NXT :: descendant of Bitcoin - Updated Information

[Damelon]

Great NXT news!   Nxt Crypto Review Completed!

Thanks DoctorEvil for reviewing the Nxt Crypto algo and implementation.

Additional thanks to DoctorEvil for reporting and not exploiting the found hole for which there is now a patch.

Thanks Damelon for reporting this great news in your newsletter at http://www.nxtcoins.nl/crypto-review-completed/

I felt it was extremely important to share that with the general public, yes

[newsilike]

How far is the progress regarding a implementation for anonymous transactions?

I mean darkcoin is here now and beginning to roll.

[redsn0w]

Can I have some testNXT?
Account ID: 9044573183754917414
Thanks

15k TestNxt sent , have fun .

[coolfish]

PLS don't reset balance again;
Sent some to address: 8026612693734218048
1M nxt

[redsn0w]

PLS don't reset balance again;
Sent some to address: 8026612693734218048
1M nxt

15k TestNxt sent , have fun .

[Come-from-Beyond]

How far is the progress regarding a implementation for anonymous transactions?

I mean darkcoin is here now and beginning to roll.

Is Darkcoin a decentralized solution?

[BrianNowhere]

How far is the progress regarding a implementation for anonymous transactions?

I mean darkcoin is here now and beginning to roll.

Is Darkcoin a decentralized solution?

darkcoin:

Can anyone take a currency named Darkcoin seriously?
It sounds like a fifth grader came up with that name.

Seriously people. the day there's a digital currency that is totally impossible to track is the day that governments
stop tolerating it and start cracking down hard. It will be the domain of pedohiles, drug dealers, prostitutes and maybe strippers in the future.

There is no other form of currency in existence that is impossible to track via forensics. Even Fiat can be tracked if the amounts are large enough, that's why money laundering is a thing and also a thing that is illegal.

Bitcoin, Nxt and other currencies are only traceable if you have access to the bank records at the source. Retailers, regular people have no way to know who sent them crypto unless that person broadcasted the address in connection with their name somewhere in public. That is plenty of anonymity for anyone who is not doing something fucked up.

I seriously see the creation of mixers to be a threat to the entire crypto universe and I wish people would stop pursuing it for NXT.
Governments may just make mixing illegal but they may also just decide to throw the baby out with the bathwater.

[Conurtrol]

May I have some testnxt please? 4408365948589531591

[Eadeqa]

Bitcoin, Nxt and other currencies are only traceable if you have access to the bank records at the source. Retailers, regular people have no way to know who sent them crypto unless that person broadcasted the address in connection with their name somewhere in public. That is plenty of anonymity for anyone who is not doing something fucked up.

Yes, I agree. It's total waste of time and resources spending money and resources on useless "features" like ZeroCash/ZeroCoin whatever you want to call it.  This is not going to do crap for Nxt. Everything is already anonymous. For  ultra paranoid, use Tor. Everything can be made untraceable by using exchanges from one crypto to another and back.

Nothing is anonymous if you try to convert crypto into fiat. If you do try to stay anonymous during fiat conversion , that would be a felony.

[jl777]

How far is the progress regarding a implementation for anonymous transactions?

I mean darkcoin is here now and beginning to roll.

Is Darkcoin a decentralized solution?

darkcoin:

Can anyone take a currency named Darkcoin seriously?
It sounds like a fifth grader came up with that name.

Seriously people. the day there's a digital currency that is totally impossible to track is the day that governments
stop tolerating it and start cracking down hard. It will be the domain of pedohiles, drug dealers, prostitutes and maybe strippers in the future.

There is no other form of currency in existence that is impossible to track via forensics. Even Fiat can be tracked if the amounts are large enough, that's why money laundering is a thing and also a thing that is illegal.

Bitcoin, Nxt and other currencies are only traceable if you have access to the bank records at the source. Retailers, regular people have no way to know who sent them crypto unless that person broadcasted the address in connection with their name somewhere in public. That is plenty of anonymity for anyone who is not doing something fucked up.

I seriously see the creation of mixers to be a threat to the entire crypto universe and I wish people would stop pursuing it for NXT.
Governments may just make mixing illegal but they may also just decide to throw the baby out with the bathwater.

I am designing anonymity features to be optional and to be built on top of NXT, basically as an application.

As far as DRK goes, https://bitcointalk.org/index.php?topic=421615.msg5717144#msg5717144 has a pretty good description from the dev. It picks a random node each block to do some centralized processing, but relies on multisig approval from sender before releasing payment. From what I can tell, it is decent. Not 100% anonymous, but effective for preventing your neighbors from seeing your spending patterns, as long as there are enough transactions happening.

I thinking timing and knapsacking analysis will extract information, so it is not zeroknowledge level.

James

[bitcoinpaul]

Bitcoin, Nxt and other currencies are only traceable if you have access to the bank records at the source. Retailers, regular people have no way to know who sent them crypto unless that person broadcasted the address in connection with their name somewhere in public. That is plenty of anonymity for anyone who is not doing something fucked up.

Yes, I agree. It's total waste of time and resources spending money and resources on useless "features" like ZeroCash/ZeroCoin whatever you want to call it.  This is not going to do crap for Nxt. Everything is already anonymous. For  ultra paranoid, use Tor. Everything can be made untraceable by using exchanges from one crypto to another and back.

Nothing is anonymous if you try to convert crypto into fiat. If you do try to stay anonymous during fiat conversion , that would be a felony.

I think you misunderstand this.

[jl777]

Bitcoin, Nxt and other currencies are only traceable if you have access to the bank records at the source. Retailers, regular people have no way to know who sent them crypto unless that person broadcasted the address in connection with their name somewhere in public. That is plenty of anonymity for anyone who is not doing something fucked up.

Yes, I agree. It's total waste of time and resources spending money and resources on useless "features" like ZeroCash/ZeroCoin whatever you want to call it.  This is not going to do crap for Nxt. Everything is already anonymous. For  ultra paranoid, use Tor. Everything can be made untraceable by using exchanges from one crypto to another and back.

Nothing is anonymous if you try to convert crypto into fiat. If you do try to stay anonymous during fiat conversion , that would be a felony.

Normal cash is being phased out. It is not "legal tender for all debts public and private" anymore. You cant even buy wifi time at airports with cash!

Maybe that doesnt bother you, thats ok. I am working on creating a replacement for cash for people who care about stuff like privacy, which also relates to freedom

James

[paradigmflux]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

It is a mining pool that you can point your scrypt miners at, and use your NXT account ID as the worker name.  The pool will mine the most profitable of (eventually all of the altcoins) but during beta it will likely only mine the most profitable out of a small sampling of 3-4 different alts.
The coins that are mined will be liquidated on exchanges twice a day, and all of the BTC that they bring in will be used to buy NXT on the same exchange that the coins were sold on (to eliminate fees and time spent transferring coins between exchanges)
The NXT that is purchased with the BTC that was mined will then be sent out to all of the miners, divided up by the percentage of the total shares that each miner contributed to the pool.  There will be a 2.5% fee on the pool once it goes public (for the first 1 month) and afterwards the fee will drop to 2%.  During the closed beta period the fee will be 1%.  I have spent an enormous amount of time getting the various pieces to this all starting to work together, so I do not feel that it is an unfair fee amount.  The fee will be retained by the pool in the form of NXT, 100% of the coins mined will be liquidated for BTC and 100% of the BTC that is obtained will be immediately used to purchase NXT.

This will:

a) drive the price of NXT up by continually infusing BTC into the ecosystem
b) allow people to use scrypt miners to increase their NXT holdings.

Please message me if you're interested in testing the closed beta - as a warning, there will be limited visibility into the stats during the first part of the beta, although I will be more than willing to be in an IRC channel with the testers while they test.  Any coins that are mined will be liquidated and the NXT that they purchase will be distributed amongst the beta testers.  I am hoping to start the closed beta testing tonight, although there is the possibility that it may have to wait until early this week. 
--- Please include an approximate value for your hash rate if you're messaging about the closed beta testing.  I would like to be able to keep the beta to a reasonable hash rate, so please no huge 300 card mining farms or anything yet ---

[bitcoinpaul]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

It is a mining pool that you can point your scrypt miners at, and use your NXT account ID as the worker name.  The pool will mine the most profitable of (eventually all of the altcoins) but during beta it will likely only mine the most profitable out of a small sampling of 3-4 different alts.
The coins that are mined will be liquidated on exchanges twice a day, and all of the BTC that they bring in will be used to buy NXT on the same exchange that the coins were sold on (to eliminate fees and time spent transferring coins between exchanges)

+10

[DrearyUrbanite]

hey all

I am accepting applications to help me with some closed beta testing on a new pool that I am in the midst of setting up.  I hope to have the initial page up for the preliminary beta testers later today.

Do you have plans to add SHA256 in the future?

[igmaca]

When NXT is trading at 5100 satoshis...

Funadamental analisys
Jesus says in Luke 6:48, "He is like a man who built a house. He dug deep to put the building on rock. When the water came up and the river beat against the house, the building could not be shaken because it was built on rock."

nxt is built on rock?

Sentimental Analisys
"Be fearful when others are greedy and greedy when others are fearful."

buy now or sell now?  

Technical analisys
In Chapter 14 of Proverbs, we are given solid advice. It says, "The naive believe everything . . . but a wise man looks well into a matter."

"technical indicators are well?"

[Eadeqa]

Normal cash is being phased out. It is not "legal tender for all debts public and private" anymore. You cant even buy wifi time at airports with cash!
Maybe that doesnt bother you, thats ok. I am working on creating a replacement for cash for people who care about stuff like privacy, which also relates to freedom
James

Or just wandering aimlessly from one thing to another without completing a single thing that is functional and deployed.

"Money" is not something that any govt (or even society) will ever allow to be totally anonymous and untraceable. There are taxes, child porn sellers, paid assassins, prostitutes, fraudsters, thieves that require  some check and balances.  If it ever comes even close to be mainstream and anonymous, the govts will make it illegal (felony with 5 years and more prison time). That will make it useless so fast that you will think lighting has struck you.

If the US govt makes all crypto illegal that will be pretty much end of it. No Coinbase, overstock and all all mainstream businesses gone within  a week (or less).   Bitcoin will be back to less than $1
 
No mainstream business will ever want to be get involved in something that is illegal (who wants prison time? )  so that will relegate it to only criminals who too will give it up after they realize they can't use it for anything useful.  

Fortunately, crypto is not yet anonymous. People have to convert it to fiat for everyday use.  That very crucial step is not anonymous, and it's already illegal to stay anonymous when converting crypto to fiat.

[bitcoinpaul]

NXTcash is not in the Nxt core but a service provider / gateway, afaik. Nobody in Nxt has to use it.

[Damelon]

NXTcash is not in the Nxt core but a service provider / gateway, afaik. Nobody in Nxt has to use it.

It's completely optional AFAIK.

[paradigmflux]

I think we need interest outside the speculators. Right now there are only the original stakeholders, developers, and the speculators. We need to make it genuinely useful to outside of these three groups.  

Funadamental analisys
Jesus says in Luke 6:48, "He is like a man who built a house. He dug deep to put the building on rock. When the water came up and the river beat against the house, the building could not be shaken because it was built on rock."

Sentimental Analisys
"Be fearful when others are greedy and greedy when others are fearful."

Technical analisys
"technical indicators are well?"

See my post a few posts back.