NXT :: descendant of Bitcoin - Updated Information

[Voluntold]

So has anyone researched the potential regulatory problems that we have for Asset Exchange and/or Cross Chain Transactions? That is, do we run into issues in the US for being a MSB, and do we need to do KYC and AML stuff.

I'd be willing to do the research and draft up a whitepaper if people would find that helpful or informative. My hope is that we can find a loophole that doesn't kill AE before it ever takes off, and the whitepaper would be the community's position on the issue(s).

Da F*ck are you talking about?... Yeah, I imagine we will run into a few regulatory problems lol.

But seriously, my impression has always been that cryptocurrencies themselves were the loophole.

[ChuckOne]

So has anyone researched the potential regulatory problems that we have for Asset Exchange and/or Cross Chain Transactions? That is, do we run into issues in the US for being a MSB, and do we need to do KYC and AML stuff.

I'd be willing to do the research and draft up a whitepaper if people would find that helpful or informative. My hope is that we can find a loophole that doesn't kill AE before it ever takes off, and the whitepaper would be the community's position on the issue(s).

I would like to see something like this.

Maybe, you could additionally explore the issue enlightenment regarding gambling addiction. I consider the AE as a place where many people can loose their money. We actually do not need regulation but ways of how to enlighten participants about gambling/loosing money etc. as some countries (e.g. Germany) require such thing in case of financial instruments.

[ChuckOne]

My hope is that we can find a loophole that doesn't kill AE before it ever takes off,...

So...  how exactly will you/they/it get me (or anyone else for the matter) to shutdown the Nxt server in order to kill the AE?    

Surveillance. Physical pressure. Threats etc.

Cryptocurrencies do not change that when you come back to the real world.

[opticalcarrier]

So has anyone researched the potential regulatory problems that we have for Asset Exchange and/or Cross Chain Transactions? That is, do we run into issues in the US for being a MSB, and do we need to do KYC and AML stuff.

I'd be willing to do the research and draft up a whitepaper if people would find that helpful or informative. My hope is that we can find a loophole that doesn't kill AE before it ever takes off, and the whitepaper would be the community's position on the issue(s).

my guess is that as long as the people maintaining the systems for our temporary coin exchange arent in the jurisdiction, and that the systems arent operated in the jurisdiction, then theres no issue.

when true full decentralized CCT comes though, I dont see an issue at all.

[ChuckOne]

So has anyone researched the potential regulatory problems that we have for Asset Exchange and/or Cross Chain Transactions? That is, do we run into issues in the US for being a MSB, and do we need to do KYC and AML stuff.

I'd be willing to do the research and draft up a whitepaper if people would find that helpful or informative. My hope is that we can find a loophole that doesn't kill AE before it ever takes off, and the whitepaper would be the community's position on the issue(s).

my guess is that as long as the people maintaining the systems for our temporary coin exchange arent in the jurisdiction, and that the systems arent operated in the jurisdiction, then theres no issue.

when true full decentralized CCT comes though, I dont see an issue at all.

This was my first thought as well. But why not letting him digging up something. Maybe, there is more than we can imagine.

[ChuckOne]

@JL

Code:

[2014-03-04 16:30:27.139] DEBUG: Deleting blocks after height 80604
[2014-03-04 16:30:27.156] Will do a re-scan
[2014-03-04 16:30:27.168] Scanning blockchain...
[2014-03-04 16:31:04.335] DEBUG: processed block 0
[2014-03-04 16:31:04.740] DEBUG: Error in block generation thread
java.lang.IllegalArgumentException: Number of required confirmations must be between 0 and 2881
at nxt.Account.getGuaranteedBalance(Account.java:130)
at nxt.Account.getEffectiveBalance(Account.java:123)
at nxt.Generator.forge(Generator.java:122)
at nxt.Generator.access$100(Generator.java:17)
at nxt.Generator$1.run(Generator.java:39)
at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:471)
at java.util.concurrent.FutureTask.runAndReset(FutureTask.java:304)
at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.access$301(ScheduledThreadPoolExecutor.java:178)
at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.run(ScheduledThreadPoolExecutor.java:293)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1145)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:615)
at java.lang.Thread.run(Thread.java:724)

[ChuckOne]

Surveillance. Physical pressure. Threats etc.

Yes...  they do use such methods...  but we are talking about a whole network here.

Cryptocurrencies do not change that when you come back to the real world.

Are you referring to exchanging crypto for fiat?

We are talking about the whole network, that's correct. But the real world is patient. Theses methods can be performed step by step. Very slowly.

I was referring to everything. Cryptos solve a class of problems. The issues mentioned above not.

Anyway, I would like to see such an analysis.

[ChuckOne]

I count 224 active peers and 403 known peers. Any comparison? Are these normal numbers?

[NxtMinnow]

The Nxt network is resistant to rubber hose cryptoanalysis! It is the Hydra of cryptocurrencies, with servers in every continent, and leadership on the edges of the network.  It is the most efficient network currently available to transfer value worldwide.  No matter how many rubber hoses are applied, the Nxt network redundancy and efficiency assures secure transfer of value.

[Voluntold]

The only real problem with cryptos that I see, is the whole exchanging it to fiat issue. What I was hoping is that NXT and BTC could just work together by Nxt taking care of all the good 2nd Gen stuff, like AE, NXTcash, TF, etc. and then BTC could just be used for the intermediary for fiat... for now. Until people realize that we don't need the coercion and force of government, obviously.

I'd prefer if Nxt stayed as decentralized and out of gov reach as possible.

[bitcoinpaul]

     I WANT YOUR VOTE!

Rickyjames has sent the top 500 members who post to this forum and have registered since before Feb 11 a ballot code




  I understand that NXT is bigger than the market price and bigger than a few mentions on podcasts.

 I understand that NXT can radically change the way the global economy works, cut out the fat cats and the government and let people trade freely and affordably amongst themselves.

 BUT NXT needs help it get there!

 I live in New York City, and I understand marketing with no budget. I have worked and managed in Michelin listed restaurants for almost 10 years now, and understand how to get the word out.

 I want to create awareness based on features and functions, not by following what DOGE did, podcasts, or hoping our Memes make it big on Reddit.

 I have connections with real honest to goodness Wall Street bankers, not that they are honest or good... I even sold one $10 worth of NXT at a holiday party!

 I am currently involved with the NXTopia project, creating a roleplay style sandbox MMO where you can buy, sell, and CREATE items in NXT. We have a great team and think this is going to be huge.

 I have been in NXT since mid-december, through the DDoS, past the Alias Auction, and into the future. I went all in on NXT and currently personally hold 340,000 that I have purchased, earned from bounties, and traded from LTC mining.

Thanks, and looking forward to the MOOON!  -jefdiesel

track the progress here - https://www.electionbuddy.com/elections/12343/results/t34ayqhm2
  

  Vote BrooklynBTC for Marketing Committee!

+1

[ChuckOne]

The only real problem with cryptos that I see, is the whole exchanging it to fiat issue. What I was hoping is that NXT and BTC could just work together by Nxt taking care of all the good 2nd Gen stuff, like AE, NXTcash, TF, etc. and then BTC could just be used for the intermediary for fiat... for now. Until people realize that we don't need the coercion and force of government, obviously.

I'd prefer if Nxt stayed as decentralized and out of gov reach as possible.

Humans need slow change. Most revolutions did not work out because of that.

I think this whitepaper is not about gov reach but it is about information and knowledge. Let's wait for it before we assess it.

[ChuckOne]

     I WANT YOUR VOTE!

Rickyjames has sent the top 500 members who post to this forum and have registered since before Feb 11 a ballot code




  I understand that NXT is bigger than the market price and bigger than a few mentions on podcasts.

 I understand that NXT can radically change the way the global economy works, cut out the fat cats and the government and let people trade freely and affordably amongst themselves.

 BUT NXT needs help it get there!

 I live in New York City, and I understand marketing with no budget. I have worked and managed in Michelin listed restaurants for almost 10 years now, and understand how to get the word out.

 I want to create awareness based on features and functions, not by following what DOGE did, podcasts, or hoping our Memes make it big on Reddit.

 I have connections with real honest to goodness Wall Street bankers, not that they are honest or good... I even sold one $10 worth of NXT at a holiday party!

 I am currently involved with the NXTopia project, creating a roleplay style sandbox MMO where you can buy, sell, and CREATE items in NXT. We have a great team and think this is going to be huge.

 I have been in NXT since mid-december, through the DDoS, past the Alias Auction, and into the future. I went all in on NXT and currently personally hold 340,000 that I have purchased, earned from bounties, and traded from LTC mining.

Thanks, and looking forward to the MOOON!  -jefdiesel

track the progress here - https://www.electionbuddy.com/elections/12343/results/t34ayqhm2
  

  Vote BrooklynBTC for Marketing Committee!

+1

+1

[brooklynbtc]

I appreciate you taking the time to write me. Can you tell me if you would consider using global warming / climate change as a selling point when promoting Nxt? Feel free to post publicly in the thread if you want more people to see it, but if you do so, I'd appreciate if you PMd me a link to your response so I don't miss it.

Thank you.

Hi IveBeenBit

 Thanks for the reply.

 We have witnessed lots of fighting and arguing in the thread, and in real life, over global warming. I personally believe that the Earth is being overburdened through man made actions and that we as humans need to pay attention to this.

 The marketing committee's role is to foster, fund, and promote NXT and NXT related endeavours, on behalf of the community. I am for green marketing, but only in the case that the marketing is solid. I will not support any wasteful marketing plans, no matter the truth of the talking points.

 In a similar way I support children's charities, but do I think they are the way to support NXT? NO!

 I think supporting NXT in its complete roles with Automated Exchange and Transparent Forging is the greenest action we could possibly take. When NXT can trade all other coins, we will already be saving so much energy.

 When the crypto community sees that the mining arms race is foolish, and NXT with its Advanced features is the truly valuable platform, the ASICs and Server Farms will not be needed.
 That is the real goal of green marketing, stopping the wasteful actions behind Mining, not promoting NXT.

 I am going to post this word for word in the main thread, if you have any questions please feel free to contact me

 Jef

[Mario123]

well boys, gear up!  if you thought the excitement and payouts at blocks 22001 - 22005 were big, just wait till AE gets turned on....

I think we are all waiting so much! Very exciting, but we need at least an official ann few days prior to launch, so as to be prepared or at least available. I want to live that excitement again, that we all had during AS - can't wait

Gimme Date and I fire up the countdown www.nxtcountdown.com

If you can shoot some awesome screenshots of the AE on a client that'd be great. Put the pictures underneath the video.

A question;This is what I see when I open the website; https://i.imgur.com/uWWu4nn.png

Could you remove the text "Nxt developers are.....Live date not determined"?

Lift the countdown and video a little up, so the video is not cut in half when you open the website (see screenshot). That would look better. 

For the screenshots of a client I would make a small/medium horizontal smooth line under the video and put 2 or 3 screenshot next to each other.

Maybe it's also a good idea to add http://www.nxtclients.org/ somewhere

Yeah, I'll tweak it a little bit. Has anybody good screenshots for me?

[newsilike]

I think I have a great idea for a Nxt asset exchange related website

It would track your profits/losses on the asset exchange.

You could input you Nxt account, then it would scan the blockchain for which price the assets have been brought.

After that it checks the current buy/sell orders.

This would give the possibility of a nice overview over your assets and how they are developing.

I would do this my self but unfortunately I lack the knowledge to do so.

So I figured I'll just share it with this great community


@Similar to this page:
http://www.coinreporting.com
Only that the you don't have to input your purchases and sales manually.
AE makes it possible!

[ChuckOne]

I think I have a great idea for a Nxt asset exchange related website

It would track your profits/losses on the asset exchange.

You could input you Nxt account, then it would scan the blockchain for which price the assets have been brought.

After that it checks the current buy/sell orders.

This would give the possibility of a nice overview over your assets and how they are developing.

I would do this my self but unfortunately I lack the knowledge to do so.

So I figured I'll just share it with this great community


@Similar to this page:
http://www.coinreporting.com
Only that the you don't have to input your purchases and sales manually.

This would even be better integrated into the clients. But a website would also be great. Any volunteers?

I would do it, but time is the issue here. I cannot do many things at once.

[BitcoinForumator]

http://www.youtube.com/watch?v=26E0lFUP4qw#start=0:00;end=8:46;cycles=-1;autoreplay=false;showoptions=false

NXT mentioned briefly - AGAIN, at about 6:00...

I wish there was a heavy-duty-pro-fulltime-spokesperson that would represent NXT the way that Hoskinson does, or Larimer, etc...

I would like to hear a 1hour LTB show, dedicated to NXT, with Adam B Levine (he's the best interviewer IMO), with his know-how and great questions...

I'm looking forward to hearing Anon, but I think everybody would like to see even more firepower in this regard.

[sepehr]

I count 224 active peers and 403 known peers. Any comparison? Are these normal numbers?

https://www.peerexplorer.com/

Reports this:

 Peers online: 511,  Claimed peers online: 77,

[L5Society]

Disclaimer: At this point, I would characterize my knowledge of the applicable regulation as very incomplete. While I am not a lawyer, I work with a lot of lawyers, and my job involves a lot of research and writing memos for companies taking accounting or tax positions.

As you can see from the address in my signature, I've got a decent investment in the network, and I'm very interested in seeing this experiment succeed. I've been trying to figure out what I can contribute to the community. As a very bad amateur programmer, I'm uncomfortable touching anything regarding the technical aspects, as the credibility of NXT could be hurt by amateurs playing with people's money.

I think I know what needs to be looked into for the US, but I would like some pointers for other countries. I have the resources to research things as they apply to the US, and may have access to some good info for other regions as well. The gambling thing in Germany mentioned above by ChuckOne is a good example of what I'm looking for.

I agree with the others who point out that the decentralized nature of NXT has certain benefits with regards to government control. However, governments can do many things to make NXT's life difficult, which could cause the price to plummet. This is a very bad thing when people attempt to use NXT as a store of value. Let's be prepared to address regulatory issues before they arise.