NXT :: descendant of Bitcoin - Updated Information

[gs02xzz]

James, I am not going to question or even comment further on any of your ideas.  It seems to me that every time I do, you take it as distracting  neanderthal personal attack and threaten to quit NXT development because both your work and your vision for NXT is so unappreciated.  This is never my intention.  I have only intended to initiate respectful, honest debate on critically important topics.

I do not believe it is appropriate that you have someone you apparently consider to be an ongoing adversary to serve as a treasurer for the funds you control.  Please identify whom you trust to serve in this role and upon their concurrence I will deliver to them passcodes to NXTcommunityfunds, NXTcashoperatingfund and NXTcashcompletionfund.

Best wishes to you and to NXT.

Ricky I would appreciate if you return the NXTcashoperatingfund to me because I decided to give this 1M NXT to a common fund the early adopters/big stakeholders committee will form (official announcement in the following hours) so it can be handled by the community for various projects (including anonymity features) - better to do it more officially rather than James handling the whole chunk, I am sure he will agree..

EDIT: The community should be aware that a big part of the early adopters will ONLY fund from now on in this way - the committee is made exactly for this reason, transparency, fairness and optimal management of resources (both ours and the community's).

Klee, I have sent the NXTcash passcodes to you at your gmail address and the NXTcommunity one to neer at his gmail address, using the system we previously discussed.  I just feel I have rubbed James the wrong way one too many times, and he deserves to have his funds disbursed from somebody that he will feel is not at odds with his decisions.

I have no negative feelings of animosity towards anyone.  This is an amazing community filled with brilliant and wonderful people, especially you, James.  

I remain invested in NXT and will work for its success.  

Hey, guys, thanks for the bears.  And beers.

To da moon!

Ricky, you are invaluable to the community and I really appreciate your contribution and your commitment of contribution in future. It's probably a good idea to send the funds back to the original whales since they are forming a fund to serve the community for long haul and will have the committees to help to disburse the fund better.

[mrv777]

PS, I am looking for a web developer to give me a hand (well, haha, I need more than just a hand) in developing hashrate.org
I would be willing to offer a slight stake in the overall pool profit in return for the assistance (which is intended to eventually be 2%, once the pool is out of beta.. it is currently 0%.)

I hope someone is helping him!

Is help still needed?  I'm not sure what area of web development is needed (HTML, Javascript, CSS, XML, PHP, etc.), but I will be glad to help if I can.

And good morning everyone

[brooklynbtc]

I have no negative feelings of animosity towards anyone.  This is an amazing community filled with brilliant and wonderful people, especially you, James.  

I remain invested in NXT and will work for its success.  

Hey, guys, thanks for the bears.  And beers.

To da moon!

Hey RJ

 I want to say directly to you thank you for all the help you have given Nxt, and all of here. We need people like you. We need YOU.

 I was thinking about the Sheriff role. You are the hound and the bedrock. Keep us tight and honest.

 I don't want people to be limited by their roles in anyway, but we do know our strengths.


 IN NO WAY am I telling you your role, I know a bit of your background, and you are somewhere around 1000% more qualified than I am..

 Pretend this is a video game, like a big sandbox roleplaying game. The player who is the Sheriff, would have assorted skills, honesty, doggedness, strong morals, and the desire to smack scofflaws down and go for a ride along with the FBI when it needs to happen.

 The player who is the wizard would have their own skill set. magic, medicine, reading arcane languages. The wizard might have to kill some cats for ingredients, or steal the soul of a virgin on her wedding night, but wouldn't let some things like law and order get in the way.

 Now imagine the Sheriff needs a potion to capture a famous scammer. The sheriff goes to the Wizard and pays 100 gold that he has worked hard and honest to obtain. The wizard did some things the Sheriff wouldnt understand and would run counter to his morals, but to catch this scammer he needs this potion.

 Now imagine those 100 gold are 100 nxt and imagine the game is real life.

 Now imagine you can follow this confusing tale and know what I'm talking about..

 

[bitcoinpaul]

PS, I am looking for a web developer to give me a hand (well, haha, I need more than just a hand) in developing hashrate.org
I would be willing to offer a slight stake in the overall pool profit in return for the assistance (which is intended to eventually be 2%, once the pool is out of beta.. it is currently 0%.)

I hope someone is helping him!

Is help still needed?  I'm not sure what area of web development is needed (HTML, Javascript, CSS, XML, PHP, etc.), but I will be glad to help if I can.

And good morning everyone

Of course. Just PM him and get to work. Great!

[CIYAM]

Is there a non-dev explanation of the whole AT thing?

You can think of it has "being able to write contracts" - an AT will have basically all the characteristics of an "account" (so can send AMs and trade Assets, etc.) *but* this account is a "program" rather than a human being.

Thus - if you can read its code (or get someone you trust to check that for you) it can act as a 3rd party which "can't cheat" (I imagine someone will end up offering a service to *validate* ATs and *insure* them in the future to make it easier for non-tech people to use them).

They are perfect for things like "atomic cross chain transfers" and for things like trading Assets for other Assets without the need for complicated external infrastructure or "trusted 3rd parties".

Hope that makes it a "little clearer".

[ShroomsKit_Disgrace]

Wow! So much volume on Bter last 3hours trading Nxt....I take it as good news!  

[rdanneskjoldr]

Ricky I would appreciate if you return the NXTcashoperatingfund to me because I decided to give this 1M NXT to a common fund the early adopters/big stakeholders committee will form (official announcement in the following hours) so it can be handled by the community for various projects (including anonymity features) - better to do it more officially rather than James handling the whole chunk, I am sure he will agree..

EDIT: The community should be aware that a big part of the early adopters will ONLY fund from now on in this way - the committee is made exactly for this reason, transparency, fairness and optimal management of resources (both ours and the community's).

Of course, if some insidious large NXT holders wanted to ensure your scenario, all they would have to do is offer a matching donation of NXT to the mining outputs.

I think just a % above to ensure highest ROI would do the trick, and be sustainable for the longest period.  Then again, I might just be thinking this way because I'm already completely jealous of those of you who can mine in these NXT pools.

I dont like hearing about mining related to Nxt.But i just  consider it automatizing a way of people buying Nxt with their resources.We should think if Nxt mining should be encouraged. If yes.. this idea is quite similar of what nodecoins was supposed to do,but in a different way.It would be a special giveout of some Nxt,as imo we are still in the IPO, although people dont see it this way.

PROPOSAL TO STIMULATE NXT MINING POOLS

A fund is created,with a certain amount of Nxt.For example a fund commitee creates and manages a Nxt account xxxxxxxxxxx, with 500.000 Nxt(any number).Also anyone can support it by donating money to that account.

All those Nxt will be distributed to everyone who has mined in a certain period,from April 1st to April 30th for example, in proportion to how much they have mined.That would be done by sending the Nxt to the pool owners,who can pay it accordingly,as all the workers and how much they mined is public info.
If you mined 0,1% of the total Nxt mined ,you would get 0,1% of the added Nxt too.

This would increase the ROI for mining here,making these pools the most profitable(by far depending on how much is donated), and bringing a lot of people to Nxt> Lots of miners> more Nxt bought every day>buy pressure> price increases. It would also put Nxt in everyones mouth and bring hype.
I have no idea how much people can this bring,but if it did success in introducing Nxt to a lot of people,the increase in the price could be significant.
Some people may think its unfair to subsidize this,but it is a private project,and could be a nice way to let initial stakeholders give out some Nxt, that could be distributed to hundreds(i hope thousands) of persons.

For anyone who has been into poker,this would be like a Rake race.It brings players to a poker room,and make them play as much hands as they can competing between them,because the more you rake you generate,the bigger the prize you will get,although in this case the payout would be lineal.

If we can optimize how many Nxt to giveout,we would bring the most competitive miners in the world to Nxt.And this doesnt punish small miners in any way(their ROI is never reduced).And even if many of them sell their Nxt after, they could never sell more than what they have generated and has been bought by the pools,so it cant be EV- in the long term.Because this would cause an artificial pump,and dump when many miners receive and sell their Nxt.But the important thing is it would make a lot of people know about Nxt.

Ive created this thread to discuss.

https://nextcoin.org/index.php/topic,4487.0.html

[salsacz]

Is there a non-dev explanation of the whole AT thing?

You can think of it has "being able to write contracts" - an AT will have basically all the characteristics of an "account" (so can send AMs and trade Assets, etc.) *but* this account is a "program" rather than a human being.

Thus - if you can read its code (or get someone you trust to check that for you) it can act as a 3rd party which "can't cheat".

Perfect for things like "atomic cross chain transfers" and for things like trading Assets for other Assets without the need for complicated external infrastructure or "trusted 3rd parties".

Hope that makes it a "little clearer".

rofl. Nope, this is like Chinese, sorry (yeah, I know you live in China )

We need somethink like - with AT, or AE?  you can pay sheep for the farmer in Bangladesh or a computer for the school in Zimbabwe

[brooklynbtc]

We on the MC need to put all our energy into making such great videos as this

http://www.youtube.com/watch?v=ZW-oUXqomT0#t=211

THIS is the BENCHMARK

[CIYAM]

rofl. Nope, this is like Chinese, sorry (yeah, I know you live in China )

We need somethink like - with AT, you can pay sheep for the farmer in Bangladesh or a computer for the school in Zimbabwe

Fair enough then - with AT you can safely trade 1 Asset for another, with AT you can safely lock your savings away while earning interest and with AT you can buy a ticket every week in what will be arguably the world's most efficient lottery!

[brooklynbtc]

Is there a non-dev explanation of the whole AT thing?

You can think of it has "being able to write contracts" - an AT will have basically all the characteristics of an "account" (so can send AMs and trade Assets, etc.) *but* this account is a "program" rather than a human being.

Thus - if you can read its code (or get someone you trust to check that for you) it can act as a 3rd party which "can't cheat".

Perfect for things like "atomic cross chain transfers" and for things like trading Assets for other Assets without the need for complicated external infrastructure or "trusted 3rd parties".

Hope that makes it a "little clearer".

rofl. Nope, this is like Chinese, sorry (yeah, I know you live in China )

We need somethink like - with AT, or AE?  you can pay sheep for the farmer in Bangladesh or a computer for the school in Zimbabwe

Salsa, I think the AT explanation is that it is kind of like a vending machine that can do ANYTHING.

Imagine if there was OPEN market for Cans of Coca Cola/USD, if you needed to sell cans of coke, you dump 12 in the machine and it pays you $12. If you need 12 cokes, you stick in $12 and out they come. Not about the machine owner stocking it up. We can all sell and set the price on demand.

AND EACH OF THESE TRANSACTIONS takes out a forging fee!

There can be 1000s  of ATs sitting there, each doing different , or variables of the same.

One is BTC/Nxt  you send it Nxt, it sends you BTC. Done.

One is GOOG/GOLD  you send it Google Assets if you own any, and it sends you Gold Assets. Done.

No one OWNS the AT.

[punkrock]

Here is an update of todays payout on hashrate.org. I used the timestamps between payouts as the mining time. In 14h of mining between payouts I got 492 nxt. In one day this would give 843 NXT or 0.0555 BTC at current prices (cryptsy).

Factoring in my hashrate I end up with a profitability of: 0.00856 BTC/MH per day

For comparison traditional BTC multipool profitability of the last 24h:

- hashrate.org: 0.00856 BTC/MH
- clevermining: 0.00550 BTC/MH per day
- wafflepool: 0.00518 BTC/MH per day

Keep in mind that payouts on multipools vary greatly between days. I will stay on the pool and keep posting updates. So in the course of a week or two we should have a clearer picture. Anyways, the last payout was fantastic. Keep up the good work paradigmflux!

[mczarnek]

Who is working on the multi-sig transactions?  Need to talk to him.

Thanks.

[salsacz]

If I can sell shares for my working hours, I am happy. Like a voucher for this: http://work4nxt.com

[mikesbmw]

rofl. Nope, this is like Chinese, sorry (yeah, I know you live in China )

We need somethink like - with AT, you can pay sheep for the farmer in Bangladesh or a computer for the school in Zimbabwe

Fair enough then - with AT you can safely trade 1 Asset for another, with AT you can safely lock your savings away while earning interest and with AT you can buy a ticket every week in what will be arguably the world's most efficient lottery!

Holy COW! I just read two of your sentences without feeling dumb!  

[CIYAM]

If I can sell shares for my working hours, I am happy. Like a voucher for this: http://work4nxt.com

Personally I prefer "completed tasks" to hours (which is why I created CIYAM Open) - the problem with "hours" is that people can spend those just chatting or watching YouTube vidoes.

I envision that the way many of us ending working in the not too distant future is going to be much more like the CIYAM Open model (as it is far more efficient to "get results").

[Come-from-Beyond]

Who is working on the multi-sig transactions?  Need to talk to him.

Thanks.

I work on multisig for Nxt.

[bitcoinpaul]

Is there a non-dev explanation of the whole AT thing?

You can think of it has "being able to write contracts" - an AT will have basically all the characteristics of an "account" (so can send AMs and trade Assets, etc.) *but* this account is a "program" rather than a human being.

Thus - if you can read its code (or get someone you trust to check that for you) it can act as a 3rd party which "can't cheat" (I imagine someone will end up offering a service to *validate* ATs and *insure* them in the future to make it easier for non-tech people to use them).

They are perfect for things like "atomic cross chain transfers" and for things like trading Assets for other Assets without the need for complicated external infrastructure or "trusted 3rd parties".

Hope that makes it a "little clearer".

Who can create these "accounts"? How are they created? How are they implemented in the Nxt core?

[S3MKi]

what is a panicsell on bter??

[L5Society]

If you sibsidize the pool to make it the most profitable you have to consider the likely scenario in which those droves of pump and dump selfish miners come by for the free lunch then just sell all the nxt to btc on their way out the door.

Yeah, this is a good point. We don't want to create a fund of 500k nxt that is just going to end up dumped by miners with no loyalty to nxt. It seems like the mining scheme only works if miners hold the nxt. If nxt "mining' is more profitable than regular multipool mining, then we attract the vultures.