NXT :: descendant of Bitcoin - Updated Information

[Come-from-Beyond]

I am getting very bored with NXT.  I have not mined a single block.

Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?

Otherwise, it is very boring!

This would make actually sense. Especially the unclaimed Nxt account SHOULD NOT BE MINING.

I disagree. They should be mining. More coins mining == more secure Nxt is.

[inkadnb]

Pay attention that if coins moved to a brand new account they can't mine for the next 1440 blocks. Effective balance doesn't include coins that can't be used for mining.

Why do I need to wait 1440 blocks? I transferred my entire balance to a new account after it was mentioned that VPSs were insecure.

It's special protection. Ask Cunicula for more details.

There's 1440 minutes in a day, is the block generation supposed to be once a minute?

[Come-from-Beyond]

There's 1440 minutes in a day, is the block generation supposed to be once a minute?

Yes

[BTCSTOCKZ]

I am getting very bored with NXT.  I have not mined a single block.

Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?

Otherwise, it is very boring!

This would make actually sense. Especially the unclaimed Nxt account SHOULD NOT BE MINING.

I disagree. They should be mining. More coins mining == more secure Nxt is.

can i mine this on a cpu from scratch? =) thanks!

[nexern]

i was thinking again about a pool using the new getStake api with a unique
identifier to prevent trustated mining but i think cfb is right here, without
major changes to the client this isn't possible.

besides the exchange i see the pool as a very important feature to nxt.
as said before, the absolute earnings/accounts are not relevant but there
has to be some numbers for small miners.

as soon the blockexplorer is finished (need to be rocksolid first) i can
take a look how trusted mining could be archive in a safe way and how
income and payment logic could be calculated if no one else is looking
into this.

[Come-from-Beyond]

can i mine this on a cpu from scratch? =) thanks!

U can if u have some coins.

[Come-from-Beyond]

i was thinking again about a pool using the new getStake api with a unique
identifier to prevent trustated mining but i think cfb is right here, without
major changes to the client this isn't possible.

besides the exchange i see the pool as a very important feature to nxt.
as said before, the absolute earnings/accounts are not relevant but there
has to be some numbers for small miners.

as soon the blockexplorer is finished (need to be rocksolid first) i can
take a look how trusted mining could be archive in a safe way and how
income and payment logic could be calculated if no one else is looking
into this.

We could do pooled mining right now if we found someone we can trust our money. Blockchain can be analyzed to see who and how much earned.

[BitThink]

i was thinking again about a pool using the new getStake api with a unique
identifier to prevent trustated mining but i think cfb is right here, without
major changes to the client this isn't possible.

besides the exchange i see the pool as a very important feature to nxt.
as said before, the absolute earnings/accounts are not relevant but there
has to be some numbers for small miners.

as soon the blockexplorer is finished (need to be rocksolid first) i can
take a look how trusted mining could be archive in a safe way and how
income and payment logic could be calculated if no one else is looking
into this.

We could do pooled mining right now if we found someone we can trust our money. Blockchain can be analyzed to see who and how much earned.

Yes, it is just like a saving account.

Just the trust is more difficult now after the CoinLender scandal. Should be fine for those who have only a small amount since small amount means small loss anyway.

[nexern]

what about this?

i could built a trusted mining system, where any trusted stakeholder could
register and declare an account number as pool mining. the small miners can
see which mining accounts are available and connected with which stakeholder.
based on this they can decide to use the pool-account.

i could write the analyzer and earning/payout logic for each registered
account, delivering stats about the mining process etc. would this make sense?

edit: of course, the best would a client built-in solution but don't know what's
on the dev roadmap now and the next month.

[Come-from-Beyond]

what about this?

i could built a trusted mining system, where any trusted stakeholder could
register and declare an account number as pool mining. the small miners can
see which mining accounts are available and connected with which stakeholder.
based on this they can decide to use the pool-account.

i could write the analyzer and earning/payout logic for each registered
account, delivering stats about the mining process etc. would this make sense?

edit: of course, the best would a client built-in solution but don't know what's
on the dev roadmap now and the next month.

Could work. If there are 3 pool owners then I would better split my coins among them to lower risk of losing coins.

[BitThink]

what about this?

i could built a trusted mining system, where any trusted stakeholder could
register and declare an account number as pool mining. the small miners can
see which mining accounts are available and connected with which stakeholder.
based on this they can decide to use the pool-account.

i could write the analyzer and earning/payout logic for each registered
account, delivering stats about the mining process etc. would this make sense?

edit: of course, the best would a client built-in solution but don't know what's
on the dev roadmap now and the next month.

Could work. If there are 3 pool owners then I would better split my coins among them to lower risk of losing coins.

I think as long as they belong to the main developers, like you two, they can be trusted.
If we are scammed by the main developers of Nxt, Nxt will become valueless anyway.

[durnkenWiz]

I bought some nxt with a friend, 150k, and been trying to send him his half. Managed to send about 10k. After that each transfer got rejected. What could be the problem

[Come-from-Beyond]

I think as long as they belong to the main developers, like you two, they can be trusted.
If we are scammed by the main developers of Nxt, Nxt will become valueless anyway.

Thx, but I don't want to bother with all that stuff.

[Come-from-Beyond]

I bought some nxt with a friend, 150k, and been trying to send him his half. Managed to send about 10k. After that each transfer got rejected. What could be the problem

Incorrect time, bad connections, low memory. Relaunch client and try again AFTER that transaction expire.

[nexern]

perhaps the unclaimed account could be used as the working horse
for small miners. getting some mined fee's, even in fraction would
help adoption a lot.

miners could check the system or mner api to see the mining stats
and pool creators could call the system for the actual payment
queue. this way the system just delivers the logic without any
account access of course.

ok, thus said, if there is a demand for this later let me know.

[Come-from-Beyond]

perhaps the unclaimed account could be used as the working horse
for small miners. getting some mined fee's, even in fraction would
help adoption a lot.

As I see 55M still not claimed. If noone takes them till 3rd of Jan, then all the coins will be distributed, at least BCNext was going to do so.

[BitThink]

I think as long as they belong to the main developers, like you two, they can be trusted.
If we are scammed by the main developers of Nxt, Nxt will become valueless anyway.

Thx, but I don't want to bother with all that stuff.

Yes, understandable. I would not do it either if I were you, considering all the risks (hacking) and troubles in maintaining.  

Now we can see the drawback of little incentive for mining, cause even there's a 3% pool fee, it is still almost nothing. I don't see there's any incentive for people other than the main share holders to create the pool now.

[BitThink]

perhaps the unclaimed account could be used as the working horse
for small miners. getting some mined fee's, even in fraction would
help adoption a lot.

As I see 55M still not claimed. If noone takes them till 3rd of Jan, then all the coins will be distributed, at least BCNext was going to do so.

They can be used to fill 1 nxt to all the blocks. That's easy to implement cause we just need to create another account and transfer to it every minute.

It can be implemented now and continue until the account is claimed. The loss in tx fee is a kind of penalty to the late claimer. More penalty for later.

[Come-from-Beyond]

They can be used to fill 1 nxt to all the blocks. That's easy to implement cause we just need to create another account and transfer to it every minute.

It's even allowed to send coins back to the same account.

[cunicula]

Did some more analysis.
Nxt is vulnerable to a type of sibyl attack.  
Will post the math later.
Sorry I missed this earlier.
Can we get the developer to rise from the dead so we can fix the mining algorithm?


Edit: False Alarm. I was basing this on an older description of the Nxt algorithm. The algorithm has been changed. And this problem was fixed with the change.