NXT :: descendant of Bitcoin - Updated Information

[opticalcarrier]

OK Everyone, Ive created 2 new boards at nextcoin.org forums site, first a private stakeholder one for their discussion.  Can we use hallmarks with the genesis block to prove a forum account is a stakeholder?  if so, please PM me (opticalc over on nextcoin.org) with your hallmark from genesis and Ill add you to that section.

Ive also created a Stakeholder giveaway board.  DONT start a topic there unless you are a stakeholder.  I will lock your account!

Both these 2 boards are in the Projects area

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[eB101]

- Overtime Question -

If we assume that stakeholders +3M will sell and spread their coins, does it increase or decrease the chances of generating blocks for non-stakeholders, supposing they don't sell theirs?
In one hand we might not see the big guys generating every other block, but on the other hand, more accounts and users would be joining and bring their part of probability in the system. We can also suppose that the new users coming in would have less coins that the non-stakeholders at this time right now, considering increasing price along the way. So how does that fit in the picture?

I think it's important for the folks here to know if their assets become more valuable over time, and will be rewarded of joining the system early, regardless of not having joined in genesis and not being a +1M or +3M stakeholder.

Thanks for anyone sharing a smart point of view on this

[utopianfuture]

Hi just a friendly suggestion on eMunie. Don't try to be a currency. All the fancy model of dynamic supply is not going to keep eMunie stable. You will just confuse users. Be in the category that make Bitcoin a success, a digital asset and payment system.

you mistake his intent.  a currency is exactly what hes going after

I am not mistaken. Just saying trying to emulate fiat currency is a mistake. Fiat currency is a financial instrument. Financial instrument is always backed by real and tangible assets. Emunie as well as Bitcoin are not backed by anything. They are digital commodities.

[abctc]

 Can we use hallmarks with the genesis block to prove a forum account is a stakeholder?  

- not a hallmarks, but a stakeholder tokens, derived from their forumnames. And why a genesis block only? Many Nxt believers bought millions of NXTs, and they are a true stakeholders.

And creation of a closed forum is a bad idea for the cryptocurrency, better if that forum would read-only for all, except of stakeholders (allowed to post).

[Fuserleer]

Hi just a friendly suggestion on eMunie. Don't try to be a currency. All the fancy model of dynamic supply is not going to keep eMunie stable. You will just confuse users. Be in the category that make Bitcoin a success, a digital asset and payment system.

you mistake his intent.  a currency is exactly what hes going after

I am not mistaken. Just saying trying to emulate fiat currency is a mistake. Fiat currency is a financial instrument. Financial instrument is always backed by real and tangible assets. Emunie as well as Bitcoin are not backed by anything. They are digital commodities.

Please inform us all on the real & tangible assets that back fiat?

[starik69]

Ive also created a Stakeholder giveaway board.  DONT start a topic there unless you are a stakeholder.  I will lock your account!

Please, give step by step instruction (as if i am a whole idiot) how to confirm that i am stakeholder.  

in a practical matter its ridiculous to think that someone could/would manage thousands of accounts with thousands of different secure passwords.

In a practical matter NXT network is on permanent attack of a botnet. What are you speaking about?  

[abctc]

I've come up with a proposed change to the mining algorithm

At the time moment the mining algorithm is not a problem. Lack of the transactions (and, subsequently, lack of the fees) is a problem. We should concentrate on a creation of a services for Nxt.

[laowai80]

Does anyone have problems with 0.3.18 or it's only me?

I did a test install on Centos 6 64-bit and it hangs after a few minutes.

[klee]

I've come up with a proposed change to the mining algorithm

At the time moment the mining algorithm is not a problem. Lack of the transactions (and, subsequently, lack of the fees) is a problem. We should concentrate on a creation of a services for Nxt.

Amen!

[Come-from-Beyond]

Does anyone have problems with 0.3.18 or it's only me?

I did a test install on Centos 6 64-bit and it hangs after a few minutes.

How much RAM does it have?

[laowai80]

Does anyone have problems with 0.3.18 or it's only me?

I did a test install on Centos 6 64-bit and it hangs after a few minutes.

How much RAM does it have?

I was testing it on a 512 Mb vps. How much is required?

I then ran it on a debian vps, and got this error:

Code:

2013-12-12 13:24:37.434:WARN:oejs.HttpChannel:qtp255273594-56: Commit failed
java.util.concurrent.TimeoutException: Idle timeout expired: 30000/30000 ms
        at org.eclipse.jetty.io.IdleTimeout.checkIdleTimeout(IdleTimeout.java:153)
        at org.eclipse.jetty.io.IdleTimeout$1.run(IdleTimeout.java:50)
        at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:471)
        at java.util.concurrent.FutureTask$Sync.innerRun(FutureTask.java:334)
        at java.util.concurrent.FutureTask.run(FutureTask.java:166)
        at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.access$201(ScheduledThreadPoolExecutor.java:178)
        at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.run(ScheduledThreadPoolExecutor.java:292)
        at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1145)
        at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:615)
        at java.lang.Thread.run(Thread.java:724)
2013-12-12 13:25:07.435:WARN:oejs.ServletHandler:qtp255273594-48: /nxt
java.io.IOException: java.util.concurrent.TimeoutException: Idle timeout expired: 30000/30000 ms
        at org.eclipse.jetty.util.BlockingCallback.block(BlockingCallback.java:101)
        at org.eclipse.jetty.server.HttpChannel.write(HttpChannel.java:734)
        at org.eclipse.jetty.server.HttpOutput.write(HttpOutput.java:307)
        at java.io.OutputStream.write(OutputStream.java:75)
        at Nxt.doGet(Unknown Source)
        at javax.servlet.http.HttpServlet.service(HttpServlet.java:687)
        at javax.servlet.http.HttpServlet.service(HttpServlet.java:790)
        at org.eclipse.jetty.servlet.ServletHolder.handle(ServletHolder.java:696)
        at org.eclipse.jetty.servlet.ServletHandler.doHandle(ServletHandler.java:526)
        at org.eclipse.jetty.server.handler.ScopedHandler.handle(ScopedHandler.java:143)
        at org.eclipse.jetty.security.SecurityHandler.handle(SecurityHandler.java:568)
        at org.eclipse.jetty.server.session.SessionHandler.doHandle(SessionHandler.java:221)
        at org.eclipse.jetty.server.handler.ContextHandler.doHandle(ContextHandler.java:1110)
        at org.eclipse.jetty.servlet.ServletHandler.doScope(ServletHandler.java:453)
        at org.eclipse.jetty.server.session.SessionHandler.doScope(SessionHandler.java:183)
        at org.eclipse.jetty.server.handler.ContextHandler.doScope(ContextHandler.java:1044)
        at org.eclipse.jetty.server.handler.ScopedHandler.handle(ScopedHandler.java:141)
        at org.eclipse.jetty.server.handler.ContextHandlerCollection.handle(ContextHandlerCollection.java:199)
        at org.eclipse.jetty.server.handler.HandlerCollection.handle(HandlerCollection.java:109)
        at org.eclipse.jetty.server.handler.HandlerWrapper.handle(HandlerWrapper.java:97)
        at org.eclipse.jetty.server.Server.handle(Server.java:459)
        at org.eclipse.jetty.server.HttpChannel.handle(HttpChannel.java:280)
        at org.eclipse.jetty.server.HttpConnection.onFillable(HttpConnection.java:229)
        at org.eclipse.jetty.io.AbstractConnection$1.run(AbstractConnection.java:505)
        at org.eclipse.jetty.util.thread.QueuedThreadPool.runJob(QueuedThreadPool.java:607)
        at org.eclipse.jetty.util.thread.QueuedThreadPool$3.run(QueuedThreadPool.java:536)
        at java.lang.Thread.run(Thread.java:724)
Caused by:
java.util.concurrent.TimeoutException: Idle timeout expired: 30000/30000 ms
        at org.eclipse.jetty.io.IdleTimeout.checkIdleTimeout(IdleTimeout.java:153)
        at org.eclipse.jetty.io.IdleTimeout$1.run(IdleTimeout.java:50)
        at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:471)
        at java.util.concurrent.FutureTask$Sync.innerRun(FutureTask.java:334)
        at java.util.concurrent.FutureTask.run(FutureTask.java:166)
        at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.access$201(ScheduledThreadPoolExecutor.java:178)
        at java.util.concurrent.ScheduledThreadPoolExecutor$ScheduledFutureTask.run(ScheduledThreadPoolExecutor.java:292)
        at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1145)
        at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:615)
        at java.lang.Thread.run(Thread.java:724)

[opticalcarrier]

I've come up with a proposed change to the mining algorithm

At the time moment the mining algorithm is not a problem. Lack of the transactions (and, subsequently, lack of the fees) is a problem. We should concentrate on a creation of a services for Nxt.

That is a logical progression of having a robust network and highly usable client. You're putting the horse before the carriage. Also, I covered some issues with fees in my proposal.

I agree.  the bigges issue, as CfB stated previously, is the stakeholder sitting on their NXT and not even running a client.  And then there are the ones that DO run their clients are getting 95% of the blocks.

Its a catch 22.  People need to realize this.  I wouldnt blame BCNxt if he just bails.  It would be his failure though.  Failure to account for human nature for the release.  Oh well, I hope he doesnt though.

[utopianfuture]

Hi just a friendly suggestion on eMunie. Don't try to be a currency. All the fancy model of dynamic supply is not going to keep eMunie stable. You will just confuse users. Be in the category that make Bitcoin a success, a digital asset and payment system.

you mistake his intent.  a currency is exactly what hes going after

I am not mistaken. Just saying trying to emulate fiat currency is a mistake. Fiat currency is a financial instrument. Financial instrument is always backed by real and tangible assets. Emunie as well as Bitcoin are not backed by anything. They are digital commodities.

Please inform us all on the real & tangible assets that back fiat?

I actually tried to say back by "real and intangible assets". After Bretton Wood, some people wonder what backs the U.S$ when the gold convertibility for US$ stops. Modern currency don't need gold backing because they are backed by the government's decree to make them a legal tender and by the government's ability to impose taxes on its citizens. You could be jailed if you don't accept U.S$. It is a powerful backing I would say.
For a foreign currency to keep its relative value against $, it is backed by that countr's debt denominated in $ and the ability to export to earn $. Still, it is very costly for any country to keep a fixed exchange rate when the capital has full mobility.
Well unless, you can make a certain nation to adopt eMu, you are in dreamland if you think it could act as a currency.
 

[abctc]

I did a test install on Centos 6 64-bit and it hangs after a few minutes.

- both of my VPSs are on Centos 6 64-bit, and they run v.0.3.18 over 24h without problems.

[laowai80]

I did a test install on Centos 6 64-bit and it hangs after a few minutes.

- both of my VPSs are on Centos 6 64-bit, and they run v.0.3.18 over 24h without problems.

Yeah, got to be something local here.

[bahamapascal]

Nxt news thread now live!
https://nextcoin.org/index.php/topic,582.0.html

So I finally opened a news thread were all the latest news and client updates will be posted, for those that don't have the time to read pages and pages on this thread to find out whats going on.
Please take a look and let me know what you think about it

[PGPpfKkx]

Nice analysis.


Have ppl thought that many are *trying* to run the client like me with no results?

Mine for example is not updating the blocks and my wallet still shows zero when in the block explorer is ok.

I don't have ports closed and I have downloaded the blocks. I would reeeally like to help and run the client.

I say it again as I am a java developer. Its the first time I have seen so many bugs and a release so unprofessional. BCnext should get more people developing or hire or whatever. clever idea not enough implementation.

[Sharky444]

eMunie promise of keeping its value stable is not credible because they don't have the ability and means to do do. Since when people selling eMu en mass, they have to have a huge reserve of dollar to back the money up otherwise its price against dollar will have to fall. They won't be able to do that.

When people decide to sell eMunie on mass all creation of new coins stops right away. Also the foundation will be backed up by several million dollars to do some initial regulation to stabilize the price in the first weeks.

It has to be understood that in any market price has always been acting as a necessary signal to guide the behavior of the market participants. For example: with bitcoin market if you are holding 100 bitcoin, when the price of bitcoin raising you would be inclined to sell them to more willing buyer, but when the price falls by half, you may decide to keep them all since you evaluate that the potential of the bitcoin is higher than the bitcoin's price right now. All bitcoin market participants follow the same process using the current price as signal as if they are many ships and liners following the lighthouse to reach the shore  The true price is discovered organically.
Now you don't have the price signal here so the price of eMunie is artificially kept up. This is going to be a mess

Of course you have the price signal. The fiat/emunie exchange is buildin into the system, and the system can react accordingly to stabilize the price while keeping up with demand.

[Sharky444]

I am not mistaken. Just saying trying to emulate fiat currency is a mistake. Fiat currency is a financial instrument. Financial instrument is always backed by real and tangible assets. Emunie as well as Bitcoin are not backed by anything. They are digital commodities.

Fiat is backed up by real assets? Greece alone has over 300 billion € public debt (after two cuts) backed up by rainbows and unicorns. And even with that the € becomes stronger every week.

[Pablito89]

Why i got 1 incoming transaction (200coin) confirmed 1800 times and 0.00 balance?