NXT :: descendant of Bitcoin - Updated Information

[jl777]

landomata,

I am assuming core developers have their millions of NXT and will happily continue adding cool core features. However a core feature usually needs a bit of extra to make it maximize transaction fees.

If people think wesleyh is being overcompensated by his earning thousands of NXT per <Tbd> then others will figure out how to monetize the alias feature too. The dev team will be happy that people are using NXT to make NXT more valuable, since they presumably have a lot of NXT. Let's say we end up with half a dozen key contributors to alias monetization and a dozen supporting contributors, as just arbitrarily say all key contributors deserver equal share and all supporting contributors deserve equal shre and supporting role is worth one quarter a key role.

We would have 6 + 3 = 9 total shares, which each of the half dozen key contributors getting 1/9th the alias group's allocation and the dozen supporting people would get 1/36th.

I made up half dozen, dozen and 4:1 ratio. Each specific company will probably have different number of participants and ratios. The important concept here is that if a certain core feature has a lot of potential and a person is clever enough to unlock it with additional work, then that person gets a windfall. Other people notice that and come up with additional ways until it gets to a point of diminishing returns and new untapped core features gets developed.

Decentralized, self-selectred parallel development with profit motive.

I think it makes sense and the best part is that almost all of it is based on math that can't be argued with. The only thing that is up for debate is a person's membership in a group. I can see an odd numbered council of CfB, jean-luc, etc. to decide on this issue if there is any controversy. I don't imagine we would get too many controversies as a person's contribution needs to be tied directly to generating transaction fees from a core feature.

James

[gbeirn]

Owner posted on nxtcoin.org that he has not implemented password changing since people can change their password to something simply and get their account hacked.

Ah, that explains why I got "TABLE", this is much stronger... Dictionary attack will definitely fail, incrementing account id is extra protection I suppose...

[gbeirn]

Hi everyone. I'm looking to trade 0.3 BTC for NXT. I'd like to avoid going through an exchange though; hearing problems with dgex, and I don't have enough confidence in the new one that just launched. Would anyone be interested in selling me any NXT directly? Please PM or post only offers that are close to dgex prices.

I'm new to cryptocurrency, only just got my first BTC from fiat a few hours ago, so I don't know what the customs are, or how best to go about the trade. Would appreciate any advice about all this I also don't really know anyone from this forum yet (so far I've only talked to Anon136 over PM), so I might not be willing to trade if you're also newish (don't have a sizeable post history).

(Don't know if this is the right place for this post, but I wasn't sure that the marketplace subforum has enough attention from folks with NXT.)

I would be willing...

[Zahlen]

Regarding transaction fees, why not set them at some percentage of the transaction made (but capped at 1 NXT)?

[Come-from-Beyond]

Regarding transaction fees, why not set them at some percentage of the transaction made (but capped at 1 NXT)?

That's how it works now. But u can change suggested fee to 1 NXT.

[Damelon]

OK, I think I figured out why Tor didn't work for me.
It just didn't accept "localhost".

Can someone in the know confirm to me that if I go to 127.0.0.1/7874 in Tor, that basically this is what is needed to avoid the earlier mentioned DDos after TF has been implemented?
If so, I can put it separately in the wiki.

Thanks in advance.

[artila]

New Exchange looks good

made a deposit and sold some nxt:

http://i39.tinypic.com/34xknyo.jpg

Where is this new exchange?

https://nxtchg.com/

also original forum link is https://nextcoin.org/index.php/topic,1585.0.html

I have PM'ed NxtChg.com regarding passwords and other people are also recommending the password policy is changed. So hopefully they will change it. In the meantime I withdrew some NXT and it worked fine.

[Come-from-Beyond]

OK, I think I figured out why Tor didn't work for me.
It just didn't accept "localhost".

Can someone in the know confirm to me that if I go to 127.0.0.1/7874 in Tor, that basically this is what is needed to avoid the earlier mentioned DDos after TF has been implemented?
If so, I can put it separately in the wiki.

Thanks in advance.

U can just connect to a few nodes. Later peers won't share ur address if u set "shareMyAddress" to "false". Also u'll be able to use HTTPS.

[landomata]

landomata,

I am assuming core developers have their millions of NXT and will happily continue adding cool core features. However a core feature usually needs a bit of extra to make it maximize transaction fees.

If people think wesleyh is being overcompensated by his earning thousands of NXT per <Tbd> then others will figure out how to monetize the alias feature too. The dev team will be happy that people are using NXT to make NXT more valuable, since they presumably have a lot of NXT. Let's say we end up with half a dozen key contributors to alias monetization and a dozen supporting contributors, as just arbitrarily say all key contributors deserver equal share and all supporting contributors deserve equal shre and supporting role is worth one quarter a key role.

We would have 6 + 3 = 9 total shares, which each of the half dozen key contributors getting 1/9th the alias group's allocation and the dozen supporting people would get 1/36th.

I made up half dozen, dozen and 4:1 ratio. Each specific company will probably have different number of participants and ratios. The important concept here is that if a certain core feature has a lot of potential and a person is clever enough to unlock it with additional work, then that person gets a windfall. Other people notice that and come up with additional ways until it gets to a point of diminishing returns and new untapped core features gets developed.

Decentralized, self-selectred parallel development with profit motive.

I think it makes sense and the best part is that almost all of it is based on math that can't be argued with. The only thing that is up for debate is a person's membership in a group. I can see an odd numbered council of CfB, jean-luc, etc. to decide on this issue if there is any controversy. I don't imagine we would get too many controversies as a person's contribution needs to be tied directly to generating transaction fees from a core feature.

James

Dear James,

Sorry....the infrastructure/feature builders won't necessarily be the current core dev team but any developer anywhere in the world who wants to implement a fundamental feature inside the Nxt ecosystem not yet imagined by any of us.

EDIT: After which specialized companies based on your above line of reason would develop these new fundamental features further to the point of diminishing returns.

lets take wesleyh for example....he did not develop the fundamental feature called Alias System....so he was not the source of the new fee revenue stream...but he did extend the feature to new levels of functionality.



 

[gbeirn]

Hi everyone. I'm looking to trade 0.3 BTC for NXT. I'd like to avoid going through an exchange though; hearing problems with dgex, and I don't have enough confidence in the new one that just launched. Would anyone be interested in selling me any NXT directly? Please PM or post only offers that are close to dgex prices.

I'm new to cryptocurrency, only just got my first BTC from fiat a few hours ago, so I don't know what the customs are, or how best to go about the trade. Would appreciate any advice about all this I also don't really know anyone from this forum yet (so far I've only talked to Anon136 over PM), so I might not be willing to trade if you're also newish (don't have a sizeable post history).

(Don't know if this is the right place for this post, but I wasn't sure that the marketplace subforum has enough attention from folks with NXT.)

I would be willing...

I would sell 4300NXT for 0.3BTC (right around dgex) value. You would have to send 0.15BTC first, once confirmed I will send the 2000NXT, once you verify that we can complete the rest of the transaction.

[Zahlen]

Hi gbeirn, please disregard my PM (I keep posting right after you post). Sure, 4300 NXT for 0.3 BTC sounds good Mind if I send a smaller amount of BTC? I've yet to test the send function on my BTC client (Multibit), nor the receive on the NXT client. Say 0.05 BTC for 700 NXT first? Then if that clears, I'll send the remaining 0.25 BTC and you send 3600 NXT and we finish the transaction. I send first in both trades. If this is ok, then let's carry on the rest of the convo in PM

[BitAddict]

OK, I think I figured out why Tor didn't work for me.
It just didn't accept "localhost".

Can someone in the know confirm to me that if I go to 127.0.0.1/7874 in Tor, that basically this is what is needed to avoid the earlier mentioned DDos after TF has been implemented?
If so, I can put it separately in the wiki.

Thanks in advance.

U can just connect to a few nodes. Later peers won't share ur address if u set "shareMyAddress" to "false". Also u'll be able to use HTTPS.

It would also work directly with strong VPN and no TOR?

[Markov]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

[wakasaki808]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

The more Nxt you have in your possession. The more you will end up forging. Remember that blocks of 0 Nxt will not show in your received transaction amount...and there are still many blocks of 0 Nxt, at least until more transactions start taking place.

Which is why people have been suggesting to create a pool of some kind (just like https://nextcoin.org/index.php/topic,1783.15.html which made http://nxt-pool.uk.to/ has been trying to do). The problem is you must send what you are willing to give up and let the account forge with, actually hold in their balance. Until there is a better way maybe when source is revealed in a few days. So its more of a trust issue at that point. I wish I could create a pool and help people out if they have low balances, but I suck at anything programming.  

Just think of your balance of Nxt as your hashes you generate in a mining rig for current crypto-mining. At least that's how I view it. aka more balance(hashes) more blocks generated, less balance(hashes) less blocks generated.  Just that there is no such thing as generating .00 of a Nxt or anything just yet...

[mnightwaffle]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

I'm under the impression you won't forge anything "significant" unless you're sitting on atleast a nxt equivalent of 60k dollars... maybe a few hundred k USD...
edit: or 5m

[Come-from-Beyond]

It would also work directly with strong VPN and no TOR?

Yes.

[Damelon]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

Forging is basically not something that is really important in NXT as a way to think about the coin.
It's more in the nature of a "perk" when the transactions are going well and you have a significant amount of NXT in your active account.
You basically get a chance to "forge" a block in the chain and get all transactionfees associated with that block.

However, the chances of forging (when the coin has decentralised a lot) will be very low for most people.

I think of it as a nice extra, nót as a way to earn easy money by just having it rest.

Hope that clears it up a bit.

[dzarmush]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

Forging is basically not something that is really important in NXT as a way to think about the coin.
It's more in the nature of a "perk" when the transactions are going well and you have a significant amount of NXT in your active account.
You basically get a chance to "forge" a block in the chain and get all transactionfees associated with that block.

However, the chances of forging (when the coin has decentralised a lot) will be very low for most people.

I think of it as a nice extra, nót as a way to earn easy money by just having it rest.

Hope that clears it up a bit.

But why not? I read that top accounts with 50M coins forge appx 35 000 coins a day which means you need 4 years to make another 50M. So even if the price stays the same and number of transactions won't increase you're fine. Four years is a good timing. Open and operate a restaurant for example is much harder and risky.

[EvilDave]

Bloody Hell...turn my back for a day and I've got a new client to install, DDoS attack and 30 pages of forum thread to plough thru....

Oh, well, welcome to NXT  

JUst got 4.8 up and running, can I have a block check ?

I'm on:

29207      4071545868996394636      dinsdag 31 december 2013 13:02:05   
      
      1      0 + 1      189 B   
      
      1      5248561830045485909      319 %

Thanks in advance, Happy NXT Year for 2014....onwards and upwards !

[User705]

I still don't understand how to mine this coin. Got absolutely nothing. Any help anywhere in these 600 pages?

Forging is basically not something that is really important in NXT as a way to think about the coin.
It's more in the nature of a "perk" when the transactions are going well and you have a significant amount of NXT in your active account.
You basically get a chance to "forge" a block in the chain and get all transactionfees associated with that block.

However, the chances of forging (when the coin has decentralised a lot) will be very low for most people.

I think of it as a nice extra, nót as a way to earn easy money by just having it rest.

Hope that clears it up a bit.

If you think about it it's the opposite of that.  The more distributed the Nxt the more coins are not forging because either of the 1 day hold after transfers or people holding coins that aren't bothering with forging.  So the more distributed it is the less coins will be actively forging and the higher the odds of forging will be.