NXT :: descendant of Bitcoin - Updated Information

[landomata]

Someone keeps registering all aliases, I hope he will have money left to register assets like "Bitcoin" and "USD"

register assets.....what do u mean there will be ownership of asset names in the Nxt Asset Exchange?

and this would be separate from alias in the wider Nxt ecosystem.

Yes. Registering an asset means that u reserve its tag, like MSFT for Microsoft.

Will these tag be arbitrarily generated in the system and we bid for them....or we can generate any tags we wish?

[bizz]

I would feel better from currency where the coins are distributed fairly.

You can not have a fair distribution of a limited supply. Forget about it. People with more resources will ALWAYS get more of something they want. One way or the other. It's just the way it is. With everything in this world. Maybe Nxt could have initial funding last longer bringing it to more people but  competition is/was under way so I guess things were hurried. What is done is done.

If 1 billion Nxt was distributed freely to all guess what would happen? Few would get the most. If not on start then they would buy it cheap on exchanges.

One more very important thing to mention. People value more what they pay for.

No, I do not think so.

Bitcoin has advantage in this.

Even you are 5 years late to the start, you still can buy ASIC.

Why 73 people would give anyone else a substantial coins amount?

If you buy huge amount of NXT, you can try to forge, by this action you try to support them.
Allowing them to be richer.

But it is like allowing this 73 to be richer from air.

People like challenges, that it is why Bitcoin has success.

Just buying NXT in ASAP does not give so long challenge as playing with mining hardware.

It feels more like pyramid game.

How much would you need to shell out for ASIC today to mine anything in bitcoin? A lot. And then some guy with access to cheap new ASIC hardware will beat you before your expensive ASIC even gets in your hands.

Just these days coins are moving from original address: https://blockchain.info/address/1AYtnRppWM7tWQaVLpm7TvcHKrjKxgCRvX.
That is 400.000 bitcoins. Mined with CPU only. My guess is he/she/they are moving to buy Nxt 

Thank you for mentioning pyramid. They've been calling bitcoin a pyramid since start.

BTW. 25% of Nxt has already been traded and I think it is now impossible for distribution to stop because of hoarding.

 

[Come-from-Beyond]

This will smooth out the distribution process. By spring-summer time coins will be well distributed.

Let's just mix balances on the accounts? Or do a round-robin shift?

Just kidding.

[Come-from-Beyond]

Someone keeps registering all aliases, I hope he will have money left to register assets like "Bitcoin" and "USD"

register assets.....what do u mean there will be ownership of asset names in the Nxt Asset Exchange?

and this would be separate from alias in the wider Nxt ecosystem.

Yes. Registering an asset means that u reserve its tag, like MSFT for Microsoft.

Does this mean there will only be one gateway for BTC on the decentralized exchange or will other issuers just have to use "BTC2", "BTC3", etc?

U can register assets "2K4Sbtc", "2K4Susd", "2K4Sslaves"...

[2Kool4Skewl]

@2Kool4Skewl,

please edit the first post as creator of the thread and say something about the need to create a public node if people want to use NXT. It's important to underline the significance of this to make sure NXT users set up the VPS node at the same time they buy their first NXTs, and the significance of the network and that NXTs aren't worth much without investing into infrastructure. Can link to my signature post on how to set up a VPS.

Done

[Come-from-Beyond]

Will it work by increasing the parameter pullThreshold/pushThreshold to 100?

This works for outbound requests only. Zombies force large outbound responses.

[Come-from-Beyond]

Will these tag be arbitrarily generated in the system and we bid for them....or we can generate any tags we wish?

The same as with Alias System. Good ole squatting.

Edit: Asset names limited to 3-10 chars only. So their number is much lower than number of aliases which can be up to 100 chars long.

[achimsmile]

Even you are 5 years late to the start, you still can buy ASIC.

Why 73 people would give anyone else a substantial coins amount?

If you buy huge amount of NXT, you can try to forge, by this action you try to support them.
Allowing them to be richer.

But it is like allowing this 73 to be richer from air.

People like challenges, that it is why Bitcoin has success.

Just buying NXT in ASAP does not give so long challenge as playing with mining hardware.

It feels more like pyramid game.

Even you are 5 years late to the start, you still can buy ASIC.
- Even you are 5 years late to the start, you still can buy NXT. difference is, when you buy an ASIC you will probably not make as many coins back as you paid for it


Why 73 people would give anyone else a substantial coins amount?
- Because they want to buy a house, car, or support the network, or get more people involved in nxt? I can think of many reasons, selfish or altruistic.


If you buy huge amount of NXT, you can try to forge, by this action you try to support them. Allowing them to be richer.
- You're saying it's a bad thing to buy coins, because it makes the large stakeholders rich. But you said before that nxt is too centralized, and should be distributed (= stakeholder selling). This is contradictive.


But it is like allowing this 73 to be richer from air.
- Well, not from air, but from code They took a big risk on their investment, and it paid out because nxt is working!


Just buying NXT in ASAP does not give so long challenge as playing with mining hardware.
- And wasting a few megawatts in doing so.

(Please note that I'm not an early stakeholder)

[abctc]

23666      666666817378784428      24.12.2013 13:17:51   
2      0 + 2      296 B   
1      8967694001844294546      1875 %

- not so merry Christmas  ...

[2Kool4Skewl]

Someone keeps registering all aliases, I hope he will have money left to register assets like "Bitcoin" and "USD"

register assets.....what do u mean there will be ownership of asset names in the Nxt Asset Exchange?

and this would be separate from alias in the wider Nxt ecosystem.

Yes. Registering an asset means that u reserve its tag, like MSFT for Microsoft.

Does this mean there will only be one gateway for BTC on the decentralized exchange or will other issuers just have to use "BTC2", "BTC3", etc?

U can register assets "2K4Sbtc", "2K4Susd", "2K4Sslaves"...

lol

Ok, I understand.  Thanks for clarifying it.

[landomata]

Will these tag be arbitrarily generated in the system and we bid for them....or we can generate any tags we wish?

The same as with Alias System. Good ole squatting.

Edit: Asset names limited to 3-10 chars only. So their number is much lower than number of aliases which can be up to 100 chars long.

so if person A registered MSFT and person B registered Microsoft....they would both have microsoft

[Bitventurer]

I really like the NXT logo on dgex.com the best.

I will make a professional logo after the source code release... planing to pay 1k$ for it...
and no! that logo isnt the best.

[2Kool4Skewl]

I have a feeling the asset registration will be even more competitive.

[GCInc.]

If the large hallmarked accounts like Dgex's set their pullThreshold and pushThreshold to 100, do you think that would improve network stability?  The zombies would have to pay more to attack the network and therefore it would reduce zombie activity on the networks major nodes.

I don't think our nodes are hallmarked, because I don't understand its implications / limitations and don't have the time to dig it out.

I read hallmarking decreases trustworthiness, that's a no-go as we need maximum security attainable in this very risky environment.

[2Kool4Skewl]

Will these tag be arbitrarily generated in the system and we bid for them....or we can generate any tags we wish?

The same as with Alias System. Good ole squatting.

Edit: Asset names limited to 3-10 chars only. So their number is much lower than number of aliases which can be up to 100 chars long.

so if person A registered MSFT and person B registered Microsoft....they would both have microsoft

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

[Come-from-Beyond]

Maybe, but not necessarily.  Person A would be able to issue and redeem an asset named "MSFT" and person B would be able to issue and redeem an asset named "Microsoft".  "MSFT" or "Microsoft" could both represent the same thing or different things.

Someone may register "Microsoft2" and state that it's better than "Microsoft".

[2Kool4Skewl]

If the large hallmarked accounts like Dgex's set their pullThreshold and pushThreshold to 100, do you think that would improve network stability?  The zombies would have to pay more to attack the network and therefore it would reduce zombie activity on the networks major nodes.

I don't think our nodes are hallmarked, because I don't understand its implications / limitations and don't have the time to dig it out.

I read hallmarking decreases trustworthiness, that's a no-go as we need maximum security attainable in this very risky environment.

I thought your node was hallmarked, but I guess not.  You would know if your node was hallmarked.  You have to manually setup your hallmark.

Hallmarking increases the "trustworthiness" of your node on the network.  "Trustworthiness" doesn't equal "security" though.  Trustworthiness means your node is prioritized by other nodes for communication.  Hallmarking does associate your IP with your account balance.

[Come-from-Beyond]

Ah, forgot to mention that min fee for asset issuance is 1000 NXT

Edit: I'll forging like crazy...

[Bitventurer]

Someone keeps registering all aliases, I hope he will have money left to register assets like "Bitcoin" and "USD"

register assets.....what do u mean there will be ownership of asset names in the Nxt Asset Exchange?

and this would be separate from alias in the wider Nxt ecosystem.

Yes. Registering an asset means that u reserve its tag, like MSFT for Microsoft.

Does this mean there will only be one gateway for BTC on the decentralized exchange or will other issuers just have to use "BTC2", "BTC3", etc?

U can register assets "2K4Sbtc", "2K4Susd", "2K4Sslaves"...

when will the assets registration open ? after how many blocks ?

[Come-from-Beyond]

when will the assets registration open ? after how man blocks ?

We have to coordinate with nexern who is developing Asset Exchange client.