NXT :: descendant of Bitcoin - Updated Information

[chanc3r]

If NXT keeps on growing this fast then all the Raspberry Pis will be sold out in a few months just like ATI Radeon 7950, mark my words! Well anyway I just ordered 5, can't wait to get them running 

But how do you plan to make money with them?

Yes please explain...
If I have 50k NXT and I put them in one account then my chances of forging a block are 0.005%, if I split this across 10 accounts logged in with 10 Pi then I have 10 x 0.0005% chances of forging a block - is that right?

Isn't that the same chance?
So why would I spend the money on more H/W - why wouldn't I buy more NXT?

There is a lot of talk about people buying and setting up PIs on here so could someone please explain?

Thanks

[1714034354]

1714034354

[yuriygeorge]

Despite its innovation (which is yet to be seen/proven) if the coins remain undistributed and at a 500-600,000% price premium to original $4,000 invested, then we will see lots of panic. Can't wait for that. Getting the popcorn ready.

Post ur Nxt account and I'll send u some coins, so u could buy more popcorn.

Just set up a nxt client, please send some test coins: 6933627427271736687

Done.

Got em. Thanks  .

Are you ripping people off now?

Hah, no. Someone sent me 500. I'm trying to buy 30k more for 2.5 BTC. PM me.

[MrMochi]

I think I have an account running. But the faucet is taking hours to send something.
All I need is a small amount to confirm I set up everything right.
Any gentlemen willing to help me out? 1 NXT will do.
Account: 12551194082373758928

I look forward to the extra documentation at launch.

[rickyjames]

If NXT keeps on growing this fast then all the Raspberry Pis will be sold out in a few months just like ATI Radeon 7950, mark my words! Well anyway I just ordered 5, can't wait to get them running 

But how do you plan to make money with them?

Yes please explain...
If I have 50k NXT and I put them in one account then my chances of forging a block are 0.005%, if I split this across 10 accounts logged in with 10 Pi then I have 10 x 0.0005% chances of forging a block - is that right?

Isn't that the same chance?
So why would I spend the money on more H/W - why wouldn't I buy more NXT?

There is a lot of talk about people buying and setting up PIs on here so could someone please explain?

Thanks

Raspberry Pis are a cheap way to stand up lots of new nodes fast to stabilize the network from DDoS attack more so than using them for forging new NXT coins.

[instacalm]

I think I have an account running. But the faucet is taking hours to send something.
All I need is a small amount to confirm I set up everything right.
Any gentlemen willing to help me out? 1 NXT will do.
Account: 12551194082373758928

I look forward to the extra documentation at launch.

sent, enjoy

[davethetrousers]

identify whether on not it is running on a Raspberry Pi

I could probably incorporate a crude version of this in the startup script of the RPi NXT package... Wouldn't be completely accurate, of course.

Going to sleep about it right now

[canuck]

So right now, a single NXT is worth $0.09 or so right?  I'm curious to know if the developers are mindful of what happens if demand for NXT does indeed begin to rival XBT?  If NXT reaches a one billion dollar market cap, each unit will be worth 100 base units of a dollar ($1.00) and the furthest division of an NXT will be equal to how dollar divides into pennies.

So can the expression of NXT units be easily increased.  So say one day, nodes decide to turn each NXT unit into 10 units and so the entire supply goes from 1 billion units to 10 billion units.  Is this possible and easily done?  This is the reason that Bitcoin divides into 100 million base units after all.

[gbeirn]

If NXT keeps on growing this fast then all the Raspberry Pis will be sold out in a few months just like ATI Radeon 7950, mark my words! Well anyway I just ordered 5, can't wait to get them running 

But how do you plan to make money with them?

Yes please explain...
If I have 50k NXT and I put them in one account then my chances of forging a block are 0.005%, if I split this across 10 accounts logged in with 10 Pi then I have 10 x 0.0005% chances of forging a block - is that right?

Isn't that the same chance?
So why would I spend the money on more H/W - why wouldn't I buy more NXT?

There is a lot of talk about people buying and setting up PIs on here so could someone please explain?

Thanks

Raspberry Pis are a cheap way to stand up lots of new nodes fast to stabilize the network from DDoS attack more so than using them for forging new NXT coins.

Yes! An army of low powered nodes everywhere making NXT the lowest resource using crypto! I love it!

[gbeirn]

So right now, a single NXT is worth $0.09 or so right?  I'm curious to know if the developers are mindful of what happens if demand for NXT does indeed begin to rival XBT?  If NXT reaches a one billion dollar market cap, each unit will be worth 100 base units of a dollar ($1.00) and the furthest division of an NXT will be equal to how dollar divides into pennies.

So can the expression of NXT units be easily increased.  So say one day, nodes decide to turn each NXT unit into 10 units and so the entire supply goes from 1 billion units to 10 billion units.  Is this possible and easily done?  This is the reason that Bitcoin divides into 100 million base units after all.

Yes, and with colored coins one could theoretically make a coin worth anything: 10,000BTC, a house, a car, whatever. 

[Damelon]

So why would I spend the money on more H/W - why wouldn't I buy more NXT?

Basically, the more sound the network is, the more value it represents.
If the NXT has more value, because the tech behind it is more trustworty, 10 NXT could easily be worth more than, say, 100 NXT.

You could basically own ALL NXT and still have nothing, because no one places value on it, or you could own a few that are worth loads.

So, spending money on hardware is an investment in the value of the NXT.

Edit: the "mining" mentality is a weird mindset.

[chanc3r]

If NXT keeps on growing this fast then all the Raspberry Pis will be sold out in a few months just like ATI Radeon 7950, mark my words! Well anyway I just ordered 5, can't wait to get them running 

But how do you plan to make money with them?

Yes please explain...
If I have 50k NXT and I put them in one account then my chances of forging a block are 0.005%, if I split this across 10 accounts logged in with 10 Pi then I have 10 x 0.0005% chances of forging a block - is that right?

Isn't that the same chance?
So why would I spend the money on more H/W - why wouldn't I buy more NXT?

There is a lot of talk about people buying and setting up PIs on here so could someone please explain?

Thanks

Raspberry Pis are a cheap way to stand up lots of new nodes fast to stabilize the network from DDoS attack more so than using them for forging new NXT coins.

I guessed as much - I'm running 3 nodes to do my small part to help... I just wonder if some people will mistakenly buy PIs thinking they are mining machines for NXT - which it is clear they are not and they would have been better increasing their stake... Of course if they want to buy 5 or 10 PIs to help the network that is fine but are they clear it won't help them get more NXT unless someone is paying them to do it of course.

[mcjavar]

My wife´s sister decided to try out nxt after I told the family about it. I´ve already sent her some, but I thought I will ask you guys for some more if you could send her, to show her how this community works. We don´t want a cock party here, am I right?
(my wife already invested some money into nxt, hehe)

5785230256398513539

[ZeroTheGreat]

Edit: the "mining" mentality is a weird mindset.

No, it's not. People love fast profits and such thing easily clouds mind far away from seeing long-term scenarios. Absolutely normal.

[mcjavar]

So why would I spend the money on more H/W - why wouldn't I buy more NXT?

Basically, the more sound the network is, the more value it represents.
If the NXT has more value, because the tech behind it is more trustworty, 10 NXT could easily be worth more than, say, 100 NXT.

You could basically own ALL NXT and still have nothing, because no one places value on it, or you could own a few that are worth loads.

So, spending money on hardware is an investment in the value of the NXT.

Edit: the "mining" mentality is a weird mindset.

That´s why I also ordered PIs to support he network, as it is also in my interest to help nxt succeed.

[davethetrousers]

Idea: a mechanism that pays nodes automatically just for being up. Like an automatic, rearming faucet. People would be paid just for running devices, regardsless of type.

With some cross checking, denying cheaters should be doable, e.g. only considering unique IPs and nodes that are uploading at least now and then.

[BitcoinForumator]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

[gbeirn]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

Transaction fees, every transaction  must pay to use the network. Same as in any other crypto. NXT is now exactly what bitcoin will be in 100 years. Except bitcoin won't survive that long

[ZeroTheGreat]

Wanna repeat: don't invest more than u can afford to lose. And if u, %username%, just starting an investor career, divide your expectations of acceptable lost part of capital by 10!

Manage risks, use diversification. Live long and prosper  

[wakasaki808]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

The forges come from the Transaction fee's. The reason why many of the NXT blocks are empty is because NXT needs more trading to occur for more blocks with values to occur.

Every coin will transition to this at a certain point (as long as they don't have infinite coins).

Also because someone sent NXT to the genesis block, a few thousand NXT has been destroyed. So we are around 999M NXT

[mcjavar]

I would reserve every 10th blockgeneration right to the public nodes (every node has the same chance to generate a block), encouraging them to be up an running. If a public node is up and running AND an account is open on that node, it should have the right to earn some transaction fees (even if it´s empty - due to security reasons I wouldn´t leave my wallet open on a node where all my nxts are in)

Just my 2 nxts.

What do you think?