NXT :: descendant of Bitcoin - Updated Information

[Sebastien256]

Tying an account to a MAC address is also not possible.

That sux. What about IP address?

impossible, most people use dynamic ip

[antanst]

Since there's no username/password combination, a hacker does not need to target an account to crack it. They can set up a cracker to log into http://localhost:7875/ and start with A, then AA, Then AAA and so on. They can run this cycle continuously. If your password is halfway decent maybe it takes them a couple of years to break it, but since you can't change your secret phrase you are a sitting duck. You can send to a new account once in a while but you lose your "coin age" and have to wait 1440 blocks to forge again every time you do this.

Everyone can leave a cracker open indefinitely. You can do that in Bitcoin as well. Just download vanitygen, generate addresses and look at their balances. (edit: I just saw that chanc3r said the same thing ) If you get extremely lucky, you may stumble upon one with few coins in a few million years :-)

I typed in 'password" and instantly gained access to an account that had a couple hundred NXT there at one point. Who's  NXT indeed.

That's a problem with brainwallets. The security of the account is tied to the password strength the user chooses. And strong passwords aren't convenient.

[chanc3r]

Tying an account to a MAC address is also not possible.

That sux. What about IP address?

Well you could use you MAC address as part of your secret phrase but I don't think thats what you mean

[ChuckOne]

price seems to be always the same

price do not matter now. Only growing community and nxt feathure. Hopefully.

How many people have you told about NXT?

[Damelon]

Since there's no username/password combination, a hacker does not need to target an account to crack it. They can set up a cracker to log into http://localhost:7875/ and start with A, then AA, Then AAA and so on. They can run this cycle continuously. If your password is halfway decent maybe it takes them a couple of years to break it, but since you can't change your secret phrase you are a sitting duck. You can send to a new account once in a while but you lose your "coin age" and have to wait 1440 blocks to forge again every time you do this.

I typed in 'password" and instantly gained access to an account that had a couple hundred NXT there at one point. Who's  NXT indeed.

I did some checking on such claims a few days ago for this thread: https://nextcoin.org/index.php/topic,4290.msg40035.html#msg40035

For the "password" account it's the same. You can see they moved the money in and immediately out.
The only other Nxt in there was from the faucet. It was NEVER a serious account!

Most weak password accounts, and you can check, are from december, when this issue wasn't known that well, or were faucet thiefs.

I really would like people to not only state facts, but also interpret them.

[bitcoinpaul]

This 10% thing seems like a strange and confusing idea. I don't talk about the technical aspects or the possibilities with it, I just talk from a user standpoint.

[Sebastien256]

price seems to be always the same

price do not matter now. Only growing community and nxt feathure. Hopefully.

How many people have you told about NXT?

Some friends and work collegues, also, sometime I post some comments there and there below some bitcoin articles on the internet. My girlfriend is the only one I manage to get interest to put some money in nxt, after hardwork. Selling nxt to people that don't understand web technology is very difficult. Rightnow, I like to spare some time by giving my opinion and helping newcomers. Im reading this thread since december 21. Weird question by the way.

[ChuckOne]

This 10% thing seems like a strange and confusing idea. I don't talk about the technical aspects or the possibilities with it, I just talk from a user standpoint.

The 90% are like a reserve fund for merchants in case they already send you the item and you cheated them via double spends.

[bitcoinpaul]

This 10% thing seems like a strange and confusing idea. I don't talk about the technical aspects or the possibilities with it, I just talk from a user standpoint.

The 90% are like a reserve fund for merchants in case they already send you the item and you cheated them via double spends.

Is that the way we will explain it to Average Crypto Moe?

[mikesbmw]

Really, ALL of the current exchanges that handle NXT SUCK HUMONGOUS MONKEY BALLS!
This really pisses me off!    (probably already noticeable   )

Now it's Cryptsy at it (again).

Sent over 7500NXT 5,5 hours ago. I can see it in the address, but they haven't added it to my account.
Same thing happend to me several times with Bter and also at Vircurex.
All were solved eventually, but in the meantime it's waiting, waiting and waiting. At least NXT transfers are fast, that way I get to wait even longer if some exchange screws up (pun intended).

Man, I would be SO relieved if a decentralized exchange would be in place....

[ChuckOne]

This 10% thing seems like a strange and confusing idea. I don't talk about the technical aspects or the possibilities with it, I just talk from a user standpoint.

The 90% are like a reserve fund for merchants in case they already send you the item and you cheated them via double spends.

Is that the way we will explain it to Average Crypto Moe?

This was the way I explained it to you.

Make me something illustrative for our average Joes.

[Come-from-Beyond]

Please help us me to understand - what is the reason for the 1/10 ratio? or is it completely arbitrary?

BCNext wanted to use 1/7 but 1/10 is easier to calc without a computer.

EDIT: Cfb - what about the reserve balance approach I posted in your other thread?

Good idea.

[chanc3r]

Please help us me to understand - what is the reason for the 1/10 ratio? or is it completely arbitrary?

BCNext wanted to use 1/7 but 1/10 is easier to calc without a computer.

EDIT: Cfb - what about the reserve balance approach I posted in your other thread?

Good idea.

So the 1/10 reserve is arbitrary and with a different method like reserve balance the users could decide the level of reserve depending on how much 'pocket money' they would need.

Thanks, what do others think about this alternative method of 'pre-funding' instant transactions?

https://bitcointalk.org/index.php?topic=316104.msg5591145#msg5591145

[Mario123]

Which Mobile Clients are out there?

How is the status of local signing, Come-from-Beyond?

[ChuckOne]

Please help us me to understand - what is the reason for the 1/10 ratio? or is it completely arbitrary?

BCNext wanted to use 1/7 but 1/10 is easier to calc without a computer.

EDIT: Cfb - what about the reserve balance approach I posted in your other thread?

Good idea.

So the 1/10 reserve is arbitrary and with a different method like reserve balance the users could decide the level of reserve depending on how much 'pocket money' they would need.

Thanks, what do others think about this alternative method of 'pre-funding' instant transactions?

https://bitcointalk.org/index.php?topic=316104.msg5591145#msg5591145

You still need the 1/10.

[zorke]

Really, ALL of the current exchanges that handle NXT SUCK HUMONGOUS MONKEY BALLS!
This really pisses me off!    (probably already noticeable   )

Now it's Cryptsy at it (again).

Sent over 7500NXT 5,5 hours ago. I can see it in the address, but they haven't added it to my account.
Same thing happend to me several times with Bter and also at Vircurex.
All were solved eventually, but in the meantime it's waiting, waiting and waiting. At least NXT transfers are fast, that way I get to wait even longer if some exchange screws up (pun intended).

Man, I would be SO relieved if a decentralized exchange would be in place....

Don't get to worried about it. It happen to me at every single exchange except on DGEX but there you have to wait anyways. BTER likes to do this also very often. Vircurex is in my opinion most stable, it happend to me only once there but you have to wait 50 confirmations and liquidity is next to nothing.

Cryptsy is another story. They are already notorious for not crediting the coins even after 1000 confirmations, I believe that with NXT this will only get worse. I submitted my 4 ticket today with Cryptsy in a week. 2 days ago my NXT withdrawal was stuck for a day, I got pissed, contacted them and asked them to cancel it. They habe done it in 30 mins, I sold them and got BTC out of there. Today I gave it another chance. Deposited 10k, after 14 hours, nothing. I contacted them after 30 mins they asked me for all the info even though I provided the blockchain screenshot, so quite obviously they were stalling. After my second email they sent me a reply that because of the big number NXT deposits they they are overwhelmed and deposits take over an hour. What a bunch of crap. Once I get deposit through I will withdraw the coins and never enter this bullshit exchange, ever!!! It might be the best to convert them to BTC cause they will probably be stuck 3 days again.

If nothing, they respond to ticket in under an hour, but they will solve your problem just if it is straightforward, meaning cancel deposit.

[chanc3r]

Please help us me to understand - what is the reason for the 1/10 ratio? or is it completely arbitrary?

BCNext wanted to use 1/7 but 1/10 is easier to calc without a computer.

EDIT: Cfb - what about the reserve balance approach I posted in your other thread?

Good idea.

So the 1/10 reserve is arbitrary and with a different method like reserve balance the users could decide the level of reserve depending on how much 'pocket money' they would need.

Thanks, what do others think about this alternative method of 'pre-funding' instant transactions?

https://bitcointalk.org/index.php?topic=316104.msg5591145#msg5591145

You still need the 1/10.

1/x or definitely 10? - I just think users will think of an amount like 200, 500, 1000 nxt rather than 1/10 or 1/x, i should have expressed more clearly, I think the user should be able to specify the level of pocket money they need.... aka reserve balance

[bitcoinpaul]

Well, you would have a special account for this. How much NXT you put into it is up to you.

[ChuckOne]

1/x or definitely 10? - I just think users will think of an amount like 200, 500, 1000 nxt rather than 1/10 or 1/x, i should have expressed more clearly, I think the user should be able to specify the level of pocket money they need.... aka reserve balance

No, you do not get what I was trying to say. You need TWO fractions of your total amount:

Say you have 1000 NXT for non-instant transactions available.

Now, you want to have 100 NXT for instant transactions available. So, you have only 900 NXT available for non-instant transactions.
But still, you are only allowed to have 1/10 of THESE 100 NXT to spent within the frame of 24 hours.

Replace 100, 10 and 24 with your preferred constants.

As you might see, you cannot have the 900 NXT available for instant refunding. Why? Because you can withdraw them at any time.

[freigeist]

Emunie is also promising instant transactions. does anyone know how they plan to achieve this? I plan to start paying attention to them soon, they are supposed to launch their 1st official product this month. I am seriously considering jumping to them depending on what I find there.

Hello

They will not launch the product this month,they will maybe next month.
Open beta testing is still going on.
If you want you can test the latest open beta software by yourself.

http://beta.emunie.com/

For more info you can check the forum:
http://forum.emunie.com