NXT :: descendant of Bitcoin - Updated Information

[ireneang]

I severely concern the reliability and validity of the NXT transaction mechanism and DGEX system. Two days ago, I attempted to transfer 13287 NXT (plus 13 NXT transaction fee) to my DGEX account as deposit with a transaction deadline of 1 hour. Unfortunately, after one hour (1 hour deadline passed), the transaction was not made, and in my DGEX account history, it was stated that the NXT deposit was pending. Hence, for this pending order, I clicked the “cancel” button to cancel the “deposit”. Then in the history, it was stated that the “pending deposit” was canceled.

After two days (as of now), in my NXT account, 13300 NXT still disappears. From the information button “i”, I found the transaction ID, indicating 13300 NXT was transacted to the DGEX system. However, I could not see any deposit in my DGEX account. 

Two days ago, I sent an email to DGEX and left a message in DGEX website. Up to now, no reply from DGEX…

My specific questions are:
1) Why did the NXT transaction still proceed even after the deadline was passed?
2) Where is my 13300 NXT now?
3) Why DGEX does not reply me?

[Come-from-Beyond]

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.

I'm not sure I got ur idea, but I suspect it's flawed (vulnerable to Sybil attack, for example) or outcome will be exactly the same as in current implementation.

[ferment]

Quick 22k.io update

Since the NXT Blockchain explorer is offline, I added a simple way to peek at an account. Just substitute the account number.

http://22k.io/-account/4915862015826193000

Now if you set an alias to a uri like "acct:4915862015826193000@nxt", you'll get nice forwarding to the account page.

http://22k.io/acct22k

Like?

ps - Thanks for the donations! Keep 'em coming and I'll keep hacking! 4915862015826193000

[landomata]

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?

James...couldn't we combine....Aldrin 1% forging stake & the NXTIPO company into one entity....based on Aldrin's 1% base capital....the NXTIPO company would list on the NXT Asset Exchange(to gain even more forging capital) and pays out the mining fees it generates as a monthly dividends....it's shares would also be traded on the NXT Asset Exchange.


EDIT: the NXTIPO Company becomes the 1st NXT forging pool....no need to trust anyone with your NXT.....just buy shares(to enter the pool) of the NXTIPO Company and received your monthly dividends.

The share price can also appreciate over time.

[jl777]

ebrelus,

I think you missed aldrin's post about his plan of divesting 75% of his founder NXT and then pledging 100% of his remaining 1% of NXT's forging revenue to a community fund.

If this is the average behavior of NXT founds,that means 75% of NXT will be distributed into the early adopters and that the initial concentration of 40% in a dozen(?) full 1BTC founders will be down to 10%

That is less than Ripple Lab's percentage of XRP and with their curing cancer angle, people aren't complaining so much about the 20%.

so with half the Ripple Labs percentage and 100% of income from that diminished percentage funding community activities that mathematically reward people in direct correlation to their contribution in boosting NXT valuations, how exactly is there an image problem?

Contrary to an image problem, NXT has created a nice balance between the wealthy and the rest. BCNext is the one who made the founders wealthy by giving away millions of dollars of software to the founders. That was his right. It is done. Now the founders are selling the vast majority of their shares and giving away 100% of their future income so the early adopters can earn NXT.

Just communicate what is happening, there will be no image problem that I see. On the contrary, the truth of what is happening will be very positive.

James

[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?

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

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

[Come-from-Beyond]

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

http://nxtra.org/nodes/

[utopianfuture]

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

http://nxtra.org/nodes/

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

[Come-from-Beyond]

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

No. Orders will be with cents but min fee still 1 NXT.

[gbeirn]

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.

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Where can I find a list of well-known peers to add to web.xml?

Peers may go up and down. What is on a list today may not be tomorrow. I think it would be pretty easy for someone to make a webpage where you enter your info (IP, Hallmark, etc.) and have it generate a web.xml for you.

[utopianfuture]

Cfb, is minimum fee to 0.01 implemented at the same time as the launch of the asset exchange ?

No. Orders will be with cents but min fee still 1 NXT.

any plan for min fee update. Like any NXT price target ?

[jl777]

landomata,

I don't think it makes sense to entangle things like that. Modular design is important in software and also incentive design.

I am envisioning that there will be founders and massive NXT early adopters who pledge a prorata share of their forging income. This can be public or private or anonymous.

Note that if someone with 50 million NXT pledged the forging revenue from 10 million NXT, they would actually send 20% of their overall forging revenue, essentially creating a forging pool of their own NXT.

So there is the community fund account that receives regular (weekly or monthly) payments from the participating donors. Some trusted person in the community runs this fund and a separate entity, the IPOcompany would calculate who should get what based on voting results submitted by each group.

The only subjective number is each groups voting results and that would be the responsibility of each group. The rest is totally calculatable with relatively simple blockchain analysis.

Now, whether each group decides to be a private group and receive 100% of their NXT upon disbursement or to each own shares in a NXTcompany and have the company get 100% of the NXT or anything in between, that would be a matter for each group.

Since we can start this right now without adding the IPOshares complexity, I suggest we start a dry run and calculate how much wesleyh should get. As we get more and more contributors and more and more groups,it will clarify as to which ones are on a large growth path and would benefit from the IPO process.

James

[Come-from-Beyond]

any plan for min fee update. Like any NXT price target ?

2 options:
- Stakeholders decide via VS
- When average number of transactions per block reaches some threshold (50% for example)

[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?

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

What if I were a new user?  I wouldn't have any *.nxt files.  I would be required to add more well-known peers?  If so, why not include them in the distributed web.xml?  It would be good to make this software work out of the box.

Peers may go up and down. What is on a list today may not be tomorrow. I think it would be pretty easy for someone to make a webpage where you enter your info (IP, Hallmark, etc.) and have it generate a web.xml for you.

Are there plans to remove the NRS software's reliance on well-known peers?  Obviously it would be ideal for the software to connect to the network and find its own way as is the case with other P2P networks.

[utopianfuture]

any plan for min fee update. Like any NXT price target ?

2 options:
- Stakeholders decide via VS
- When average number of transactions per block reaches some threshold (50% for example)

Should have a technical milestone like in option 2. This belongs to technical category. You should ask BCNext. If there are two options, we have to vote again. Put it into technical category.  

[landomata]

Since we can start this right now without adding the IPOshares complexity, I suggest we start a dry run and calculate how much wesleyh should get. As we get more and more contributors and more and more groups,it will clarify as to which ones are on a large growth path and would benefit from the IPO process.

James

What target amount do you have for Wesleyh in mind?

[xibeijan]

That is ridiculous.  Have you or BCNxt offered to pay him?

BCNext is planning to spend some unclaimed coins to push development of clients for different platforms. Nexern is supposed to get something just like the other guys who develop something for Android and iPhone. But I wouldn't rely on unclaimed coins, not too much left.

Where have the coins gone?

[gbeirn]

That is ridiculous.  Have you or BCNxt offered to pay him?

BCNext is planning to spend some unclaimed coins to push development of clients for different platforms. Nexern is supposed to get something just like the other guys who develop something for Android and iPhone. But I wouldn't rely on unclaimed coins, not too much left.

Where have the coins gone?

People who are claiming them?

[Come-from-Beyond]

Should have a technical milestone like in option 2. This belongs to technical category. You should ask BCNext. If there are two options, we have to vote again. Put it into technical category.  

Stakeholders should decide imho.

[Come-from-Beyond]

Where have the coins gone?

To their legit owners. Only a few left.