NXT :: descendant of Bitcoin - Updated Information

[User705]

64-bit encryption is only used for accounts that have no public key and haven't done any transactions. It is recommended to make public key and do at least one transaction. Send someone some NXT, buy an alias, basically I think any proactive usage of the account gives 256 bit protection

How do I make public key?

pay at least 1 NXT fee for any kind of transaction

Or forge a block.

Does one need to back up anything after that? Will the password on a fresh install/device still bring up the account?

[jl777]

64-bit encryption is only used for accounts that have no public key and haven't done any transactions. It is recommended to make public key and do at least one transaction. Send someone some NXT, buy an alias, basically I think any proactive usage of the account gives 256 bit protection

How do I make public key?

pay at least 1 NXT fee for any kind of transaction

Or forge a block.

Does one need to back up anything after that? Will the password on a fresh install/device still bring up the account?

The password is the account. As long as you have it, you have access to the account

[Anon136]

The use of 64 bit encryption for 0 transactions account is a CHOICE by BCnext. It was designed to be bruteforcable.
Only one outgoing transaction and the account is 256 bit encrypted forever.

The goal is to allow NXT to be minable in the future. All DarkNXT are not lost forever and will be recoverable with enough haspower  (in 10 years with specific ASICS, 50 years with gpu or whatever it take with cpu. The main point is to make those coin not lost forever)

Can you imagine a scammer putting such a ridiculous amount of thought into every subtle little nuance of his invention? If he was going to fleece us would he have really needed that ABSURD level of attention to detail? If nxt is a scam it will have to go down in history as THE most ridiculously elaborate and well thought out scam in the history of the world.

[Damelon]

The use of 64 bit encryption for 0 transactions account is a CHOICE by BCnext. It was designed to be bruteforcable.
Only one outgoing transaction and the account is 256 bit encrypted forever.

The goal is to allow NXT to be minable in the future. All DarkNXT are not lost forever and will be recoverable with enough haspower  (in 10 years with specific ASICS, 50 years with gpu or whatever it take with cpu. The main point is to make those coin not lost forever)

Can you imagine a scammer putting such a ridiculous amount of thought into every subtle little nuance of his invention? If he was going to fleece us would he have really needed that ABSURD level of attention to detail? If nxt is a scam it will have to go down in history as THE most ridiculously elaborate and well thought out scam in the history of the world.

OCD? ;-)

[msin]

The use of 64 bit encryption for 0 transactions account is a CHOICE by BCnext. It was designed to be bruteforcable.
Only one outgoing transaction and the account is 256 bit encrypted forever.

The goal is to allow NXT to be minable in the future. All DarkNXT are not lost forever and will be recoverable with enough haspower  (in 10 years with specific ASICS, 50 years with gpu or whatever it take with cpu. The main point is to make those coin not lost forever)

Can you imagine a scammer putting such a ridiculous amount of thought into every subtle little nuance of his invention? If he was going to fleece us would he have really needed that ABSURD level of attention to detail? If nxt is a scam it will have to go down in history as THE most ridiculously elaborate and well thought out scam in the history of the world.

Yeah, I'm assuming BCNext either has an incredibly clean home or an incredible messy home, no in between

[klee]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

[salsacz]

yeah, thanks klee..

..he probably got his cold from ByBitcoin

May I know about whom are you talking?

Klee was writing he is ill. You were also writing you were ill. So I wrote a joke about you two how klee is ill because of you

[Anon136]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

[Patel]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

[xyzzyx]

Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

+1

Edit: Oh, an there's this:
http://www.forbes.com/sites/andygreenberg/2014/01/13/bitcoin-anonymity-upgrade-zerocoin-to-become-its-own-cryptocurrency/

[klee]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

Taint analysis.

[PeercoinEnthusiast]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

Exactly. In the client there could be a checkbox for 'anonymous transaction' that would utilize something like Zero. There, everyone is happy.

[klee]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

[PeercoinEnthusiast]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

Klee, if a user had the option to send using either standard or anonymous (zerocoin like), couldn't a merchant simply deny transactions with that flag sent?  If so:

The people that hate freedom... *cough* I mean, the people that scream about anonymous transactions don't have to accept them
The people that want to send it anonymously, well, they have that option

Win/Win?

[klee]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

Klee, if a user had the option to send using either standard or anonymous (zerocoin like), couldn't a merchant simply deny transactions with that flag sent?  If so:

The people that hate freedom... *cough* I mean, the people that scream about anonymous transactions don't have to accept them
The people that want to send it anonymously, well, they have that option

Win/Win?

Not sure I understood your second paragraph 

The first paragraph refers to a known issue with mixers and/or I2P/Tor wallet clients (taint analysis) - the only solution is to make them compulsory to everyone...

[utopianfuture]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

I have to say I don't care much about the dark market. Mexico and Colombia drug lords would never use Internet anyway, then you only have some small-scale young pseudo-intellectual drug dealers. It is not worth to ruin NXT's reputation for that market. See how bitcoin can grow after it escape the shadow of SR.

I would not oppose anon feature but generally I would not support any effort to draw in the dark market crowd.

In a very near future, we would have a decentralized stock exchange, many financial instrument options. The arbitrary message feature would offer a lot of programming flexibility. There would be many new possibilities ahead without the dark market crowd.

[IveBeenBit]

Of all the great new features that NXT brings to the table, my only complaint is that its privacy features suck. It's even worse than bitcoin because the client does not automatically make new addresses following each transaction.

Anon, I think you are downplaying a very important shortcoming that NXT has. Also, remember that Bitcoin would not be anywhere near where it is today if the Silk Road had never existed.

And Klee, thank you for offering the 1 millon NXT bounty for a Zero Coin implementation.

The whole point of the cryptocurrency revolution is to wrest control of our own money back from the bankers and our overlords. This means that I should be able to pay my own money to whomever I want with no fear of repercussions.

[klee]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

I have to say I don't care much about the dark market. Mexico and Colombia drug lords would never use Internet anyway, then you only have some small-scale younf pseudo-intellectual drug dealers. It is not worth to ruin NXT's reputation for that market. See how bitcoin can grow after it escape the shadow of SR.

I would not oppose anon feature but generally I would not support any effort to draw in the dark market crowd.

Don't get me wrong, I don't like dark markets too but only a really anonymous (compulsory anonymous minting too) coin that will serve system D can replace Bitcoin.

I am with AnonyMint's analysis in this regard, he is borderline crazy but genius, check his posts...

[PeercoinEnthusiast]

Anon I suppose you are familiar with adam3us achievements/background: https://bitcointalk.org/index.php?action=profile;u=101601

He is very knowledgeable regarding zerocoin.
The zerocoin dev team ignore me - I think we should approach him to help us investigate whether zerocoin protocol is compatible with NXT PoS.

Can you approach him instead of me? You are more skilled in the mining algo and you would communicate better.

If he succeeds the bounty is 1M NXT paid by me (of course they could be paid partially/full from the 13M but we need to speed things up as much as possible)!

What do you think?

well my first thought would be that, for the same reasons the bitcoin devs rejected zerocoin, it may not be wise to implement zerocoin on this chain even if it were possible. zerocoin is extremely resource intensive and its not one of those things where that issue can be mitigated by only having a few people use it when they need it, zerocoin requires network effects. Its probably best for someone to clone nxt and put zerocoin on the clone chain and people who are buying drugs or hits can use that chain, and they can pay the exorbitant price for that, while normal people like us buying toilet paper and toothpaste can pay the lower fees for less anonymity.

zerocoin is not as resource intensive as it was before, I believe the devs said they reduced it by ~98%

also, NXT should welcome all transactions, no matter what its for. that is what will make the coin succeed.

zerocoin2 launching on May on it's own blockchain.
Anonymity is a must feature IMHO.
I thought the fact that transactions were faster in NXT (they are supposed to become even faster - instant) would be good for a possible 0coin adaptation (not so resource intensive or the effect more subtle).
The platform with the first distributed dark marketplace will be the winner - MSC, Bitshares, eMunie are too politically correct to do so. Only NXT and/or XCP could fill this gap.
There can be only one.

Klee, if a user had the option to send using either standard or anonymous (zerocoin like), couldn't a merchant simply deny transactions with that flag sent?  If so:

The people that hate freedom... *cough* I mean, the people that scream about anonymous transactions don't have to accept them
The people that want to send it anonymously, well, they have that option

Win/Win?

Not sure I understood your second paragraph 

The first paragraph refers to a known issue with mixers and/or I2P/Tor wallet clients (taint analysis) - the only solution is to make them compulsory to everyone...

I had an opportunity to talk with the Zero team this past summer when I was with Feathercoin. I asked if it would be possible to allow the user to toggle the option to utilize zero or send a standard transaction in the same client and they said yes.

Here's the issue I see:

Large merchant wants to accept CoinY
Large merchant is regulated somehow and can not accept CoinY because of the anonymous nature of the coin
Large merchant is able to reject any coins that are colored/tagged with anonymous feature
If customer wants to do business with large merchant, they can't toggle the anonymous option
Customer can use the same wallet to send a standard transaction to the large merchant
Customer has the option to use CoinY anonymously elsewhere

[klee]

Of all the great new features that NXT brings to the table, my only complaint is that its privacy features suck. It's even worse than bitcoin because the client does not automatically make new addresses following each transaction.

Anon, I think you are downplaying a very important shortcoming that NXT has. Also, remember that Bitcoin would not be anywhere near where it is today if the Silk Road had never existed.

And Klee, thank you for offering the 1 millon NXT bounty for a Zero Coin implementation.

The whole point of the cryptocurrency revolution is to wrest control of our own money back from the bankers and our overlords. This means that I should be able to pay my own money to whomever I want with no fear of repercussions.

We need anonymity plus decentralized crypto/fiat exchange WITHOUT trusted third party (holy grail).