NXT :: descendant of Bitcoin - Updated Information

[ChuckOne]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

This is what TF is about. Protecting the PoS system. 90% is good enough for me.

We are now talking in length about the PoW system. We have many incentive programs to ensure that PoW is performed and even a prospect (no forging-only nodes) to having service providers install a node in the network. I think that should suffice.

[cc001]

could anybody send some testNXT to 14982679201235752929 please? thanks

I've send you 1KTestNxt  

received, thx

I've sent you another 4K TestNxt   

yep, I've seen it, thx. I could make you a special price for some peanuts?

[ChuckOne]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

"Somebody buys up all the NXT."  <<< How?

[bitcoinpaul]

Is penalizing not a part of TF?

No, penalizing isn't part of TF.

I thought we utilize TF with its full potential only if we have penalties in place.

[2Kool4Skewl]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Yes.  It would be very hard to mount this attack, because you would have to own 90% of the currency.

[mcjavar]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

[wesleyh]

@jean-luc

NRS is generating errors constantly. See the console in chrome.

Refused to set unsafe header "Content-length" (index):1
46
Refused to set unsafe header "Content-length"

Hundreds of these errors after a few minutes.

This is also why I can't release an update to NxtMac - apparently the safari version included in cocoa does not like these errors at all and does not show any output (peers, blocks, etc).

Please fix.

[redsn0w]

yes.. we're searching to a donations/bounties  to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think this isn't a bad idea  .. more donations / bounties = more node .


Why this idea is a bad idea   

[bitcoinpaul]

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

Wrong. Lease forging power to pools means not give NXT away.

[2Kool4Skewl]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

This cannot happen if the pools just have forging rights, but don't hold the NXT in their account.

[ChuckOne]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

Therefore no pools and no forging power leasing IMHO.

[bitcoinpaul]

Is penalizing not a part of TF?

No, penalizing isn't part of TF.

I thought we utilize TF with its full potential only if we have penalties in place.

[2Kool4Skewl]

yes.. we're searching to a donations/bounties  to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think isn't a bad idea  .. more donations / bounties = more node .


Why this idea is a bad idea   

What happens when you run out of funds for donations / bounties?

[2Kool4Skewl]

Is penalizing not a part of TF?

No, penalizing isn't part of TF.

I thought we utilize TF with its full potential only if we have penalties in place.

I don't think so, but you'd have to ask Come-from-Beyond.

[jl777]

If you have your node running, but don't have any NXT, you are not securing the blockchain.

This is why the NXTcoins will payout dividends in NXT. for a signing bonus, I will probably just seed every miner with 1 NXT

James, please do not build upon false statements.

? What false statements. What do you think I am saying?

[redsn0w]

yes.. we're searching to a donations/bounties  to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think isn't a bad idea  .. more donations / bounties = more node .


Why this idea is a bad idea   

What happens when you run out of funds for donations / bounties?

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

[wesleyh]

@CFB / @Jean-Luc:

What is the minimum amount an asset should be sold for?

Is it 0.01 nxt?

Or can it be lower 0.00001 nxt for example?

Why / why not?

Lower than 0.01 is necessary for doge.

[jl777]

We are searching for the right incentives for:

- running a node (this secures the network)
- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!) DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

"Somebody buys up all the NXT."  <<< How?

Imagine simultaneous bids for NXT in the range of $100 USD, equivalent amount of EUR, JPY, etc.
with all fiats coordinating, most NXT owners would probably sell.

[bitcoinpaul]

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

Right now, this idea sounds really lame. You talk about donations and bounties.

Maybe I just don't get your idea

[bitcoinpaul]

Imagine simultaneous bids for NXT in the range of $100 USD, equivalent amount of EUR, JPY, etc.
with all fiats coordinating, most NXT owners would probably sell.

The argument of CfB was something like "then every NXTer is rich and we can build Nxt2". Sounds reasonable.