NXT :: descendant of Bitcoin - Updated Information

C:\>"C:\Program Files (x86)\Java\jre
7\bin\java.exe" -cp Nxt.zip Nxt
[2013-11-27 17:29:40.049] Nxt 0.2.12 started.
Exception in thread "Thread-15" java.lang.NullPointerException
   at Nxt$2.completed(Unknown Source)
   at Nxt$2.completed(Unknown Source)
   at sun.nio.ch.Invoker.invokeUnchecked(Unknown Source)
   at sun.nio.ch.Invoker$2.run(Unknown Source)
   at sun.nio.ch.AsynchronousChannelGroupImpl$1.run(Unknown Source)
   at java.util.concurrent.ThreadPoolExecutor.runWorker(Unknown Source)
   at java.util.concurrent.ThreadPoolExecutor$Worker.run(Unknown Source)
   at java.lang.Thread.run(Unknown Source)
[2013-11-27 17:38:18.521] Nxt stopped.
[2013-11-27 17:38:18.521] 7: java.nio.channels.AsynchronousCloseException

C:\>"C:\Program Files (x86)\Java\jre
7\bin\java.exe" -cp Nxt.zip Nxt
[2013-11-27 17:38:21.374] Nxt 0.2.12 started.
[2013-11-27 17:38:21.449] 10: java.io.EOFException
[2013-11-27 17:38:21.450] Nxt stopped.

Quote from: Voodah on November 28, 2013, 04:38:44 AM

Quote from: opticalcarrier on November 28, 2013, 02:41:45 AM

Quote from: inkadnb on November 28, 2013, 02:37:44 AM

No one has any input on my issue and question about mining...?

in NXT, 'mining' is only when you process transactions and receive a fee for it. Or whenever the protocol decides there is a demand (based on the as yet to be released p2p decentralized exchange). In either case, you must have coins already. Look for one of the NXT giveaway threads. IM me your NXT address and Ill send you some as well. If I can. Ive tried to send in the past but cant seem to get it to work.

At least thats how I understand. Ive purchased a little chunk of NXT myself, and have my wallet unlocked in Java, but dont think Ive yet to gain any transaction fees. Not sure how often I should see anything.

So mining is not netting anything?

Can anyone confirm this?

Currently, the transactions on the network are low. This will change.

Right now, you have 100% mining potential simply by having your wallet open. With other currencies that are part PoW and part PoS, a PoS only miner doesn't have a chance to generate all the blocks. You have to invest in mining hardware to have a chance to generate every block. With Nxt, you get 100% mining potential without having to invest in hardware and paying power bills. You only have to purchase Nxt to mine.

Unlike mining hardware, Nxt doesn't go obsolete, it doesn't break down, you never have to replace it, it takes up no physical space, and it consumes no electricity.

You never have to worry about some new technology, like ASICs, undermining your mining investment because your mining investment is the currency itself.

Mining hardware depreciates because its capability of producing additional currency is diminished continually. Nxt's capability of producing additional currency is set at a fixed rate. Therefore, I can make the argument that Nxt simply used for mining purposes should not depreciate. One Nxt today will produce the same amount of Nxt a hundred years from now. When you consider that Nxt doesn't just have usefulness as a means of mining but also as a store of value and as a transactional medium, its value is apparent and appreciation is expected.

Also, Nxt is not inflationary like the other digital currencies. If you purchase 100k Nxt today, you will always own at least 0.01% of the Nxt in circulation. This is not true with Bitcoin or any other alt. If I purchase 100 bitcoins today, tomorrow I will own a smaller percent of the bitcoins in circulation. This will hold true until bitcoin reaches its cap of 21 million.

When the bitcoin block reward is solely composed of transaction fees, you will still need physical hardware to mine the blocks and claim the transactional reward. This is not true with Nxt.