NXT :: descendant of Bitcoin - Updated Information

[lyynx]

Posted this in the Bounty Forum, but since the post seem to be fragmented, posting here as well.

http://www.youtube.com/watch?v=f8dLMoZLMzM

Please don't forget to like and share the video. I will be able to create better ones moving forward, but I wanted to atleast get something going with a Social Push.

Please donate to Account 1881317617924471615 as I would like to share with visitors in my network.

[BitThink]

Cannot connect to any peers and no block except the no 0 is listed.
Only the default 4 peers are listed but it seems I cannot connect to them.
Windows 7, Nxt 0.2.16

Anyone has the same issue or know the solution? Thanks.

EDIT:

Seems due to the time difference. After syncing with the time server, everything seems fine now.

[BitThink]

A couple of suggestions after a quick touch of Nxt:

1) The account is based on the secret phrase entered by the users. Ordinary users will only enter a not-so-long password in this case and vulnerable for dictionary attacking. In other words, the randomness is not provided by a reliable algorithm or reliable source, but completely by the users.

My suggestion is to add a random word lists generator, or at least asking user to use one to generate secret phrase. The UI has to highlight that 'do not use normal password for secret phrase'.

2) Add a warning to ask the users to sync their clock. The initial peers seems very fussy about the time difference.

3) Need a better executable jar rather than a zip in Windows. It will be much more convenient if people can just click the jar file to run the local client. Moreover, it's better to add 'enter localhost:7875 in you browser' in the output of the client program.

Finally, I am not sure about the transaction fee of 1 Nxt is enough to encourage the mining, but anyway the mining is cheap since it is PoS.

[opticalcarrier]

regarding mining, wjat does it mean "you can generate the next block in X TIME"?  I thought we only mine for transactions, so:

1) a transaction could come at any time
2) how is it decided who gets a transaction fee?`

[Come-from-Beyond]

SHA256 SUM for the 0.2.15 download?

Sorry, I have only 0.2.16, which is 4049832da84bfbf816cc69ae1cf55344ff2ebdd7286dc319dd00e1a83f24af61

[Come-from-Beyond]

With a brute force attack, couldn't someone just try passphrases, check if it has any balance, and if not, it locks the account and goes to create / login to another one? It keeps going with phrases until it hits one that someone else has already used.

Yes, u can brute force phrases. But if they are long then u won't crack an account.

[Come-from-Beyond]

regarding mining, wjat does it mean "you can generate the next block in X TIME"?  I thought we only mine for transactions, so:

1) a transaction could come at any time
2) how is it decided who gets a transaction fee?`

It means u'll generate a block in X time if noone else does it before that.
Transaction fees go to the miner.

[inkadnb]

Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.

However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.

[fran2k]

Please send a tip to start mining and test this new coin! 2690459079639352670

How the first coins were mined?

[inkadnb]

Please send a tip to start mining and test this new coin! 2690459079639352670

How the first coins were mined?

I don't think they were "mined." They were given to stakeholders who, I believe, paid in BTC for them.

[Come-from-Beyond]

Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.

However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.

The world is not perfect. If u devise a cryptocurrency that is "green" but has a much better wealth distribution algo, let me know I'll help u with programming.

[Snard]

I am trying to figure this currency out.

So the only way to mine it is to own it? The only way to have owned it was to essentially invested in the project from beginning. Investing in the beginning netted people around 1.5 million Nxt coins. Now for new people to mine, they need to first purchase it from an original investor?

I appreciate that many of the originals were giving people free coins in the beginning, but this "construct" just feels strange to me and if anything hinders the entrance to and future growth of this currency.

[fran2k]

I am trying to figure this currency out.

So the only way to mine it is to own it? The only way to have owned it was to essentially invested in the project from beginning. Investing in the beginning netted people around 1.5 million Nxt coins. Now for new people to mine, they need to first purchase it from an original investor?

I appreciate that many of the originals were giving people free coins in the beginning, but this "construct" just feels strange to me and if anything hinders the entrance to and future growth of this currency.

The emission scheme is not even clear in the announcement thread.

[pandaisftw]

Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.

However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.

I think come-from-beyond already explained this, but you get how many blocks in proportion to how many coins you have. So someone with 1mil coins will earn the same proportion as someone with 100k. You make as much as you put in.

[Sharky444]

I would like to get started with Nxt. Can someone gift me some coins so I can get started mining?

My address is: 5902325498435421768

Thanks!

THERE IS A GIVEAWAY THREAD - PLEASE TRY TO KEEP THIS THREAD CLEAN!!

https://bitcointalk.org/index.php?topic=347927.0;topicseen

[inkadnb]

Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.

However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.

The world is not perfect. If u devise a cryptocurrency that is "green" but has a much better wealth distribution algo, let me know I'll help u with programming.

Well, the first thing that comes to mind is this:

0-1 Billion coins, everyone has equal probability of mining coins. Once all 1 Billion coins are mined, it switches to the current PoS model, that way the distribution is fairly equal over time, and it's a little bit more predictable.

Unfortunately, with this model, people could create hundreds of mining accounts to increase their probability, and even if they did it wouldn't benefit them to a ridiculous level since adding another miner reduces the mining probability of everyone entirely. You could perhaps enforce 1 mining account per-node, this even gets rid of pooled mining. I realize this idea isn't perfect either but at least the wealth distribution would be much fairer this way. Earlier adopters still get a perk but it wouldn't be so incredibly one sided like it is now.

For example, NXT hasn't been publicly available for very long. I have ~4000NXT, and the richer accounts have 10s of millions, that's INSANE for only a few days. Another glaring problem, is if a few of these multi-million accounts disappear there goes a HUGE percentage of the market entirely. It's like loosing your BTC wallet but it damages the entire market to an insane degree. It puts way too much power into the stakeholder's hands, power that's potentially damaging to the life of NXT.

4000NXT sounds like a lot but I have a measly 0.0004% chance of ever mining a block with a small fee of maybe 10NXT, and I'm an early adopter! Mining is almost pointless in the current model because the fees are so low no one is really benefiting except for the stakeholders and with 10NXT to their 10M NXT it's not even noticeable to them either.

[inkadnb]

Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.

However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.

I think come-from-beyond already explained this, but you get how many blocks in proportion to how many coins you have. So someone with 1mil coins will earn the same proportion as someone with 100k. You make as much as you put in.

someone with 1mil has a 1mil/1bil chance of mining a block while someone with 100k has a 100k/1bill chance to mining a block. That is, the 1mil is ten times as likely to mine a block.

[IrateChinaman]

I have 200k NXT and left my account open while I went to Thanksgiving. I came back 10 or so hours later and I haven't mined one NXT. I have had these for over 24 hours. Am I doing something wrong?

[Come-from-Beyond]

4000NXT sounds like a lot but I have a 0.0004% chance of ever mining a block with a small fee of maybe 10NXT. Mining is almost pointless in the current model because the fees are so low no one is really benefiting except for the stakeholders and with 10NXT to their 10M NXT it's not even noticeable to them.

Mining is pointless coz only a few ppl use Nxt now. We have to wait, the same thing as with Bitcoin/Litecoin/etc.

[Drexme]

I would like to get started with Nxt. Can someone gift me some coins so I can get started mining?

My address is: 5902325498435421768

Thanks!

THERE IS A GIVEAWAY THREAD - PLEASE TRY TO KEEP THIS THREAD CLEAN!!

https://bitcointalk.org/index.php?topic=347927.0;topicseen

it's funny you mention the giveaway thread. I promoted NXT already, yet I have not received any coins to start mining.