NXT :: descendant of Bitcoin - Updated Information

[marcus03]

I've ordered a Pi and will set it up by the end of the year to have it run NXT 24/7.

Just made it by the end of the year. So far, it seems to run fine with 0.4.8.

I can no longer find the info on how to make it a public node. I get a new IP every 24 hours. I already setup port forwarding for TCP 7874 from Internet to the RPi. Anything else I need to do?

My next project: Client with a focus on exploring the block chain and markets (dgex for now). (It'll be for Windows only.)

[ninjaboon]

Can someone explain why peercoin is surging on coinmarketcap.com while NXT is not?  LOL, how can people invest into rubbish like peercoin and Quark?

I don't think Peercoin (PPC) is rubbish. It's a POW/POS coin and you get 1% interest per year.
http://www.cryptocoincharts.info/#jump-ppc-btc

[jl777]

CfB,

The valuation of 1BTC = 47.62 NXT is purely based on scarcity of each as a ratio.
The reason it is not there yet is due to premium BTC gets for being BTC and discount NXT has due to it not being accepted by the public. It would be much lower if it were not for the premium NXT has due to it being NXT!

Even assuming NXT won't get a premium because of all its advantages, the primary differentiating advantage that it is the ONLY crypto that pays dividends. This does not matter so much when there are only two ways to generate transaction fees, but if we end up having daily referendums on whether to vote or not, the velocity of NXT could increase dramatically and this will boost the dividend ratio.

Still working on how to tie in future cashflows of NXT to specific dollar value. Have a few ideas on how this can be achieved to create valuation floors each time NXT doubles in highest market price. Kind of like mining difficulty increases each time a certain block is hit, the floor value of NXT will be increased each time it hits a new market high, as long as there is enough liquidity in that new high price and we have a significant enough percentage of NXT holders commit to a NXT buyback. Eg, sell NXT at high price and then commit to repurchase NXT, if it ever goes to 50% of that price.

This effectively creates a floor in the cash value of NXT, eg. NXT/USD price. Then I can integrate the future forging revenues to have a different multiplier for differnent time horizons. Multiply that by floor cash value to create a lower bound on NXT valuation.

So, if we can get 50% of NXT holders to sign up for this sell high, commit to buy low plan, nexern can update the blockchain website with an estimated cash value for NXT. Apply the then current NXT/BTC rate to get an estimated NXT/BTC fair market value rate.

If we can use the community fund to payout its forging output to NXTcompanies (peer teams) based on transaction fees generated (allocated by peer voting!), we will have a decentralized mechanism that will maximize the future forging revenues, which maximized NXT valuation.

As soon as we get several hundred thousand NXT users, I imagine the discount of not being BTC will be balanced by the premiums from being NXT, so the 47:1 ratio

As soon as people realize that NXT automatically issues dividends and reinvests it in itself so that compound interest kicks in AND that there are thousands of actively working people boosting the future forging revenues, the price of NXT will decouple from BTC. Basically, when the calculated future forging revenues multiplied by the price floor exceeds the 47:1 ratio, NXT will not be tethered to anything except the number of NXT users.

I have not figured out the percentage of GDP we get per new person that uses NXT, but ultimately NXT valuation will be tied to the number of active users and the percentage of their economic activity that is done within NXT, eg. NXTGDP. Will 1% of the people use NXT for 10% of their spending? if so that means 0.1% of world economy will be NXTconomy when we get ~70 million NXT users.

I think world economy is in the hundred trillion dollar range, so that would give NXT a reasonable market cap of hundred billion, eg. 5NXT = 1 BTC

James

[jl777]

Peercoin might 1% interest, but doesn't it create 1% inflation by issuing new coins to issue the 1%. Also as it is mined that dilutes value so inflation rate seems to be much more than 1%

1% interest minus 1%+ inflation is negative interest and makes peercoin a depreciating asset. I could be wrong about peercoin as I have not studied it in depth, looking forward to hearing from someone who understands it better

NXT pays positive dividend, no inflation. big difference

James

[utopianfuture]

I've ordered a Pi and will set it up by the end of the year to have it run NXT 24/7.

Just made it by the end of the year. So far, it seems to run fine with 0.4.8.

I can no longer find the info on how to make it a public node. I get a new IP every 24 hours. I already setup port forwarding for TCP 7874 from Internet to the RPi. Anything else I need to do?

My next project: Client with a focus on exploring the block chain and markets (dgex for now). (It'll be for Windows only.)

Great news. The more projects, the better for the future of NXT.

[pinarello]

NEW !

24/7 help desk created.

for all problems with the client ask your questions there.

https://nextcoin.org/index.php/board,46.0.html

Still volunteers welcome to work around the clock (pm pinarello)

AND HAPPY NXT YEAR TO ALL!

Pin

[brooklynbtc]

will nxt be more as a payment system?

Yes, someone already registered skynxt alias, or something like that

me.

[NxtChoice]

Peercoin might 1% interest, but doesn't it create 1% inflation by issuing new coins to issue the 1%. Also as it is mined that dilutes value so inflation rate seems to be much more than 1%

1% interest minus 1%+ inflation is negative interest and makes peercoin a depreciating asset. I could be wrong about peercoin as I have not studied it in depth, looking forward to hearing from someone who understands it better

NXT pays positive dividend, no inflation. big difference

James

Peercoin is great hybrid PoW/PoS model system. You are right, 1% interest makes the system inflation, but Peercoin tx fee is destroyed, which deflates the system, so it seems to be a complex dynamic system. On the other hand, PoW can be though as the coin distribution process, and in the long term PoS will dominate the system.

The Peercoin forum: www.peercointalk.org

[jl777]

For those of you who think having NXT buyback plan is somehow wrong, I say that is how a lot of major corporations manage their stock price. Ever heard of stock buyback programs?

As a community, we don't want to have large volatility. A certain amount is unavoidable, but if we as a community can create a floor that continues to move up as valuation and market price moves up, then I (and many others) will be able to attract large value investor money into NXT. I am also working on a plan to allow for off book block transactions of NXT. This way a founder can move 1 million NXT without changing the market price at all.

We do need to have some organization layered on top of the wonderful chaos to make sure that the most significant producers are properly rewarded. I trust in math. We can count each feature's transaction fees. We can allocate who contributed to generating those transaction fees by extra work on top of core devs. Each feature oriented group gets allocated a prorata amount of NXT from community fund forging. Peer group can vote on the percentage of allocated NXT each contributor should get.

NXT is for intelligent investors
NXT pays dividends
NXT community increases dividends

1NXT == 1BTC is the possibility here. I have a plan to achieve this. I have described it. With just a small overlay to the current pure chaos, we can have this.

James

[Come-from-Beyond]

From http://nxtcrypto.wikia.com/wiki/Nxt_History:

Bitcointalk.org member BCNext creates a forum thread announcing Nxt, and asking for donations of Bitcoin to help fund development of the cryptocurrency.

This is not true, coz he asked for tiny amounts to decide how to split the stake. Development funding is a side-effect. Someone should fix Wiki.

[landomata]

@James


Whats is your current thinking on the NxtAlias Company idea you proposed yesterday?

[jl777]

regardless of whether peercoin can prove that it isn't a depreciating asset (doubtful), I don't think it can be extended beyond its current payment system feature.

Comparing peercoin to NXT is like comparing a compuserve-clone to the internet. Comparing bitcoin to NXT is like comparing compuserve to the internet, except the internet pays dividends and compuserve doesn't

James

P.S. for those who don't know about compuserve http://en.wikipedia.org/wiki/CompuServe

[opticalcarrier]

NRS 0.4.8 is ready and can be downloaded from:

http://info.nxtcrypto.org/nxt-client-0.4.8.zip

sha256: ec7c30a100717e60d8abe50eedb23641952847d91ff90b9b05a74ff98d8a4cf2

From now on I will also be posting the latest version number and sha256 as the value of NRSversion alias on the blockchain: https://localhost:7875/nxt?requestType=getAliasURI&alias=nrsversion

Change log:

- Added Transparent Forging, will be turned on at block 32000.
- Memory leak fixed.
- Send money from the browser now also asks for the secret phrase.

There is only one new parameter in the web.xml, myPlatform. It is used to announce your platform - PC, Mac, Raspberry, NeXTstation, VAX, zombie...

The zip file does not contain blocks.nxt and transactions.nxt. Make sure you preserve your own *.nxt files before upgrading!

Can we please have it also as latest.zip symlinked there, so that users always know how to download the latest.

Starting to deploy now.

yes we are working on this, and a common naming system for archived versions, across all the .nxtcrypto.org sites

[bitcoinrocks]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

[ferment]

Can we please have it also as latest.zip symlinked there, so that users always know how to download the latest.

Starting to deploy now.

Something like this works...

nxt:nrsdownload

http://22k.io/nrsdownload

Alias can be checked too:
http://22k.io/nrsdownload/info

[jl777]

Well, for the NXTalias company we have wesleyh and I am sure others now who feel deserving of a share of the NXTalias pie.

aldrin has pledged his 1% stake's forging output. This is such a fantastic thing that it makes all of this possible.

to make this more real, we need to have the following:


a) Calculation of total forging revenues based on NXT pledged to community fund. This acts as a surrogate of pooled mining, instead people contributed to increasing transaction fees and get a prorata share of big NXT pool

b) percentage distribution of a) for each different method of transaction fee generation. I think right now it is sending fees and alias fees.

c) Nomination of people who should split up the allocation of b)

d) peer voting of all properly nominated people in c) to determine each person's share. Eg. each person has a fixed number of points they can give to each other person other than themselves. Tally up each person's total to get their percentage of the NXT.

In math we trust.

I will be happy to be arbiter for whatever issues require arbiting. As long as the voting is by public post, it will eliminate collusions and we all know who the heavy lifters are.

James

P.S. I think someone in the NXTIPO company should do most of the above as the NXT represents profits directly attributable for a group and makes an excellent starting point for company profit reports which allow for investor valuation of NXTcompanies in general. Maybe each NXTcompany would allocate some percentage of their NXT to the NXTIPO company for this?

[Come-from-Beyond]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

Add more well-known peers. And next time don't delete *.nxt.

[notsoshifty]

Why do you personally need a Global Voting? For decide what kind of things exactly?

To vote on adding alias transfer.

Why should alias transfer be dependent upon a vote (i.e. VS implementation being a pre-requisite to alias transfer implementation), when other features are being implemented based on demand/steer from forums and from dev team? Do others on this forum not want alias transfer to be implemented sooner?

[Ebrelus]

I think Nxt needs to become more democratic by splitting "transactions mining" system to be in half based on proporcional dividend as we have now and in half based on dividend payed random active accounts of Nxt community.

Give us please this weapon to defend Nxt and respond properly to all accusations about Nxt as system rewarding only richest getting richer with no chances for poorer, mass participants. It is much more troublesome to promote it in this shape, because all altcoin hypes were based on possibility of each new participant to mine by himself even very small amount of cryptocurrency and look on growing account.

With this you will see massive feedback from small fishes who bring big fishes and not doubts which are blocking proper progress.

Also somebody should do something with thread Nxt Big Giveaway. Why is it closed for comments and no rewards are payed for few days while all these people are still waiting for it or working hard on Nxt promotion? This is behaviour which undermine faith in Nxt.

And what is it all about that voting system? You want to make Nxt a stock company or club of aristocrats or serious product for everybody? Nxt should stay a free currency for free people and there shouldn't be any totalitarian tools to decrease rights of Nxt owners or do invigilation like NSA criminals do. Keep Nxt decentralisation and freedom of each owner to do what he wants with his own property (as he has with private coins in his pocket).  

Nxt is arrow, since you fired it let it fly, don't cut it's wings and wind will do the rest.
I like others belive in Nxt but don't make from it religion, it always ends badly

Keep up and good work. Development progress is really impressive!  All the best in new year o7

[chanc3r]

VOTING

Sorry if this has gone off topic – but I had an idea and just had to write it down...

This is Voting Proposal that tries to balance stake with number of participants – its not 1 account 1 vote but hopefully the blend in here will make it difficult to screw the vote with either 1 account holding lots of NXT or lots of account holding little NXT.

1. A vote is proposed

• default majority is 51%,
• default participation is 51% of all 30 day active accounts with min 1 NXT BEFORE the vote was proposed.
• default duration is 24hours and this is minimum.

2. The properties of the vote is that the proposer can propose are

• the required majority level (weighted NXT)
• participation level (max 100%, minimum 10% of active accounts)
• the duration (hours, min 24)

2. The vote is submitted to the network.
4. The voters can weight their vote with their non-refundable NXT Fee min 1 NXT
5. The voters also confirm or reject the majority & participation proposals if they are different from the default, this component is NOT weighted by the NXT Fee and always requires 51% of the participating voters to agree.
6. The vote completes once the participation level is met and 51% of those voting have agreed with that participation level.
7. If the vote does not achieve  51% agreement of proposed participation and achieve that participation then the voting transaction fails and everything rolls back.
8. If the vote does achieve 51% agreement of proposed participation AND that participation is achieved then the vote is successful and the transaction completes.
9. People need to be able to query the vote, see the current stats and increase their FEE if they so wish.
10. The vote result is the number of VOTEs for/against weighted by their respective NXT Fees.
11. The Total Vote Fees are then divided equally between the forger of that block and the participating voters.

So you can buy votes but not by buying NXT and just holding it, you need to be active and put some of your stake behind your vote – if everyone feels equally strong and puts 100 NXT in their vote then you will get most of your stake back but if you want so badly to win you put 1,000,000 NXT in and everyone put in 1 NXT then you may well win but then your stake is divided up amongst the voters.

Yes some people will vote with 1 NXT hoping to get more than 1 NXT in Fees I guess and will try to use mutiple accounts but whatever system is implemented there will always be some who try to screw it.

this is interesting ....good job....Cfb could it this be implemented?

Yes, if there are no flaws. But original voting is based on other algo.

Sorry one further thought - if you wanted to make sure you got a good response from a vote - you could seed it with a bounty as an 'Abstain Vote' - people voting would then see that there was a reward for their view and participate in the vote.

Of course then how many 'votes' might we be running and whatever the split - some of this would go to the forging revenues.

People might run a vote to get peoples opinion on something - not just to change the course of NXT or some other planetary issue..

If you implement voting right so that rewards/revenue can come from participating in the votes people might use it for many things, it won't bias the outcome because people would get the reward irrespective of their vote.