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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756264 times)
twistelaar
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February 24, 2014, 01:54:15 AM
 #36841


Thats my grandpa!  Grin But if all 1 billion nxt are distributed and there is no more, can you explain me something about forging NXT?

Because what I understood is that you can forge NXT, doing this, you will earn more NXT, but if there are only 1 billion nxt and no more and all of this are already distributed, this means with forging, there will become more NXT, right?

Not quite.

When you send Nxt to someone, or create an alias, or an arbitrary message, or issue an asset exchange transaction, you must pay a FEE (currently 1Nxt).

Those fees are collected when transactions are put into blocks, and all the fees from a block are given to the account that forges the block.  New tokens are NOT created -- they are "redistributed" from fees.

Bitcoin actually does the same thing: there are small fees for all transactions.  Once 2140 arrives and no new Bitcoins are being mined, the only way to "earn" Bitcoins from mining will be from collecting fees. 

Thanks for explaining. Now I understand. But if Im right, forging NXT, will not give you a lot of NXT..
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February 24, 2014, 01:55:26 AM
 #36842

Is the testnet  clock off? I have two servers, one is able to get transactions submitted without any problems,the other gets no error messages, but none of the AM's seem to get in the blockchain.

The two servers are 30 seconds apart in time...

Would it be ok if I set a short deadline (3 blocks?) and if I dont see the transaction within 3 new blocks, assume I will never see it and resubmit it?

Of course I need to sync up to the testnet. Is there a Ubuntu script that syncs to the testnet timestamp?

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
Isildur23
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February 24, 2014, 01:57:17 AM
 #36843

Can somebody tell me what is the total amount of NXT coins? Its almost reached right, I thauhgt it was 1 billion?

Nxt is not a coin. It can not and never has been "mined". There are 1 billion and all of them existed from day one and were distributed to

investors.

Thats my grandpa!  Grin But if all 1 billion nxt are distributed and there is no more, can you explain me something about forging NXT?

Because what I understood is that you can forge NXT, doing this, you will earn more NXT, but if there are only 1 billion nxt and no more and all of this are already distributed, this means with forging, there will become more NXT, right?

The fees gathered from transactions are distributed to forgers, so no new Nxts are made. Nxt is not about forging though. There will soon be coins on top of Nxt that you can mine. If you want more Nxt now and don't have the funds to buy, think of a business based on Nxt or just contribute (you have various options for this) and get a bounty.
Read more here:
https://forums.nxtcrypto.org/viewtopic.php?f=2&t=276
https://nextcoin.org/index.php/topic,104.0.html

Ties are a prison for the soul...
BrianNowhere
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February 24, 2014, 01:59:19 AM
 #36844

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
BCNext used "mining" as I recall.

How about FOGRE to avoid any confusion...



LOL. I'm gonna HODL some Nxt and then use it to FOGRE.


I don't get why anyone thinks the word 'forge' is going to confuse anyone. Words can have more than one meaning. No one is getting confused by the word 'mine' and thinking that this means all the coins belong to them. People will adapt to whatever you tell them it means.

NXT: 4957831430947123625
allwelder
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February 24, 2014, 02:00:46 AM
 #36845

I have donated 2,100,000NXT to entities you will learn about in the following 3 weeks!
great.
one tenth of total BTC.
like the number of 21.

 
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ShawnLeary
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February 24, 2014, 02:01:36 AM
 #36846


Thats my grandpa!  Grin But if all 1 billion nxt are distributed and there is no more, can you explain me something about forging NXT?

Because what I understood is that you can forge NXT, doing this, you will earn more NXT, but if there are only 1 billion nxt and no more and all of this are already distributed, this means with forging, there will become more NXT, right?

Not quite.

When you send Nxt to someone, or create an alias, or an arbitrary message, or issue an asset exchange transaction, you must pay a FEE (currently 1Nxt).

Those fees are collected when transactions are put into blocks, and all the fees from a block are given to the account that forges the block.  New tokens are NOT created -- they are "redistributed" from fees.

Bitcoin actually does the same thing: there are small fees for all transactions.  Once 2140 arrives and no new Bitcoins are being mined, the only way to "earn" Bitcoins from mining will be from collecting fees. 

Think it's 2040

"We have the power to begin the world over again" - Thomas Paine
hardalisas
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February 24, 2014, 02:08:29 AM
 #36847

Some progress in China:
With more and more promotion ,more people are attracted by active community , tech  and Philosophy of Nxt.
And my weibo also attract some famous pp,such as BobbyLee,who is the president of BtcChina.

We also invite a famous enthusiast of BTC who now greatly admire Nxt to our Chinese Nxt community for discussion with a special column.

Next we will continue to attract more people to focus on Nxt and application.

Let's continue to promote Nxt forward to all over China and world.

Tks.



Thanks for your effort.
Hope Nxt price in Bter will pick up soon
SZZT
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February 24, 2014, 02:10:43 AM
 #36848

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
BCNext used "mining" as I recall.

How about FOGRE to avoid any confusion...



LOL. I'm gonna HODL some Nxt and then use it to FOGRE.


I don't get why anyone thinks the word 'forge' is going to confuse anyone. Words can have more than one meaning. No one is getting confused by the word 'mine' and thinking that this means all the coins belong to them. People will adapt to whatever you tell them it means.

1HceYnNAUv5zBjJUhEncmmvxU1C7yjWoX8
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February 24, 2014, 02:18:55 AM
 #36849

what kind of returns are to be expected from forging NXT?

BTC: 1ESZr887vTZqYtDuwwspn1jBaoRU9jMcv1
BrianNowhere
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February 24, 2014, 02:23:01 AM
 #36850

Is there a way for the network to verify if someone is contributing by forging?
If so, why not make it so that people who do forge pay a lower transaction fee than those who do not?

I personally forge as a 'civic duty' to promote the network, but it remains to be seen whether relying on altruists to support the network will be enough to make TF work. The hardcore users will run nodes to be good citizens. For most average people there's going to need to be some kind of incentive to forge or at least a disincentive not to.

If the hard-core users are enough to run the network then great. If not, then something needs to be come up with. This issue concerns me.





NXT: 4957831430947123625
yesuper
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February 24, 2014, 02:24:44 AM
 #36851

I have donated 2,100,000NXT to entities you will learn about in the following 3 weeks!
great.
one tenth of total BTC.
like the number of 21.

that's coool! what must i do to get 1000's ?
TwinWinNerD
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February 24, 2014, 02:33:34 AM
 #36852

Quote
Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.
Ayn Rand



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February 24, 2014, 02:40:40 AM
 #36853


It would be nice if there was a multisend feature in the client. If I could line up all the addresses of hard working nxt'ers and one-click send a given amount, say 1000nxt (as in each would get 1000) I'd be very inclined to give more regular donations in just this way. Sitting at the computer and putting in 50 or how ever many transactions is a PITA.

If you're using GNU/Linux you can use this:

Code:
#!/bin/bash
# sndnxt.sh 20140223 -- send NXT to multiple addresses.
#
# Copyright 2014 The Free Software Foundation.
# Copying and distribution of this file, with or without
# modification, are permitted in any medium without royalty
# provided the copyright notice and this notice are preserved.  
# This file is offered as-is, without any warranty.
#
if [ $# -ne 3 ]; then
  echo "Usage: ${0##*/} 'passphrase' amount file_of_addresses"
  exit 1
fi
passphrase="$(perl -MURI::Escape -e 'print uri_escape($ARGV[0])' "$1")"; shift
amount=$1; shift
for nxtaddr in $( cat "$1" ); do
  echo "sending $amount to $nxtaddr"
  curl -s "http://localhost:7874/nxt?requestType=sendMoney&secretPhrase=$passphrase&recipient=$nxtaddr&amount=$amount&fee=1&deadline=1440" >> /dev/null
done

exit 0

Just tested it out and it seems to work.


Thank you very much. It's very helpful for "3 More Nxt". BTW, "3 More Nxt" has sent Nxt to about 200 Nxters manually.
Gaman
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February 24, 2014, 02:41:03 AM
 #36854

if we are changing the fees from 1 NXT drastically to 0.01 NXT when transactions are few right now, isn't it a security concern since people will stop running nodes since there is little incentive to it?

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February 24, 2014, 02:41:42 AM
 #36855


I have forged 2 blocks with ~ 11000 Nxt.

-------------------------------------------------------
Account: 17959837214177417816
Balance: 11434 nxt
Forged block: 67535
Block id: 6348297928174517821
Fee received: 1 nxt
Timestamp: 2014-02-16 05:00:44
-------------------------------------------------------
Account: 17959837214177417816
Balance: 11935 nxt
Forged block: 72934
Block id: 10049537959975462413
Fee received: 0 nxt
Timestamp: 2014-02-23 01:52:55
-------------------------------------------------------
DrearyUrbanite
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February 24, 2014, 02:50:25 AM
 #36856

if we are changing the fees from 1 NXT drastically to 0.01 NXT when transactions are few right now, isn't it a security concern since people will stop running nodes since there is little incentive to it?

I would continue to run a node just protect my investment and to be a good member of the NXT community even if there was no chance of increasing my NXT. I have close to 70K NXT and have been forging since the first of the year and have generated 3 blocks - each of them for 0 NXT.


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Anon136
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February 24, 2014, 02:58:44 AM
 #36857

if we are changing the fees from 1 NXT drastically to 0.01 NXT when transactions are few right now, isn't it a security concern since people will stop running nodes since there is little incentive to it?

0.01 is too low. it would not be sufficient to mitigate spamming. people would be using the blockchain like they use twitter.

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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February 24, 2014, 02:59:13 AM
 #36858


I have forged 2 blocks with ~ 11000 Nxt.

-------------------------------------------------------
Account: 17959837214177417816
Balance: 11434 nxt
Forged block: 67535
Block id: 6348297928174517821
Fee received: 1 nxt
Timestamp: 2014-02-16 05:00:44
-------------------------------------------------------
Account: 17959837214177417816
Balance: 11935 nxt
Forged block: 72934
Block id: 10049537959975462413
Fee received: 0 nxt
Timestamp: 2014-02-23 01:52:55
-------------------------------------------------------


You're so lucky, 2 blocks in a week with only 11k Nxt.
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February 24, 2014, 03:00:01 AM
 #36859

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
BCNext used "mining" as I recall.

How about FOGRE to avoid any confusion...



LOL. I'm gonna HODL some Nxt and then use it to FOGRE.


I don't get why anyone thinks the word 'forge' is going to confuse anyone. Words can have more than one meaning. No one is getting confused by the word 'mine' and thinking that this means all the coins belong to them. People will adapt to whatever you tell them it means.

+1440

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Blockchain Technology.

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February 24, 2014, 03:04:03 AM
 #36860

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
BCNext used "mining" as I recall.

How about FOGRE to avoid any confusion...



LOL. I'm gonna HODL some Nxt and then use it to FOGRE.


I don't get why anyone thinks the word 'forge' is going to confuse anyone. Words can have more than one meaning. No one is getting confused by the word 'mine' and thinking that this means all the coins belong to them. People will adapt to whatever you tell them it means.

 Huh Huh Huh I thought that's what mining meant. I'm making them mine i.e. MINEing them.  Huh Huh Huh

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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