NXT :: descendant of Bitcoin - Updated Information

[landomata]

Does that mean, that an account with many coins can ruin me (I lose all my coins) just because he wants to see me suffer

No. 51% of all coins required for that. This is good old democracy.

or 501,000,000 Nxt....I love it!....that will keep em in line

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[utopianfuture]

Ok... so we can direct aliases to websites, crypto clients, etc., can someone expand on the characteristics of NXT assets?

If you are familiar with Ripple, this will sound very similar.

An asset is an IOU that represents a certain item (BTC, usd, gold oz).  There are gateways that will issue these assets on the Nxt network.  Only the register of the asset name "BTC" will be able to issue an IOU with the name "BTC".  Other gateways can still issue bitcoin, but they have to use a different name that is still available (ex. BTC2, BTCTWO).  These assets can be bought or sold on the Nxt network for Nxt or other IOUs.  You can redeem your IOUs by sending them back to the issuer.  The issuer will then send you the physical or digital asset.

Who and what mechanism can enforce that the issuers would keep his promises to redeem his IOU/ assets ?

No one

Did you ever sell your Bitcoin/ Nxt to a stranger asking to pay you by PayPal ? In the last couple of days, quite a number of people offered me a good dollar price for Nxt. They could only pay by Paypal since they can get Bitcoin easily. I refused most of them as you all know the risk that Paypal can reverse the transaction at will up to 30 days.

I think that's sensible decision since I cannot trust these strangers to negate his words and ask Paypal to reverse the transaction. In this case a lack of trust has destroy a market transaction opportunity.
It would also apply in the future Nxt asset exchange, the lack of trust would destroy all market transaction. So to make the market works, we have to have the trust. Trust in the buyers is easier since Nxt transaction is non-reversible. But trust in the asset issuers need to be established. And one way to do it is to create a mechanism in which who breaks the trust will be punished. When an IOU is issued, that is a promise/ a social contract is being written. An issuer who breaks his social contract should have consequences. The loss of reputation is one consequence. There can be more mechanism designed by the community.

Here I want to point out the need to force the asset issuer to announce a clear social contract attached to his asset before the issuance. That social contract should be announced in public such as in a dedicated sub-forum of Nxt community. The social contract should clearly point out why such asset having a value and What are the responsibilities of the issuers to the assets. We can compile and publish a common form that all asset issuers are advised to follow. There should be a period of Q&A which happens after the announcement of asset issuance and before the actual listing of the asset.

This also implicates that  the existence of the asset exchange associates with the existence of a public forum in which all the assets being announced, documented at least in the first phase of asset issuance.  

We need to test on all these issues before the actual launch of the exchange and all the name tag squatting.

[Come-from-Beyond]

So we are back to the current shitty state of things?!
In my opinion is not good what are you proposing.

In this way you will replicate the current rotten
fraction reserve fiat system into NXT.

Except from the "inflation" what would be
the difference then between NXT
and the current financial system we have.?


Don't forget that today who has money has power
and can impose laws on others
an limit individual freedom.

Will NXT take the same path?

I don't propose. I just say obvious things. Sorry if u overlooked them. The same problem exists in Bitcoin world. 51% of miners may refuse to process ur transactions effectively "destroying" them.

[Pablito89]

So CfB, do you confirm that now NOT-hallmarked vps are useless (and could be negative) ?

[Come-from-Beyond]

Is there Nxt support I can consult on this matter?

Yes. Give us more info plz.

[Come-from-Beyond]

So CfB, do you confirm that now NOT-hallmarked vps are useless (and could be negative) ?

No. Even non-marked vps helps a lot.

[utopianfuture]

I start the client from the scratch. And here is where I am stuck.

23642      4986291754133470191      12/24/2013 5:47:59 AM   
200      258'300 + 218      28'488 B   
1      184310077466507214      470 %

No block get created in the last 15 minutes.

[Pablito89]

So CfB, do you confirm that now NOT-hallmarked vps are useless (and could be negative) ?

No. Even non-marked vps helps a lot.

what about this post?

HALLMARK WEIGHTING PROBLEM

ZjP and I were discussing the implications of the hallmark weighting algorithm on blockchain propagation.  We believe that the hallmark weighting algo is actually detrimental to the network staying synced and preventing DDoS attacks.  The nodes that are marked with higher balances are being repeatedly bombarded with requests for the blockchain even if they are already saturated with requests and non-responsive.  The smaller balance or zero balance nodes never try to sync with nodes which have a lower hallmark weighting or no hallmark weighting.  This results in the higher weighted nodes, which are currently the backbone of the system, being overrun and taken out.  If you are running non-hallmarked servers to try to boost the network's stability, you are actually causing more damage because you are straining the already overloaded nodes that have a large weight.

If the hallmark weight system were to be removed, the network would view each node, regardless of it's balance, as equal and distribute the workload across entire network, instead of concentrating the entire network's requests on a few heavily weighted nodes.  This would mitigate the DDoS attack because they be forced to try to take out more targets instead of being able to only target a few large balance nodes and bring the network to a halt.

Also, it seems that whenever the blockchain gets a bad block, you have to delete and re-download the entire blockchain to resync.  A proper resync only occurs if the blockchain pauses, but doesn't download a bad block.

Come-from-beyond, can you please relay this information to BCNext?  What are your thoughts?  I hope the source code is release asap, so these problems can get sorted out quickly.

[Boiar]

the fundraiser ended a month ago, dont send any more coins to that address!

the only way to get nxt now is to find someone selling them

Thanks for your reply.

Too bad I followed instructions from previous thread.

Who should I contact to in order to get my BTCs back? I'd like to buy Nxt with these BTCs.

Appreciate any help.

[Come-from-Beyond]

what about this post?

Incorrect usage of hallmarks may lead to bad things. We just have to use them properly. Hallmarks is important part of future Transparent Mining.

[Pablito89]

what about this post?

Incorrect usage of hallmarks may lead to bad things. We just have to use them properly. Hallmarks is important part of future Transparent Mining.

what do you prefer i afford?

Option A) 8 Vps 512 RAM (not hallmarked)
Option B) 4 Vps 1GB RAM (not hallmarked)
Option C) 2 Vps 2GB RAM (hallmarked)
Option D) 1 Vps 2GB RAM (hallmarked) + 2 Vps 1GB RAM (not hallmarked)
Option E) 1 Vps 4GB RAM (hallmarked) -- actual

[Come-from-Beyond]

Who should I contact to in order to get my BTCs back? I'd like to buy Nxt with these BTCs.

Noone. All such bitcoins will be returned back to the original addresses on the 3rd of January.

[Come-from-Beyond]

what do you prefer i afford?

Option A) 8 Vps 512 RAM (not hallmarked)
Option B) 4 Vps 1GB RAM (not hallmarked)
Option C) 2 Vps 2GB RAM (hallmarked)
Option D) 1 Vps 2GB RAM (hallmarked) + 2 Vps 1GB RAM (not hallmarked)
Option E) 1 Vps 4GB RAM (hallmarked) -- actual

A or E. Both r good.

[Boiar]

Who should I contact to in order to get my BTCs back? I'd like to buy Nxt with these BTCs.

Noone. All such bitcoins will be returned back to the original addresses on the 3rd of January.

Uff, thank you, now I'm calm.

[Pablito89]

what do you prefer i afford?

Option A) 8 Vps 512 RAM (not hallmarked)
Option B) 4 Vps 1GB RAM (not hallmarked)
Option C) 2 Vps 2GB RAM (hallmarked)
Option D) 1 Vps 2GB RAM (hallmarked) + 2 Vps 1GB RAM (not hallmarked)
Option E) 1 Vps 4GB RAM (hallmarked) -- actual

A or E. Both r good.

Ok then i stay with E (easier to manage)
Any tip to not lose the correct branch with it? In the last 12hrs it happened 3-4 times

[Come-from-Beyond]

Any tip to not lose the correct branch with it? In the last 12hrs it happened 3-4 times

Wait for the next version. It may fix some issues. For the full potential we have to wait for Transparent Mining version.

[Pablito89]

Any tip to not lose the correct branch with it? In the last 12hrs it happened 3-4 times

Wait for the next version. It may fix some issues. For the full potential we have to wait for Transparent Mining version.

Ok, any ETA on next version?
I hope my little help will be usefull i'm not rich :p

[Come-from-Beyond]

Ok, any ETA on next version?

I'm testing it now. Going to release it in 4 hours if everything ok.

[Pablito89]

Ok, any ETA on next version?

I'm testing it now. Going to release it in 4 hours if everything ok.

good

[utopianfuture]

Ok, any ETA on next version?

I'm testing it now. Going to release it in 4 hours if everything ok.

Thanks CfB. I am has been always super impressed with your abilities to spit out update.
Am I on the correct branch now. Latest block

23643      3067445265769414038      12/24/2013 6:53:42 AM   
112      225'177 + 154      15'902 B   
1      5828505993898962467      941 %   


It took more than 1 hour for this block to appear. Th blockchain explorer is drifting.