NXT :: descendant of Bitcoin - Updated Information

[bitdraw]

je support the "miners" who is basically the one who is super rich already anyways. this whole concept is so flawed ...

Imagine there are only 2 miners, Alice with 9M coins and Bob with 1M.
If we have 10 blocks each with 0.1M fee then Alice gets 0.9M and Bob gets 0.1M.
Alice gets +10% and Bob gets +10%.

Could u explain where u see a flaw there?

in theory this is true, but the problem is most miners die before they see their 10% gain.

you would need a global pool where all ppl mine and the payout from every blocks transaction fees is divided among all of them according to their %capital of the total capital.

otherwise this doesnt work in "reality"


edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

[kwest]

edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

It's called being a stakeholder. We showed faith in BCNext and put our BTC at risk when nobody else did. Why would we take such a risk if we didn't expect a return? We helped fund this little project.

[bitdraw]

edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

It's called being a stakeholder. We showed faith in BCNext and put our BTC at risk when nobody else did. Why would we take such a risk if we didn't expect a return? We helped fund this little project.

as i said, i wont go into detail about this particular topic.. if you think this is not a problem for ppl, post it in the OP

im trying out the client because im interested how it works etc. and if i find something that seems "flawed" i talk about it.

[kwest]

edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

It's called being a stakeholder. We showed faith in BCNext and put our BTC at risk when nobody else did. Why would we take such a risk if we didn't expect a return? We helped fund this little project.

as i said, i wont go into detail about this particular topic.. if you think this is not a problem for ppl, post it in the OP

im trying out the client because im interested how it works etc. and if i find something that seems "flawed" i talk about it.

I don't have a problem with the early adopters on this forum having thousands of bitcoins either. They took a much bigger risk than us that came later. BCNext could've just ran away with the 21 BTC that was donated.. non of us had any clue, it was very risky.. but we thought it sounded interesting and bought a lottery ticket.

I haven't sold a single NXT yet so I could still end up with nothing.

[klee]

In time funds will be distributed more so it is not a big issue imho..

[bitdraw]

edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

It's called being a stakeholder. We showed faith in BCNext and put our BTC at risk when nobody else did. Why would we take such a risk if we didn't expect a return? We helped fund this little project.

as i said, i wont go into detail about this particular topic.. if you think this is not a problem for ppl, post it in the OP

im trying out the client because im interested how it works etc. and if i find something that seems "flawed" i talk about it.

I don't have a problem with the early adopters on this forum having thousands of bitcoins either. They took a much bigger risk than us that came later. BCNext could've just ran away with the 21 BTC that was donated.. non of us had any clue, it was very risky.. but we thought it sounded interesting and bought a lottery ticket.

I haven't sold a single NXT yet so I could still end up with nothing.

this is a totally different thing, as BTC can be mined no mather how much you own.

[klee]

edit: dont want to make Nxt look bad, but constructively point out "weak" points. i dont even talk about the whole "50ppl own everything and sell it for so much higher than what they paid for" thing

It's called being a stakeholder. We showed faith in BCNext and put our BTC at risk when nobody else did. Why would we take such a risk if we didn't expect a return? We helped fund this little project.

as i said, i wont go into detail about this particular topic.. if you think this is not a problem for ppl, post it in the OP

im trying out the client because im interested how it works etc. and if i find something that seems "flawed" i talk about it.

I don't have a problem with the early adopters on this forum having thousands of bitcoins either. They took a much bigger risk than us that came later. BCNext could've just ran away with the 21 BTC that was donated.. non of us had any clue, it was very risky.. but we thought it sounded interesting and bought a lottery ticket.

I haven't sold a single NXT yet so I could still end up with nothing.

this is a totally different thing, as BTC can be mined no mather how much you own.

A miner is a believer - if you believe it is worth mining a coin you have to pay! Regardless if you already have coins or not (in PoW).

So if you really believe in Nxt pay $5-10K to buy them - that is what you have to pay for the best ASIC.

And instead of stupid pre-orders you actually get the coins + mining.

I see this as a HUGE improvement in fairness...

[bitdraw]

In time funds will be distributed more so it is not a big issue imho..

If this is not an issue why not change the starting post:

"The total amount of Nxt in circulation is 1 billion."
to
"The total amount of 1 billion ever in circulation is owned by the 50 stakeholders"


as i said, i dont really want to talk about it, you are gonna say its ok, its nothing important bla... and im gonna say otherwise. we never gonna get an agreement;)

[klee]

In time funds will be distributed more so it is not a big issue imho..

If this is not an issue why not change the starting post:

"The total amount of Nxt in circulation is 1 billion."
to
"The total amount of 1 billion ever in circulation is owned by the 50 stakeholders"


as i said, i dont really want to talk about it, you are gonna say its ok, its nothing important bla... and im gonna say otherwise. we never gonna get an agreement;)

Satoshi has 1M out of 21M - give me a break...

[Pineappleman]

1M *1000 = Billion ... that's a lot of taxes

[klee]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

[kwest]

As klee said: the funds will be distributed in time.. and for NXT to be successful they need to be. The more users we get the better.. we might end up having a more fair distribution than BTC in the end simply because we have an incentive to share, and not a single NXT other than the ones that already exist will ever be created.

We, the people that invested in NXT, will earn more in the end if we share it with others than if we hold on to it. In the end I don't plan on holding on to more than 1/3 or 1/4 of what I have. If this had been BTC, I wouldn't have let go of a dime.

And mining BTC isn't free either.. you have to pay for electricity.

[bitdraw]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

[klee]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

Not sure if they are defined as premined but many people are interested atm for ripple, mastercoin and next!

But hey, no worries it is good to discuss these things - at least for me

Early adopters in PoW and premined pay a small amount (relatively). If the coin succeeds, in PoW schemes it is very difficult to entry into mining. I think actually Nxt is more fair for late adopters (regarding mining).

Anyway, the market is healthy to have many diverse systems to compete!

[bitdraw]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

Not sure if they are defined as premined but many people are interested atm for ripple, mastercoin and next!

But hey, no worries it is good to discuss these things - at least for me

Early adopters in PoW and premined pay a small amount (relatively). If the coin succeeds, in PoW schemes it is very difficult to entry into mining. I think actually Nxt is more fair for late adopters (regarding mining).

Anyway, the market is healthy to have many diverse systems to compete!

ah okey, normally people are very protective about "their" coins so i didnt want to start some kinda fight. nice to see you are different. as stated these are my concerns, but im going to see how it works out. i think it depends a lot on how the stakeholders are going to behave/distribute their coins.

imho, you also need a big pool miner, otherwise mining is impossible for small holders.

about the 100% premine thing.. i think you can use that terminology as your only mining profit is from transaction fees as with other cryptos after all are mined. (except that if i got it correctly you dont even have to pay transaction fees for Nxt if you dont want to?)

[klee]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

Not sure if they are defined as premined but many people are interested atm for ripple, mastercoin and next!

But hey, no worries it is good to discuss these things - at least for me

Early adopters in PoW and premined pay a small amount (relatively). If the coin succeeds, in PoW schemes it is very difficult to entry into mining. I think actually Nxt is more fair for late adopters (regarding mining).

Anyway, the market is healthy to have many diverse systems to compete!

ah okey, normally people are very protective about "their" coins so i didnt want to start some kinda fight. nice to see you are different. as stated these are my concerns, but im going to see how it works out. i think it depends a lot on how the stakeholders are going to behave/distribute their coins.

imho, you also need a big pool miner, otherwise mining is impossible for small holders.

about the 100% premine thing.. i think you can use that terminology as your only mining profit is from transaction fees as with other cryptos after all are mined. (except that if i got it correctly you dont even have to pay transaction fees for Nxt if you dont want to?)

Totally agree on pool thing.
The transaction fee minimum is 1Nxt

[Come-from-Beyond]

(except that if i got it correctly you dont even have to pay transaction fees for Nxt if you dont want to?)

U must pay at least 1 NXT. When blocks become filled on ~100% people will compete for space in blocks by offering higher fees.

[bitdraw]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

Not sure if they are defined as premined but many people are interested atm for ripple, mastercoin and next!

But hey, no worries it is good to discuss these things - at least for me

Early adopters in PoW and premined pay a small amount (relatively). If the coin succeeds, in PoW schemes it is very difficult to entry into mining. I think actually Nxt is more fair for late adopters (regarding mining).

Anyway, the market is healthy to have many diverse systems to compete!

ah okey, normally people are very protective about "their" coins so i didnt want to start some kinda fight. nice to see you are different. as stated these are my concerns, but im going to see how it works out. i think it depends a lot on how the stakeholders are going to behave/distribute their coins.

imho, you also need a big pool miner, otherwise mining is impossible for small holders.

about the 100% premine thing.. i think you can use that terminology as your only mining profit is from transaction fees as with other cryptos after all are mined. (except that if i got it correctly you dont even have to pay transaction fees for Nxt if you dont want to?)

Totally agree on pool thing.
The transaction fee minimum is 1Nxt

thx for the clarification on transaction fees!

[klee]

In other words tell me what is more easy - to get the 10% of mined coins in bitcoin or in Next?

Next - what you pay is what you get!

You can go mine Bitcoin if it is more fair, good luck with that!  

imagine any altcoin coming out with 100% premine, you think anyone is going to buy in? (if yes, just post it at the top of this thread)

ANYWAYS, going to stop now, its useless. we both have our point of view and i highly doubt that its gonna change

still want to see how Nxt develops, its an interesting approach!

Not sure if they are defined as premined but many people are interested atm for ripple, mastercoin and next!

But hey, no worries it is good to discuss these things - at least for me

Early adopters in PoW and premined pay a small amount (relatively). If the coin succeeds, in PoW schemes it is very difficult to entry into mining. I think actually Nxt is more fair for late adopters (regarding mining).

Anyway, the market is healthy to have many diverse systems to compete!

ah okey, normally people are very protective about "their" coins so i didnt want to start some kinda fight. nice to see you are different. as stated these are my concerns, but im going to see how it works out. i think it depends a lot on how the stakeholders are going to behave/distribute their coins.

imho, you also need a big pool miner, otherwise mining is impossible for small holders.

about the 100% premine thing.. i think you can use that terminology as your only mining profit is from transaction fees as with other cryptos after all are mined. (except that if i got it correctly you dont even have to pay transaction fees for Nxt if you dont want to?)

Totally agree on pool thing.
The transaction fee minimum is 1Nxt

thx for the clarification on transaction fees!

Do you have any coins? Bribe time

[GCInc.]

When blocks become filled on ~100% people will compete for space in blocks by offering higher fees.

This will take quite a while I suppose, but is there a defined limit already when blocks become full? Can this limit be adjusted? Significant things concerning the future incentive structure give lack of POW