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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756303 times)
Anon136
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February 23, 2014, 06:27:12 PM
 #36701

All this talk about forging and running nodes and this and that and unfair and that.....

And here I am running some nodes just to strengthen the network.

I do it because if the network is successful, then we'll all be succesful. Although if I could forge more it would be a plus.

+1, good work, fellow dave.

I am thinking about setting up a public VPS node to offer a(nother) node for my users of my NXT client.

Which hoster should I use, what are the server specs. I would need to run it smoothly and is there still the danger of hitting hoster bandwith limits with the recent version of NRS?

Thanks!
Marcus

I'm running a non-hallmarked VPS 24/7 on Amazon EC2, monthly costs were $1.38 for January, and are $0.34 for Feb. Costs fuck all, basically.
Looks like hosting costs are dropping as Jean-Luc works his magic. If version 0.8 also has such low overhead, I'll fire up a few more EC2 instances at the begining of March.

I think that forging should stay as it is...big holders get bigger rewards. It's PoS, live with it.
However: we need to encourage a healthy NXT network, now and in the future, and forging income alone doesn't seem to be enough right now to motivate people. We need some way to make contributing to the network at least slightly profitable for everyone, not just guys with enough to forge.

When Nxt goes to 1 dollar soon. Even small holders will forge if for no other reason than to secure the health of the network to get to 10 dollars.

We just need a client that makes it so that there is no cost to forging. Then even if your chances are small there will still even then be no reason not to participate. All other things being equal a 0.001% chance to win 1000 dollars is better than a 0.000% chance of winning 1000 dollars even though 0.001% is a pretty slim chance.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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opticalcarrier
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February 23, 2014, 06:29:19 PM
 #36702

Green Nxt: exotic video, new version:
http://youtu.be/cP4KFH6Iz0g

feel free to share

Good video, perhaps a typo though, "Mine Forge Nxt with your smartphone or raspberry pi"

or did you use mine for attraction value to a newcomer

You know how I know BCNext is not a native English speaker?  A native English speaker never would have used the word "forge" positively in connection with currency.

I dont believe bcnext came up with that term
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February 23, 2014, 06:30:56 PM
Last edit: February 24, 2014, 03:32:05 AM by rickyjames
 #36703

NXT FUNDING COMMITTEE VOTE IS COMING MARCH 1

Remaining eligible nominees with as-yet undeclared intentions (PM me if you want off this list):

^[GS]^, 2Kool4Skewl, Arckam_(frmelin), bitcoinpaul,  buybitcoinscanada
ChuckOne, CIYAM Open, Cointropolis_JustabitTime, Come-from-Beyond
Damelon, davethetrousers, drevil,  EvilDave, ferment, Fry, hughmanwho, Jean-Luc,
jl777, Klee, landomata, laowai80,  msin, mww
nexern, opticalcarrier, Pandaisftw,  PeercoinEnthusiast, pinarello, Pouncer,  Ricot, salsacz
SecondLeo, smaragda,  Uniqueorn, VanBreuk,  ZeroTheGreat


Something Zahlen said:  A candidate does not need to be good at writing English. Some candidates may not have English as their mother tongue. If you're voting, don't confuse lots of writing for ability to judge the worth of a project. Remember that ultimately the committee's job is to decide which projects get funded.

If you are on this list and want to be on a NXT funding committee, go here:

https://bitcointalk.org/index.php?topic=479167.msg5280476#msg5280476

Background:

https://bitcointalk.org/index.php?topic=345619.msg5280786#msg5280786

Good luck to these nominees who have declared themselves candidates:


NXTmarketingfund: allwelder, Damelon,  Mario123, Asian Prepper, joefox, brooklynbct, CoinTropolis_NiftyNikel
NXTtechdevfund: EmoneyRu, Anon136, l8orre, abuelau, chanc3r
NXTinfrastructurefund: rickyjames


Yeah, you may have seen this before.  I'll be putting it up every ten pages or so.  It's one of those "legitimate, transparent process" things.
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February 23, 2014, 06:31:02 PM
 #36704

All this talk about forging and running nodes and this and that and unfair and that.....

And here I am running some nodes just to strengthen the network.

I do it because if the network is successful, then we'll all be succesful. Although if I could forge more it would be a plus.

+1, good work, fellow dave.

I am thinking about setting up a public VPS node to offer a(nother) node for my users of my NXT client.

Which hoster should I use, what are the server specs. I would need to run it smoothly and is there still the danger of hitting hoster bandwith limits with the recent version of NRS?

Thanks!
Marcus

I'm running a non-hallmarked VPS 24/7 on Amazon EC2, monthly costs were $1.38 for January, and are $0.34 for Feb. Costs fuck all, basically.
Looks like hosting costs are dropping as Jean-Luc works his magic. If version 0.8 also has such low overhead, I'll fire up a few more EC2 instances at the begining of March.

I think that forging should stay as it is...big holders get bigger rewards. It's PoS, live with it.
However: we need to encourage a healthy NXT network, now and in the future, and forging income alone doesn't seem to be enough right now to motivate people. We need some way to make contributing to the network at least slightly profitable for everyone, not just guys with enough to forge.

When Nxt goes to 1 dollar soon. Even small holders will forge if for no other reason than to secure the health of the network to get to 10 dollars.

We just need a client that makes it so that there is no cost to forging. Then even if your chances are small there will still even then be no reason not to participate. All other things being equal a 0.001% chance to win 1000 dollars is better than a 0.000% chance of winning 1000 dollars even though 0.001% is a pretty slim chance.

+1440
xyzzyx
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February 23, 2014, 06:34:45 PM
 #36705

You know how I know BCNext is not a native English speaker?  A native English speaker never would have used the word "forge" positively in connection with currency.

I dont believe bcnext came up with that term

You've piqued my interest.  Do you know where it was first used in connection with Nxt?

"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 23, 2014, 06:36:53 PM
 #36706

I don't see any logical reason to change forging. We spent so much efforts explaining that Nxt is not about forging and the income from it. We are also contemplating lowering down the fees and making forging income insignificant. So all this stuff about big stakeholders' forging will become irrelevant.

That's a good point. We should lower the fees to 0.1 then eventually lower it to 0.01. The point of forging should not be to make money, but to protect the network -- especially if you are invested in Nxt, it's an incentive  to protect it.

NXT-GZYP-FMRT-FQ9K-3YQGS
https://nxtforum.org
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February 23, 2014, 06:38:25 PM
 #36707

Thank you dear Mr. Stackeholder, what a generous move!!  Cheesy
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February 23, 2014, 06:39:05 PM
 #36708

Green Nxt: exotic video, new version:
http://youtu.be/cP4KFH6Iz0g

feel free to share

Error: "This video is not available in your country." (United States)
mthcl
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February 23, 2014, 06:40:19 PM
 #36709

Thanks 7017504655955743955! Cheesy
+1
chanc3r
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February 23, 2014, 06:45:28 PM
 #36710


We just need a client that makes it so that there is no cost to forging. Then even if your chances are small there will still even then be no reason not to participate. All other things being equal a 0.001% chance to win 1000 dollars is better than a 0.000% chance of winning 1000 dollars even though 0.001% is a pretty slim chance.

Nxt is going to go to those kinds of prices because it is useful, this means transaction confirmations are quick and reliable.

No crypto has made it big in retail yet and BTC and most of its derivatives with multi minute and unpredictable transaction confirmation is a dead duck for this.

The explanation of how Transparent Forging can be evolved to instant transactions is brilliant if it can be achieved but pointless if the node receiving those transactions cannot or does not process them reliably.

I too want everyone to benefit equally from their stake and see the benefit returned in forging benefits but we also need to encourage a strong network - not just in the number of nodes and their decentralisation but also that each node can meet a minimum specification in terms of the need of the network for overall processing speed.

Right now you can run NXT on a TV stick, RasPI or whatever and forge, in the future, if NXT is successful I am not sure these will meet the minimum requirements for the network to deliver a consistent performance and the network should be built to depreciate weak nodes or it will fail.

The ability for the community to join together to create a strong node is important which is why I think we need forging pools of some description to address both issues - the forging reward and the network reliability.

If in the end even if we can run a node on a solar powered device with a big network pipe - why have 10,000,000 of these with 100 NXT why not have 1000 of these with 1,000,000 NXT but the stakeholders still get their forging benefits - surely this is even better for the environment.

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USDQ KRWQ CNYQ JPYQ

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MadCow
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February 23, 2014, 06:46:00 PM
 #36711

Thank you dear Mr. Stackeholder, what a generous move!!  Cheesy

This is so cool!
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February 23, 2014, 06:47:50 PM
Last edit: February 24, 2014, 12:05:09 AM by igmaca
 #36712

I...STILL...DON'T....GET....IT.

Unlike Bitcoin, unlike DOGE, unlike all the other crap coins that are out there that I ran away from to get here, NXT IS A ZERO SUM GAME.  There are no new coins being created.  A coin that goes in one NXT forger's pocket has to come out of another NXTer's pocket, either from a NXT transaction fee payer's pocketor from another NXT forger's pocket.  HAS TO.

So for ANY scheme is concocted that pools NXT to forge,  IF that scheme claims a pool member will get some LARGER proportion of forged coins than they would get from a true 100% Proof of Stake system that NXT runs by now, THEN BY DEFINITION some other pool member is getting a SMALLER proportion than they would by acting alone.   So explain to me who is getting shafted under this new scheme?

Not that your explanation matters, because with falling transaction fees, I doubt anybody can profitably support amortizing the purchase cost of a forging node and its electricity costs under ANY scheme, including the one NXT is operating under right now.

You wanna mine free coins and get rich, go see DOGE.  You wanna try to experiment and create a more sustainable system that faces bigger challenges than it seems at first glance, stick around for this fun roller coaster ride called NXT.

ok i just trying to help

I'm not saying you can't help and I want you to stick around and try to help.  I'm just saying that I am a numbers guy and I would appreciate seeing the full picture of who gets more rewards and who gets less under any idea you propose.

Thanks,

my idea is to just give in to the pools forging fees rights. Not forging power. Not funds

forging power and funds stay in bob account

forging fees rights stay in pool if bob wants.

if bob forge and forging fees rights are in the pool bob must split forging fees with other people in the pool proportionally with amount of funds in this moment.

I think for that direction is the right solution.

The number of pools and the size of them I reach an optimum value beyond which no interest be bigger.

with this solution the network will always be extremely decentralized and every body have the same opportunities to forge.

you just have to adjust the transaction fee for the annual return to forge all year continuously is equivalent to the cost of maintaining the node. if for example it is estimated that with 10000 nodes is enough then we must assess how much maintaining 10000 nodes for a year and evaluate the number of transactions in the year and adjust the fees.
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February 23, 2014, 06:48:32 PM
 #36713

You know how I know BCNext is not a native English speaker?  A native English speaker never would have used the word "forge" positively in connection with currency.

+1000.  This is a real problem for anybody learning about NXT for the first time.  There is a valid and legitimate use in English for "forger" as being "one who heats and works metal", like a blacksmith.  But the FAR MORE COMMON use of "forger" in English is "one who creates fake documents, particularly financial ones".
The same problem in Portuguese, by the way.
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February 23, 2014, 06:52:07 PM
 #36714

You know how I know BCNext is not a native English speaker?  A native English speaker never would have used the word "forge" positively in connection with currency.

+1000.  This is a real problem for anybody learning about NXT for the first time.  There is a valid and legitimate use in English for "forger" as being "one who heats and works metal", like a blacksmith.  But the FAR MORE COMMON use of "forger" in English is "one who creates fake documents, particularly financial ones".

Or he has a very good understanding of english and knows the double-entendre very well.

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February 23, 2014, 06:52:18 PM
 #36715

I'm running a non-hallmarked VPS 24/7 on Amazon EC2, monthly costs were $1.38 for January, and are $0.34 for Feb. Costs fuck all, basically.
Looks like hosting costs are dropping as Jean-Luc works his magic. If version 0.8 also has such low overhead, I'll fire up a few more EC2 instances at the begining of March.

Could you specify the product you are using? Linux m3.medium ?
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February 23, 2014, 06:54:29 PM
 #36716

Thank you dear Mr. Stackeholder, what a generous move!!  Cheesy

This is so cool!

I think we would all appreciate if more big stakeholders did what 7017504655955743955 has done today, especially top 50 accounts which are all from 5 million to 50 million NXT.

To them to spread 100,000 like 7017504655955743955 did would be nothing but this would show even more greatness of this community and this project.

In the end, doing something like this would just raise the worth of NXT in a long run and paradoxically their main stash would be worth much more than this little part that they have possibly disbursed to this hard working community.

Just something to think about.

Once again BRAVO for 7017504655955743955!!
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February 23, 2014, 06:56:08 PM
 #36717

7017504655955743955 you rock man! thanks so much!

*edit* also 2037401990853753795 who ever you are also thank you so much. you also are awesome!

*edit2* google search reveals 2037401990853753795 is salsacz. thanks buddy. what was that for specifically?
tai zen interview. its in gdoc

Nxt tips: NXT-R67P-6BZ2-XWAK-8RHZR | Nxt forum | Nxt Academy | Donate for Nxt at the Universities // BTCD: RVMLrnxYYy7uy8YZo9FcGfXbk1ZMnNifdg
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February 23, 2014, 07:00:19 PM
 #36718

Thank you 7017504655955743955 Smiley


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
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February 23, 2014, 07:00:46 PM
 #36719

You know how I know BCNext is not a native English speaker?  A native English speaker never would have used the word "forge" positively in connection with currency.

+1000.  This is a real problem for anybody learning about NXT for the first time.  There is a valid and legitimate use in English for "forger" as being "one who heats and works metal", like a blacksmith.  But the FAR MORE COMMON use of "forger" in English is "one who creates fake documents, particularly financial ones".

Or he has a very good understanding of english and knows the double-entendre very well.

Perhaps.  If so it seems counterproductive to the idea of spreading NXT far-and-wide, though.

"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 23, 2014, 07:01:38 PM
 #36720

7017504655955743955 you rock man! thanks so much!

*edit* also 2037401990853753795 who ever you are also thank you so much. you also are awesome!

*edit2* google search reveals 2037401990853753795 is salsacz. thanks buddy. what was that for specifically?
tai zen interview. its in gdoc

ah well idk anything about this doc but thanks a lot!

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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