NXT :: descendant of Bitcoin - Updated Information

[abctc]

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

- wrong.
Imagine that right now all stakeholders interested in Nxt  has equal amount of Nxt. And what? If transactions absent, then there isn't fee for miners.

We need infrastructure for Nxt.

Maybe someone (with programming skills) can make wrapper over Nxt's API to FSON-RPC  ?  That will help integrate Nxt to the existing bitcoin infrastructure, like exchanges and payment systems.

[1713518125]

1713518125

[1713518125]

1713518125

[1713518125]

1713518125

[Kodoka]

I hope the investors are right and that more coins will be distributed soon. I also hope, as one predicted, that the price will crash -100x so more people can buy (I know I'll buy more). But until then, right or wrong, they will have to defend themselves and NXT itself against the image problem of have so many coins in so few accounts. People are dumb and won't understand the difference between a premine and this, updated FAQ or not.

I can understand both sides here, and I'm willing to wait a while to see how things go. Maybe a slow adoption rate is better anyway (if a 113 page thread in 10 days is slow  ) . I invested my money because the idea is good. Hopefully more people are like me and see the potential, and aren't just interested in another alt coin pump and dump, and therefore stick around and contribute.

I hope the investors make the right decisions, NXT's future is in their hands currently.

I would be sad if the price crashed, as I dumped pretty much all my existing crypto-currency into getting what I have now, but excited, as I would be able to increase my share holding.

[Kontakt]

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

- wrong.
Imagine that right now all stakeholders interested in Nxt  has equal amount of Nxt. And what? If transactions absent, then there isn't fee for miners.

We need infrastructure for Nxt.

Maybe someone (with programming skills) can make wrapper over Nxt's API to FSON-RPC  ?  That will help integrate Nxt to the existing bitcoin infrastructure, like exchanges and payment systems.

Right now, there are no fees and no mining. Increasing traffic is a good start, but it still goes right back to the big boys. To keep the currency alive, they need to ACTIVELY DISPERSE at least mining profits if not more, otherwise they will snowball into all the coin. If you own 51% of a POS network, you effectively own all the coins given time.

[Come-from-Beyond]

Just a thought.

Should we launch the decentralized exchange now or wait when we get more coins distributed? I don't want Nxt to become an instrument for elite businessmen only, coz only rich ones could afford buying 1000 NXT to issue an asset, or 100 NXT to place/cancel 100 trade orders...

[nomailing]

I hope the investors are right and that more coins will be distributed soon. I also hope, as one predicted, that the price will crash -100x so more people can buy (I know I'll buy more). But until then, right or wrong, they will have to defend themselves and NXT itself against the image problem of have so many coins in so few accounts. People are dumb and won't understand the difference between a premine and this, updated FAQ or not.

I can understand both sides here, and I'm willing to wait a while to see how things go. Maybe a slow adoption rate is better anyway (if a 113 page thread in 10 days is slow   ) . I invested my money because the idea is good. Hopefully more people are like me and see the potential, and aren't just interested in another alt coin pump and dump, and therefore stick around and contribute.

I hope the investors make the right decisions, NXT's future is in their hands currently.

Exactly right. Unfortunately I missed the deadline to buy the premined coins. And YES, this is a 100% premined coin.
I really like the ideas of the coin, but the decision to include the whole money supply in the genesis block is very counter productive. This makes the coin equivalent to a pyramid scheme. Instead it should have a decreasing coin generation based on proof-of-burn-of bitcoins. This coin distribution should take place over a period of at least one year to make sure that it is well distributed.

[Come-from-Beyond]

This makes the coin equivalent to a pyramid scheme.

No. As long as it provides some services (e.g. decentralized DNS).

[laowai80]

Just a thought.

Should we launch the decentralized exchange now or wait when we get more coins distributed?

If withdrawals are fully automatic, please do it. Hate to wait 18 hours to get a withdrawal from dgex.com. If withdrawals are manual, then it's ok to have just dgex.com for now.

[Vega]

Just a thought.

Should we launch the decentralized exchange now or wait when we get more coins distributed? I don't want Nxt to become an instrument for elite businessmen only, coz only rich ones could afford buying 1000 NXT to issue an asset, or 100 NXT to place/cancel 100 trade orders...

I think the real question is, can you get the stakeholders to distribute more coins?
If more coins to be distributed (especially from the so far idle accounts) in the next few days, weeks, then I think you should wait a bit with the exchange. If not, and there is no communication between the stakeholders, (or some simply not willing), then there is nothing really to wait for, launch the exchange.
IMHO.

[Come-from-Beyond]

If withdrawals are fully automatic, please do it. Hate to wait 18 hours to get a withdrawal from dgex.com. If withdrawals are manual, then it's ok to have just dgex.com for now.

R u serious? LOL! Manual withdrawals in decentralized system.

[plasticAiredale]

Just a thought.

Should we launch the decentralized exchange now or wait when we get more coins distributed? I don't want Nxt to become an instrument for elite businessmen only, coz only rich ones could afford buying 1000 NXT to issue an asset, or 100 NXT to place/cancel 100 trade orders...

Depends, how ready is it? Are those asset and order values set in stone?

[xibeijan]

 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.

The free market will prevail and the coins will get sold on and redistributed.

W.r.t. the 300 days to mining a block.  It's hardly any different than bitcoin.  The only issue is that some top players need to spread out some of the wealth among newcomers.

[laowai80]

R u serious? LOL! Manual withdrawals in decentralized system.

Oh I seriously would like to have automatic withdrawals, centralized or decentralized, that's the one point I am serious about I actually thought you were talking about another exchange site for NXT, not something built into the client.

[Come-from-Beyond]

Depends, how ready is it? Are those asset and order values set in stone?

I would say half ready, coz I broke it when rewrote networking code. Assets and orders set by anyone who has a few nxts to pay a transaction fee. (Asset issuance will require 1000 NXT though.)

[plasticAiredale]

Depends, how ready is it? Are those asset and order values set in stone?

I would say half ready, coz I broke it when rewrote networking code. Assets and orders set by anyone who has a few nxts to pay a transaction fee.

Well its better to get the bugs worked out sooner rather than later I say. I am not familiar with the current priority list, but I say bump it up a priority level at least.

[Come-from-Beyond]

W.r.t. the 300 days to mining a block.  It's hardly any different than bitcoin.

I'd like to say that BCNext is going to accept Cunicula's idea of coin mining (assigning id to each coin). Side-effect of this change is possibility of pooled mining without trusting to a pool owner.

[abctc]

And YES, this is a 100% premined coin.

- you can name Nxt as you want.

But BCNext says:

I follow Satoshi's vision of the best currency.  Nxt gives a way to skip Bitcoin's inflation age and jump straight to the time when there is 21,000,000 coins. 

[Vega]

A good promotion and good use of stakeholder coin would be to pool some coin together, including any unclaimed coins, and announce that this will be distributed at some date between the miners/forgers, proportionaly to theoretical mining power. (Excluding the top x accounts.)
A promise like this would be a good incentive to get into Nxt. Get coins, run the client, etc.

[klee]

Just a thought.

Should we launch the decentralized exchange now or wait when we get more coins distributed? I don't want Nxt to become an instrument for elite businessmen only, coz only rich ones could afford buying 1000 NXT to issue an asset, or 100 NXT to place/cancel 100 trade orders...

What exchange exactly? Currency exchange or marketplace?

[Sharky444]

After only few days of exchange existence:

Total Volume:    17391711.01 NXT (176.2652 BTC) http://dgex.com/trading.cgi

+ alot more traded on forums.

What is the problem?

That's 1% of the coins. That is, only about 1% of the coins have been redistributed on the exchange.

This is because the exchange is not automated. With some withdraw automation put in place much more people would be willing to sell.

[Come-from-Beyond]

A good promotion and good use of stakeholder coin would be to pool some coin together, including any unclaimed coins, and announce that this will be distributed at some date between the miners/forgers, proportionaly to theoretical mining power. (Excluding the top x accounts.)
A promise like this would be a good incentive to get into Nxt. Get coins, run the client, etc.

How will u counteract the Sybil attack? People should give something valuable in exchange for NXTs, without this ur idea will be sybil-attacked.