NXT :: descendant of Bitcoin - Updated Information

[bitcoinpaul]

I don't think I can buy bottle of wine for my girlfriend with your asset "boobs"  

But you get boobs with a bottle of wine!

[grandpa_seth]

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.

Okay interesting but I thought we were trying to get miners to mine nodecoins for nxt's network benefit. If nodecoins are so easy to mine then who will the nodecoin
hoarders eventually sell to? If nobody, then why mine them? Who here would pay even 1 nxt or btc to buy nodecoins when I can just forge and get some more for free?
So to continue the circle why buy any if I can mine them easily with my palm pilot?

People buy altcoins because they don't have enough mining power to mine them. Nodecoins are heck easy to get. So if nobody ever buys them then they have no value to the
people you are bribing to forge for nxt's sake.

[brooklynbtc]

THing about nodecoin, is it is a process, that just happens to be trackable, and then the proof of process, or proof of work if you like, has a value.

We already RUN nodes. But we need to impress others to do it. The coin has no value to anyone UNLESS you need nodes.
We all need nodes, and when businesses, like  Damelon's outside project comes online, they will need MORE of nodes, and they will PAY you to run them

Price will go up, and more nodes will come online.

Back to my cell tower argument. Imagine if the teclo ran fine, but when it got busy they could PAY you to help. Turn on your wifi and you help. and get paid.

[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 

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"  

I can issue you a new girlfriend

[grandpa_seth]

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward in Nxt which will be very valuable soon.

[bitcoinpaul]

Problem is, the Nxt chain with TF doesn't need more average nodes, it needs a few powerful nodes. Am I wrong?

[martismartis]

I don't think I can buy bottle of wine for my girlfriend with your asset "boobs"  

But you get boobs with a bottle of wine!

This is the short term happiness Later on I will have to sell boobs at any price, if I plan to have long term happiness

[bitcoinpaul]

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward.

No, it needs to be self-sustaining.

[grandpa_seth]

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward.

No, it needs to be self-sustaining.

That would be ideal. But if it isn't and nobody cares about nodecoins then maybe plan B is a direct exchange nodecoins for nxt? For example 10,000 nodecoins for 10 nxt? As nxt increases in value the nodecoin/nxt ratio reward would go down obviously.

Of course this will not last forever. Once nxt is a powerhouse with high value and tons of businesses securing the network nodecoins will not be needed anymore. So we would not
need to have a nodecoin/nxt reward gateway anymore. And by then if nodecoins by themselves happen to have trading value then thats great.

[BitcoinForumator]

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.

Is this Nodecoin mining possible only with Linux currently? (just trying to catch up with "Nodecoin")

[bitcoinpaul]

I don't like it.

If this node coin experiment doesn't work, it doesn't work. Moving on.

[Lucozade35]

THing about nodecoin, is it is a process, that just happens to be trackable, and then the proof of process, or proof of work if you like, has a value.

We already RUN nodes. But we need to impress others to do it. The coin has no value to anyone UNLESS you need nodes.
We all need nodes, and when businesses, like  Damelon's outside project comes online, they will need MORE of nodes, and they will PAY you to run them

Price will go up, and more nodes will come online.

Back to my cell tower argument. Imagine if the teclo ran fine, but when it got busy they could PAY you to help. Turn on your wifi and you help. and get paid.

Ok so i pay a Telco to provide a service. The Telco then pays me to provide a service and i pay the Telco again! Why not just have a auto convert of Node to Nxt. If a company needs to pay for nodes they can do it in NXT.

[bitcoinpaul]

Free market will take care of.

[opticalcarrier]

I think since nodecoins are rewards for running nodes for nxt maybe we should come up with a way to reward nodecoins. Like some math guy come up with a proper reward
threshold in nxt for a certain amount of nodecoins. We can setup an automatic payout in nxt for nodecoins and fund it by donations or whatever. That way people will always
run nodes because they get free nodecoins which even if a little will be converted to nxt via a gateway or whatever as guaranteed reward.

No, it needs to be self-sustaining.

its too bad boobs arent self-sustaining.... I wish they were always perky but eventually they all droop

[bitcoinpaul]

you could always pump it artificially.

and that, my friends, was altcoins 101.

[brooklynbtc]

THing about nodecoin, is it is a process, that just happens to be trackable, and then the proof of process, or proof of work if you like, has a value.

We already RUN nodes. But we need to impress others to do it. The coin has no value to anyone UNLESS you need nodes.
We all need nodes, and when businesses, like  Damelon's outside project comes online, they will need MORE of nodes, and they will PAY you to run them

Price will go up, and more nodes will come online.

Back to my cell tower argument. Imagine if the teclo ran fine, but when it got busy they could PAY you to help. Turn on your wifi and you help. and get paid.

Ok so i pay a Telco to provide a service. The Telco then pays me to provide a service and i pay the Telco again! Why not just have a auto convert of Node to Nxt. If a company needs to pay for nodes they can do it in NXT.

theres no paying the telco. remove your pre conceptions. and feel free to ignore nodecoin. just cause you dont understand its value doesnt mean its not there.

this is like explaining Bitcoin to your grandma right now...

[marcus03]

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?

Yes. Wallet holds account-account secret pairs, with the account secrets having 128 bits of entropy and the wallet file being encrypted with a wallet password of X bits of entropy. Wallet password is generated, but the user can set the wanted entropy.

Question is, which range of values should I allowe for X and is it ok, if I make 96 bits of entropy the default setting for the wallet password.

[grandpa_seth]

People have been complaining about their little nxts are not forging anything. Nodecoin was to incentivize those complainers/miners to run their nxt nodes. I'm just wondering
if receiving something called nodecoins is enough to keep everyone who complained forging?

Anyway, yes lets move on. Nodecoins are here and lets hope it does as intended. Great work James

[bitcoinpaul]

let's call it nxt credits. karma came to my mind but buying and selling karma doesn't make any sense.

[msin]

First Post Update

I updated the link on the first post for the AT Development Thread to Ian's CIYAM NXT AT Forum.

I think Ian's CIYAM forum is a good way to foster development and should be used for more NXT dev projects.  Currently, projects can only be funded in BTC, but Ian has offered to add a NXT funding field.  NXT AT project currently has 1.058 BTC allocated to development.

If Come-from-Beyond doesn't have the time or resources to finish parallel blockchains, the community can use Ian's site to fund and develop it.

I also received a message from Copperlark informing me that the crypto exchange UpBit.org is now trading NXT.

+1, I think we should post the Parallel Blockchain project on CIYAM.org, perhaps when he's done with AT, he will be interested in developing.  I have BTC/Nxt saved for the occasion and I seem to be the only one funding AT as well, although I'm sure we can give him a bounty on completion.  The more Nxt Ciyam has, the better.