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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2755394 times)
NxtMinnow
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March 17, 2014, 04:12:04 AM
 #45021

Quote from Rickyjames "Change of topic.  If NXT is serious about becoming bigger than Bitcoin, we need NXT whales that are cashing out to use their cold hard cash to set up a legally incorporated NXT-fiat exchange in the United States by getting money service and money transfer licenses in all 50 States - STARTING NOW.  This will take time and cash and plenty of both.  START NOW.  THis is the only way to get as big as Bitcoin, which is vulnerable and reeling from the arrest of Charlie Sherm and his failure to do this right ( http://time.com/1892/bitinstant-ceo-charlie-shrem-arrested-for-alleged-money-laundering/ )  Anon's proposed NXT-silver exchange is an interesting experiment but it is an attempt to get around having to play the big boy game for all the chips on the table with cold hard raw cash.   IF NXT is the future of Crypto, we have to step up to the plate.  Or the soccer net.  Or whatever the right sports metaphor is.  "

Rickyjames, you are bringing the correct plan to the table with what you have outlined above. We have millions of NXT collectively available for development, but the market cap will not explode until what you and I have both asked for; a proper USfiat-NXT exchange or a few. Whales, put together your proposal. I'm holding a part of the floor here and I'm a only a Minnow.

Sincerely,

Brian Snyder

p.s. part of the function of "the coin that shall not be named" is to help map the available nodes so that parallel chains can increase TPS/also Instant Transactions have mapped and known node availability.
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March 17, 2014, 04:17:49 AM
 #45022

0.01 is too low. that's sad to hear. also it is imperative that people be forced to use nxt to buy space in the blockchain. this keeps nxt relevant which keeps the price up which gives the network its security. if people are really talking about creating an asset in the AE that will allow people to purchase space in the blockchain instead of nxt than i will have to make it my mission to put a stop to that.

thanks for the info rickyjames.
Last I heard 0.1 NXT was the new min tx fee

I dont understand how nodecoin is being twisted into something that "purchase space in the blockchain"Huh

All nodecoin does is tabulate a nodes peers and then allocates nodecoins based on the number of times your node is someone else's peers.

How this gets turned into some magical NXT killer, absolutely boggles my mind

James

James, there's more issues than nodecoin and that's what's being referenced here.  Salsa and others are pushing to rent out space in parallel blockchains to store data/files/entire websites and this has nothing to do with nodecoin and everything to do with creating bloated blockchains.  

nodecoins are just an asset that acts like airline miles. People that do things that help NXT get rewards. Do airline miles destroy USD?

James

I've given up saying negative things on nodecoin.  Now you say nodecoins are like airline miles.  OK, we'll talk about airline miles.  From the airline's point of view, every time somebody got a flight on a jet using airline miles, that was a seat they made no money on.  It was good for the guy that got the airline miles, and bad for the airlines.   The more people accumulated airline miles, the more there was a big overhang of "free service" (ie LOSSES) that faced the airlines.  As a result, the airlines have all devalued the airline miles.  They are "worth" a LOT less today than they were when somebody first thought up the idea of "let's give out airline miles!".   So are nodecoins an NXT killer?  I'm not saying that anymore.  But if you want to compare them to airline miles, you'd better do some research into just what happened with airline miles.  It's not a pretty story for the airlines.  

http://www.smartertravel.com/travel-advice/with-frequent-flyer-programs-keep-up-or-lose-out.html?id=4325925

http://www.businessweek.com/articles/2013-12-20/travelers-find-fresh-reasons-to-sue-their-frequent-flier-programs
NxtMinnow
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March 17, 2014, 04:18:13 AM
 #45023

I am pro "the coin that shall not be named". It is an asset that has been created on Nxt Asset Exchange. The market value of nodecoin should be determined by market forces. No  intervention with Nxt funds. Let people trade it. It is really simple. It provides an additional incentive for people to secure the Nxt network. Please stop spreading FUD before we have to hire a full time FUD fighter for this thread.

EDIT: Someone please tell me how the "coin that shall not be named" is fundamentally different from any other coin (national, or private) that may be issued as an asset in the Nxt Asset Exchange?

EDIT EDIT: Here is a great selling point for Nxt : Don't be This guy! https://bitcointalk.org/index.php?topic=517976.0
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March 17, 2014, 04:22:40 AM
 #45024

If an asset that rewards people based on something related to NXT is a threat to NXT, then we need to kill AE.

Once AE is active, nothing stops anybody from issuing an asset that is tied to NXT things, eg. number of aliases, number of tx, number of nodes, amount of bandwidth, amount of time connected, etc., etc.

What if some NXT attacker did this and put in bids for 100 NXT for each of these coins? that would be a total disaster wouldnt it? Everybody just getting all this free NXT, just for using NXT. Imagine, just automatically getting 1000 NXT per day. The horror. Where exactly does the NXT that is paid for these coins come from?

Can somebody explain to me how getting coins (that might or might not have any value) for using NXT or supporting NXT harms NXT? To my mind it just seems like a faucet. Since when did faucets hurt the thing being fauceted?

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 17, 2014, 04:27:23 AM
 #45025

0.01 is too low. that's sad to hear. also it is imperative that people be forced to use nxt to buy space in the blockchain. this keeps nxt relevant which keeps the price up which gives the network its security. if people are really talking about creating an asset in the AE that will allow people to purchase space in the blockchain instead of nxt than i will have to make it my mission to put a stop to that.

thanks for the info rickyjames.
Last I heard 0.1 NXT was the new min tx fee

I dont understand how nodecoin is being twisted into something that "purchase space in the blockchain"Huh

All nodecoin does is tabulate a nodes peers and then allocates nodecoins based on the number of times your node is someone else's peers.

How this gets turned into some magical NXT killer, absolutely boggles my mind

James

James, there's more issues than nodecoin and that's what's being referenced here.  Salsa and others are pushing to rent out space in parallel blockchains to store data/files/entire websites and this has nothing to do with nodecoin and everything to do with creating bloated blockchains.  

nodecoins are just an asset that acts like airline miles. People that do things that help NXT get rewards. Do airline miles destroy USD?

James

I've given up saying negative things on nodecoin.  Now you say nodecoins are like airline miles.  OK, we'll talk about airline miles.  From the airline's point of view, every time somebody got a flight on a jet using airline miles, that was a seat they made no money on.  It was good for the guy that got the airline miles, and bad for the airlines.   The more people accumulated airline miles, the more there was a big overhang of "free service" (ie LOSSES) that faced the airlines.  As a result, the airlines have all devalued the airline miles.  They are "worth" a LOT less today than they were when somebody first thought up the idea of "let's give out airline miles!".   So are nodecoins an NXT killer?  I'm not saying that anymore.  But if you want to compare them to airline miles, you'd better do some research into just what happened with airline miles.  It's not a pretty story for the airlines.  

http://www.smartertravel.com/travel-advice/with-frequent-flyer-programs-keep-up-or-lose-out.html?id=4325925

http://www.businessweek.com/articles/2013-12-20/travelers-find-fresh-reasons-to-sue-their-frequent-flier-programs
The difference is that there is no set redemption value for nodecoins. The market will decide its value, so while it is given out like a rewards program, there is no guarantee on what it can redeem. Whatever value it has comes from the people who bid on them, not from anywhere else. Since it is a free market, only time will tell what its market value will be.

If some NXT attacker put in a bid for 100NXT per nodecoin, how will that harm NXT?

James

http://www.digitalcatallaxy.com/report2015.html
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NxtMinnow
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March 17, 2014, 04:29:49 AM
 #45026

What is a rough timeline estimate for mainnet rollout of AE?
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March 17, 2014, 04:31:17 AM
 #45027

I say again, WE ARE IGNORING THE CRYPTOCOIN 1.0 FOUNDATION OF NXT AND THIS IS A MISTAKE.  We should be systematically shaking the trees for vendors who will put NXT logos beside their "Bitcoin accepted here" logos (like I see Salsacz doing a few posts back!).  We should be working RELENTLESSLY on increasing TPS as a demo to the world.  IF we build 1000 TPS, they will come.

Rickyjames, normally your posts are meaningful, but lately they have been making less and less sense.

I assume that you know that the people working on TF, pruning, etc. are NOT the people working on AT, gateways, etc.

Trust me, if everyone here knew how TF worked, we would be working on it right now.

PS: Secret "Twitter" and Secret Internet have been discussed since the beginning of NXT, this is not a new development.

Sorry about making less and less sense, these are crazy times.  

I don't believe anybody is working on TF right now, and certainly not blockchain pruning.  I know Jean-Luc isn't.  CfB is wrapping up and going to move on to whatever he thinks is more important to work on than NXT.  Everybody says BCNext/Ukigo has totally left the project, so HE isn't working on it.  THere's NOBODY ELSE doing core dev work, which is why HIRING / RECRUITING MORE OUTSIDE JAVA PROGRAMMERS (rather than dangling bounties in front of insiders) is the most important thing to do with the techdev fund.  

We were going to release open source code on April 4 in honor of that date in the novel 1984, but we've released open source a month early so THAT's not a big date anymore.  NCNext/Ukigo was going to release the "3rd part of the plan that explains TF" on the same date, but with him gone and open source out, I don't know what the hell we're waiting on or even if that will be released at all or if it will make any sense / difference if we do get to read it.  I can go back to numerous posts by CfB from less than 60 days ago saying April would be when TF was turned on and NXT would hit 1000 TPS and blow everybody out of the water.  Somewhere along the way that got dropped and I can't seem to get anybody interested in discussing why or how to get it back on track.  The time warp synchronization of many blocks to speed up transaction time is not magic, it's theoretically possible, but hard, requiring a lot of thought and discussion and understanding of network dynamics much more so than code.  TF is the main distinct advantage that NXT possibly could have over Bitcoin, yet nobody seems interested in it.  

These days we're all about giving away nodecoins and pool mining and NXTopia multi-user games and trading boobies while dropping the NXT user fees required to trade them.   My statement that we are ignoring the cryptocoin 1.0 fundamentals of NXT to our detriment stands, and I feel like the Ancient Mariner stopping the Wedding Guest to say crazy things over and over again  ( http://en.wikipedia.org/wiki/The_Rime_of_the_Ancient_Mariner ).   We ask people to support NXT but they (1) have a devil of a time logging into it (which admittedly Wesley's client is addressing), (2) stupidly lose it when they don't understand how important a 35 char passphrase is and scare off 2100 other potential new users with their tweets (3) get frustrated when they finally realize that PoS means they can't accumulate significant amounts of it for free, and (4) if they overcome all of the preceeding, can't spend or use NXT on anything in the Real World, as they increasingly can with Bitcoin.   So naturally we are moving right on to step (5) which is the whales are dumping it (and I've gotten private PMs from some of them saying nobody acting on what I'm saying as being one of their main reasons why) and nobody from the outside is left to pick up the slack and buy it at a rate that keeps the price up.

Despite all this I do not regret my decision to invest big in NXT and I am HODLing.  Probably all the way down, just like the Ancient Mariner in the whirlpool.  I am relatively new to cryptos and after much research I am still convinced that NXT is a technically superior product to Bitcoin in many ways and will ultimately take on many of its roles.   We have talented people doing incredible work.  We have flaws we are willing to acknowledge and work on and fix.  Most of all we have a coherent community - but it is smaller and more fragile than you may think.  We only had 250 people vote on our committees.  We had a recent study that did a very good K analysis on our account structure and conclude we've only got 800-1000 true users holding what would be considered significant and usable amounts of NXT.  

This is all great, even FANTASTIC, for a cryptocurrency that is only four months old.  But we must not forget Gordon Gekko's  famous words from "Wall Street" - You done good, but you gotta keep doing good.  What we have accomplished in four months teeters in the balance over what we will do in month five.  Or month six.  Or seven.

What is our next big accomplishment we are going to announce to trumpets and fanfare?  Cryprocurrency 2.0 Asset Exchange?  OK.  Forget even arguing about the relative number of people who want to trade OTHER coins among themselves while speculating instead of trade NXT coins for goods while shopping.  Somebody tell me how the intro of NXT AE will cause a sustained upward trend in our coin price and market cap.  The way we've got it structured, a guy who buys 10 NXT from Cryptsy can get as much use from the NXT AE as a guy that buys 100K NXT, since we've dropped the  price per transaction to 0.01 NXT and are pushing nodecoins and not NXT itself as the main draw to trade on the AE anyway?   AE DOES NOT GIVE ANYBODY ANY REASON TO BUY A LARGE STAKE IN OUR PROOF OF STAKE CURRENCY WHEN THEY CAN UTILIZE ITS PRIMARY AE FEATURE WHILE OWNING VERY LITTLE STAKE.

So...what's next after AE?

If somebody can come up with a better plan that a return to actually focusing upon and implementing TF / time warp / block speedup / transaction capacity increase, let's hear it.  Those were the things that were exciting about NXT in the beginning, the things we talked about much more than Secret Twitter and Secret Internet on parallel blockchains, the thing that represents new tech we have to offer over Bitcoin, that offes a huge improvement by PoS over energy-wasteful, slow, inefficient PoW.  

Change of topic.  If NXT is serious about becoming bigger than Bitcoin, we need NXT whales that are cashing out to use their cold hard cash to set up a legally incorporated NXT-fiat exchange in the United States by getting money service and money transfer licenses in all 50 States - STARTING NOW.  This will take time and cash and plenty of both.  START NOW.  Etherium started down this path and blinked and are now moving to set up shop in Switzerland to avoid this hassle.  This leaves NXT an opportunity - START NOW.  This is the only way to get as big as Bitcoin, which is vulnerable and reeling from the arrest of Charlie Sherm and his failure to do this right ( http://time.com/1892/bitinstant-ceo-charlie-shrem-arrested-for-alleged-money-laundering/ )  Anon's proposed NXT-silver exchange is an interesting experiment but it is an attempt to get around having to play the big boy game for all the chips on the table with cold hard raw cash.   IF NXT is the future of Crypto, we have to step up to the plate.  Or the soccer net.  Or whatever the right sports metaphor is.  

Most of all, we need people to come up with a way to have a guy with a cellphone to buy a candy bar with an app that is backed by NXT.  And lots and lots and LOTS of websites and storefronts that say "NXT accepted here".

If all of this, or at least some of this, doesn't make sense, well, I don't know what else to say.



rickyjames makes a lot of sense!! NXT needs a leadership group. Let's call for nominations and then organise for a vote. IMO if CfB is definitely not available (is that certain), then what about Jean-Luc or CIYAM or JL777? Are they available to take over? My gut tells me the problem is not a lack of funds to pay for things - it's inertia, and the weird vibe around BCNext being anonymous.

If not CfB, then Jean-Luc
If not Jean-Luc, then maybe CIYAM
If not CIYAM, then maybe jl777
If not jl777 then ....

We must keep looking until we find a committed lead developer with the skills and motivation to finish the core functionality promised by BCNext and outlined above by rickyjames. We also need a project manager (I nominate rickyjames).

These positions would only need to be filled in the short-medium term.

IMO having a legal exchange in the USA is further down the track. For now just finish the software and leave a legal fiat exchange for the NXT Winklevii.
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March 17, 2014, 04:35:08 AM
 #45028

What is a rough timeline estimate for mainnet rollout of AE?
Now that we are starting to get automated test programs really stressing the AE system, I am guessing, but I would think by the end of the month or so, we will get one of jean-luc's release posts with a release candidate. Pound on it for a week, including a million tx random bots tradeathon, and if all goes well we can go live in early April'ish

The above is contingent on many factors, and I am estimating other peoples timeframe, so this is just a guess. Apology to jean-luc if this is totally wrong as we MUST make sure it is solid before release.

I know it wont be next week.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 17, 2014, 04:38:21 AM
 #45029

If an asset that rewards people based on something related to NXT is a threat to NXT, then we need to kill AE.

Once AE is active, nothing stops anybody from issuing an asset that is tied to NXT things, eg. number of aliases, number of tx, number of nodes, amount of bandwidth, amount of time connected, etc., etc.

What if some NXT attacker did this and put in bids for 100 NXT for each of these coins? that would be a total disaster wouldnt it? Everybody just getting all this free NXT, just for using NXT. Imagine, just automatically getting 1000 NXT per day. The horror. Where exactly does the NXT that is paid for these coins come from?

Can somebody explain to me how getting coins (that might or might not have any value) for using NXT or supporting NXT harms NXT? To my mind it just seems like a faucet. Since when did faucets hurt the thing being fauceted?

James

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET ITSELF that is being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.
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March 17, 2014, 04:40:23 AM
 #45030

I know it won't be next week, both from programming, marketing, and education standpoints.
We have to coordinate all three aspects of the release of AE.  I never expected the misunderstandings some people seem to have regarding AE and assets.
Whole new guides and wikis will have to be written and an ongoing educational push will have to stay in place for new users coming on board. Normally a product this complex would come with "phone or email support"
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March 17, 2014, 04:47:40 AM
 #45031

rickyjames makes a lot of sense!! NXT needs a leadership group. Let's call for nominations and then organise for a vote. IMO if CfB is definitely not available (is that certain), then what about Jean-Luc or CIYAM or JL777? Are they available to take over? My gut tells me the problem is not a lack of funds to pay for things - it's inertia, and the weird vibe around BCNext being anonymous.

If not CfB, then Jean-Luc
If not Jean-Luc, then maybe CIYAM
If not CIYAM, then maybe jl777
If not jl777 then ....

We must keep looking until we find a committed lead developer with the skills and motivation to finish the core functionality promised by BCNext and outlined above by rickyjames. We also need a project manager (I nominate rickyjames).

These positions would only need to be filled in the short-medium term.

IMO having a legal exchange in the USA is further down the track. For now just finish the software and leave a legal fiat exchange for the NXT Winklevii.
NXT is decentralized. That means no center. No "leader"

There are a lot of developers working, both independently and cooperatively, on adding value to NXT and completing the core features.

TF is in progress. Parallel Chains is being prepared for. AT is in progress. Digital Goods Store is in progress. There are all the clients. There are all my projects. There are all the websites.

Just what "inertia" are people talking about??? To my knowledge, NXT has MORE developers and active projects than almost any other crypto. I am working on a NXT API development kit that does all the low level work so that people can easily add value by concentrating on the code that adds value, instead of dealing with the common low level issues.

Tools that help developers get stuff done quicker, will let new developers get stuff done quicker. I didnt have to get approval of this from any leader, I just decided to do it. Similarly, other devs can just do stuff without seeking approval from some central authority.

Has nobody understood what Adam Levine (of Lets talk bitcoin) said about NXT??? Whatever is going wrong, there is a lot going right with NXT.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 17, 2014, 04:49:18 AM
 #45032

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET itself being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.

The more transactions on the network will equate to a higher market cap imo.  More transactions means more fees which will encourage more people to forge.















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March 17, 2014, 04:53:35 AM
 #45033

If an asset that rewards people based on something related to NXT is a threat to NXT, then we need to kill AE.

Once AE is active, nothing stops anybody from issuing an asset that is tied to NXT things, eg. number of aliases, number of tx, number of nodes, amount of bandwidth, amount of time connected, etc., etc.

What if some NXT attacker did this and put in bids for 100 NXT for each of these coins? that would be a total disaster wouldnt it? Everybody just getting all this free NXT, just for using NXT. Imagine, just automatically getting 1000 NXT per day. The horror. Where exactly does the NXT that is paid for these coins come from?

Can somebody explain to me how getting coins (that might or might not have any value) for using NXT or supporting NXT harms NXT? To my mind it just seems like a faucet. Since when did faucets hurt the thing being fauceted?

James

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET ITSELF that is being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.
Nor does it mean any downward pressure either!

What NXT AE allows is for creative people to come up with totally new and unexpected ideas and build that on top of NXT.  What creates the value of BTC, of DOGE, of any crypto? Do you really think that if millions and millions of dollars are traded via NXT AE that there wont be a spillover effect?

With ripple, the correlation was very clear. The more stuff trading inside ripple, the more the XRP was worth.

If a shopping center has a lot of customers, the land it is built on will be worth more than if it didnt have many customers, even though nobody in the shopping center is actually trading the land it is built on.

James

P.S. what do you think of bitcoin bridge? Doesnt that solve the crypto 1.0 functionality issue?

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March 17, 2014, 04:55:10 AM
 #45034

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET itself being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.

The more transactions on the network will equate to a higher market cap imo.  More transactions means more fees which will encourage more people to forge.
I forgot about this point. I think currently, NXT yields around 0.5%, at 0.1 NXT, it should go to 2%. How this translates to actual NXT price is anybody's guess since the yield is in terms of NXT and isnt tied to any external anchor.

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March 17, 2014, 04:57:01 AM
 #45035

Jl777 quote, "P.S. what do you think of bitcoin bridge? Doesnt that solve the crypto 1.0 functionality issue?"

I think it is a stopgap solution to having actual KYC AML exchanges for USD/NXT.  

7 billion potential people that can assign ownership rights to Nxt and then trade fluffy cats (f)or houses is a huge market indeed.
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March 17, 2014, 04:59:07 AM
 #45036

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET itself being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.

The more transactions on the network will equate to a higher market cap imo.  More transactions means more fees which will encourage more people to forge.
I forgot about this point. I think currently, NXT yields around 0.5%, at 0.1 NXT, it should go to 2%. How this translates to actual NXT price is anybody's guess since the yield is in terms of NXT and isnt tied to any external anchor.

Increasing ROI ( 0.5% -> 2% ) should produce an increase in the underlying price.















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March 17, 2014, 05:02:11 AM
 #45037

If an asset that rewards people based on something related to NXT is a threat to NXT, then we need to kill AE.

Once AE is active, nothing stops anybody from issuing an asset that is tied to NXT things, eg. number of aliases, number of tx, number of nodes, amount of bandwidth, amount of time connected, etc., etc.

What if some NXT attacker did this and put in bids for 100 NXT for each of these coins? that would be a total disaster wouldnt it? Everybody just getting all this free NXT, just for using NXT. Imagine, just automatically getting 1000 NXT per day. The horror. Where exactly does the NXT that is paid for these coins come from?

Can somebody explain to me how getting coins (that might or might not have any value) for using NXT or supporting NXT harms NXT? To my mind it just seems like a faucet. Since when did faucets hurt the thing being fauceted?

James

Asset exchange is a great idea.  Trading anything attached to a colored coin is a wonderful new capability.   My concern about asset exchange is that altho NXT HAS to be used as the transaction fee AND the colored coin, it DOES NOT HAVE TO BE THE ASSET ITSELF that is being traded.  So it is entirely possible that a SMALL AMOUNT of NXT will be used in trading literally MILLIONS of Bitcoins and DOGE back and forth, and these will be attached to 0.1 NXT colored coins shuffled around by 0.1 NXT transaction fees.  I am afraid a guy can go to Cryptsy to buy ONLY 100 or 1000 NXT and trade for YEARS shuffling around MILLIONS of Bitcoin and Doge.

In one sentence:  The introduction and use of NXT AE does not necessarily mean the creation of significant buying pressure and upward prices on NXT currency itself.

I have to say rickyjames, you are utterly wrong about here.  If a person will buy 100 NXT to trade using NXT AE, it is a wonderful thing!!!!  It will be a significant buying pressure if they do use NXT for asset exchange.  Imagine having thousand and thousands people being introduced to NXT.  It is the best marketing platform.  That is if we manage to convince them to use NXT for asset exchange.

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March 17, 2014, 05:03:38 AM
 #45038

0.01 is too low. that's sad to hear. also it is imperative that people be forced to use nxt to buy space in the blockchain. this keeps nxt relevant which keeps the price up which gives the network its security. if people are really talking about creating an asset in the AE that will allow people to purchase space in the blockchain instead of nxt than i will have to make it my mission to put a stop to that.

thanks for the info rickyjames.
Last I heard 0.1 NXT was the new min tx fee

I dont understand how nodecoin is being twisted into something that "purchase space in the blockchain"Huh

All nodecoin does is tabulate a nodes peers and then allocates nodecoins based on the number of times your node is someone else's peers.

How this gets turned into some magical NXT killer, absolutely boggles my mind

James

good 0.1 sounds right to me.

idk im just going by what rickyjames said.

that sounds like a great idea. more nodes = more dos protection.

no idea.

thanks for the info.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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March 17, 2014, 05:05:16 AM
 #45039

0.01 is too low. that's sad to hear. also it is imperative that people be forced to use nxt to buy space in the blockchain. this keeps nxt relevant which keeps the price up which gives the network its security. if people are really talking about creating an asset in the AE that will allow people to purchase space in the blockchain instead of nxt than i will have to make it my mission to put a stop to that.

thanks for the info rickyjames.
Last I heard 0.1 NXT was the new min tx fee

I dont understand how nodecoin is being twisted into something that "purchase space in the blockchain"Huh

All nodecoin does is tabulate a nodes peers and then allocates nodecoins based on the number of times your node is someone else's peers.

How this gets turned into some magical NXT killer, absolutely boggles my mind

James

James, there's more issues than nodecoin and that's what's being referenced here.  Salsa and others are pushing to rent out space in parallel blockchains to store data/files/entire websites and this has nothing to do with nodecoin and everything to do with creating bloated blockchains.  

nodecoins are just an asset that acts like airline miles. People that do things that help NXT get rewards. Do airline miles destroy USD?

James

I've given up saying negative things on nodecoin.  Now you say nodecoins are like airline miles.  OK, we'll talk about airline miles.  From the airline's point of view, every time somebody got a flight on a jet using airline miles, that was a seat they made no money on.  It was good for the guy that got the airline miles, and bad for the airlines.   The more people accumulated airline miles, the more there was a big overhang of "free service" (ie LOSSES) that faced the airlines.  As a result, the airlines have all devalued the airline miles.  They are "worth" a LOT less today than they were when somebody first thought up the idea of "let's give out airline miles!".   So are nodecoins an NXT killer?  I'm not saying that anymore.  But if you want to compare them to airline miles, you'd better do some research into just what happened with airline miles.  It's not a pretty story for the airlines.  

http://www.smartertravel.com/travel-advice/with-frequent-flyer-programs-keep-up-or-lose-out.html?id=4325925

http://www.businessweek.com/articles/2013-12-20/travelers-find-fresh-reasons-to-sue-their-frequent-flier-programs

dude who cares if parallel blockchains are bloated. if you dont like it than dont run them! Cheesy

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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March 17, 2014, 05:11:01 AM
 #45040

Anon136, exactly about the parallel chains, Nxt AMs can be 1 kb and contain magnet links with very little Nxt blockchain bloat.

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