NXT :: descendant of Bitcoin - Updated Information

[davethetrousers]

more bugs with complicated algos to calculate votes, min fees, etc.

Well, this could actually be a one liner, no?

[Come-from-Beyond]

You know what I like about NRS?

It doesn't trash my HDD, like Bitcoin! And that's with 10 times more blocks per hour.

What are you guys using for the database? Some native Java thing?

 

It's a know-how.

[ZeroTheGreat]

Another way: Voting power by some logarithm of fraction owned of all coins, weighted by account age. The latter discourages endless scattering of NXT to circumvent the logarithm (which would be a real problem in a naked log system).

Smaller, but older accounts could be on par with new big accounts in that system.

Makes no sense. Anyone can split his coins into smallest parts. With log-scale it gives him even more voting power   There'd not be global voting at first place. We're already voting, Every time we're clicking "I'm agree" or every time we run binaries, or... I hope u got me.

[jl777]

GREAT IDEA

1) So the USD would be deposit to this account...by wire transfer or western union etc...

2) to withdraw USD IBC would wire money to the recipient...so they will still be wiretransfer delays & fees

 Edit: would this require serious manpower?

Online Banking has made these transfers very easy, just make sure the Belize Bank you choose offers it. Actually, the bank account does not even have to be with a Belize Bank as long as you find a bank that would be willing to open an account for the IBC and NOT you. It could be in any country... plus the IBC can offer deposits through an online payment service through its merchant account and customers will be able to deposit even with their Debit/Credit Cards. If income is earned outside Belize, there is NO TAX.

Pls explain more how we can do this in a decentralized way ASAP....thank you....also trust how to fix that

edit: we still need to trust the person doing the transfers

I can't think of how a gateway could be decentralized. If there were many gateways and a uber-issuer that spread across multiple gateways, it could approximate that, but it starts getting very complicated.

Did I mention peercover is already a USD gateway. Right now. No need to wait for asset exchange. This is why I know that using ripple gives NXT a strategic edge. All of the fiat regulation is dealt with by the ripple gateways. Any NXT/fiat gateway would need to do all the same sort of things anyway

James

[davethetrousers]

Make no sense. Anyone can split his coins into smallest parts. With log-scale it gives him even more voting power  

In a naked log system, yes. But weighted by account age, perhaps decaying even a little bit faster than linear, this would be diminished.

[Come-from-Beyond]

And that's way changings in basics of Nxt shouldn't be globally voted by coins.

There is no other way.

Another way: Voting power by some logarithm of fraction owned of all coins, weighted by account age. The latter discourages endless scattering of NXT to circumvent the logarithm (which would be a real problem in a naked log system).

Smaller, but older accounts could be on par with new big accounts in that system.

Ur way looks vulnerable to Sybil attack.

[greyw00lf]

his gpg key ID is in his forum signature at the end of every forum message is FF2A19FA so use this command:

gpg --recv-keys FF2A19FA


then copy the text of ONLY -----BEGIN PGP SIGNED MESSAGE----- and -----END PGP SIGNATURE----- with those 2 lines being the first and last, respectively into a FILENAME, then use:

gpg --verify FILENAME

Thank you very much!

Code:

gpg: Signature made Tue Jan  7 20:16:43 2014 CET using RSA key ID 3BF9ED80
gpg: Good signature from "Jean-Luc Picard (Lead Developer of The Nxt Generation) <jlp666@yandex.ru>"

[NxtChg]

prices pretty stable on ripple and I think also stable on nxtchg

Yeah, we stabilized around 0.05, nice to see decent support in NXT.

There was one guy today who just came, dumped 25 K NXT on auto then withdrew and left.
That's when the price hit 0.02 and it started to look gloomy.

[pandaisftw]

And with TF enabled any new idea (such as selling Aliases or freezing accs or even small updates, that'll change protocol) win only with biggest amount of forgers / all forgers existed, with real support of biggest part of current community. Amount of coins shouldn't matter, Nxt — not an asset in my eyes.

It's very important, IMO. "Voting by coins" vs "Voting by actions or real people".

Problem with this, is that "voting by people" requires those people to be registered and accounted for, so they don't double vote (or create 1 million dummy accounts to vote). Unless you require everyone to send in their driver's license (or some ID) to c-f-b to vote... it wouldn't work.

Voting by stake makes sense, as those with the most invested in NXT will want to see it succeed the most. It also provides accountability, so even with 1 million dummy accounts someone doesn't have more voting power. In no likely scenario will 51% of stakeholders decide to hurt the network, thus hurting their investment, it just doesn't make sense.

Bitcoin has a hard time implementing any large-scale changes precisely because they cannot gain a consensus (and thus would cause a fork every time the protocol is changed in a way that requires a major update).

[dzarmush]

And with TF enabled any new idea (such as selling Aliases or freezing accs or even small updates, that'll change protocol) win only with biggest amount of forgers / all forgers existed, with real support of biggest part of current community. Amount of coins shouldn't matter, Nxt — not an asset in my eyes.

It's very important, IMO. "Voting by coins" vs "Voting by actions or real people".

Anyone can make 1000000 acoounts and vote as 1000000 people, so it's not the option.

But this thing about voting by action makes a lot of sense. There is no actually voting system needed. At least for important things like alias trasfer. It'll bring lots of new people and lot of money in the system. What a crazy idea to put it on voting. All great features should be implemented as soon as possible before others did it. And this voting thing could be used for fun.

[davethetrousers]

And that's way changings in basics of Nxt shouldn't be globally voted by coins.

There is no other way.

Another way: Voting power by some logarithm of fraction owned of all coins, weighted by account age. The latter discourages endless scattering of NXT to circumvent the logarithm (which would be a real problem in a naked log system).

Smaller, but older accounts could be on par with new big accounts in that system.

Ur way looks vulnerable to Sybil attack.

If the weighting/decay is strong enough, and unless he doesn't split his moneys into several accounts with the same amount of NXT right now or somehow very early, he will not be able to do a full Sybil.

Add: The more a big stakeholder shuffles his moneys around to ever more new accounts, the less voting power he will get, due to temporal decay.

[ZeroTheGreat]

In a naked log system, yes. But weighted by account age, perhaps decaying even a little bit faster than linear, this would be diminished.

Still don't get it. Why implement something really difficult if we already voting by our actions. Anyone disagree we're voting for future like that?

And remark to decentralization: vote (act) on any board u want, u're not boundared to vote coins (some amount of coins, that great mathematicians solved to represent ~you as) on most popular Nxt client.

[jl777]

The issues all come down to Dgex, which is the only exchange for Nxt and the only source for coinmarketcap stats.  The site is often unavailable (ddos attacks) and subject to manipulation, furthermore, they've implemented outrageous fees causing many to shy away from trading.

Which is why we should move some trading over to Peercover. Not all trading, but some of it, just to test the waters. There aren't any fees and you don't even have to deal with XRP save for the reserve which comes down to less than a dollar's worth. Don't know why people are still hesitant to moving over there.

The reason i don't trade there because I don't like NXT-XRP exchange, trading for bitcoin via XRP giving me a headache. And you don' have a BTC-NXT order book.

Nothing prevents a NXT/BTC orderbook from forming. Just need people to place orders. This is what I initially recommended. Then it will be the exact same thing that is traded on dgex, just no fees, etc.

Actually, there are a few orders for peercover NXT/BTC in ripple now.

James

[klee]

GREAT IDEA

1) So the USD would be deposit to this account...by wire transfer or western union etc...

2) to withdraw USD IBC would wire money to the recipient...so they will still be wiretransfer delays & fees

 Edit: would this require serious manpower?

Online Banking has made these transfers very easy, just make sure the Belize Bank you choose offers it. Actually, the bank account does not even have to be with a Belize Bank as long as you find a bank that would be willing to open an account for the IBC and NOT you. It could be in any country... plus the IBC can offer deposits through an online payment service through its merchant account and customers will be able to deposit even with their Debit/Credit Cards. If income is earned outside Belize, there is NO TAX.

Pls explain more how we can do this in a decentralized way ASAP....thank you....also trust how to fix that

edit: we still need to trust the person doing the transfers

I can't think of how a gateway could be decentralized. If there were many gateways and a uber-issuer that spread across multiple gateways, it could approximate that, but it starts getting very complicated.

Did I mention peercover is already a USD gateway. Right now. No need to wait for asset exchange. This is why I know that using ripple gives NXT a strategic edge. All of the fiat regulation is dealt with by the ripple gateways. Any NXT/fiat gateway would need to do all the same sort of things anyway

James

What is needed in order to see NXT/USD in Peercover? NXT/BTC? I am talking about volumes, I may try to set up a market there tomorrow..

[NxtChg]

Code:

gpg: Signature made Tue Jan  7 20:16:43 2014 CET using RSA key ID 3BF9ED80
gpg: Good signature from "Jean-Luc Picard (Lead Developer of The Nxt Generation) <jlp666@yandex.ru>"

Please do this every time.

[bahamapascal]

Dgex actually sucks i used to not mind using that exchange. Ive sent 300kNXT to sell the other day guess what still pending. Now price has dropped fsake. I cant do anything but wait it out. I dont wanna cancel the pending deposit because im not even sure it will be returned this year. Dgex is killing NXT we need another exchange desparatley that has good volume.

Have you confirmed the transaction using the Block Explorer?

It won't get the NXT in your dgex account any faster, but you will at least know it will get there at some point.

Same thing here, I send Nxt yesterday (now 24h has passed) and they are shown as pending but are still not credited. I looked, my transaction is listed and confirmed in the blockexplorer.
Funny thing is that it also was 300k, haha, maybe a bad number

EDIT: Nice, just as I wrote this they got credited, thanks dgex

[jl777]

Let Ripple act as Gateway for Fiat....we use them as middle man.

thats fine for now with peercover, but Id prefer options for direct country's fiat/NXT exchange.  Dont want ripple getting to powerful

Sigh...
Ripple doesn't gain any power if you use peercover as a USD gateway. peercover might make some profits, though last I checked datz wasn't charging any fees for ACH withdrawals (or deposits)

James

[ZeroTheGreat]

"voting by people" requires those people to be registered and accounted for

Misunderstood. I mean if 10 people set up 200 forging nodes of Nxt they voted with their own actions for current Nxt implementation. Someone wanna add something new into their 200 nodes? Well, he'd try to convice them to install his code, that's all. No global voting requried. What problem can't be solved without it?

[ferment]

Why here: http://22k.io/account/3283108578452123518 all transactions have "Alias assignment" as recipient?

Can you shorten months to 3-letters? And sort transactions by timestamp with freshest on top?
Some In/Out icon would be nice too.

I added all of these. The icon isn't perfect but it's better than nothing!

Thanks!

[ZeroTheGreat]

Anyone can make 1000000 acoounts and vote as 1000000 people, so it's not the option

Misunderstood my point.