NXT :: descendant of Bitcoin - Updated Information

[CIYAM]

So 1000 tps is not possible? Even if 1000 tps is possible, they wouldn't be confirmed, you would need to wait at least 1 minute to get the first confirmation?

That is *exactly* the problem - you might be able to fit thousands of txs into a block down the track - but they are still not confirmed until they are confirmed are they?

[CIYAM]

So, as I understand it the 1000 TPS is just like the bandwidth of my Ethernet cable. And the 60 seconds for a block addresses the network latency.

Yes - you have got it (people often confuse these things thinking that if they have a fast internet connection it will be fast *everywhere*).

[ChuckOne]

[Nxt] Instant transactions with guaranteed confirmation
https://bitcointalk.org/index.php?topic=316104.0

A merchant (or a vending machine) can accept payments from special accounts without waiting for confirmations.

Note the "special" here - I am guessing this is probably something like the "green addresses" of Mt. Gox.

Basically you are once again trading "decentralisation" for "convenience" (I don't doubt the appeal though).

It the decentralization part a metaphor?

These special accounts do not represent centralization in any way (as far as I can see it). For these accounts, you've already paid the confirmation time in the past.

[bitcoinpaul]

So 1000 tps is not possible? Even if 1000 tps is possible, they wouldn't be confirmed, you would need to wait at least 1 minute to get the first confirmation?

That is *exactly* the problem - you might be able to fit thousands of txs into a block down the track - but they are still not confirmed until they are confirmed are they?

For this, CfB said something like "they can send their transactions to trusted nodes for immediate confirmations". Could it be, he talked about trust?

[BrianNowhere]

GUYS THEY ARE VOTING US DOWN...PLS VOTE ON REDDIT:

http://www.reddit.com/r/Futurology/comments/1z2f4p/cryptocurrency_enthusiast_donates_1_million_nxt/

I suspect someone (it only takes one) didn't read my instructions where I clearly specify that you must not make duplicant accounts to try to cheat the system as reddit detects it and turns your upvotes into downvotes.

There is absolutely no other explanation. There is no way that the majority of this community would ever downvote such a post at all.

From now on reddit swarms is off the table, people are incapable of following instructions.

Or it could be certain anti-Nxt persons don't want this to spread....my simple 2 nxt.

There are clearly ANTI-NXTers and I warned about that in the SWARM message, but there is no way they would've organized so many downvotes so quick.
Occam razor indicates that someone fuckedup, didn't read the instructions and made like 10 new accounts which gave us 10 downvotes right away.

There was one negative guy who I just put through a shredder, but other than that there have been no negative response in the comments.

There was one guy who pointed out that you clearly have an agenda with the post (which you clearly do), then went on to say he had no problem with that. I think you over-reacted and came across like a hyperventilating dogecoiner. Appreciate the effort but 'ripping people to shreds' does not help the cause.

[BrianNowhere]

Why did he want just 21 BTC?

Maybe coz he is crazy about symbolism?

This is insanity. Reading this mysterio crapo, I am very much considering dumping back to BTC. maybe the Emunie people are not so fucking full of themselves. You sound like a moonie.

[CIYAM]

For this, CfB said something like "they can send their transactions to trusted nodes for immediate confirmations". Could it be, he talked about trust?

Again these are "trade offs" you might decide to make (as a retailer for example) in regards to "trust vs. speed".

The fundamentals of how the system works remains the same.

[bitcoinpaul]

For this, CfB said something like "they can send their transactions to trusted nodes for immediate confirmations". Could it be, he talked about trust?

Again these are "trade offs" you might decide to make (as a retailer for example) in regards to "trust vs. speed".

The fundamentals of how the system works remains the same.

Just wanted to remind us.

[jl777]

This directly leads to a connected hub and spoke topology. Each country has its own hub and spoke topology and we connect all the country's hubs with a fast backbone.

Sure - I know where you are headed with the idea - but *still* we can end up with "forks in different countries" as I don't believe you can be sure to achieve what I have put in bold.

Are you saying China might not look too kindly to a pair of wireless transceivers on their border

On a completely separate topic, how many inputs can I specify for a standard bitcoin transaction? I am running into the case where the oldest vouts that are available are all too small to add up to a large withdrawal. I guess I can always iterate and do the withdrawal in chunks, but it would be easier if I could just have a lot of inputs.

The good news is I just got the first automated multisig successfully cross validated on all three servers and generated a properly signed transaction.

James

[bitcoinpaul]

I think CfB mentioned regional block chains or something similar some day. Can't recall it correctly now.

Anyone?

[ChuckOne]

For this, CfB said something like "they can send their transactions to trusted nodes for immediate confirmations". Could it be, he talked about trust?

Again these are "trade offs" you might decide to make (as a retailer for example) in regards to "trust vs. speed".

The fundamentals of how the system works remains the same.

I don't think so. NXT instant payments should be trustless and instant (when I not completely mistaken reading the proposal of BCNext)

[CIYAM]

Are you saying China might not look too kindly to a pair of wireless transceivers on their border

Hmm... don't think I'll respond to that...

On a completely separate topic, how many inputs can I specify for a standard bitcoin transaction?

You are limited by the max. tx size (you'll need to look up the actual figure) and the fees that you'll need to you pay.

If you are dealing with "dust" (such as people who got their BTC via faucets) then you are going to have troubles (better to avoid even doing that).

[bitcoinpaul]

For this, CfB said something like "they can send their transactions to trusted nodes for immediate confirmations". Could it be, he talked about trust?

Again these are "trade offs" you might decide to make (as a retailer for example) in regards to "trust vs. speed".

The fundamentals of how the system works remains the same.

I don't think so. NXT instant payments should be trustless and instant (when I not completely mistaken reading the proposal of BCNext)

I think he talked about trusted nodes to get instant payments
+
He also said that Nxt with the right forging algo will need no trust at all because everything is transparent.
=
WHAT EVER THIS MEANS


edit: maybe someone could confirm that CfB said something like this?

[Emule]

any idea why price goes back to 0,

means i have to speed things up before cant sell my shit.

[martismartis]

Is it safe to unlock account and forge on public node? Even that this node is my personal?

It's not recommended.

http://wiki.nxtcrypto.org/wiki/FAQ#Are_there_public_servers_I_can_use_for_forging.3F

where does this public node reside at?  if not a VPS and only you have physical access to it (its not in a datacenter, etc) then it should be safe

This public node resides in stick in my TV, behind the router with static IP and forwarded ports 7874 and 7875 to the stick home LAN ip.

[jl777]

Are you saying China might not look too kindly to a pair of wireless transceivers on their border

Hmm... don't think I'll respond to that...

On a completely separate topic, how many inputs can I specify for a standard bitcoin transaction?

You are limited by the max. tx size (you'll need to look up the actual figure) and the fees that you'll need to you pay.

If you are dealing with "dust" (such as people who got their BTC via faucets) then you are going to have troubles (better to avoid even doing that).

Not dust, but small deposits. I am controlling the sweeping into the multisig acct though, so I can always combine the smallest unspent output for each new deposit. Then over time, there wont be any silly small unspents to deal with

James

[CIYAM]

This public node resides in stick in my TV, behind the router with static IP and forwarded ports 7874 and 7875 to the stick home LAN ip.

If you're using a direct or secured WiFi connection to the router only from *inside* your home then you should be okay (depending upon your level of paranoia) but of course there could always be keylogger's or the like which "https" isn't going to help you from anyway.

[CIYAM]

Not dust, but small deposits. I am controlling the sweeping into the multisig acct though, so I can always combine the smallest unspent output for each new deposit. Then over time, there wont be any silly small unspents to deal with

Just be careful not to sweep amounts that are too small or that may end up "costing" you (if they are below 0.0001 I'd recommend not including them so maybe put up a warning about that to avoid complaints).

[ChuckOne]

I think he talked about trusted nodes to get instant payments
+
He also said that Nxt with the right forging algo will need no trust at all because everything is transparent.
=
WHAT EVER THIS MEANS


edit: maybe someone could confirm that CfB said something like this?

Well, maybe a slight misunderstanding as I was referring to https://bitcointalk.org/index.php?topic=316104.0

(These accounts must be created in a special way (time consuming), IIRC.)

transparent means: if everybody knows everything, there is no need for trust.

[Jerical13]

Since I'm not going to achieve psychic mindlock today with CfB and BCNext to get the information dump we all need, I'm gonna change the subject.  (Squirrel!!! : http://www.youtube.com/watch?v=SSUXXzN26zg )

There is a new coin on coinmarketcap.com just below NXT in market cap and that is Auroracoin.  If you don't know about Auroracoin, you should take a minute and read some about it.  It is a litecoin clone that is about to become an official government currency for Iceland.  Without going into gory details, the banking system in Iceland has had huge problems over the past few years and the government is desperate to engineer a reboot.  Thus Auroracoin.  It has a 50% pre-mine that is being held in trust and will be given out to the people of Iceland in 25 days.  They are encouraging activity to get tools in the hands of Icelanders to allow their easy use of this new currency.  


http://www.auroracoin.org/

http://theconversation.com/free-cash-for-iceland-but-it-pays-to-keep-cool-about-auroracoin-23061

The 64,000 NXT question is - could NXT somehow get on this bandwagon and become part of the Auroracoin management system via AE?  If we can get EVERYBODY IN ICELAND (population 300,000) owning NXT as a part of helping to manage their new Auroracoins...

How could we help them? What is the next step? Should we contact the developers offering them our support?

James, how should we proceed?

I am already proceeding and have been for a while. These market developments are not a surprise to me.

I can add auroracoin to the automated gateway, so anybody with aurora coin just establishes their NXT acct <-> Aurora addresses. Then we essentially extend AE to include the aurora wallet. This is why I am working so hard on the automated gateway. It instantly leverages whatever we connect to it with AE powers. Also AE gets extended with whatever is added.

Once we support the dozens of worthy altcoins, AE will be directly tied to all those wallets. Just like coinbase is linked to a checking acct. Once inside AE, there are all the crypto exchange possibilities, but more importantly real world trading, like POPPP's farm.

That is why I am developing the NXTcoins development kit that allows people to "configure" their NXT asset with coin type of properties. It is one thing to issue a bunch of Unicorn asset, another to properly manage the inventory, especially if it is tied into events outside the NXT blockchain. The gateway links offchain activities directly into AE.

Once we figure out how to get 10 second block times and make sure the cellphone apps handle QR codes, people can transact for real world goods in iceland using their cellphones. Now Aurora coin is not actually the official currency of iceland, more of a people's movement, but once we have 10 second block times, NXT hubs we can seriously start recruiting entire small countries to issue their currency as an AE asset.

James

Ok, but should we approach them now?
Could we put together a letter that we can send them? I am not a native english speaker (nor writer ).

Approach whom? Is Aurora coin centralized?
It probably wouldnt hurt to start posting on threads of other coins to let them know about NXT's AE capabilities.

Could someone please help me rephrase the text of James? Then we can spread the news amond the other coins to let them know about the functionalities.

I don't exactly know what Geateways are or what they do. If MR. James would care to give a little more explanation, I will try to help. Does this mean that People will be able to  transfer a balance from their wallet directly to the AE? with out creating a representative colored coin?