NXT :: descendant of Bitcoin - Updated Information

[antanst]

So uh..........have we officially broken the TestNet now?

Yes: https://bitbucket.org/JeanLucPicard/nxt/issue/63/nullpointerexception-when-attachment

Come on, wesley. Give credit where it's due     https://bitbucket.org/JeanLucPicard/nxt/issue/62/testnet-breaks-when-flooded-with-bogus-bid

[gck]

I am going to keep asking untill someone either tells me that this is nonesense (and explain) or a real explanation...  

If NXT is ONLY a building block and NOT a currency- what will drive its value?

Some on this thread believe that the overall value of transactions within the NXT ecosystem will drive the value of a single NXT and the overall market cap even if NXT itself is no longer a currency. One other person in this thread called it the gold, the basic store of value etc.

I believe that this, or aspects of this are the real problem around the node discussion and a contradiction:

If this was a centralized company (like ripple or google) than I would be very happy to become a decentralized Sysco (infrastructure) or Google (implementation) and enjoy my price per share (the parallel to my price per NXT) go through the roof. However, in a decentralized setting- this is not the same thing. The NXT building blocks per se are not worth anything if not ALSO functioning as a unit of exchange either within the NXT ecosystem or as a combination of ecosystem and real world transactions (BTC in overstock or Virgin for example)

Since this is NOT a share or a financial asset per se (if primarily a building block as BCNEXT and friends want it) it will have no real monetary value. it will only have monetary value if used as the oil within the NXT ecosystem (this is what Etherium are doing with their ETHER), i.e. that you need to have some to create anything + to transact + to pay dividends etc. NOT just a building block.

Abandoning the 1.0 aspect of NXT will diminish the value from which a cap is derived

Using this as a 1.0 on top of the decentralized platform and requiring fees, pay dividends but stuff etc. will create a real economic value - an economy on which it will work.

Right now I dont see NXT as emphasizing 1.0 aspect and therefore dont see how it will hold value independently- but rather have great valuable decentralized asstets on top of it without real value as per 1NXT transferable to BTC or USD.

can someone argue against my assertion? thank you- and soryy for asking this for the 6th time in the past 10 days

  

This is my question as well.  Instead of using nodecoin as the sole incentive for running a node...why not let the OTHER assets on NXT be the reward?  You could reward people small amounts of any coin (or asset) they desire from the trading fees (small amounts...say 0.00000010 or less).  Someone with a large stake in NXT could get slightly higher amounts.  That way even someone that has just 1NXT...gets something for being an active node.  That would give one hell of an incentive to get into NXT.  Everyone becomes there own micro exchange.

Am I completely off base here?

of course! is a great idea!!!!

Everyone becomes there own micro exchange.

this is the solution. AE NXT exchange charges a small Nxt coin fee for each transaction and distributes
the fee to the active nodes


The active nodes receive two fees

A fee for each exchange assets independent of fund account
A fee as currently does nxt if node forges

if you want to use AE nxt you have to use Nxt coins to pay the fees

Damn...screwed up the quotes


Yes...but also you are also actively collecting small shares of other assets, like Bitcoin, Litecoin, etc. as part of running a node.  You could actively choose which.  Say you want to collect Bitcoin one day, but Litecoin the next as it is doing well.  The reward for being an active node is receiving a part of the transaction fee in that asset as well as NXT.  It could be structured so that NXT stays valuable.  Say you have nodes with 1-100,000 NXT....well they may only receive 0.00000001 per transaction, but maybe receive it every other transaction.  That way no one amounts so much of an asset that NXT becomes less valuable.

NXT becomes the gateway to Bitcoin and the other alts (AND anything else thrown onto the platform...property, gold...you name it) by actively participating.

I must say your idea is a little better as it only deals with NXT, BUT not everyone wants to get into NXT or has a large stake in another alt.

NXT itself above all else must provide incentive for getting into it.

[wesleyh]

So uh..........have we officially broken the TestNet now?

Yes: https://bitbucket.org/JeanLucPicard/nxt/issue/63/nullpointerexception-when-attachment

Come on, wesley. Give credit where it's due  https://bitbucket.org/JeanLucPicard/nxt/issue/62/testnet-breaks-when-flooded-with-bogus-bid

Oh yeah hehe, I posted the first because I wasn't sure if it was due to flooding or due to nullpointer.

[igmaca]

This is my question as well.  Instead of using nodecoin as the sole incentive for running a node...why not let the OTHER assets on NXT be the reward?  You could reward people small amounts of any coin (or asset) they desire from the trading fees (small amounts...say 0.00000010 or less).  Someone with a large stake in NXT could get slightly higher amounts.  That way even someone that has just 1NXT...gets something for being an active node.  That would give one hell of an incentive to get into NXT.  Everyone becomes there own micro exchange.

Am I completely off base here?

of course! is a great idea!!!!

Everyone becomes there own micro exchange.

this is the solution. Nxt AE charges a small Nxt coin fee for each transaction and distributes
the fee to the active nodes


The active nodes receive two fees

A fee for each exchange assets independent of fund account
A fee as currently does nxt if node forges

if you want to use Nxt AE you have to use Nxt coins to pay the fees

NXT becomes the gateway to Bitcoin and the other alts (AND anything else thrown onto the platform...property, gold...you name it) by actively participating.

I must say your idea is a little better as it only deals with NXT, BUT not everyone wants to get into NXT or has a large stake in another alt.

NXT itself above all else must provide incentive for getting into it.

Yes i agree but with this solution

Nxt becomes much more valuable. nxt coins purchase is necessary to use Nxt AE

Nxt platform remains green
Nxt platform improves its security. people wants to active nodes
Nxt platform improves its decentralization. people wants to active nodes

[antanst]

Can people please stop chain-quoting everything? This thread is difficult enough to read due to sheer size alone.

[mthcl]

Version 0.2.1: http://www.docdroid.net/a3sf/forging0-2-1.pdf.html. Also, I'm making the TeX-source available: http://ge.tt/82uJYGQ1/v/0 (TeX-file + three .png pictures; compile with pdflatex).

For now, this is all that I can say about the math of forging (of course, comments and suggestions are very welcome!). Anyhow, if anyone can come up with any other Nxt-related math model (e.g., about network topology, etc.), I would be very interested to analyze it too!

https://forums.nxtcrypto.org/viewtopic.php?f=17&t=836

[greyw00lf]

Nxt Mining Pool Bounty posted @ Nextcoin.org

https://nextcoin.org/index.php/topic,4399.0.html

Initially seeded with 20k, please feel free to follow the link and donate additional funds to the posted address.  My initial 20k are being sent to that address (from cryptsy) hopefully they will show up before Monday.

awesome idea! i like it!

[jl777]

Hello, my name is James.
I rebooted and feeling much better

Thanks to all the generous donators!! I am feeling very optimistic today.

For all the controversy the "coin that shall not be named" has created, at least people now are seeing NXT for what it can do. The idea of a middlecoin that pays out in NXT is a very good one. https://bitcointalk.org/index.php?topic=345619.msg5694336#msg5694336

I authorize 20,000 NXT from NXTcommunityfunds for this bounty.

I would also like to authorize 50,000 NXT to wesleyh for his fantastic web GUI. With matching amounts up to another 50,000 NXT for any directed donations to NXTcommunityfunds for him. Just send donation to 13776816462073143763 , post txid, amount and that its for wesley.

We need more testing. The first of the testing bounties:
antanst should get 10000 NXT for crashing testnet
l8orre should get 5000 NXT for making freerider that will help others crash testnet

James

[igmaca]

Hello, my name is James.
I rebooted and feeling much better

James

 

[Hegemon]

For all the controversy the "coin that shall not be named" has created, at least people now are seeing NXT for what it can do.

exactly

[antanst]

We need more testing. The first of the testing bounties:
antanst should get 10000 NXT for crashing testnet
l8orre should get 5000 NXT for making freerider that will help others crash testnet

Thanks!

Actually, if there would be a bounty for developing a complete test framework (including tests like the one that crashed the testnet) that continuously built NRS from latest version and showed the tests output in a nice web interface, I would potentially be interested in building it. People then would even propose tests and we could be adding them one by one.

[redsn0w]

We need more testing. The first of the testing bounties:
antanst should get 10000 NXT for crashing testnet
l8orre should get 5000 NXT for making freerider that will help others crash testnet

Thanks!

Actually, if there would be a bounty for developing a complete test framework (including tests like the one that crashed the testnet) that continuously built NRS from latest version and showed the tests output in a nice web interface, I would potentially be interested in building it. People then would even propose tests and we could be adding them one by one.

+1

[rdanneskjoldr]

https://docs.google.com/spreadsheet/ccc?key=0Arzq8Bs8lJsGdHF6Y01mdlpkQUxhQmRoeDhOT3RKSVE&usp=sharing#gid=1

[abctc]

testnet is un-stuck now. At least on my two 0.8.8 servers. I had to reload blockchain.

last block:    85775 12217 %

[rlh]

Nxt Mining Pool Bounty posted @ Nextcoin.org

https://nextcoin.org/index.php/topic,4399.0.html

*snip* for antanst

awesome idea! i like it!

One of the benefits about doing this with Nxt is that since Nxt can't be directly mined and has a fixed amount, there will also can't be a large rash of dumpers, trying to profit from good profitability with low difficulty, which would suppress the price.  

People who "mine" Nxt this way will mostly do so because they want Nxt.  As they mine for it, their work not only generates Nxt for them but it also elevates the price since the pool continually purchases Nxt from the bottom of the sell book.

What other coin/pool can do this?

[salsacz]

Bitcoin

[rlh]

Bitcoin

Not entirely true.  Historically, even I would mine bitcoin so that I could dump it and buy up alts that I preferred.  I wasn't alone.

Though bitcoin is the gold-standard for buy, selling and evaluating crypto, even it is subject to mining and dumping.

[redsn0w]

testnet is un-stuck now. At least on my two 0.8.8 servers. I had to reload blockchain.

last block:    85775 12217 %

Update the versione of NRS>> 0.8.9

[rickyjames]

lulz and CfB was the 2nd reply in that thread

You noticed that too, huh?  What a coincidence, eh?

[Come-from-Beyond]

You noticed that too, huh?  What a coincidence, eh?

CfB replied in most of the threads dedicated to innovative coins. (Good excuse, isn't it?  )