NXT :: descendant of Bitcoin - Updated Information

[wesleyh]

Bug report @ wesleyh (sorry if this has already been reported)

Can't send NXT to a recipient saved as a contact. Error message: "invalid account ID"
Password was entered correctly.

How to reproduce:

1. Contacts -> Add Contact -> Fill out Name and Account-ID -> Add Contact
2. Send NXT -> recipient ={Name} -> Send NXT



Small other bug: The apostrophe ' is not correctly shown.

Both should be fixed.

[brooklynbtc]

Getting nodecoins automatically is really cool. But someone explain to me when real nodecoins start what is going to give them value? Isn't it a false
assumption that miners will forge to get nodecoins?
Right now miners have so many options of which coin to mine and they choose based on how
easy the difficulty is and how much they can pump and dump it for.
That's why new coins get mined quickly. The miners know there will always
be someone dumb enough to think "ejaculate coin" will be the next big thing and everyone is going to use it to buy groceries so therefore I must
buy some on cryptsy.
What reason would miners have to "mine" nodecoin? Who's going to buy them?

It's only a TEST !

Duh, read the bold part. Its a test now, I'm talking about when we are live on main and nodecoins start for real.

imagine you could mine nodeBitCoins, real easy and cheap. What would this do? RAISE IN PRICE because of arbitrage.
nodecoin value will follow NXT value, and if you mine them, you will get some.

Hey brooklynbtc,

hmmm I kinda get what you're saying. I am no expert but if you see it and James who obviously gave birth to it sees it then I can't
say anything except I hope it does what its suppose to because that would be brilliant if it did.

all these alt coins DO NOT have VALUE because they are new and cool (they BUBBLE for those reasons)
the reason any coins, crypto or fiat , (especially PoW coins) have value because WE decide that the value of what went into making them is TRANSFERRABLE and VALUABLE to others in free exchange

Nodecoins are valuable because they will be paid out to nodes who are serving to support the network.
Imagine if the mobile phone company said we're not going to build ANY towers, BUT if you run a tower at your house, we will pay you for doing this.

NXT is decentralized, so there is no COMPANY to build the towers. There is just users. So nodecoin will PAY them all to secure the network.
Forging is the same idea, except that forging proves the blockchain, and with PoS you need to HOLD coins to make coins.

PoW, like in nodecoin, will allow anyone to point their computer, pi, cubbie, or tv stick and no matter how much NXT, you can just get paid daily for mining nodes.

I've had it online for 90 minutes and pulled in 40 nodecoins..

But they would pay you with FIAT which you can spend on bitchizz and coke, while you can´t buy anything for nodecoin.

IF They did pay you. How many telcos are offering to pay you at this moment? Oh and they need to install HOW MUCH microwave antenna crap on your roof?

[brooklynbtc]

But they would pay you with FIAT which you can spend on bitchizz and coke, while you can´t buy anything for nodecoin.

IF They did pay you. How many telcos are offering to pay you at this moment? Oh and they need to install HOW MUCH microwave antenna crap on your roof?

I have an idea. You don't worry about Nodecoin, and I will. At the end of a year, We can meet up and see who can afford the most bitchizz and coke. 

[Eadeqa]

Given that hacking a wallet file has the additional step of getting a copy of the wallet file, by how many bits of entropy should the password of the wallet file be protected?

Is wallet file encrypted by user password before you safe it to hard drive?

It doesn't really matter. 128-bit entropy is fine. The user password is going to be much smaller than 128-bit, but that's the risk the user takes by not having to type a very long type password every time they login to Nxt. Otherwise there is no point having walet file if that encryption password is just as long as Nxt password.

wallet file will allow the user to type smaller and easier to remember password. The real password (128-bit) will be stored in wallet file. Isn't that the purpose of wallet file?

[trisher]

holy crap thats a beast of a climb on bter? share holders done dumping?

[bitcoinpaul]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

[martismartis]

I miss something new from Jean-Luc

[martismartis]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

EDIT: Nothing against the idea of nodecoin, but don't understand the whole vision of it. What is the difference between asset "nodecoin" and asset "boobs"?

[brooklynbtc]

Think of it this way: By running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

nodecoin is an ASSET on the AE. Its current price is .01NXT

Get 100 nodecoins and sell for 1NXT. It is a free market, it can go either way and will go up when businesses NEED more servers, they will pay more.

I have 340k NXT forging, and in the past 3 months I have earned like 140NXT, including one block that paid 100. yet with nodecoin I've earned 52nodecoin in 2 hours.
Thats 26/hr.
Thats 6.5NXT a DAY at the current rate.
90 days would have been 585 NXT.
FOR NOTHING but PoW

From my CPU running 1%. I will set up my uDroid for this tonight if time permits.

[Fatih87SK]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

1. We have to give it a cool name
2. Brand it
3. Build website to inform people
4. Countdown
5. Launch
6. Make it available at exchanges etc.
7. Point 1, 2 and 3 should give people a reason to buy. SO they are buying.

There are so much shitcoins released nowadays. THIS coin we are receiving by running a node has a REAL value IMHO.

[brooklynbtc]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

EDIT: Nothing against the idea of nodecoin, but don't understand the whole vision of it. What is the difference between asset "nodecoin" and asset "boobs"?

Boobs hasnt shown us yet what it can do, besides look good.

[Eadeqa]

By the way, wallet file can be deterministic like Electrum. The user can have dozens of different accounts, but they will  have to back up wallet file just once.

It could work like this: Secret seed (generated first time) and saved in wallet dat.

Account1 = Hash (Secret seed)

The user creates a new account (say two months later)

Account2 = Hash (Account1_ID + Secret seed)

Account3 = Hash (Account2_ID + Secret seed)

etc

As long they have secret seed (saved in wallet file) they would be able to recover all the accounts they ever created with the client.

[martismartis]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

that goes for every single other alt coin.. yet they have value..

Partly I agree, but all these altcoins are only for speculation. IMO. It is good for short term, not good for long term. So I wrote, ahet I don't see long term vision of nodecoin or I've missed something.

[Mistafreeze]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

EDIT: Nothing against the idea of nodecoin, but don't understand the whole vision of it. What is the difference between asset "nodecoin" and asset "boobs"?

Boobs hasnt shown us yet what it can do, besides look good.

I have faith that my asset has place a place in the heart of every man 

[bitcoinpaul]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

1. We have to give it a cool name
2. Brand it
3. Build website to inform people
4. Countdown
5. Launch
6. Make it available at exchanges etc.
7. Point 1, 2 and 3 should give people a reason to buy. SO they are buying.

There are so much shitcoins released nowadays. THIS coin we are receiving by running a node has a REAL value IMHO.

We should talk about the name, yes.

[martismartis]

Think of it this way: By running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

nodecoin is an ASSET on the AE. Its current price is .01NXT

Get 100 nodecoins and sell for 1NXT. It is a free market, it can go either way and will go up when businesses NEED more servers, they will pay more.

I have 340k NXT forging, and in the past 3 months I have earned like 140NXT, including one block that paid 100. yet with nodecoin I've earned 52nodecoin in 2 hours.
Thats 26/hr.
Thats 6.5NXT a DAY at the current rate.
90 days would have been 585 NXT.
FOR NOTHING but PoW

From my CPU running 1%. I will set up my uDroid for this tonight if time permits.

Who will buy them and for what reason?

[chanc3r]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

that goes for every single other alt coin.. yet they have value..

nodecoin is an interesting experiment - a coin awarded based on the useful work an NRS node does... if this is useful in establishing stable nodes then we can look at how to give these value if this is good way of subsidising/encouraging the creation of the network.

[brooklynbtc]

We should talk about the name, yes.

I really dont think it will be on the exchanges. It exists as an ASSET> We need to drive people TOWARDS NXT not towards Cryptsy.

the AE will be the exchange. People will trade BTC/NXT in the AE and then can buy and sell Nodecoin.

James created Nodecoin and named it. You can talk to him all you like, but it will always be about Nodes, it does not need marketing.

You guys are reverting to Mining thinking. This is network support, with a payout.

[martismartis]

Think of it this way: Buy running a node and supporting the Nxt network, you get social credits in the Nxt community because you are part of the support for Nxt. Hence node coins are only valuable within the Nxt community. When Nxt is rising in value (Nxt community getting bigger), your node coins are worth more because you support a bigger Nxt community which uses the Nxt network.

Obviously, the Nxt community sees value in many people supporting the network. Therefore node coin has a value.

Now use node coin as a tipping coin and Nxt is the king.

OK. But who will by nodecoin for NXT/BTC/other and why? Where to spend nodecoin in real world?

EDIT: Nothing against the idea of nodecoin, but don't understand the whole vision of it. What is the difference between asset "nodecoin" and asset "boobs"?

Boobs hasnt shown us yet what it can do, besides look good.

I have faith that my asset has place a place in the heart of every man 

Yeah, it's fun. Buy if I buy your asset "boobs", I don't think I can buy bottle of wine for my girlfriend with your asset "boobs"  

[bitcoinpaul]

"Credits" maybe? Or is credit so boring and sucked dry? Or is it immediately understandable and thus maybe successful?

It's not about other exchanges like cryptsy, it's about giving this interesting idea a good name to understand it better. It's not like Nxt has enough good marketing right now