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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2755833 times)
Ola
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December 25, 2013, 09:08:31 PM
 #7941

REPOST:: PSA:  Condensed (not really) redundant info that keeps being asked for newbies that don't want to read 300+ pages (info will be repeated on every other new page)

Because so many people are failing to read about what nxt has to offer and offering premature conclusion which mostly mirrors negative aspect of "alt coins" This writeup is needed badly and will be repeated from page to page.

--BCnext started all this and is following in the footsteps of satoshi, Come-from-beyond serves as the connecting link now, see:
https://bitcointalk.org/index.php?topic=345773.msg3832234#msg3832234

--NXT is 100% proof of stake, NOT AN ALT COIN ( fork of bitcoin) and there is no "COIN" in NXT, Just simply NXT!

--The software is currently java based, and closed source for now that it is in the alpha stage.  Still, pieces of the code are available for review upon permission of the devs, but the full code will not be released until Jan 3, 2014 official launch.

--Nxt is a brain wallet, a very long and secure passphrase MUST be used to generate your account. You much use more than 30 uppercase, lowercase and special characters for your password to be safe from brute force attacks.

--NXT will be divisible up to 2 decimal places, but it is not active yet.


Nxt currency distribution: NXT WAS NOT PRE-MINED, there is no such thing as mining in nxt. The initial nxt distribution process was completely fair and VERY PUBLIC! The public was advised to send bitcoin to the genesis address in exchange for NXT. Only about 71 people did so on time. These people paid fair and square to be in the position there are in. You could have been one too, but you were probably on another thread. ( If anyone has a better idea lets hear it). They were rewarded as the main starting founders and all NXT were distributed amongst them. It is now their prerogative and in their best interest to redistribute the funds as nxt is not as valuable if not accessible to the market. (And I was not one of the 71 by the way…why does it make sense to me and not you, please stop trolling) Please see all give away attempts  :


Bounties: https://bitcointalk.org/index.php?topic=345773.0  we need several nodes on vps at the moment
Giveaways: https://bitcointalk.org/index.php?topic=347927.0
Faucet: http://www.coinarea.net/faucet.php
If you are running a separate giveaway I pm me and i will update in the next couple of pages

CFB'S take on the creation of coins based on facts about 100% POS system:

" Actually there is only 1 way to create a secure 100% PoS coin - issue all coins at once. If u subsidize block forging (like 25 BTC in Bitcoin now) then u make ur coin vulnerable to different types of attacks. The only way to fix this is to add proof-of-work which doesn't make sense in 100%PoS coin. Mathematical proof is very sophisticated and wasn't peer reviewed, so this statement may be wrong. U still could mention that if not all coins r premined then the currency may be vulnerable to attacks."


for newbies:
   watch these videos  http://www.youtube.com/watch?v=zALTChPsXhQ, http://www.youtube.com/watch?v=f8dLMoZLMzM ,  
    and visit this site: http://www.coinarea.net

Mining:  There is no "MINING" in NXT, just forging: collecting transactions into blocks and earning transaction fees…block you forge is dependent on the amount of NXT you own. This is called FORGING and it is exactly what bitcoin will be doing 100 years from now.

--The price jump was due to an innovative feature named "aliases", this enables a competitive "namecoin-like" distributed DNS functionality
If you want to do aliases do this : https://localhost:7875/alias.html, fill the fields and hit OK
--Nxt is only 3 weeks old, nothing is released yet, because this is the alpha testing phase. Source code and official client will be released on jan 3rd with colored coins, voting, decentralized asset trading.

--how the consensus works in next :https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478

Detailed feature sets:

- Decentralized DNS / Alias System (Starting at block 22000) ( this is already in effect and it raised the NXT market cap)
- Transparent Mining (Partially starting at block 25000) IN A COUPLE OF DAYS !
- Decentralized Asset Exchange / Colored Coins (Starting after block 30000) Jan 2014
     This allows gateways to issue other currencies (fiat or crypto) on the Nxt network.
- Decentralized Marketplace / Auction
- Decentralized Mixing Service
- Encrypted Messaging / Chat
- DDoS Protection - Project Kharon
- Voting

----Decentralized exchange is ready, we are just waiting on a frontend, easy to use UI to be released in january by a guy named nexern (cfb)



For stakeholders and if you want nxt to get stronger and continue to be superior:
The NXT network is being blasted by a >40 gbps DDOS attack. Nxt is a superior technology and its fighting off attack right now. CFB and Bcnext say the attack could easily be quenched but they choose to use this experiment as learning experience for when NXT catches up with bitcoin. They have chosen to remain neutral and let the network resolves its own issues.  But it can do way better if we strengthened the network by everyone contributing


What you can do
--We need more nodes to mitigate DDOS attacks, you can do either of these:

Head over to this forum to help try to get people installing and using nxt on raspberryPis : http://www.raspberrypi.org/forum/viewtopic.php?f=63&t=64229&e=0

https://bitcointalk.org/index.php?topic=345619.msg4103726#msg4103726        Use this Guide to starting vps by "iaowai80"     or
https://bitcointalk.org/index.php?action=profile;u=181968      Pay/ hire "Ferment" to set up the nodes for you if you lack the time

UPDATE :: We have raised 400k nxt to support the nxt initial bootstrapping of the network. See the ledger here:
https://docs.google.com/spreadsheet/ccc?key=0AgAGADgnQcrtdHRrV3V3Z1lzOXVEMWtqdElUaEtqV1E#gid=5

This was accomplished through donation from people like you and me..If you believe in the game-changing, innovative potential of nxt and the tireless work of the developers, support the network by donating to the common fund provided by "Pouncer" : please use this address: 14122495560166494500 .  The fund will be used to support server infrastructure that will initially continue to help bootstrap the network, essentially keeping your NXT valuable  Wink

confirm the nxt account address from this post : https://bitcointalk.org/index.php?topic=345619.msg4119640#msg4119640

Nxter,Bitcoiner,Ether highlevel developer working to improve the world.
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December 25, 2013, 09:09:25 PM
 #7942

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.

Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.
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December 25, 2013, 09:16:46 PM
 #7943

All cryptos will rise strongly in a few days again, only due to it's not being Xmas anymore. No more /a little less: buying presents, celebrating, eating, getting drunk...

More time, more money -> more resources for fun stuff like cryptos

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December 25, 2013, 09:18:15 PM
 #7944

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.
Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.

Totally agree with that.
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December 25, 2013, 09:21:03 PM
 #7945

   24505      6635869272840226493      26 Cнeжaнь 2013 0:19:48   
      
      0      0 + 0      0 B   
      
      1      6014293653834605148      761 %
ZeroTheGreat
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December 25, 2013, 09:26:00 PM
 #7946

People how can I access my wallet??! I have IOS.. thanks!
Unsecured way only: WEB. For now at least, wait for client. Java making iOS version coming sooner.
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December 25, 2013, 09:27:05 PM
 #7947

Can someone explain to me why Nxt is getting so much value if the source isn't opened yet? That worsens pump&dumpy possibilities, because the first judgement has to be with regards to quality of source code. But hey, the market fill figure out (after a lot of people will lose a lot of money). I think a lot of development is diluting the concept of alt-coin, or rather the current on-boarding stream for coins.
Probably a result of increased awareness towards cryptocurrencies in general. And honestly, right now - I think the price is still a bargain considering what people pay for junk like Dogecoin that has no long-term value.

Totally agree with that.

me too, besides all great nxt features, there is another (intended or not) very important factor -> right time, right place.
ZeroTheGreat
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December 25, 2013, 09:29:44 PM
 #7948

Who all these ppl who buy NXT? Was there an article somewhere recently?
Just wait for the articles to appear. The number of people from all over the world getting in is growing exponentially, and virtually nobody wants to sell their NXT currently.
Let's call this sitaution a market  Grin
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December 25, 2013, 09:31:34 PM
 #7949

 Actually, what would provoke you to paniksell ? Most of us are already hardened with bitcoin price fluctuations... I just can't imagine which kind of bad news may ruin this market. Even those scary -2000000000 nxt fees hasn't affected market price yesterday.
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December 25, 2013, 09:36:21 PM
 #7950

There is no reason for panicsell.
It´s much easier to buy low at this price if you already have a wallet of BTC and then dump when you double...

Member of the Nxt Foundation | Donations: NXT-D6K7-MLY6-98FM-FLL5T
Join Nxt Slack! https://nxtchat.herokuapp.com/
Founder of Blockchain Workspace | Personal Site & Blog
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December 25, 2013, 09:36:43 PM
 #7951

Can someone explain to me why Nxt is getting so much value
I think it's wrong to look that way. Value always relative. For example, I'm valuing comfort and handable risks so I for now don't wanna go all-in, and someone just love to gamble. We can see different people (with different free capitals), and at DGex people who value fast BTC profit (possible fast $ profit or/too) meet people who value NXT opporunities, ideas (and some "$->NXT->$$$" too, ofc). And with time an equilibrium comes: price. No such thing as fair price.
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December 25, 2013, 09:42:47 PM
 #7952

I started some older version of NRS on Raspberry Pi. It worked well, but maybe the NRS version was not stable enough - it crashed over night.
But it was slow to unlock wallet there though.

Let me know if you need more details.


could raspberry Pi idea work?

Yes. I saw an article in russian where the author stated that he was running NRS on PI.

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December 25, 2013, 09:49:46 PM
 #7953

Little update on my public nodes:

You can add them into your web.xml if you wish

95.85.46.233; 162.243.140.133; 146.185.129.54; 162.243.117.63; 192.241.155.44;

95.85.46.233        4GB Hallmarked         Location=Amsterdam1
162.243.140.133   1GB Not Hallmarked    Location=San Francisco
146.185.129.54     1GB Not Hallmarked    Location=Amsterdam2
162.243.117.63     1GB Not Hallmarked    Location=New York 1
192.241.155.44     1GB Not Hallmarked    Location=New York 2


I'll try to keep these running forever, or at least until i die.
If you want me to help more the network maintaining these 5 nodes, feel free to donate NXT to my address (in signature), i'll use them only for add/maintain vps.


Donations receveid: ~22000NXT
GOAL for full 2014 maintain (and more): 45000NXT
Total remaining: ~23000NXT



It's awesome our work for keep this coin living and getting stronger! Smiley

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December 25, 2013, 09:50:41 PM
 #7954

I have a bunch of dedicated servers, but all at one data center. Is there any benefit from deploying the server code on more than one of the servers?

What would the typical CPU load be? These are compute oriented servers, so not much bandwidth for each, maybe 10mbps.

How much would this help?

James
In case of DoS it will help to spread the load... However in case of DDoS you will fill uplink (if all are on the same uplink)... Hosting provider could help figuring out that one.
That is the reason why I offered to operate just one additional node if someone would like to be a sponsor.
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December 25, 2013, 09:50:46 PM
 #7955

@nov: NXT for Raspberry Pi - standalone package with Oracle JRE
nov
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December 25, 2013, 10:03:03 PM
 #7956

Would you be interested to get NXT work on iPhone and iPad? I could work on that. What are your opinions?

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MultiCoin - Multiple Crypto Coin Lightweight Wallet in Development BTC: 1EKT9uaaDbTRuwjttFQbfax7KmGNZX32HP | BitcoinViewer - Bitcoin Balances & Transactions on iPhone/iPad BTC: 1NEvfbiA5Bs2sG2jqRdCidGUjLD5JjAjEZ
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December 25, 2013, 10:04:58 PM
 #7957

May be the wrong spot but I've got 28,000 NXT and i'm looking to buy more; but won't have any other crypto for 4 days until my coinbase transaction clears.  Anybody looking to sell some with paypal or some other route?  Would like to get more urgently..

NXT 15862282579517523866
utopianfuture
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December 25, 2013, 10:05:44 PM
 #7958

I have a question: what's relative advantage and disadvantages of having a node on VPS versus on Raspberry Pi ?

Since hallmarked nodes will receive more incoming requests, should all public nodes are hallmarked ?


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December 25, 2013, 10:11:36 PM
 #7959

Aaaaand GDEX just imploded  Shocked

how so?

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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December 25, 2013, 10:12:46 PM
 #7960

Aaaaand GDEX just imploded  Shocked

how so?

Kept getting a server error for over 15 minutes...

Never mind me  Wink

Member of the Nxt Foundation | Donations: NXT-D6K7-MLY6-98FM-FLL5T
Join Nxt Slack! https://nxtchat.herokuapp.com/
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