NXT :: descendant of Bitcoin - Updated Information

[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...

What exchange exactly? Currency exchange or marketplace?

Asset exchange. https://docs.google.com/document/d/1AnkP_cVZTCMLIzw4DvsW6M8Q2JC0lIzrTLuoWu2z1BE/edit?pli=1 , read "Nxt" instead of "Bitcoin".

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[laowai80]

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

Right! And many people would be willing to buy more actively too.

[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?

Asset exchange. https://docs.google.com/document/d/1AnkP_cVZTCMLIzw4DvsW6M8Q2JC0lIzrTLuoWu2z1BE/edit?pli=1 , read "Nxt" instead of "Bitcoin".

Oh ok do it ASAP then!

Side question - is the developer cooperating with killerstorm at all? Because it will be a huge impact if BCNext and his team achieve this before colored coins and/or mastercoin do!

[Sharky444]

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

Right! And many people would be willing to buy more actively too.

I would have no problem if dgex.com raised the withdrawal fee from 0.9 to 1.9% if it was either automated or max 2h withdraw delay. Waiting 48 hours for withdrawals is simply not acceptable for global usage.

[Jean-Luc]

Compare the top accounts with top miners, you will find most of the top accounts are not holding coins sleeping, but they are mining for profit to get more coins.

Don't forget that they are also mining to secure the network. The number of transactions is still very low, so for somebody already having millions of Nxt the profit from mining is insignificant relative to his holdings.

They should giveaway some coins to the new comers, for example, if each of them take 10,000,000 Nxt for giveaway to 10000 users with each one 1000 coins.

This should cause the value of Nxt to plummet. Why buy something that can be obtained for free? And 1000 coins is too small of an amount to be useful for mining, so how exactly will that help those 10000 users? Most likely they will just forget about it after the novelty wears out. On the other hand, if they paid $10 for those 1000 Nxt (the current market value), they are more likely to get involved and use it.

If the top stakeholders are not selling, this is because they find the current price too low. It is a free market after all. If one is serious about investing in Nxt, one has to buy it.

[Kontakt]

Compare the top accounts with top miners, you will find most of the top accounts are not holding coins sleeping, but they are mining for profit to get more coins.

Don't forget that they are also mining to secure the network. The number of transactions is still very low, so for somebody already having millions of Nxt the profit from mining is insignificant relative to his holdings.

They should giveaway some coins to the new comers, for example, if each of them take 10,000,000 Nxt for giveaway to 10000 users with each one 1000 coins.

This should cause the value of Nxt to plummet. Why buy something that can be obtained for free? And 1000 coins is too small of an amount to be useful for mining, so how exactly will that help those 10000 users? Most likely they will just forget about it after the novelty wears out. On the other hand, if they paid $10 for those 1000 Nxt (the current market value), they are more likely to get involved and use it.

If the top stakeholders are not selling, this is because they find the current price too low. It is a free market after all. If one is serious about investing in Nxt, one has to buy it.

Use it for what? The only use for altcoins is trading them or mining with them.

[msin]

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.

The price won't crash.  I bought Nxt when the market cap was at $1M, and I thought that was extremely undervalued.  I think at the current market cap $15m, the Nxt coin is still way under valued.

[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.

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

But only if you give away the coins for every account equally. Or I am missing something?
My idea is a simple giveaway, based on previous Mining Ratio (as seen in blockchan explorer). Right now most blocks have no fee, but the block being mined anyway. So why not give something to people who bought coins, and mined with it early on? It's a much more just, and motivating giveaway than a "post your address topic".

It's possible I'm overlooking something obvious, if so, please tell me.

[JohnyCrypt]

1000 coins is too small of an amount to be useful for mining

What amount would be useful for forging? I used my meager BTC stash to purchase 2200 NXT through DGEX with the hopes it would be enough to generate a return. I've tried to be as useful as a newcomer can to the project with feedback and running a dedicated server. I'm going to keep the server running and up to date, but am I wasting my time?

[Kontakt]

1000 coins is too small of an amount to be useful for mining

What amount would be useful for forging? I used my meager BTC stash to purchase 2200 NXT through DGEX with the hopes it would be enough to generate a return. I've tried to be as useful as a newcomer can to the project with feedback and running a dedicated server. I'm going to keep the server running and up to date, but am I wasting my time?

Frankly yes. You will generate a block maybe once every 3 months, and as of now, only 20% of blocks actually have any fees in them.

[Come-from-Beyond]

It's possible I'm overlooking something obvious, if so, please tell me.

Most of NXT were given to sock puppet accounts controlled by a few people. There is a whole market of BTT accounts. If we follow ur idea we will just give most of coins to 0.001% of all Nxters.

I doubt there is a way to counteract Sybil attack giving coins for free.

[JohnyCrypt]

Frankly yes. You will generate a block maybe once every 3 months, and as of now, only 20% of blocks actually have any fees in them.

Bummer. I appreciate your honesty, though. Despite that, I think this is a cool project and will continue to support with BTC (when I can) and network.

[Vega]

1000 coins is too small of an amount to be useful for mining

What amount would be useful for forging? I used my meager BTC stash to purchase 2200 NXT through DGEX with the hopes it would be enough to generate a return. I've tried to be as useful as a newcomer can to the project with feedback and running a dedicated server. I'm going to keep the server running and up to date, but am I wasting my time?

What return did you expect with 2200 NXT? You get what you put in. If you started CPU mining Bitcoin today you would get Bitcoin. Just not much... If you wanted more, you'd get GPU for a few hundred dollars. That would make more bitcoin. If not enough, you could spend a few thousand for ASIC, and get more.
The same is true here, but instead of hardware you have to get NXT.

As someone who bought GPUs, and ASICs for a lot of money, I find NXT more than fair.

[Kontakt]

It's possible I'm overlooking something obvious, if so, please tell me.

Most of NXT were given to sock puppet accounts controlled by a few people. There is a whole market of BTT accounts. If we follow ur idea we will just give most of coins to 0.001% of all Nxters.

I doubt there is a way to counteract Sybil attack giving coins for free.

thus the need for Proof-of-[blank] systems

[CoinBuzz]

I have an idea,

Can dev's make some changes for users to generate block with their account age too?

I know POS is working based on coin ages/amount, but we can introduce new system for zero-coin users' to generate blocks without any money. This can be just for some months or first year. Or It's probablity can decreased with each block generation.

So after some month's network will be working based on only POS. (because probablity of account age involvment in block generation decrease in each block)

So user's can come and open their account for block generation, also they can buy/get more coins to increase their probablity.

What do u think guys?

[Vega]

It's possible I'm overlooking something obvious, if so, please tell me.

Most of NXT were given to sock puppet accounts controlled by a few people. There is a whole market of BTT accounts. If we follow ur idea we will just give most of coins to 0.001% of all Nxters.

I doubt there is a way to counteract Sybil attack giving coins for free.

Now I understand. Thanks.

[Come-from-Beyond]

I'm going to keep the server running and up to date, but am I wasting my time?

No. In 5 years u'll sell these coins and will buy yacht + house + car + small island*. But u should continue to support the networking by hosting a node for that.

_{* Assessment based on Bitcoin history}

[Kontakt]

1000 coins is too small of an amount to be useful for mining

What amount would be useful for forging? I used my meager BTC stash to purchase 2200 NXT through DGEX with the hopes it would be enough to generate a return. I've tried to be as useful as a newcomer can to the project with feedback and running a dedicated server. I'm going to keep the server running and up to date, but am I wasting my time?

What return did you expect with 2200 NXT? You get what you put in. If you started CPU mining Bitcoin today you would get Bitcoin. Just not much... If you wanted more, you'd get GPU for a few hundred dollars. That would make more bitcoin. If not enough, you could spend a few thousand for ASIC, and get more.
The same is true here, but instead of hardware you have to get NXT.

As someone who bought GPUs, and ASICs for a lot of money, I find NXT more than fair.

Ah the old "Gotta spend money to make money" argument. Works real nice when you're on the side with money. Why do you think we make so many alt coins? Because start up costs for larger coins is prohibitively expensive. What NXT has done is effectively mined the ENTIRETY of bitcoin. It's as if the founders were the only ones mining for the whole cycle. Is it fair for us to be buying in to that?

[JohnyCrypt]

What return did you expect with 2200 NXT?

I didn't know, that's why I asked.

As someone who bought GPUs, and ASICs for a lot of money, I find NXT more than fair.

I'm not complaining about it. I know there is a buy in to crypto currency. I've invested in GPUs as well as personal servers and AWS time towards alt coins. I'm going to continue to contribute to NXT when I can.

[JohnyCrypt]

But u should continue to support the networking by hosting a node for that.

Will do.