NXT :: descendant of Bitcoin - Updated Information

[abuelau]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

[nhil8r]

Hi guys,

I'm starting a news website and I'm looking for writers and graphic designers.  The goal of the website is to bring attention to the next generation of blockchain technology(such as NXT) and introduce the concept of DACs to the bitcoin community and beyond.  I am also looking for a partner to help me run the business as I have some expansion goals in the future.  I don't have a big budget but I can pay writers and designers in nxt.

Here's the website:  www.newchainontheblock.com.  Still tweaking the website a bit, but it will be done any day now.  

If you are interested, pm me.
 

[Malibusparky]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

[abuelau]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

[redsn0w]

Nxt Charts:

New section in MyNXT.info with NXT Charts. At the moment only 2 charts, more to come!

http://www.mynxt.info/charts/

Great work. I love your wallet too.

Good work

[Mario123]

His online wallet is an enrichment for Nxt.

[EvilDave]

Contacting merchants to begin accepting Nxt is underway. Here's the stages:


1. Contact existing CoinPayments.net merchants to request Nxt

2. Contact the merchant list that accepts Litecoin

3. Work with marketing to put together a brochure

4. Begin finding new small customers and demo how CoinPayments (and other solutions as they appear) can easily integrate

+10.
I'm probably going to be posting more about this later, but we need to make NXT successful as a 1st gen crypto before we can build on that success to become a 2nd gen eco-system.

Getting merchants on board, enabling merchant solutions needs to be given some priority right now.
The exchange push seems to be paying off, I suggest that we slowly shift some of our efforts over to merchant solutions in the next week or so.

Next point is nodes, running of and rewards for.

I've been doing some thinking about Nxt, and would like to make a guess at the third part of BCNext's plan:

The minimum transaction fee for Nxt must be set to zero, OR (far less likely) the process of awarding fees for forging must be removed completely.

Nxt services already operate on top of nodes, so the network is secured and the blockchain is maintained as a consequence of the service's existence.  Value is created at layers above the Nxt core, and "forging-only" nodes become valueless and therefore obsolete.

The only way to allow 100% availability is to remove the dependence on a minimum transaction fee, and move the profit/reward for the service up into the same layer at which the service is offered.

I believe that one element of BCNext's plan is to set the minimum transaction fee to zero.  

Whether this is part of The Plan or not, falling fee costs is going to happen on its own by selective pressure.  Cheaper fees will create greater demands for services and the logical conclusion is fees approach zero or get there.  

The real problem is that there is practically zero financial incentive now for running a node forging NXT, and that financial incentive is only going to get worse.  Running the node backbone net is thus going to become more and more of a civic duty rather than pay-its-own-way.   Actually, it probably already is that way.   We set up all those VPS nodes back in December during the DDoS attack and only now are the true costs coming to light.  Many of those operators are now saying they can't keep running their VPSs out of personal funds forever.  

This is why I want to be in the infrastructure committee.  We have got to figure out how to set up the cheapest possible coordinated (rather than patchwork) network that can support higher and higher TPS, and we need to figure that out sooner rather than later.   I think this is an underappreciated problem and an interesting challenge.

We need more nodes, no argument, especially if we want to get seriously traded and used as a 1st gen currency.
More later, but we need to address this very soon......


BTW: thx to 70175...... whoever you are. Very much appreciated.
Any time anyone bitches about whales who dont care, remember the last couple of hours.....  

[TwinWinNerD]

I guess i missed the giveaway....

[okaynow]

Nxt is not about mining mentality.

+1.
What happened to forging, not mining? I thought we were over it by now.

My opinion is that although to some it *seems* that it is not fair, it only means it is not *get rich quick as some believed*.
Why would we want to rollback with something like that?
Its like the CO2 discussion all over again.

[rickyjames]

Nxt is not about mining mentality.

+1.
What happened to forging, not mining? I thought we were over it by now.

My opinion is that although to some it *seems* that it is not fair, it only means it is not *get rich quick as some believed*.

Why would we want to rollback with something like that?

+2.  But NXT is going to have to struggle with slower growth rate and lower popularity because of this.

[mynxtcoin]

CfB thought I might want to make my suggestion for a possible different future of TF clearer.

What I am advocating would mean that the % chance to forge would effectively be the number of "forging accounts + IP addreses" you have (for most average people that is going to be 1).

So rather than having to get 100K or more NXT to forge you would only need to purchase 1 "forging account" (say 1 NXT?) to forge.

I hope that explains it better (unfortunately sometimes I just *assume* people understand my ideas).

So basically everyone could forge even if they only have 1 NXT??
That would be really something for a fairer system- if we make distribution fairer all clones (and not only) are dead...

What if many big stakeholders do many smaller accounts?

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

[CIYAM]

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

The idea is simply to make it more likely that even a forging account with 1 NXT has a pretty good chance.

[okaynow]

+2.  But NXT is going to have to struggle with slower growth rate and lower popularity because of this.

Yes, i hear you. Nxt made it that far though, with "high" fees, "unfair" distribution and "low" forging probability.
To me those features are more like an anti-inflation measure, than "unfair" anything.

Edit: @Ciyam, i'm not technical at all, do you think that implementing it would be easy for the devs, and for the rest of the network?

[oldnbold]

A social credit system allows users to establish credit lines between each other for a certain asset.  Debt can be transfered down a chain of credit lines.
...
LETSystems are interest free local credit systems.  Each local credit network has a central bookkeeper who establishes new credit lines and keeps track of users' balances.  When a new member joins, they establish a credit line to the bookkeeper and the bookkeeper grants them a credit line.  The credit line the bookkeeper establishes with them is the amount of credit they have with the community.  This is the amount the new member is allowed to owe the other members of the network.

So there is a banker named bookkeeper. You create debt. It's interest free, but there is an asset bound to the dept. So what happens if you don't pay the debt? I suppose your asset is gone. Wasn't the idea of bitcoin to stop with giving debt to people who don't have money?

For example, Bob, Charlie and Alice are members of the local LETSystem.  Bob needs to go on a job interview, but he can't because he has to watch his children.  Bob is broke, but he needs a babysitter.  Bob knows Alice babysits and is part of his LETSystem.  Alice babysits for Bob and he pays her $10 credit.  Alice now has a +$10 community credit and Bob now has a -$10 community credit.  Charlie's car is broken and he doesn't have any money to repair it.  Bob repairs Charlie's car for $40.  Bob now has a community credit of +$30 and Charlie now owes the community $40.  Bob gets paid even though Charlie didn't have the money.

This only seems useful for those who have zero amount of money. If in your example Bob would have had 10 dollar, no special sustem with debt and trust would be needed. If Bob has children, but no 10 dollar, something else is wrong in his life where free credit is not the solution.

Sorry for being critical, but I'm not really convinced this system improves the situation of poor people.

There's a report just out  http://www.franceculture.fr/emission-le-magazine-de-la-redaction-monnaie-locale-monnaie-a-taille-humaine-2014-02-21 regarding two 'local money' projects (based on LETS principles): one in the Basque country and one about to be launched in Montreuil (Northern France). A key aspect of the Basque Country local money is that it is seen as helping to strengthen the Basque culture (including its language).

Seems to me that NXT could play a similar role for the many regions around the world which want to retain/strengthen their identity/culture and also overcome a problem with all local money schemes, one which can hinder their widespread adoption in the particular region - they aren't convertible (either easily or at all) into the country's main fiat currency.

[CIYAM]

Edit: @Ciyam, i'm not technical at all, do you think that implementing it would be easy for the devs, and for the rest of the network?

It is just software so *changing the rules* will only be an upgrade (optional of course).

[grandpa_seth]

[martismartis]

What happened with Vircurex? Price drops a lot.

[rickyjames]

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

The idea is simply to make it more likely that even a forging account with 1 NXT has a pretty good chance.

Ok, good for her.  Now...she made enough where she can pay for her node forge rig and the electricity to run it?  

No matter what system decides decide who forges, at one minute per block only 1440 people are going to forge a block in a day.  NXT currently has over 5000 users, at least.  A perfectly fair "stake of membership" plan for the current NXT membership means they only get to forge a block every four days, and that time gets longer the more people join.

I say our female forger should man up to just what a 100% Proof of Stake "coin" really means, and get with the program of figuring out what is required to make it work.  

Step one is to rid one's self of the mining "get-rich-quick" mentality, and the socialist "it needs to be more fair" mentality.

Step two is get over to an exchange and BUY SOME STAKE.

[eXtatiC]

Nxt is not about mining mentality.

+1.
What happened to forging, not mining? I thought we were over it by now.

My opinion is that although to some it *seems* that it is not fair, it only means it is not *get rich quick as some believed*.

Why would we want to rollback with something like that?

+2.  But NXT is going to have to struggle with slower growth rate and lower popularity because of this.

Fully agree!

[igmaca]

if leasing power forged for pools at most can only have 100000 nxt we would have several things:

pool forge every 2 3 days that  is reasonable
would have 1000000000/100000 = 10 000 nodes to ensure network

Yup - this seems like a good start.

Next Forge Problem

https://www.dropbox.com/s/mhi9360ke6mtbqs/Documento3_P%C3%A1gina_1.jpg

Equality Forge Solution

https://www.dropbox.com/s/9emz21xz8qfo1t3/Documento3_P%C3%A1gina_2.jpg


Equity Forge solution

https://www.dropbox.com/s/u7i9vggpgb79ij3/Documento3_P%C3%A1gina_3.jpg

I just don't get it.  Sure, these pictures have an emotional appeal, because now all the cute kids can see over the fence.  So what?  Math is math.

You've got people who come to NXT with a mining mentality.  Eventually they realize that Proof of Stake means they can't get a super-fast machine that gives them an advantage over everybody else and put a whole bunch of newly minted coins in their pocket.  They are understandably disappointed.  So they turn from a mining rig to the other tool of the mining trade, a pool.  So now they're going to pool their NXT with others to be in a group that generates blocks more often than they could alone.  

My big question: how do they get more money from a pool than they would get forging on their own?

By the time you do all the division of fees back out to give the fair share to all of the pool members, isn't it the exact same return on investment they would get forging on their own and adding blocks less often?

THERE ARE NO NEW NXT COINS BEING CREATED FROM NOTHING, AS BITCOIN DOES.

Forging is just a recycle of existing coins.  So aren't pools just another level of "shell" in a "shell game"?

http://en.wikipedia.org/wiki/Shell_game

 

Leasing forged fees not leasing forged power


NXT EQUITY forging

Nxt EQUITY FORGING  Will Leave without arguments people maintaining that in nxt ecosystem "the rich get richer and the poor get poorer"
Nxt EQUITY FORGING Will Leave without arguments people maintaining that POS is not so sure than POW if eventually the number of nodes forging is concentrated in a few pools.

a) funds must stay in the Bob account own
b ) forging power should remain in the node where this Bob.
c) Bob fees of forging of the account Bob should go to the "transparent" pool and the pool manager split the fees forging in proportion to the amount of funds from the accounts that were at that time in the pool. (if Bob wants to lease the forged fees to a pool)

I do not know if this is technically very difficult to implement but it is clear that if not resolved little by little will create pools and concentrating on a few network nodes and so understand a network more vulnerable to attack .

I think the pool is very good solution for the small investor gives "equity to the system not equality to the system " but forging power should remain in the node where this account with the funds are for the sake of the security of the network.

Perhaps 100000 nxt coins  maximum amount for pool will be a initial good solution

if leasing forged power for pools at most can only have 100000 nxt we would have several things:

pool forge every 2 3 days that  is reasonable
would have 1000000000/100000 = 10 000 nodes to ensure network

We must not lose sight of the time factor.

The odds change if you forges every 2 3 days that if you forges every 1,000 days

Forging every 2 3 days increase the amount of nxt before and therefore increase their chances of forging