NXT :: descendant of Bitcoin - Updated Information

[bizz]

... oh... i don't like the second picture.
So that means almost all NXT are in the hands of the really, really, REALLY big (10m+) stakeholders,
maybe just 200m NXT are spread amongst smaller stakeholders :/

Dirstribution is still one of the most important goals in my opinion...

The last column on the right in this picture is actually just one account, the dgex.com reserve account.

To get things into perspective: Anybody knows of such graphs for fiat currencies for some countries? ;-)

Percentage of wealth held in 2000 by the Top 10% of the adult population in various Western countries:
Switzerland   71.3%
United States   69.8%
Denmark   65.0%
France   61.0%
Sweden   58.6%
UK   56.0%
Canada   53.0%
Norway   50.5%
Germany   44.4%
Finland   42.3%

[wesleyh]

How can one get a list of all created accounts? (CFB?)

Go through the blocks and see which transaction it has. Numbers with NXT on it are accounts.

I would like to see a site where you can see the distribution of the NXT.

Lol, you read my mind or what?

Everyone wanna see it, especially in cool-3D and realtime, but so far no one actually did the work 

Working on it as we speak :-)

[NxtChg]

Somebody asked my to explain the deal with the checksums via PM, I think I should also duplicate it here, in case anybody else is confused.

--

We switch to a new format:

[actual_address][checksum]

So if your address now is 1234, we turn it into 123456, where 56 is a checksum for 1234.
It can be CRC32, or last 4 bytes of MD5, whatever.

Now users work with these new addresses and every step along the way the address gets checked to make sure it matches the checksum.

If the user makes a typo, it will be caught. If server's memory gets corrupted and it puts garbage into the "address" field of the transaction, other nodes will catch it and reject the transaction.

Checksums invented precisely to mitigate unreliable transport. They are everywhere, yet here we are aiming to manage huge sums of money with the cost of failure being irreversible loss of it and we don't use them?!

[greyw00lf]

@BCNext: When will address checksums be implemented? Do you prefer to do it with 8,000 or 80,000 users? (Last one doesn't count, it's rhetorical).

Yeah checksums would be really good! How about implementing that?

Somebody asked my to explain the deal with the checksums via PM...

... who was that? xD

[wesleyh]

Somebody asked my to explain the deal with the checksums via PM, I think I should also duplicate it here, in case anybody else is confused.

--

We switch to a new format:

[actual_address][checksum]

So if your address now is 1234, we turn it into 123456, where 56 is a checksum for 1234.
It can be CRC32, or last 4 bytes of MD5, whatever.

Now users work with these new addresses and every step along the way the address gets checked to make sure it matches the checksum.

If the user makes a typo, it will be caught. If server's memory gets corrupted and it puts garbage into the "address" field of the transaction, other nodes will catch it and reject the transaction.

Checksums invented precisely to mitigate unreliable transport. They are everywhere, yet here we are aiming to manage huge sums of money with the cost of failure being irreversible loss of it and we don't use them?!

Yes, good idea but no need to make a new address. Could do 1234/CRC (anything after / goes) and this is verified by client, who removes CRC after verification to send money to 1234.

[marcus03]

what does balance group mean?

E.g. an account with a balance of 150.000 NXT will go in the balance group "< 262.144", since 150.000 is between 131.072 (the next smaller group) and 262.144. All accounts with a balance between >131.072 and <=262.144 go into the balance group "< 262.144".

[ZeroTheGreat]

May I propose to not use the word darkNXT? It's not a good term in terms of PR and marketing.

Alright, here comes: LST

"My NXT now LST" 

[greyw00lf]

... oh... i don't like the second picture.
So that means almost all NXT are in the hands of the really, really, REALLY big (10m+) stakeholders,
maybe just 200m NXT are spread amongst smaller stakeholders :/

Dirstribution is still one of the most important goals in my opinion...

The last column on the right in this picture is actually just one account, the dgex.com reserve account.

To get things into perspective: Anybody knows of such graphs for fiat currencies for some countries? ;-)

yeah, but in fiat-world the top 10% don't need to cash out (into fiat) if they need money. In NXT-world if lets say the top 5 stakeholders decide to cash out everything, NXT will die because price will drop to zero.

and even if distribution is similar in many western countries (i don't think that it's this extreme as it's with NXT at the moment), that doesn't mean that this is good

i don't want to be to pessimistic, i just want NXT to succeed!

[NxtChg]

Yes, good idea but no need to make a new address.

Yes there is.

a) the checksum must be mandatory on the protocol level or it won't be used enough.
b) the check cannot be done only on the client, this doesn't solve unhealthy server problem. This leads us again to the protocol level.

And checksum should not be easily distinguishable from the address for various psychological reasons.

[Passion_ltc]

what does balance group mean?

E.g. an account with a balance of 150.000 NXT will go in the balance group "< 262.144", since 150.000 is between 131.072 (the next smaller group) and 262.144. All accounts with a balance between >131.072 and <=262.144 go into the balance group "< 262.144".

These are the same numbers like in your client. May I ask why you chose these?

[salsacz]

... oh... i don't like the second picture.
So that means almost all NXT are in the hands of the really, really, REALLY big (10m+) stakeholders,
maybe just 200m NXT are spread amongst smaller stakeholders :/

Dirstribution is still one of the most important goals in my opinion...

The last column on the right in this picture is actually just one account, the dgex.com reserve account.

To get things into perspective: Anybody knows of such graphs for fiat currencies for some countries? ;-)

yeah, but in fiat-world the top 10% don't need to cash out (into fiat) if they need money. In NXT-world if lets say the top 5 stakeholders decide to cash out everything, NXT will die because price will drop to zero.

and even if distribution is similar in many western countries (i don't think that it's this extreme as it's with NXT at the moment), that doesn't mean that this is good

i don't want to be to pessimistic, i just want NXT to succeed!

I wonder how can people say these bullshits when they have no proof... Guess what. Millions had been sold, a few times quite fast. And price of Nxt?? Stabile. Period

[marcus03]

yeah, but in fiat-world the top 10% don't need to cash out (into fiat) if they need money. In NXT-world if lets say the top 5 stakeholders decide to cash out everything, NXT will die because price will drop to zero.

and even if distribution is similar in many western countries (i don't think that it's this extreme as it's with NXT at the moment), that doesn't mean that this is good

i don't want to be to pessimistic, i just want NXT to succeed!

Agreed. :-)

Just want to add that with fiat the top stakeholders (governments, FED, central banks) have a potentially unlimited amount of money and what you fear for NXT seems to happen with fiat all the time.

[ZeroTheGreat]

Anyone thinking about creation of P2P-pool? If it can exist with current Nxt protocol, does it require something like new client?

[marcus03]

These are the same numbers like in your client. May I ask why you chose these?

It's an exponential distribution (1, 2, 4, 8, 16, 32, 64, ...) which seemed natural to use and is easy to code. :-)

[crazybonkers]

sleeping Nxt

or

dream Nxt

or

whatever Nxt  

[greyw00lf]

yeah, but in fiat-world the top 10% don't need to cash out (into fiat) if they need money. In NXT-world if lets say the top 5 stakeholders decide to cash out everything, NXT will die because price will drop to zero.

and even if distribution is similar in many western countries (i don't think that it's this extreme as it's with NXT at the moment), that doesn't mean that this is good

i don't want to be to pessimistic, i just want NXT to succeed!

I wonder how can people say these bullshits when they have no proof... Guess what. Millions had been sold, a few times quite fast. And price of Nxt?? Stabile. Period

Mybe it IS bullshit, i really have no proof. But it would just make sense to me if some people want to sell 200m NXT in one day and there are not enough bidders, then the price will drop. Don't you think?

If they sell it over a longer period of time, then yes, i think that has happened a few times. And that IS GOOD for NXT. I like it that way. But as long as there are few who have much it's still possible to drop the price to zero, that's just what i think, if it's bullshit or not.

[klee]

Many have reported bad experiences with using Dgex. I wished they had not happened. While I really dislike the exchange for its features and user interface, I'd like to share that I have traded several million Nxt through this exchange since the day there were launched - with not a single problem. All withdrawals were delivered (within their stipulated time frame) and all arrived safely.

Having said that, I join all other users in stating my displeasure over the way they increased fees without any notice.

+1

[rickyjames]

May I propose to not use the word darkNXT? It's not a good term in terms of PR and marketing.

Sorry, I'm a science buff and in physics and cosmology right now the big topic is dark matter that can't interact with regular matter.  I'm gonna use darkNXT as my preferred term.  Tho I could be talked into using zombie NXT -  I'm a Walking Dead buff, too.

[wakasaki808]

DGEX has 2 accounts btw...for people that didn't know

This http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=12292439833850569026 (DGEX Reserve Account according to GCInc)

and the one that is getting the funds from http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=6635869272840226493 (The DGEX Exchange Account)

[EvilDave]

yeah, but in fiat-world the top 10% don't need to cash out (into fiat) if they need money. In NXT-world if lets say the top 5 stakeholders decide to cash out everything, NXT will die because price will drop to zero.

and even if distribution is similar in many western countries (i don't think that it's this extreme as it's with NXT at the moment), that doesn't mean that this is good

i don't want to be to pessimistic, i just want NXT to succeed!

I wonder how can people say these bullshits when they have no proof... Guess what. Millions had been sold, a few times quite fast. And price of Nxt?? Stabile. Period

Mybe it IS bullshit, i really have no proof. But it would just make sense to me if some people want to sell 200m NXT in one day and there are not enough bidders, then the price will drop. Don't you think?

If they sell it over a longer period of time, then yes, i think that has happened a few times. And that IS GOOD for NXT. I like it that way. But as long as there are few who have much it's still possible to drop the price to zero, that's just what i think, if it's bullshit or not.

Problem with your pessimistic thinking here is that if a big stakeholder decides to go for an all-out sale, he or she can drive the price to zero, maybe kill NXT and then will be left with a big stake of ....... nothing.

So it is the interests of the initial stakeholders to let the NXT out in a fairly linear fashion, bit by bit, so that they can maintain a reasonable level of wealth. Same goes for Bitcoin early adopters and any other crypto, see Doge for example.


(And I like darkNXT, lets make it official)