NXT :: descendant of Bitcoin - Updated Information

[l4p7]

hashrate.org
NOW YOU CAN MINE NXT WITH SHA-256 OR SCRYPT MINING HARDWARE!

What is that about? I though transaction verification happens by POS? Or is this an effort to distribute donated NXT to enhance distribution? 

And where can I find that NXT updated distribution doc?

Hashrate.org is a multi alt coin pool that mines the most profitable altcoin and sells to nxt. so your mining alts and getting paid in nxt. Nxt still operates on pos.
This is good for ppl with obsolete mining equipment and nxt itslef as more buy orders will be created regulary. cant help you on the document your after sorry

But there must be some cost associated (buying nxt from exchanges to pay the miners etc.). Who is paying for this?

I can point my miner at a pool or multi-pool and mine crapcoin
Then I have to sell this through an exchange myself.

Basically hashrate do both steps for you - the fees are paid out of the coins traded on the exchanges for NXT.
They take a pool fee from the NXT 1%
The rest is sent to you.

So the hashrate pool has an exchange built in where all kind of crapcoins can be exchanged for nxt?

[Sebastien256]

yes.

So the hashrate pool has an exchange built in where all kind of crapcoins can be exchanged for nxt?

[LemonAndFries]

you all making the mistake to devaluate nxt, to just a base(platform) to build on with no value on itself.

things create on top of nxt could have value, but nxt itself does not

I have been watching from the sidelines, and even though you all have labeled Emule as a "troll" and that I am him (amongst many other members ), he does have a point here.

NXT needs to go back to being a currency and once the currency part of it is in place, then you focus on the AE.

Here's a reminder: Don't forget your target audience, the average crypto investor.

[IveBeenBit]

you all making the mistake to devaluate nxt, to just a base(platform) to build on with no value on itself.

things create on top of nxt could have value, but nxt itself does not

Damn. I am sorry to hear that. 

[l4p7]

yes.

So the hashrate pool has an exchange built in where all kind of crapcoins can be exchanged for nxt?

THX

[Sebastien256]

yes.

So the hashrate pool has an exchange built in where all kind of crapcoins can be exchanged for nxt?

THX

heu, they will program a program to exchange the coin on a external centralized exchange. Sorry, no exchange built in.

[Come-from-Beyond]

you all making the mistake to devaluate nxt, to just a base(platform) to build on with no value on itself.

things create on top of nxt could have value, but nxt itself does not

To da Earth!

[mindtomatter]

jl777,
in my estimation you are 100% correct.  If you have the ability to let people use your platform for not only your own token, but also everybody elses than that is the most utility you can provide, which will add the most value to the currency.  The gateway sounds great, how much trust are you having to retain centrally?

Have you tested the counterparty wallet, and issued a few assets?  You can issued dividends to an asset in Bitcoin, XCP or ANY USER CREATED ASSET - This is huge, it fixes the voting problem too because you can just create an arbitrary asset called 'VOTE999999", issue it as a dividend to all holders of NXT on 1 1:1 basis, and it's a one time use-it-or-lose-it issuance.

One thing I noticed is NXT asset exchange is way behind counterparty, they have dividends, callable assets, info pages for assets and other convenient or really useful abilities.

I'd really appreciate a supportive post from you on the NXT thread! That would enable me to fully realize the potential.

My design for the multigateway distributes the multisig to any three gateway servers, potentially for each account for each coin. That seems overkill, but I could make it so that three random servers are chosen for each user deposit acct to be the multisig signers. For any given withdraw, consensus needs to be reached before any of the signers will signoff. I can have the consensus pool be from all the servers, though that would be overkill as I have 180 servers.

For now, it is simpler to just have three servers doing all of this, but it is just a matter of getting all the servers setup. Also, key factor is that the servers can (should) be managed by independent gateway operators. Ideally, three competitors. That way, collusion is minimized. If only, bitcoin supported more than threeway multisig, I could increase the security.

I am just tired of all the mtgox, poloniex and now virecurex events that does nothing but erode confidence in crypto. We all lose when stuff like that happens. multigateway is my solution.

I was planning on bridging NXT AE with XCP Dex so people can transfer corresponding assets between each exchange, to wherever the best liquidity/prices are. That also gets all of XCP features added to NXT assets and all NXT features added to XCP assets. Seems like a win/win, especially since I did burn a bunch of BTC

I am also in the DRK camp and will be integrating NXTmixer and NXTcash with DRK so that people could send BTC into multigateway and via DRK send -> NXTmixer -> NXT AE -> BTC paper wallet. There would be a way to anonymously create paper wallets.

My assessment is that all of these distributed exchanges have no actual value until they are combined with external things. That is why I concentrated on the gateway functions. I can easily add most desired features on top of the NXT protocol platform layer I am writing. As you have noticed the NXT core is, well, pretty low level. NXT protocol abstracts all the NXT core details and allows people to quickly create their own NXT service.

For example, I wrote nodecoin in an afternoon and that was before I had the full NXT protocol platform layer. Dividends for assets doesnt seem like a complex function, I will add it to my list.

What other functionality is critical in your opinion? I am making half a dozen (maybe now a dozen) reference implementations of using NXT protocol.

jl777

Sounds really interesting.  Take all the functionality that XCP has available for user created assets, incentivize good wallet.dat style locally-encrypted really-crazy-impossible-to-crack-private-key options so people like me can feel safe someone won't typo into accessing our account.

I think nodecoin is a really fascinating idea, I have been thinking about this too. the real problem with mining OR forging is that only one node determines consensus, and so only one node can be rewarded.  Bitcoin at least has  a decent block reward since its a distribution mechanism, NXT does not have that.   What you could do is create a sub-asset on the network that is created by miners as a secondary, inflationary token which the network will then honor in some kind of way (like to pay fees, instead of using NXT) - So the miners mine an alternative token that can be used to pay network fees, which makes it valuable without diluting NXTs value.   If you can figure out how to do the single-transaction-pays-dividend-to-all-asset-holders problem as XCP did, you can solve the mining contentration problem and make it so people will mine even if they never hit a block because they get paid just for the effort.

[Sebastien256]

man James is a machine +1

[jl777]

jl777,
in my estimation you are 100% correct.  If you have the ability to let people use your platform for not only your own token, but also everybody elses than that is the most utility you can provide, which will add the most value to the currency.  The gateway sounds great, how much trust are you having to retain centrally?

Have you tested the counterparty wallet, and issued a few assets?  You can issued dividends to an asset in Bitcoin, XCP or ANY USER CREATED ASSET - This is huge, it fixes the voting problem too because you can just create an arbitrary asset called 'VOTE999999", issue it as a dividend to all holders of NXT on 1 1:1 basis, and it's a one time use-it-or-lose-it issuance.

One thing I noticed is NXT asset exchange is way behind counterparty, they have dividends, callable assets, info pages for assets and other convenient or really useful abilities.

I'd really appreciate a supportive post from you on the NXT thread! That would enable me to fully realize the potential.

My design for the multigateway distributes the multisig to any three gateway servers, potentially for each account for each coin. That seems overkill, but I could make it so that three random servers are chosen for each user deposit acct to be the multisig signers. For any given withdraw, consensus needs to be reached before any of the signers will signoff. I can have the consensus pool be from all the servers, though that would be overkill as I have 180 servers.

For now, it is simpler to just have three servers doing all of this, but it is just a matter of getting all the servers setup. Also, key factor is that the servers can (should) be managed by independent gateway operators. Ideally, three competitors. That way, collusion is minimized. If only, bitcoin supported more than threeway multisig, I could increase the security.

I am just tired of all the mtgox, poloniex and now virecurex events that does nothing but erode confidence in crypto. We all lose when stuff like that happens. multigateway is my solution.

I was planning on bridging NXT AE with XCP Dex so people can transfer corresponding assets between each exchange, to wherever the best liquidity/prices are. That also gets all of XCP features added to NXT assets and all NXT features added to XCP assets. Seems like a win/win, especially since I did burn a bunch of BTC

I am also in the DRK camp and will be integrating NXTmixer and NXTcash with DRK so that people could send BTC into multigateway and via DRK send -> NXTmixer -> NXT AE -> BTC paper wallet. There would be a way to anonymously create paper wallets.

My assessment is that all of these distributed exchanges have no actual value until they are combined with external things. That is why I concentrated on the gateway functions. I can easily add most desired features on top of the NXT protocol platform layer I am writing. As you have noticed the NXT core is, well, pretty low level. NXT protocol abstracts all the NXT core details and allows people to quickly create their own NXT service.

For example, I wrote nodecoin in an afternoon and that was before I had the full NXT protocol platform layer. Dividends for assets doesnt seem like a complex function, I will add it to my list.

What other functionality is critical in your opinion? I am making half a dozen (maybe now a dozen) reference implementations of using NXT protocol.

jl777

Sounds really interesting.  Take all the functionality that XCP has available for user created assets, incentivize good wallet.dat style locally-encrypted really-crazy-impossible-to-crack-private-key options so people like me can feel safe someone won't typo into accessing our account.

I think nodecoin is a really fascinating idea, I have been thinking about this too. the real problem with mining OR forging is that only one node determines consensus, and so only one node can be rewarded.  Bitcoin at least has  a decent block reward since its a distribution mechanism, NXT does not have that.   What you could do is create a sub-asset on the network that is created by miners as a secondary, inflationary token which the network will then honor in some kind of way (like to pay fees, instead of using NXT) - So the miners mine an alternative token that can be used to pay network fees, which makes it valuable without diluting NXTs value.   If you can figure out how to do the single-transaction-pays-dividend-to-all-asset-holders problem as XCP did, you can solve the mining contentration problem and make it so people will mine even if they never hit a block because they get paid just for the effort.

Thanks for your support! I already solved the allocation of distributing prorata shares of nodecoins, but I did have to use some really controversial tech, called 64bit floating point. It is a reinforcement to forging, but could well establish its own value and market. All part of the coin development kit I am working on.

It seems everything I do is controversial. I was in the XCP thread at the beginning of luke-jr's appearance that has let to  the following post, which might be the beginning of the end of bitcoin itself!!
https://bitcointalk.org/index.php?topic=395761.msg5851068#msg5851068

I kid you not. crypto is NOT a zerosum game within itself as most everybody seems to think. The zerosum game, if any is in the context of the global economy that includes all fiats and commodities. The communities that start defending their turf by creating artificial barriers, will become no better than protectionist regimes.

You can listen to me and Adam, or emule and lemonhead

James

[farl4web]

@Wesley sure you are busy, but you promised a update for the NxtMac-client last friday. Any progress?

[wesleyh]

@Wesley sure you are busy, but you promised a update for the NxtMac-client last friday. Any progress?

I have to wait until issue with nxtcrypto.org is fixed.

[jl777]

 What you could do is create a sub-asset on the network that is created by miners as a secondary, inflationary token which the network will then honor in some kind of way (like to pay fees, instead of using NXT) - So the miners mine an alternative token that can be used to pay network fees, which makes it valuable without diluting NXTs value.

Could you explain how you see that as not diluting Nxt's value? What exactly is Nxt's value proposition if it's not even used to pay network fees?

Also, not sure if you've been attentive to this thread for the past few dozen pages, but you might want to man the barracks.

Having the miners mining for nodecoins instead of not being part of NXT in any way at all does not hurt NXT.
We will get people who have nodecoins. What will they do with them? Probably sell them for NXT.

sell nodecoins and buy NXT

Unlike arbitrage trading of OIL/GOLD which has a neutral effect on NXT, whenever you sell something to buy NXT, that creates upward pressure on NXT. At worst, they sell right away and we get back to neutral.

However, some miners just might HODL.

James

P.S. How often am I wrong? How often is emule right?

[Emule]

 What you could do is create a sub-asset on the network that is created by miners as a secondary, inflationary token which the network will then honor in some kind of way (like to pay fees, instead of using NXT) - So the miners mine an alternative token that can be used to pay network fees, which makes it valuable without diluting NXTs value.

Could you explain how you see that as not diluting Nxt's value? What exactly is Nxt's value proposition if it's not even used to pay network fees?

Also, not sure if you've been attentive to this thread for the past few dozen pages, but you might want to man the barracks.

Having the miners mining for nodecoins instead of not being part of NXT in any way at all does not hurt NXT.
We will get people who have nodecoins. What will they do with them? Probably sell them for NXT.

sell nodecoins and buy NXT

Unlike arbitrage trading of OIL/GOLD which has a neutral effect on NXT, whenever you sell something to buy NXT, that creates upward pressure on NXT. At worst, they sell right away and we get back to neutral.

However, some miners just might HODL.

James

P.S. How often am I wrong? How often is emule right?

You may have the honnor to be called the nxt killer.

what did you produce till now again other than pages of BS?

[Sebastien256]

@james, you are a big nxt player for sure.

You could start using the new forum, many people have move there and start using it, you could follow the momentum at:

www.nxtforum.org

More will come if you post your project there.

[Emule]

@james, you are a big nxt player for sure.

You could start using the new forum, many people have move there and start using it, you could follow the momentum at:

www.nxtforum.org

idiots he is killing nxt with his delutional mind and fantasy

[lyynx]

Nxt: "The Decentralized 2nd Generation Ecoconomy"

[Sebastien256]

@james, you are a big nxt player for sure.

You could start using the new forum, many people have move there and start using it, you could follow the momentum at:

www.nxtforum.org

idiots he is killing nxt with his delutional mind and fantasy

lol, sorry Emule, be more polite or you go on my ignore list.

[opticalcarrier]

@Wesley sure you are busy, but you promised a update for the NxtMac-client last friday. Any progress?

I have to wait until issue with nxtcrypto.org is fixed.

Im waiting to hear from JLP/CfB on whether or not client signing transactions need to use SSL to communicate with VPSs.  Given that tor is eventually  compromised if some extremely harsh and strict security methods arent followed, Im interested in hearing on whether or not I should just disable SSL on all my VPSs or not.

[Come-from-Beyond]

Im waiting to hear from JLP/CfB on whether or not client signing transactions need to use SSL to communicate with VPSs.  Given that tor is eventually  compromised if some extremely harsh and strict security methods arent followed, Im interested in hearing on whether or not I should just disable SSL on all my VPSs or not.

Transactions will be visible to anyone anyway. U need SSL only for privacy.