement of new features, and an ongoing major advertising push by our Chinese members.

NXT doesn’t mine new coins – it forges (recycles) old ones.  NXT node operators (forgers, in the blacksmith sense of the term) use cheap CPU computers to receive transaction fees imbedded in any blocks they create and add to the NXT blockchain.    As a 100% Proof of Stake coin, forgers are selected to forge new blocks in proportion to the total NXT “coins” (or “stake”) they already own.  This results in a small return on investment proportional to your current holdings– like bank savings account interest.

NXT is not a mined, Bitcoin-based price-pop altcoin of the week.  NXT is creating a new financial ecosystem for use in coming years, based on cheap nodes for the common good.

NXT Is Green

Ecological?  Financial?  BOTH !!!

Bitcoin depends on a small mining node network fighting for their cut of  3600 newly minted Bitcoins per day.  The available daily operating budget to keep Bitcoin from freezing up is thus $3.6M or less (at $1K/BTC or under) to  generate the current 25 million GHash/s needed daily.  A representative miner “pickaxe” is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. The current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.  

Both costs are rising faster and faster. Exponential growth of Bitcoin’s hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later.  Bitcoin and clones like Doge are by their very nature destined to fail.

NXT solves this problem sustainably.  By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher.  A NXT blockchain support network of 1000 Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity – forever.  

[2Kool4Skewl]

Frictionlesscoin is scamming again.

Now, he wants one million Nxt.

Flood his thread with "SCAM" replies.

[CommanderVenus]

This is from the faq on the wiki.

Do I have to leave the client open in order to forge coins?
No.  Once your server is running, simply leave your account "unlocked", and then you can close your web browser.

How do i visually know that my account will stay unlocked? The server window doesnt show any information that had anything to do with accounts? Probably for security reasons, but id like some way of knowing that forging is going on in the background.

I am still waiting for 1440 confirmations, and that brings up another question. That should take about two days right? In the local view of my transactions it shows the 10+ next to confirmations (i realize that it will show this as the confirmations continue to grow) and after two days it should hit about 1440.

The thing i dont understand is the blockchain explorer, it only shows 4 confirmations for the transaction and its been a day and a half. What does that mean?

[pinarello]

Woah, woah, woah.  I want to call a time out here for a few pages.

I'm not trying to be the Grinch here, but I STRONGLY think we've got to get a better handle on this whole process before we just start handing out NXT left and right to ANYBODY. 

The infrastructure spending thread has been open for all of about 36 hours.  Already we've got 9 projects in the queue and only 23 posts in the thread - less than 3 per project.  There is NO WAY we have given the proper amount of deliberation to what is being proposed here.   And a vote is being called for already if we haven't achieved agreement as a committee? 

Um...what's wrong with this picture?

I am a big believer in spreadsheets to collect all the data in one place and if ever there was a need for them, it's right now.   We need to generate a standard spreadsheet listing who is asking, what their project is, how much they want, and a link to a thread that talks about their individual project.  Just for starters.

We need to establish a rule that nobody gets a vote on their project for at least a week after they've proposed it to avoid the exact kind of rush to judgement that is happening here.  I would personally prefer at least two weeks, but I don't want anybody to think I'm TOTALLY crazy...

I also sort of thought there was gonna be some kind of vetting of people putting their names down for committees, where they would have to put in at least one post describing why they thought they were qualified to serve on a committee, what they wanted to accomplish there, blah blah blah, and um....we might actually VOTE IN A POLL to pick the top 5?

Instead it's just put your name down as a candidate and you're in?  On as many committees as you want?

So how is voting for funding going to work in a group of people like THAT?

Hey, I'm all for rapid progress but we've got to establish some kind of initial setup and standards here and PACE OURSELVES FOR THE LONG GAME or this bounty of NXT is going to be gone in a FLASH.

I say forget about voting NXT out of the treasury for at least a few more days and lets go back to setting up the committees themselves and the "paperwork" that defines the process we are about to embark upon..

no problem, I understand, but at least there is some kind of reaction.