NXT :: descendant of Bitcoin - Updated Information

[Come-from-Beyond]

If someone creates a forum poll on nextcoin.org and majority votes for this min fee setting ratio (always keep min fee ~$0.10), would the devs implement it or would we still need to wait for the VS to be in place?

Jean-Luc, this is addressed to u.

[idev]

Can someone hook me up with a blocks.nrs file as i mistakenly deleted my entire 0.4.7e directory.

just create an empty blockchain.nrs file, and download the blockchain.

I'm doing that but I'm stuck at block 0 for some reason.

[utopianfuture]

All right. I am going to log out now. HAPPY NEW YEAR to YOU all, especially to BCNext, CfB, Luc and all others who are working to keep the network safe and secure. WISH you all a prosperous 2014.

[gbeirn]

the min fee can be set to 0.50, 0.25, etc? can be any number?

Almost any. Minus 1 NXT fee wouldn't be a good decision.

ok,

so when NXT goes to $0.20, set min fee to 0.50, NXT goes to $0.40 set min fee to 0.25, NXT goes to $1 min fee to 0.1, etc.
If someone creates a forum poll on nextcoin.org and majority votes for this min fee setting ratio (always keep min fee ~$0.10), would the devs implement it or would we still need to wait for the VS to be in place?

I agree that a fee reduction schedule have to be planned ahead. Need to do it the sooner the better.

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

[gbeirn]

Can someone hook me up with a blocks.nrs file as i mistakenly deleted my entire 0.4.7e directory.

just create an empty blockchain.nrs file, and download the blockchain.

I'm doing that but I'm stuck at block 0 for some reason.

It's blocks.nxt and transactions.nxt, not nrs.

Edit: nevermind. I mis-read that.

[utopianfuture]

the min fee can be set to 0.50, 0.25, etc? can be any number?

Almost any. Minus 1 NXT fee wouldn't be a good decision.

ok,

so when NXT goes to $0.20, set min fee to 0.50, NXT goes to $0.40 set min fee to 0.25, NXT goes to $1 min fee to 0.1, etc.
If someone creates a forum poll on nextcoin.org and majority votes for this min fee setting ratio (always keep min fee ~$0.10), would the devs implement it or would we still need to wait for the VS to be in place?

I agree that a fee reduction schedule have to be planned ahead. Need to do it the sooner the better.

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

Yes plan ahead only. 1NXt is good for now. I think laowai's rule is a good one. Fee should not exceed 10 cent (0.1 us$).

[laowai80]

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

People don't think in terms of crypto prices yet, they tend to think in fiat terms.
When/if fiat currencies do collapse, then it'll make more sense to tie the fee to something else,
but now, even from the marketing standpoint, it sounds great when you say that the fee is only 10 cents, all people understand cents, fewer people understand exchange rates and how much it costs in crypto terms. But when you say 10 cents, everyone thinks - wow, so cheap, I gotta have a thorough look into this online currency.

[gbeirn]

the min fee can be set to 0.50, 0.25, etc? can be any number?

Almost any. Minus 1 NXT fee wouldn't be a good decision.

ok,

so when NXT goes to $0.20, set min fee to 0.50, NXT goes to $0.40 set min fee to 0.25, NXT goes to $1 min fee to 0.1, etc.
If someone creates a forum poll on nextcoin.org and majority votes for this min fee setting ratio (always keep min fee ~$0.10), would the devs implement it or would we still need to wait for the VS to be in place?

I agree that a fee reduction schedule have to be planned ahead. Need to do it the sooner the better.

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

Yes plan ahead only. 1NXt is good for now. I think laowai's rule is a good one. Fee should not exceed 10 cent (0.1 us$).

I don't know why we would want to tie to fiat or limit ourselves by that at all. Plus not everyone uses US$ and it may be more or less expensive based on their local currency.

Why not shoot for a goal of 'X' amount of NXT per day (or whatever) should be recirculated as transaction fees to forgers. Like a difficulty adjustment for the transaction fee. The more people that use NXT, the less it costs each person to send NXT.

[utopianfuture]

the min fee can be set to 0.50, 0.25, etc? can be any number?

Almost any. Minus 1 NXT fee wouldn't be a good decision.

ok,

so when NXT goes to $0.20, set min fee to 0.50, NXT goes to $0.40 set min fee to 0.25, NXT goes to $1 min fee to 0.1, etc.
If someone creates a forum poll on nextcoin.org and majority votes for this min fee setting ratio (always keep min fee ~$0.10), would the devs implement it or would we still need to wait for the VS to be in place?

I agree that a fee reduction schedule have to be planned ahead. Need to do it the sooner the better.

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

Yes plan ahead only. 1NXt is good for now. I think laowai's rule is a good one. Fee should not exceed 10 cent (0.1 us$).

I don't know why we would want to tie to fiat or limit ourselves by that at all. Plus not everyone uses US$ and it may be more or less expensive based on their local currency.

Why not shoot for a goal of 'X' amount of NXT per day (or whatever) should be recirculated as transaction fees to forgers. Like a difficulty adjustment for the transaction fee. The more people that use NXT, the less it costs each person to send NXT.

It could be a good idea but it could be difficult to implement and more difficult to know the exact fee at each moment you need to send NXT.

We could also tie it to the actual price to buy a cup of coffee or a big Mac for example. If we want NXT to be used in a widespread scale like buying food, gas, coffee then the fee has to be proportional. If a cup of coffee cost generally 2-3$, the minimum should no be over 10 cent. Basically tie the fee to purchasing power.

[morningtime]

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

People don't think in terms of crypto prices yet, they tend to think in fiat terms.
When/if fiat currencies do collapse, then it'll make more sense to tie the fee to something else,
but now, even from the marketing standpoint, it sounds great when you say that the fee is only 10 cents, all people understand cents, fewer people understand exchange rates and how much it costs in crypto terms. But when you say 10 cents, everyone thinks - wow, so cheap, I gotta have a thorough look into this online currency.

This doesn't make any sense. NXT fees should be expressed in NXT. Period.

[utopianfuture]

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

People don't think in terms of crypto prices yet, they tend to think in fiat terms.
When/if fiat currencies do collapse, then it'll make more sense to tie the fee to something else,
but now, even from the marketing standpoint, it sounds great when you say that the fee is only 10 cents, all people understand cents, fewer people understand exchange rates and how much it costs in crypto terms. But when you say 10 cents, everyone thinks - wow, so cheap, I gotta have a thorough look into this online currency.

This doesn't make any sense. NXT fees should be expressed in NXT. Period.

Fee is always in NXT. He means it should not exceed 10 cent. Cos you want to use NXt in the real world, shopping, buying food, coffee, etc.

[Damelon]

Plan ahead, sure. I think implementing it should wait however. 1NXT is not that much and we already have people worrying about the distribution of NXT as it is. I would prefer to see it tied to volume and transaction total. Not to a fiat or even BTC price.

People don't think in terms of crypto prices yet, they tend to think in fiat terms.
When/if fiat currencies do collapse, then it'll make more sense to tie the fee to something else,
but now, even from the marketing standpoint, it sounds great when you say that the fee is only 10 cents, all people understand cents, fewer people understand exchange rates and how much it costs in crypto terms. But when you say 10 cents, everyone thinks - wow, so cheap, I gotta have a thorough look into this online currency.

This doesn't make any sense. NXT fees should be expressed in NXT. Period.

Some people (older people, like my mum) still sometimes calculate back from Euro to guilder. That's how long such changes can take.
People will need a reference point in the currency they are used to, otherwise they have no idea how to value it at the moment.
In time, that will change.

[laowai80]

Why not shoot for a goal of 'X' amount of NXT per day (or whatever) should be recirculated as transaction fees to forgers. Like a difficulty adjustment for the transaction fee. The more people that use NXT, the less it costs each person to send NXT.

That would be overcomplicating things, I am afraid.
We don't have stable software yet. The more features = the more bugs.
An additional feature of calculating the fee based on some algo will introduce more bugs and inconsistencies and user complaints.
Everybody understand $0.10, even those who have other local currencies. Most local currencies in the world are tied to USD in some way anyway, so people in other countries easily exchange back and forth from USD to their local fiat. At least while NXT grows it should be tied to something people are very familiar with. Just my 2 NXT cents.

[opticalcarrier]

Is there any news concerning Drexme?

His story was that he took the funds to "invest" them and will host a giveaway with them sometime next week.  Im not sure if he meant a ggiveaway for use here at NXT or over at his dogecoin stuff hes been working on

[gbeirn]

Why not shoot for a goal of 'X' amount of NXT per day (or whatever) should be recirculated as transaction fees to forgers. Like a difficulty adjustment for the transaction fee. The more people that use NXT, the less it costs each person to send NXT.

That would be overcomplicating things, I am afraid.
We don't have stable software yet. The more features = the more bugs.
An additional feature of calculating the fee based on some algo will introduce more bugs and inconsistencies and user complaints.
Everybody understand $0.10, even those who have other local currencies. Most local currencies in the world are tied to USD in some way anyway, so people in other countries easily exchange back and forth from USD to their local fiat. At least while NXT grows it should be tied to something people are very familiar with. Just my 2 NXT cents.

So why are we even worrying about adjusting the transaction fees right now? If we are imaging a world where people use NXT to pay for cups of coffee regularly then odds are we have a fairly stable ecosystem in place. Again I think it's a good idea to design and think about such a system to implement in the future but why are we limiting ourselves with fiat?

[S3MKi]

HAPPY NXT YEAR GUYS!!

[ferment]

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Let me know what you think! Thank you for your support: 4915862015826193000.

[laowai80]

So why are we even worrying about adjusting the transaction fees right now? If we are imaging a world where people use NXT to pay for cups of coffee regularly then odds are we have a fairly stable ecosystem in place. Again I think it's a good idea to design and think about such a system to implement in the future but why are we limiting ourselves with fiat?

Well, the fee will need to be reduced fairly soon, when NXT hits $0.20, might be a month or two. So we kinda need a plan for the near future. And a more complicated plan based on some algo could be introduced later, when software is stable enough, network is strong enough, and other higgher priority issues are solved. I'm sure it'll be possible to modify code later and code in a complex fee calculating algo if needed.

[Boldhead]

I'm not sure if this is the right place but I did a BTC withdrawing almost 5 days ago and it's still pending..
Anybody else experiencing problems like this one?

[utopianfuture]

I'm not sure if this is the right place but I did a BTC withdrawing almost 5 days ago and it's still pending..
Anybody else experiencing problems like this one?

That's the problem with the exchange. You have to ask the exchange owner, not us.