NXT :: descendant of Bitcoin - Updated Information

[inkadnb]

We need to improve our image: https://bitcointalk.org/index.php?topic=199685.msg3836185#msg3836185

People keep hating on NXT.

[1713935081]

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[Kodoka]

We need to improve our image: https://bitcointalk.org/index.php?topic=199685.msg3836185#msg3836185

People keep hating on NXT.

I'm guessing people are frustrated with it because, at this point, it's hard to get into NXT. Last I saw buy in was at a rate of about 8 BTC per 1000000 NXT

[mcjavar]

I am reading about NXT a lot, but still can´t understand how the calculation and validation is working?

Is my PC actually doint anything if I am running the client? Wht does it mean if I process a block? What happens in the background? (I would also try to summarize it and add it to the FAQ if I would understand that)

[Kontakt]

We need to improve our image: https://bitcointalk.org/index.php?topic=199685.msg3836185#msg3836185

People keep hating on NXT.

Step 1: Get the major investors to cash out some, the currency is far too centralized
Step 2: Distribute coins; as it stands, almost no one can make profit mining. You need a large amount of coins to have a chance of generating a block.
Step 3: More transactions. Just in general. Even when people do manage to generate a block, they get nothing 85% of the time because no transactions were made in that minute. Even bouncing coins between 2 accounts until all the Nxt is spooled out as fees could be good.

[plasticAiredale]

From Nxt BCE, we get that there are only 581 accounts as block 8303, which means there are only 581 accounts have some coins. So maybe not more than 500 people all around the world own Nxt.

Keep on trading, keep on distributing to get Pareto Optimality.

I agree, but there isn't much that people like me, sitting at 10,000 NXT can do. More of the top players, in the tens of millions, need to lead distribution. Only two of the top ten accounts have distributed any coins.

+1

Problem is NXT are already worth too much. The top holders with 50 million are sitting on a theoretical 650 BTC according to dgex latest rate of 0.000013 BTC/NXT. Obviously the liquidity isn't there to actually get it, but still it will probably make some of them balk at giving theirs away for free, even though its in their best interest to do so.

When Ripple first came out they were giving out 50000 to tons of people here on bitcointalk just to spread the word. A similar thing for NXT would be great to spread the word and get things moving, however who would willingly give up that much now when that amount of NXT is about $715.

Even giving out 1000 NXT to people will be off putting to them when the client tells them they can "mine" their next coin in 350 days.

CFB is making great progress with the client, the biggest issue for NXT is distributing the coins.

[Kontakt]

From Nxt BCE, we get that there are only 581 accounts as block 8303, which means there are only 581 accounts have some coins. So maybe not more than 500 people all around the world own Nxt.

Keep on trading, keep on distributing to get Pareto Optimality.

I agree, but there isn't much that people like me, sitting at 10,000 NXT can do. More of the top players, in the tens of millions, need to lead distribution. Only two of the top ten accounts have distributed any coins.

+1

Problem is NXT are already worth too much. The top holders with 50 million are sitting on a theoretical 650 BTC according to dgex latest rate of 0.000013 BTC/NXT. Obviously the liquidity isn't there to actually get it, but still it will probably will make some of the balk at giving theirs away for free, even though its in their best interest to do so.

When Ripple first came out they were giving out 50000 to tons of people here on bitcointalk just to spread the word. A similar thing for NXT would be great to spread the word and get things moving, however who would willingly give up that much now when that amount of NXT is about $715.

Even giving out 1000 NXT to people, its going to be off putting to them with the client tells them they can "mine" their next coin in 350 days.

CFB is making great progress with the client, the biggest issue for NXT is distributing the coins.

Exactly. I'm waffling on whether or not to just sell, I bought on dgex at 1/3 the current price, so I could just triple up and be done with it. I'll likely never see any return by generation with only 334, and since the model is currently so skewed I don't know if it can stabilize before the users as a whole just give up because there's no profit.

[Come-from-Beyond]

How about those *.nxt files? It seems that it always some backup files, what are they for? How will those files increase in the size, do you have any prediction depending on the number of tx?

Bak-files r created for a case when original files r corrupted. It's important that if u replace any file with its backed copy, then all other files must be replaced as well.

1440 blocks per day, 32 KiB limit for a block, it's 16 GiB per year. This seems to be the upper bound, coz the blockchain is supposed to be shrunk each year.

[btc24]

  Now you can easily switch beetween nxtalk.org and this topic using quick link in header. I'm absolutely sure that we should use bitcointalk.org as much as possible and not trying to create ghettos. Meanwhile, this website might store more structured information. I'll do my best to provide maximum for community members. Don't hesitate to participate - we are open, flexible and reasonable.

Problem is NXT are already worth too much. The top holders with 50 million are sitting on a theoretical 650 BTC according to dgex latest rate of 0.000013 BTC/NXT. Obviously the liquidity isn't there to actually get it, but still it will probably will make some of them balk at giving theirs away for free, even though its in their best interest to do so.

 I support your opinion. It may be a time bomb.

[mcjavar]

From Nxt BCE, we get that there are only 581 accounts as block 8303, which means there are only 581 accounts have some coins. So maybe not more than 500 people all around the world own Nxt.

Keep on trading, keep on distributing to get Pareto Optimality.

I agree, but there isn't much that people like me, sitting at 10,000 NXT can do. More of the top players, in the tens of millions, need to lead distribution. Only two of the top ten accounts have distributed any coins.

+1

Problem is NXT are already worth too much. The top holders with 50 million are sitting on a theoretical 650 BTC according to dgex latest rate of 0.000013 BTC/NXT. Obviously the liquidity isn't there to actually get it, but still it will probably will make some of the balk at giving theirs away for free, even though its in their best interest to do so.

When Ripple first came out they were giving out 50000 to tons of people here on bitcointalk just to spread the word. A similar thing for NXT would be great to spread the word and get things moving, however who would willingly give up that much now when that amount of NXT is about $715.

Even giving out 1000 NXT to people will be off putting to them when the client tells them they can "mine" their next coin in 350 days.

CFB is making great progress with the client, the biggest issue for NXT is distributing the coins.

Yes, that´s what I am also affraid of the most, that because of the centralized funds, it will be hard AND expensive for someone to get in NXT..
It would have been a better idea just to keep 51% of the coins for example and give it to new users who sign up/register/do something to support NXT...

It would be great if everyone would put some coins on an account and we would distribute it to the newcomers...

[Kontakt]

From Nxt BCE, we get that there are only 581 accounts as block 8303, which means there are only 581 accounts have some coins. So maybe not more than 500 people all around the world own Nxt.

Keep on trading, keep on distributing to get Pareto Optimality.

I agree, but there isn't much that people like me, sitting at 10,000 NXT can do. More of the top players, in the tens of millions, need to lead distribution. Only two of the top ten accounts have distributed any coins.

+1

Problem is NXT are already worth too much. The top holders with 50 million are sitting on a theoretical 650 BTC according to dgex latest rate of 0.000013 BTC/NXT. Obviously the liquidity isn't there to actually get it, but still it will probably will make some of the balk at giving theirs away for free, even though its in their best interest to do so.

When Ripple first came out they were giving out 50000 to tons of people here on bitcointalk just to spread the word. A similar thing for NXT would be great to spread the word and get things moving, however who would willingly give up that much now when that amount of NXT is about $715.

Even giving out 1000 NXT to people will be off putting to them when the client tells them they can "mine" their next coin in 350 days.

CFB is making great progress with the client, the biggest issue for NXT is distributing the coins.

Yes, that what I am also affraid of the most, that because of the centralized funds, it will be hard AND expensive for someone to get in NXT..
It would have been a better idea just to keep 51% of the coins for example and give it to new users who sign up/register/do something to support NXT...

It would be great if everyone would put some coins on an account and we would distribute it to the newcomers...

They have a couple of giveaways threads.
One just straight up rejected me because I bought 334, the guy said new accounts only. Like my 334 makes me rich.
The other wants you to promote, so I threw a link in my sig. The guy running it hasn't said anything in a day or so.

[Drexme]

anyone else think it's counter productive to horde your coins?
These top accounts should distributive their wealth some how...

[laowai80]

Don't worry about distribution, it has only just started. The top holders will sell some of it eventually if the exchange rate keeps falling for some time, in the end the exchange rate will find a support level, even if it's 100x lower than the current rate. By that time the coins will be nicely distributed. The more important thing now is to build some infrastructure - fully automatic exchange would be nice, direct conversion to and from fiat would be nice.

[Kontakt]

anyone else think it's counter productive to horde your coins?
These top accounts should distributive their wealth some how...

It's not. The more they horde, the more they can generate. The ones who give away only make the others richer.

[Nyx]

anyone else think it's counter productive to horde your coins?
These top accounts should distributive their wealth some how...

It's not. The more they horde, the more they can generate. The ones who give away only make the others richer.

But then the price will fall quickly! Don't worry...

[Come-from-Beyond]

Version 0.3.12 - https://dl.dropboxusercontent.com/u/67242472/nxt.zip

Upgrade only if u have 0.3.11 installed and want to generate blocks. Contains a quick work-around against unconfirmed double-spending transactions.

[mcjavar]

Don't worry about distribution, it has only just started. The top holders will sell some of it eventually if the exchange rate keeps falling for some time, in the end the exchange rate will find a support level, even if it's 100x lower than the current rate. By that time the coins will be nicely distributed. The more important thing now is to build some infrastructure - fully automatic exchange would be nice, direct conversion to and from fiat would be nice.

But till that time our job, trying to promote NXT, will be worthless as people will get disappointed. It is the most important to get the support of the community!

[ImmortAlex]

Can I change the passphrase once is entered
or there is no way to change it?!

Passphrase is not a login/password of you account. Passphrase is you account. That digits you see at top left corner is generated from this phrase. You change it - you get another number and another account. If you make mistake and choose very simple passphrase you must select another one - much better and longer, then get new account number and move your coins from previous account as soon as possible. If you have no coins you can just forget about previous account, because empty account means nothing and doesn't occupy any space.

[Kontakt]

Don't worry about distribution, it has only just started. The top holders will sell some of it eventually if the exchange rate keeps falling for some time, in the end the exchange rate will find a support level, even if it's 100x lower than the current rate. By that time the coins will be nicely distributed. The more important thing now is to build some infrastructure - fully automatic exchange would be nice, direct conversion to and from fiat would be nice.

But till that time our job, trying to promote NXT, will be worthless as people will get disappointed. It is the most important to get the support of the community!

I also feel that the job is being given to the wrong people. Almost everyone I've seen actively promoting the coin are the people with almost nothing. McJavar, you are one of the most active, but the account in your sig only has 500 NXT. Either it's a pass through, or you're working for the benefit of people who paid waaaaay ahead.

[klee]

I strongly suggest people here not to waste time on Next, it is a dead project IMHO.
Now, time to 'pre-order' some 'cheap' asics and mine some mBTC!! Yeah!

[Come-from-Beyond]

Any estimation when inbuilt/p2p exchange is going to be implemented?
I wonder also how would it look like. People would need to send somewhere bitcoins(?) to buy next, so next account will hold two currencies, right?

No, Nxt account won't hold bitcoins. But it will hold "tokens" that represent bitcoins. To convert the tokens into bitcoins u have to do it via the issuer of the tokens. This concept is similar to Ripple gateway concept.