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mcjavar
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March 21, 2014, 12:08:33 AM |
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DrearyUrbanite
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March 21, 2014, 12:14:53 AM |
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just curious. How to mine Nxt with specialized rig? At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean? |
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jelin1984
Legendary
Activity: 2408
Merit: 1004
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March 21, 2014, 12:18:21 AM |
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What is exactly
Nxt ae??
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Armando
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March 21, 2014, 12:23:16 AM |
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just curious. How to mine Nxt with specialized rig? At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean? Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc? |
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DrearyUrbanite
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March 21, 2014, 12:26:47 AM |
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just curious. How to mine Nxt with specialized rig? At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean? Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc? I have none to share yet. Neither pool is very good at reporting, particularly SHA-256 stats. I will report and compare once I have some data. My rig is a BFL 30GHz Little Single that I got last August. It is toward the end of its useful life. |
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Armando
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March 21, 2014, 12:29:03 AM |
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just curious. How to mine Nxt with specialized rig? At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean? Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc? I have none to share yet. Neither pool is very good at reporting, particularly SHA-256 stats. I will report and compare once I have some data. Thanks! If anyone else can share stats, that would be extremely usefull for all current and future NXTers I believe) |
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jl777
Legendary
Activity: 1176
Merit: 1134
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March 21, 2014, 12:33:10 AM |
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With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority. Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%. This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution" Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful. There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows. In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation. James |
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MadCow
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March 21, 2014, 12:35:35 AM |
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Hmprf…. I should spend more time promoting myself instead of Nxt….  Apenzl , I absolutely love your newsletter. Keep up the good work. I'm sure joefox loves it too. |
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MadCow
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March 21, 2014, 12:56:51 AM |
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With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority. Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%. This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution" Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful. There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows. In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation. James +1 Poor old whales. If they hold they're being greedy. If they sell they're crashing the price. Only other way to distribute is giveaways and bounties, which many whales have done in the last 4 months, and from all reports will do more of in the future. NXT distribution 'problem' is being solved IMO. More important task for whales is to pay for developers and infrastructure. NXT whales are doing an OK job compared to most other crypto coin founders, including bitcoin. |
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jl777
Legendary
Activity: 1176
Merit: 1134
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March 21, 2014, 01:11:18 AM |
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The question is do we want everything in AE to be traded via NXT.
If the market really wants this, there will be AssetA <-> AssetB direct trading.
I see no reason to force NXT as intermediate store when trading AssetA to AssetB. NXT will be used to pay transaction (bid/ask) fees. Furthermore, we should not let any fears of devaluing NXT prevent many kinds of uses of the NXT blockchain. NXT will always be needed to create an entry into the public ledger as a transaction fee, and should gain in value as more uses are created. (And IMHO, fees should be kept exceptionally low to encourage widespread adoption and use -- money flows to efficiency). Q1. Do you want USD assets to exist within NXT AE?
c) $1 billion USD
Q3. If all AE trades are denominated in NXT, then how do you propose actually dealing with $1 billion USD deposit.
The asset issuer either has the reputation and means to satisfy withdrawals to real USD via gateway(s), or it doesn't. Once it doesn't, then those assets become worthless and trade for pennies on the dollar -- Simply issuing 1 Billion 'USD' assets does not make it worth $1 Billion. I am assuming the asset issuer merits trust, eg. large international bank. Let us assume there is an automated gateway so you can always safely redeem your USD assets. [ok nothing is "safe", this is a thought experiment to evaluate denominating things in AE in USD] Do you see the problem, actually impossibility of anybody depositing $1 billion into NXT AE if all AE transactions are denominated in NXT? Maybe there is a way to break transactions up into itty bitty pieces and use up all of the NXT available in the liquid form, but not only will that create extreme volatility for the hypothetical large USD transaction, why would anybody with a $1 billion USD even attempt such insanity. So not impossible, but highly improbable Usually people who control $1 Billion+ dont do stupid things. Putting in 30 times the market cap into a trading platform that limits trading to whatever NXT is available from the market cap (5%?) would qualify as idiotic. Anybody that does that will instantly be fired, or no longer be a billionaire. This is why we MUST allow denominating AE trades in any other asset. USD, BTC, EUR, JPY, GLD, WTI, BCO, etc. Does anybody really think that allowing trades to be denominated in USD (or BTC or ...) will do anything other than help NXT? It wont affect USD to any noticeable degree. James P.S. If we end up helping BTC by .01% is that really such a bad thing? After all, how BTC goes, all crypto goes at least for the near future. Once we have billions of dollars of trading in NXT AE, then BTC wont matter much anyway. |
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jl777
Legendary
Activity: 1176
Merit: 1134
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March 21, 2014, 01:17:37 AM |
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With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority. Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%. This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution" Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful. There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows. In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation. James +1 Poor old whales. If they hold they're being greedy. If they sell they're crashing the price. Only other way to distribute is giveaways and bounties, which many whales have done in the last 4 months, and from all reports will do more of in the future. NXT distribution 'problem' is being solved IMO. More important task for whales is to pay for developers and infrastructure. NXT whales are doing an OK job compared to most other crypto coin founders, including bitcoin. OK job? Name me one other crypto where the big whales do 10% of what the NXT founders do. Just one please. In monetary terms. I estimate NXT is better distributed than 90% of cryptos. I dont have actual numbers to back this up, just an educated guesstimate. So, we are not top of the class in this area. Nothing is perfect. At least we are A- student even in distribution, which is NXT's weakest point. This means NXT really isnt weak at all! James |
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IveBeenBit
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March 21, 2014, 01:35:31 AM |
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What James is saying is if one day the big money (hedge funds, institutional investors, "Visa-scale" institutions...) wants to trade on NXT asset exchange, for them to acquire or dispose of that many Nxtcoins will soak up all the liquidity in the NXT markets and cause the price to whipsaw....because they are forced to do transactions denominated in NXT. This means the big money would never get into NXT because they would self-destruct the NXT economy. The alternative is to have assets CHASE.USD where Chase Bank issues US$1 billion worth and let people trade Chase.USD directly for other assets, and only pay for their transaction fees in Nxt. Right now if I want to buy an asset, I have to use NXT, which is fine when you're dealing with small time stuff. I think he has a good point and I can't think of a way to refute it. James, maybe this message would be better off in the asset exchange thread? You'll get more traction there rather than get buried ITT. |
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MadCow
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March 21, 2014, 01:43:09 AM |
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With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority. Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%. This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution" Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful. There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows. In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation. James +1 Poor old whales. If they hold they're being greedy. If they sell they're crashing the price. Only other way to distribute is giveaways and bounties, which many whales have done in the last 4 months, and from all reports will do more of in the future. NXT distribution 'problem' is being solved IMO. More important task for whales is to pay for developers and infrastructure. NXT whales are doing an OK job compared to most other crypto coin founders, including bitcoin. OK job? Name me one other crypto where the big whales do 10% of what the NXT founders do. Just one please. In monetary terms. I estimate NXT is better distributed than 90% of cryptos. I dont have actual numbers to back this up, just an educated guesstimate. So, we are not top of the class in this area. Nothing is perfect. At least we are A- student even in distribution, which is NXT's weakest point. This means NXT really isnt weak at all! James You are right James (as usual)- NXT whales are doing a 'good' job, and I hope they continue by helping to fund the people doing the development and infrastructure work. I think they will! |
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rickyjames
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March 21, 2014, 01:46:20 AM
Last edit: March 21, 2014, 02:10:35 AM by rickyjames |
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[Math Lesson]
Q1. Do you want USD assets to exist within NXT AE?
Yes
Q2. How much USD assets do you want deposited into NXT AE?
a) $100,000 USD
b) $1 million USD
c) $1 billion USD
d) $100 billion - ten times current Bitcoin market capitalization
Q3. If all AE trades are denominated in NXT, then how do you propose actually dealing with $1 billion USD deposit.
NXT decimalization, preferably to at least six places (0.000001 NXT) to accommodate both microfee payments and $100 billion total asset exchange valuation. With NXT = $1000 each, a $1 billion asset would be worth 1M NXT and we could handle 1000 of these on the exchange. At this valuation, a NXT coin price is 30% less than the CURRENT price of a one-ounce gold coin and total available NXT = 1 trillion dollars (only 5% of CURRENT US Federal debt) and 1 USD = 0.001 NXT and 1 cent = 0.00001 and one NXT usage fee would be 0.000001 NXT or one-tenth of 1 cent.
1 NXT = $1000 means NXT reaches the ballpark where Bitcoin is now after five years of utilization and growth. If that's not your goal for where we are at the end of OUR first five years, you're not dreaming big enough.
Q4. Are you still 100% sure that you want to restrict all AE trading to be in NXT?
Hell yes.
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twistelaar
Legendary
Activity: 1148
Merit: 1000
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March 21, 2014, 01:53:58 AM |
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Im thinking to invest some more in NXT, can somebody give me a good reason to do this? Because its already for months up and down around 7500 satoshi.
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mcjavar
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March 21, 2014, 02:01:42 AM |
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I just had a look at the excel sheet in your signature, rickyjames!
It´s amazing to have a look behind the courtains and see the enormous work that is put into the projects.
Keep up the great work!
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mcjavar
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March 21, 2014, 02:05:01 AM |
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Im thinking to invest some more in NXT, can somebody give me a good reason to do this? Because its already for months up and down around 7500 satoshi.
Because, if the price is around 7500 satoshi for months, it will most likely go up to that mark again, which will make you more than 20%. That´s the short term benefit. On the other hand, we all believe in Nxt and the community behind it. (except Emule, but he most probably jumped from a bridge already as the price didn´t go to 0) We see Nxt as a platform which enables building (decentralized) services on it, that the world needs. And this will, more likely, make Nxt the next big thing. Or not. Who knows. But we believe in it. |
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