NXT :: descendant of Bitcoin - Updated Information

[BrianNowhere]

You seem to be sending a strong SELL message. Not sure if you care, but that's what I'm getting. I can just wait for the new assets to come out, no reason to stick around, is pretty much what you are saying.

That I guess is how you have decided to interpret my posts.

Buy or sell is up to you and others - it's a free market!

(personally "I am holding")

Why should I have any money in it at all if not for a potential price increase. If not for that I am just risking losing all of it for absolutely no reason. I suppose you expect people to just love the idea so much that they are willing to risk losing thousands in hopes that it gets developed.

Is that the idea?

[CIYAM]

(personally "I am hodling")

FIFY

Haha - yes I'm not such a fan of "memes" (and I don't hodl any cute little doggies either).

[CIYAM]

Why should I have any money in it at all if not for a potential price increase. If not for that I am just risking losing all of it for absolutely no reason. I suppose you expect people to just love the idea so much that they are willing to risk losing thousands in hopes that it gets developed.

Is that the idea?

Nxt was not my idea so you'd have to as BCNext that (oh - yes - not possible).

Whether launching it the way it was launched was a good idea is another thing that has (and should) be questioned.

In coming to a decision about whether to invest or divest it is important to at least have a "clear understanding" of the "beast". That is all that I am trying to establish here.

[windjc]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

No its not. Nxt is being introduced as a currency as we speak. Ripple never has and never will (probably). So this, again, i just your opinion.

[windjc]

Why should I have any money in it at all if not for a potential price increase. If not for that I am just risking losing all of it for absolutely no reason. I suppose you expect people to just love the idea so much that they are willing to risk losing thousands in hopes that it gets developed.

Is that the idea?

Nxt was not my idea so you'd have to as BCNext that (oh - yes - not possible).

Whether launching it the way it was launched was a good idea is another thing that has (and should) be questioned.

In coming to a decision about whether to invest or divest it is important to at least have a "clear understanding" of the "beast". That is all that I am trying to establish here.

And just as Bitcoin is not the code Satoshi originally wrote, neither will Nxt be the instrument exactly like BC might have planned. You should really let that sink in;)

[CIYAM]

No its not. Nxt is being introduced as a currency as we speak. Ripple never has and never will (probably). So this, again, i just your opinion.

Again - NXT is the currency and Nxt is the platform (although my understanding is that you only care about NXT so you think that Nxt == NXT).

[windjc]

No its not. Nxt is being introduced as a currency as we speak. Ripple never has and never will (probably). So this, again, i just your opinion.

Again - NXT is the currency and Nxt is the platform (although my understanding is that you only care about NXT so you think that Nxt == NXT).

OMG. My apologies.

Nxt, NXT, nXT, nXt.

You do realize that newbies read this thread. Why would you or anyone insist on calling two completely separate things basically the same, if we could just assume the collective of both in our discourse.

And I care about both. A great deal. I think that NXT should be promoted as a currency with all the speculation that comes with that and I think that Nxt should be promoted as a decentralized asset exchange with a emphasize on ease of use, ease of adoption, and security.

[BrianNowhere]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

Except that Ripple doesn't have the problem Nxt will have IF you are wrong about the value and the price were suddenly to escalate.

Ripple fees are about 0.000001 of an XRP. At .01 Nxt per transaction even if Nxt shot up to $100 (despite your stead market advice)
it would cost $1.00 per transaction and $10,000 to purchase an asset. Forget about micro transactions and I guess Johnny's IPO can wait till he raises the $10,000 by holding a separate IPO.

I guess what you are doing is designing in built in protection against a steep gain in price. If it reaches the threshold, it crashes itself  back down to earth.

It's almost ingenious. Almost.

[Eadeqa]

     We need something that will make NXT relevant, a flagship application that people aged 16-24 (the ideal target audience of a crypto-currency business, or at least mine) can't resist.

I'm working on that right now. Digital Goods Store that could be used to sell pornopics.

How is this going to work? Would it be web based? Link?

[windjc]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

Except that Ripple doesn't have the problem Nxt will have IF you are wrong about the value and the price were suddenly to escalate.

Ripple fees are about 0.000001 of an XRP. At .01 Nxt per transaction even Nxt went to $100 (despite your stead market advice)
it would cost $1.00 per transaction and $10,000 to purchase an asset. Forget about micro transactions and I guess Johnny's IPO can wait till he raises the $10,000 by holding a separate IPO.

I guess what you are doing is designing in built in protection against a steep gain in price. If it reaches the threshold, it crashes itself  back down to earth.

It's almost ingenious. Almost.

Except this model could never compete with Emunie, that creates a stable price while still allowing currency investors and speculators earn a large profit.

So basically, Nxt and NXT need to work hand in hand lovingly or they will both be eradicated.

[2Kool4Skewl]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

[windjc]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

[2Kool4Skewl]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

No one is saying it will only function like XRP.  It is a multi-functional currency.

[windjc]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

No one is saying it will only function like XRP.  It is a multi-functional currency.

Well when I'm told to compare it to XRP and not to other alts, it doesn't sounds multi-functional. But I agree, it absolutely is.

That is why I am perplexed when people like Ian, who should know better, pigeon-hole it (intentionally or not) in their descriptions.

Let it be everything it can be. Its not that hard.

I am not sure why the need for narrow mindedness or acting as if there is only one true future.

[BrianNowhere]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

No one is saying it will only function like XRP.  It is a multi-functional currency.

The developers belief in what Nxt will be is of little concern to me. What concerns me is the complete disregard for contingency planning for the real possibility of a sudden and steep price increase.  In BTC and Ripple the fee is small enough that the rise would have to be enormous for it to have a negative affect.  A .01 Nxt fee and 1000 Nxt asset fee are simply too high to not quickly have a negative affect with only modest price increases. If it hits a certain level, the market will cease to a halt as people stop trading and transacting and the price would sink back down again. Like I said it's almost a designed price control built right into the system.

I am kicking myself for not realizing all of this when the price was up.

[swartzfeger]

I think I was the first guy to propose to use NXT as ingame currency, feel free to approach any of the big game devs. Got nothing to lose

Nothing to lose, no. I'm going to play devil's advocate and say 'it ain't gonna happen.'

Blizzard? I couldn't even buy a friend a month's game time credit for his birthday, found nothing on any of their online assets. Called them personally, and the only workaround was to buy my friend a (soon-to-be-discontinued!) Diablo 3 RMAC in-game card, which could then credit their battle.net account. Blizzard is moving away, at least temporarily, from fiat for in-game transactions.

I can foresee maybe a notable dev here or there accepting a crypto for a monthly or annual sub. I see virtually no chance of accepting a crypto for frequent, recurring transactions. Apple, Sony, Microsoft, Activision/Blizzard et al will open their tills 10s of thousands of times a day for 1) fiat the central bank issues or 2) a crypto they issue when the time is right. Blizzard will never accept bitcoin, let alone NXT, as an in-game currency. They might eventually accept a blizzcoin.

One notable may be someone like NCsoft (South Korea, Guild Wars)... an Asian attitude may be more open to a crypto in-game currency for micro transactions.

Small indies/devs that aren't beholden to a board/bean counters? Definitely.

Games are centralized/controlled; user-driven game environments (like what we're trying to do with Nxtopia) is where in-game cryptos will shine, I think. Players crafting in-game assets for other players are incentivized from multiple angles. They're definitely behind the steering wheel.

Another possibility, I think I mentioned this in my first Nxtopia post -- a Fantasty Football (US football) service. I'm not sure if there's a European, Asian or South American analog, but fantasy football is huge in the States. Setup the stat tracking, set the payout tiers, give the players the ability to craft side bets ("if you beat me in week 3 by more than 15 points, I'll pay you 100 NXT. Shit, lost that bet... 200 NXT if I rack up more than 120 yards rushing in week 4.")

Just my 2¢ -- we need to concentrate on social/user-driven content and and nimble, forward thinking devs (altho it's not a game, someone similar to Damelon's investment contact).

[Eadeqa]

All fees should be completely free to be chosen by the payer/sender. If he wants to send his money or issue assets for 0.000000000001 nxt fee so be it but he must be aware there are high chances of his transaction taking a really long time to be approved due to not being too good for forgers.

Some kind of fee is needed to prevent spam and attackers sending millions of bogus transactions to his/her own accounts.

The fee should be reduced to 0.1 Nxt though

[BitcoinForumator]

The transaction fees still on the table? Just change it already.

[wesleyh]

The transaction fees still on the table? Just change it already.

Yes, but it's not so easy, it requires changing a lot of things internally (so that we can change it much more easily later on). Jean-luc is working on this now.

[Eadeqa]

fees should only be as high to prevent blockchain dusting and that's it. 1 fee to send money 1000 to issue assets is ridiculous it should be at least 0.01 and 10, but rewarding those who pay higher fees by making sure

As was mentioned, this is to prevent just a few people (or just one) from stealing and squatting on best asset names right after the launch. This will be reduced to normal transaction fees some day later after the launch