NXT :: descendant of Bitcoin - Updated Information

[GCInc.]

Post your forging revenues

Blocks Generated    :   706   Fee Earned    :   5,507 NXT
Blocks Generated    :   131   Fee Earned    :   9,520 NXT

[NxtChg]

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.

Ah, that explains it. I kept thinking, how was it possible that DGEX could run for so long if there is this terrible bug that messes up addresses?

Now I have my answer, thank you

[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 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.

You hold the peoples money hostage...

So you did get nothing in return from NXT community, all bad things r NXT network fault. Are you a founder?

the forgin with the deposits, the BTC fee, etc...

where did you get involved building on the succes of NXT, did you ever put something in it from your own?

The community should put up a VERY BIG disclaimer NXT has nothing to do with dgex or its founder!

Pin

[brooklynbtc]

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.

Ah, that explains it. I kept thinking, how was it possible that DGEX could run for so long if there is this terrible bug that messes up addresses?

Now I have my answer, thank you

if there was such a terrible bug, then DGEX must have sent these 800,000 nxt somewhere. lets see a list of transactions that they claim are wrongly sent?

I think we need to get on the client confirming the address exists before it can send money to it

[yuriygeorge]

P.S. No major issues with DGEX so far for me. I was a little thrown off the enforced +/- 30% price controls, but have gotten accustomed to it. There are still some other features I'd like to see - order book chart, ability to be able to select all (either BTC of NXT) to be auto-calculated with the amounts based on given price, and also, free money giveaways to me and structured dumping of hoarded coins at 6000x the IPO cost to redistribute wealth.

[brooklynbtc]

yurigeorge makes the comments with no words.

no one is going to send their nxt to dgex to sell

[chanc3r]

[

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.

All start ups include losses - don't begrudge anyone making a profit, need to for the success of NXT, just out of interest with those fee's when is your break-even?

Expect BigVern is reading the code anyway and you are probably right now the source is released more competition will come...

[jl777]

Post your forging revenues

Blocks Generated    :   706   Fee Earned    :   5,507 NXT
Blocks Generated    :   131   Fee Earned    :   9,520 NXT

Even with a bit of increase, within a year you will recoup 800,000 NXT, which seems to be very high to me, especially if all withdrawals were manual.

Transactions fees will continue to increase, probably not doubling every week, but still it is reasonable to expect all the losses to be recouped within 6 months, probably more like 4 months once all the new features are live.

It is strategically important for the NXT community to have a frictionless trading platform. Forging fees are plenty to cover costs and if you are in it for the long run, eliminate all fees. If you are in it for the short run, give people 3 day amnesty to bail. If you don't care at all about NXT community, continue with your current approach. Maybe you can write a book about how your keep customers happy.

James

P.S.Peercover was willing to invest in all the development, NXT leakage, etc. and be in it for the long term forging revenue model. Actions speak louder than words. Support the company that supports the NXT community.

[S3MKi]

1.4% fee ? O_O

[coolfish]

Released today? Raise fees? Disappointment and anger..

[smartwart]

1.4% fee ? O_O

1.4% for BTC out
1.2% for NxT

[pinarello]

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%

Link please

[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. 

People have offerd help, none of them got respons.


Pin

These are two separate issues. You should know what he can do first.

[schnib12]

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

#2

[BaiMangal]

dgex was taking the 1nxt fee on their own to send NXT baught with BTC and no one said anything then, one thank you at least
now when they trying to cover this 1nxt fee and their expenses of running an exchange for free for almost 2 months everyone goes nuts!

dgex was the main source of getting a hold of some NXTs and it was FREE!!! and it was super reliable!!!

now to trade you get 0 fee which makes it a +EV spot for speculations so think about it rather than going nuts with moaning

[brooklynbtc]

dgex was taking the 1nxt fee on their own to send NXT baught with BTC and no one said anything then, one thank you at least
now when they trying to cover this 1nxt fee and their expenses of running an exchange for free for almost 2 months everyone goes nuts!

dgex was the main source of getting a hold of some NXTs and it was FREE!!! and it was super reliable!!!

now to trade you get 0 fee which makes it a +EV spot for speculations so think about it rather than going nuts with moaning

actually
NXT BUY and SELL: 0.25%

https://dgex.com/fees.htm

[coolfish]

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%

+1

[S3MKi]

    NXT BUY and SELL: 0.25%

    NXT deposits: 0%

    BTC deposits: 0%

    NXT cashouts: 1.2%

    BTC cashouts: 1.4% to 2.8% (instant) min. 0.0005 BTC
 

[nxtgt]

P.S.Peercover was willing to invest in all the development, NXT leakage, etc. and be in it for the long term forging revenue model. Actions speak louder than words. Support the company that supports the NXT community.

James - what is the minimum XRP that needs to be in the reserve to trade on Peercover? I just opened a wallet and am unfunded atm.

[EmoneyRu]

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%

Link please

Just saw dgex was down

I think that makes https://peercover.com/#/simpleGateway the only place to trade NXT. Based on my urging the guys at peercover worked through the holidays to make a NXT trade page. It is built on ripple and so no centralized server.

So far there is very little volume on ripple. I had asked the founders to create some inventory, but nobody did. I don't have enough NXT to make a deep market, but since it is the only place to trade NXT now, maybe more people will use it?

James

P.S. I will still post when I can