NXT :: descendant of Bitcoin - Updated Information

[mcjavar]

nxtchg owner posted about a bug that cost him a lot. Did not seem he wanted to continue, certainly not large volume tradings.

There was a bunch of NXT inventory available around 3 XRP, but it got snapped up. We need more inventory of NXT on ripple using simpleGateway.

Please try peercover NXT gateway, it pays for costs from forging revenues of the NXT you deposit. No other fees. If there will ever be fees, there will be plenty of notice.

I guess most people have their NXT trapped within dgex. Is there anybody that has NXT outside of dgex who is willing to deposit into ripple? If not, is there anybody willing to sell to me and I can make some NXT available at market price.

ripple is relatively small now. NXT can become the largest issue on ripple if we just moved our trading there. Being the largest issue will help promote NXT. Better to be the big fish in a small pond first.

James

P.S. Can anybody talk some sense into dgex owner and allow people to withdraw without crazy big fee. Isn't forging from 50million NXT enough???

75. it is 75 million. In only one of the accounts.

[bybitcoin]

I warned about dgex behavior several times in our bounty thread, every time the head guy jumped in to defend their business.
But the funny part is they even didn't try to implement the simplest of improving suggestions which we mentioned there: that
is a secure https connection..?!
What dgex does is very simple, they are making bunch of money out of Nxt, and the only thing they improve is just their profits,
simply because of two reasons:
1- Monopoly, not any serious competitions;
2-They are here for a short-term profit.
First was freicon, then nxt... they only need to change the logo each time!

[ImmortAlex]

75. it is 75 million. In only one of the accounts.

And if everyone who hold their Nxt in dgex tries to withdraw... Dgex will get 75M * 1.4%.

[notsoshifty]

Full source code will be released Jan 3rd, 2014.  The fifth anniversary of bitcoin's genesis block.

Unless we're going to get more code in the next few hours, the note on the first page should be edited.

Code? Check!
Source? Check!
Full? Sorry, afraid not. Removed some bits, added some flaws, doesn't work on the live network.

[utopianfuture]

75. it is 75 million. In only one of the accounts.

And if everyone who hold their Nxt in dgex tries to withdraw... Dgex will get 75M * 1.4%.

You should join Nxt team in some capacity. 

[rickyjames]

Good morning, EpicThomas -


I've been reviewing 18 US Code 1030 - you know, the law covering the computer felony you admitted in this forum that you have committed.    Check it out:

http://www.law.cornell.edu/uscode/text/18/1030

I wanted to know the right buzz words to use when I call the Orlando FBI office next week at (407) 875-9976.

Later today I'm gonna talk to your aunt.  Listen to what she says when she calls you this weekend.

[NxtChg]

nxtchg owner posted about a bug that cost him a lot. Did not seem he wanted to continue, certainly not large volume tradings.

Just to clarify, this was not my bug, it seems like some sort of memory corruption in the client, which puts wrong number into address.

I have no problem with large trades so long as they are small for you personally and you are not afraid to lose them.
Also, withdraw by smaller chunks to lessen the probability of another such error.

I will save a screenshot before clicking "send" on each withdrawal from now on to make absolutely sure it wasn't my mistake.

Somebody just deposited 60 000 NXT, so we'll see

[Luceat]

nxtchg owner posted about a bug that cost him a lot. Did not seem he wanted to continue, certainly not large volume tradings.

There was a bunch of NXT inventory available around 3 XRP, but it got snapped up. We need more inventory of NXT on ripple using simpleGateway.

Please try peercover NXT gateway, it pays for costs from forging revenues of the NXT you deposit. No other fees. If there will ever be fees, there will be plenty of notice.

I guess most people have their NXT trapped within dgex. Is there anybody that has NXT outside of dgex who is willing to deposit into ripple? If not, is there anybody willing to sell to me and I can make some NXT available at market price.

ripple is relatively small now. NXT can become the largest issue on ripple if we just moved our trading there. Being the largest issue will help promote NXT. Better to be the big fish in a small pond first.

James

P.S. Can anybody talk some sense into dgex owner and allow people to withdraw without crazy big fee. Isn't forging from 50million NXT enough???

I dislike Ripple thoroughly and don't want to use it but as it seems your Ripple Gateway is the only acceptable exchange right now. I guess it's fine as a temporary solution.

[pinarello]

I warned about dgex behavior several times in our bounty thread, every time the head guy jumped in to defend their business.
But the funny part is they even didn't try to implement the simplest of improving suggestions which we mentioned there: that
is a secure https connection..?!
What dgex does is very simple, they are making bunch of money out of Nxt, and the only thing they improve is just their profits,
simply because of two reasons:
1- Monopoly, not any serious competitions;
2-They are here for a short-term profit.
First was freicon, then nxt... they only need to change the logo each time!

+1

Pin

[jl777]

Peercover is not out to gouge the NXT community. I have worked with them closely in the ripple world and they are good people.

Peercover uses https

Peercover's business model, which I worked hard to convince them to adopt, is to pay for expenses from forging revenues and not charge the customers anything. Ripple itself does not charge you. The only cost is the spread between bid and ask.

They incurred heavy costs during holidays to create a robust decentralized exchange without fees. Very easy to send NXT to wrong acct number, especially during development. Maybe we can send some business there, if not to help them out, just so we can trade without getting nibbled to death with all the fees AFTER we sacrifice our forging revenues.

bybitcoin, can I sell some NXT for you on ripple? You won't have to do anything, I will do all the work (this is my day job). This will let people deposit BTC or LTC for free and purchase NXT. I can make a market in NXT/BTC within 15 minutes from when I get the inventory.

After it is sold, I will send you the BTC directly using peercovers automated withdrawal.

Please, 75 million NXT is trapped inside dgex, there is no inventory available on ripple

James

[pinarello]

75. it is 75 million. In only one of the accounts.

And if everyone who hold their Nxt in dgex tries to withdraw... Dgex will get 75M * 1.4%.

You should join Nxt team in some capacity. 

People have offerd help, none of them got respons.


Pin

[jl777]

hate ripple all you want, just don't hate the people that use ripple. Peercover is not ripple, it is far more robust to use ripples distributed servers for a real money exchange than any single companies server(s)

James

P.S. no offense to the nxtchg owner, but a "if anything happens I won't be responsible" terms of use isn't quite what the NXT community can depend on for trading.

[GCInc.]

I warned about dgex behavior several times in our bounty thread, every time the head guy jumped in to defend their business.
But the funny part is they even didn't try to implement the simplest of improving suggestions which we mentioned there: that
is a secure https connection..?!
What dgex does is very simple, they are making bunch of money out of Nxt, and the only thing they improve is just their profits,
simply because of two reason:
1- Monopoly, not any serious competitions;
2-They are here for a short-term profit.
First was freicon, then nxt... they only need to change the logo each time!

None of this is true, except for the monopoly claim. It's not intentional, we do not limit anybody from opening an exchange. Perhaps worth it to think about the reasons for the nonexistence. Maybe nobody else was ready to carry the risk on inmature network. Yet by enabling trading we have increased NXT value to 100x what it was before DGEX launched.

We have had https for several weeks, just use it.

DGEX is here for long term.

We promised free trading and no NXT cashout fees to encourage NXT adoption for until the end of December.

The main reason for 1.4% NXT withdrawal fee is that we have lost a total of approx. 800 000 NXT during the processing of 11000+ deposits and 7000+ payouts within the month in the unstable NXT network and experimental API, plus our own software in the quick time to market and extremely risky circumstances.

If you think that's too much of a loss, you should have attempted to run the whole show yourself. There ALWAYS are losses in realtime payment processing. They need to be budgeted.

Yet at the same time, we have not complained but have enabled for the community 10000% value increase for their NXT, and through operating nextcoin.org and dgex.com have been a crucial factor in the expansion of NXT adoption.

Now, with the 800 000 NXT deficit, how would you suggest we recover that if not as fees from those who have benefited from us making live trading available in the first place (the customers)? Any suggestions are welcome!

Fees cover the facilities, and they cover the risks. We deal with it, and so should our customers.

[etlase3]

Full source code will be released Jan 3rd, 2014.  The fifth anniversary of bitcoin's genesis block.

Unless we're going to get more code in the next few hours, the note on the first page should be edited.

Code? Check!
Source? Check!
Full? Sorry, afraid not. Removed some bits, added some flaws, doesn't work on the live network.

I agree. That is a clear bait and switch.

[laowai80]

Peercover is not out to gouge the NXT community. I have worked with them closely in the ripple world and they are good people.

Is Ripple wallet needed to trade NXT<->BTC on peercover?

[jl777]

How much does forging from 75 million NXT bring in per week?
dgex must offer fee amnesty for at least 3 days to allow people to withdraw. People were not properly notified about the fee increase.

Did anybody receive an email prior to the fee increase?
Was there an announcement about the fee increase?

Any business can do whatever it wants to do, and customers can also do what they want. If dgex wants to stay, then it should offer 3 day withdrawal amnesty at the least. Post your forging revenues against the 800,000 NXT you claim to have lost. How was all this lost? Why didn't anybody hear about this? The community could have helped.

James

P.S. bid price on ripple is over 15% more than on dgex as of now, actually closer to 20%

[bidji29]

Peercover is not out to gouge the NXT community. I have worked with them closely in the ripple world and they are good people.

Peercover uses https

Peercover's business model, which I worked hard to convince them to adopt, is to pay for expenses from forging revenues and not charge the customers anything. Ripple itself does not charge you. The only cost is the spread between bid and ask.

They incurred heavy costs during holidays to create a robust decentralized exchange without fees. Very easy to send NXT to wrong acct number, especially during development. Maybe we can send some business there, if not to help them out, just so we can trade without getting nibbled to death with all the fees AFTER we sacrifice our forging revenues.

bybitcoin, can I sell some NXT for you on ripple? You won't have to do anything, I will do all the work (this is my day job). This will let people deposit BTC or LTC for free and purchase NXT. I can make a market in NXT/BTC within 15 minutes from when I get the inventory.

After it is sold, I will send you the BTC directly using peercovers automated withdrawal.

Please, 75 million NXT is trapped inside dgex, there is no inventory available on ripple

James

Forging revenue are clearly not enough.
Forging revenue is really low.

Nobody mind some fee if they are low. < 0.5%
Peercover can add some fee i wouldn't mind

[nxtgt]

Unfortunately due to the lack of support from the founders, with the exception of aldrin, I am forced to say goodbye.

I have worked through my vacation to come up with a strategic plan for NXT to get to 0.01 BTC and beyond. When the security issue came up, I debated with CfB who was stuck on "its impossible to add second layer of security because NXT is not centralized" to "API v2 will support second layer of security" Doesn't anybody see the significance of this?

I have pointed out the flaws in the addressing, came up with a solution, but not even acknowledgement from jean-luc and a few days later the same problem comes up again.

I have to make a living and I was willing to use up all my savings for living expenses while I worked fulltime on NXT. All I asked for was some incentive options, got only two responses. The more promising one was a "I will wait and see".

This lack of support does not give me the confidence to use up all my savings and I do have to make a living. I was one week late in discovering NXT, due to this I couldn't get enough to be set for life even if it does go up tenfold. Not sure if I will even be able to keep up with this thread, but I will try.

Goodbye NXT, I wish you luck in dealing with the competitors, bugs, usability issues, etc. without a strategic plan or anybody who is working on implementing the plan.

James

This whole thing lacks direction and organization because they keep falling back on "it's de-centralized". There are economic trade-offs to pure de-centralization. If everything is de-centralized - control, organization, authority, decision rights - it's just a bunch of individual agents working in isolation without cohesion. At this point, the marketing looks better than the product. An ALPHA product should not be marketed. As James said, BIG questions are not being addressed thoroughly. Just a bunch of one-line responses claiming trolling and ad hominem attacks.

[brooklynbtc]

I warned about dgex behavior several times in our bounty thread, every time the head guy jumped in to defend their business.
But the funny part is they even didn't try to implement the simplest of improving suggestions which we mentioned there: that
is a secure https connection..?!
What dgex does is very simple, they are making bunch of money out of Nxt, and the only thing they improve is just their profits,
simply because of two reason:
1- Monopoly, not any serious competitions;
2-They are here for a short-term profit.
First was freicon, then nxt... they only need to change the logo each time!

None of this is true, except for the monopoly claim. It's not intentional, we do not limit anybody from opening an exchange. Perhaps worth it to think about the reasons for the nonexistence. Maybe nobody else was ready to carry the risk on inmature network. Yet by enabling trading we have increased NXT value to 100x what it was before DGEX launched.

We have had https for several weeks, just use it.

DGEX is here for long term.

We promised free trading and no NXT cashout fees to encourage NXT adoption for until the end of December.

The main reason for 1.4% NXT withdrawal fee is that we have lost a total of approx. 800 000 NXT during the processing of 11000+ deposits and 7000+ payouts within the month in the unstable NXT network and experimental API, plus our own software in the quick time to market and extremely risky circumstances.

If you think that's too much of a loss, you should have attempted to run the whole show yourself. There ALWAYS are losses in realtime payment processing. They need to be budgeted.

Yet at the same time, we have not complained but have enabled for the community 10000% value increase for their NXT, and through operating nextcoin.org and dgex.com have been a crucial factor in the expansion of NXT adoption.

Now, with the 800 000 NXT deficit, how would you suggest we recover that if not as fees from those who have benefited from us making live trading available in the first place (the customers)? Any suggestions are welcome!

Fees cover the facilities, and they cover the risks. We deal with it, and so should our customers.

if you lost NXT from your software then that is your cost of doing business. I like DGEX, i had one problem once, and it was fixed. I respect that. BUT there should have been some warning. I have 17k sitting there, waiting to see how the announcement went with the source code, and now you are holding it hostage.

[jl777]

Peercover is not out to gouge the NXT community. I have worked with them closely in the ripple world and they are good people.

Is Ripple wallet needed to trade NXT<->BTC on peercover?

yes, peercover is not doing the transaction processing. Much more reliable to use ripple's distributed ledger for trading. I do not expect there to be such huge losses that dgex experience on ripple.

All you need to do is go to https://ripple.com/client/#/register make a new wallet and use the wallet address on peercover's simpleGateway. There is no market yet for NXT/BTC, but I can start that as soon as I get some inventory. Or it will start itself as soon as dgex offers 3 day fee amnesty

James

P.S. I might be only parttime on NXT now, but my ripple activities overlap and it is VITAL that the NXT community have a frictionless trading platform that can be trusted. Peercover has created that on top of the ripple infrastructure.