NXT :: descendant of Bitcoin - Updated Information

[Anon136]

Got USD to buy NXT. Where do I go from here?

I  might be willing to do Paypal. How much were you looking for?

Thank you for the offer. Is the only way to acquire NXT with USD by acquiring Bitcoin first? This boggles my mind as it really would be distinguishing for a post Bitcoin currency to have direct exchange with,  at least, USD. Alt coins have this problem but they can, for the most part, be mined which means direct access to them. Not that this helps all these worthless coins in the long run, it still is an advantage over NXT. Please tell me I am wrong and Bitcoins aren't our only gateway to NXT ownership.

currently.

but future you might be able to USD->Coloredcoin->NXT

plus I am sure you will see fiat->nxt exchanges at some point.

When? Any projects currently in the works?

you have to understand how early you are to this party. nxt is just a little itty bitty baby infant still sucking on cfb's milky teat. the advantage is that you have the possibility for windfall profits if it makes it big (like investing in bitcoin in the first months), the drawback is that you dont have conveniences like fiat exchanges. However once you have all of the conveniences that comes from the infrastructure built around it, you will no longer have the opportunity for the sorts of gains that you may see if you bought now.

Life is all about trade-offs.

[IveBeenBit]

The biggest advantage of PoS over PoW is that the blockchain is secured by the people and not by the entity that has the most hashes.  Once you own a certain percentage of Nxt, you always provide that same percentage of security for the network.  This is not true with PoW.  In PoW, if you have 0.1% of the hash power today, you won't necessarily have 0.1% of the hash power / security tomorrow.  An unwanted entity can overpower all the miners and take over the chain.  Nxt solves this problem and ensures that the security of the network remains with the people.

I'm curious about how me owning NXT provides security to the network.

And does someone that owns 1,000 NXT provide more security or the same amount of security as someone that has 100 NXT?

[IveBeenBit]

Wut? GW is a proved fake. Even pro-global-warming "scientists" already agreed to change its name to "global climate change" since everyone sees that it's total crap. There were always periods of global warming and global cooling and they will always be. It has nothing to do with us. Especially with mining.

Really, what planet do you live on, not earth.

Yeah, we should probably downplay the "carbon footprint / global warming" thing. The global warming ship has sailed, fewer and fewer people believe in it as time goes on.

We CAN say that Nxt "conserves resources," as that is not up for debate and the people that still believe in global warming can make their own connections to carbon footprints and what not.


It's funny, but 20,000 years ago, in the spot right where I am sitting, there w a glacier two kilometers thick. Now it's melted and the nearest glacier is 2200 km away. I used to blame that on carbon emissions from the industrial revolution, but people kept laughing at me, so I became a climate change denier.

[Anon136]

The biggest advantage of PoS over PoW is that the blockchain is secured by the people and not by the entity that has the most hashes.  Once you own a certain percentage of Nxt, you always provide that same percentage of security for the network.  This is not true with PoW.  In PoW, if you have 0.1% of the hash power today, you won't necessarily have 0.1% of the hash power / security tomorrow.  An unwanted entity can overpower all the miners and take over the chain.  Nxt solves this problem and ensures that the security of the network remains with the people.

I'm curious about how me owning NXT provides security to the network.

And does someone that owns 1,000 NXT provide more security or the same amount of security as someone that has 100 NXT?

Owning nxt doesn't but using the nxt that you own to forge does. In-order to doublespend a person needs to silently make a chain that is longer (technically chains arnt selected by length in nxt but i dont want to get into that here) than the chan that is being used currently and publish it absent the transaction that he wishes to unspend. The more evenly distributed the stake the less likely it is for someone to be able to silently get multiple blocks in a row. By having a portion of the stake and forging with it you help to make this distribution more even (unless you own too much of it).

anyway thats not a perfect explanation its just a quick overview of the basic idea.

[loopgate88]

Got USD to buy NXT. Where do I go from here?

I  might be willing to do Paypal. How much were you looking for?

Thank you for the offer. Is the only way to acquire NXT with USD by acquiring Bitcoin first? This boggles my mind as it really would be distinguishing for a post Bitcoin currency to have direct exchange with,  at least, USD. Alt coins have this problem but they can, for the most part, be mined which means direct access to them. Not that this helps all these worthless coins in the long run, it still is an advantage over NXT. Please tell me I am wrong and Bitcoins aren't our only gateway to NXT ownership.

currently.

but future you might be able to USD->Coloredcoin->NXT

plus I am sure you will see fiat->nxt exchanges at some point.

When? Any projects currently in the works?

you have to understand how early you are to this party. nxt is just a little itty bitty baby infant still sucking on cfb's milky teat. the advantage is that you have the posability for windfall profits if it makes it big, the drawback is that you dont have conveniences like fiat exchanges.

The tit delivers the milk but the cow makes it. Bitcoin is the cow.
My impression is that this means that if btc devalues by a factor of 5 over the next month (let's ignore the following recovery down the road for the sake of argument), NXT will also devalued by a very similar factor. The lack of ease there is in buying NXT with USD isn't as much an issue as how excessively easy it is to convert btc to NXT.

[Anon136]

Got USD to buy NXT. Where do I go from here?

I  might be willing to do Paypal. How much were you looking for?

Thank you for the offer. Is the only way to acquire NXT with USD by acquiring Bitcoin first? This boggles my mind as it really would be distinguishing for a post Bitcoin currency to have direct exchange with,  at least, USD. Alt coins have this problem but they can, for the most part, be mined which means direct access to them. Not that this helps all these worthless coins in the long run, it still is an advantage over NXT. Please tell me I am wrong and Bitcoins aren't our only gateway to NXT ownership.

currently.

but future you might be able to USD->Coloredcoin->NXT

plus I am sure you will see fiat->nxt exchanges at some point.

When? Any projects currently in the works?

you have to understand how early you are to this party. nxt is just a little itty bitty baby infant still sucking on cfb's milky teat. the advantage is that you have the posability for windfall profits if it makes it big, the drawback is that you dont have conveniences like fiat exchanges.

The tit delivers the milk but the cow makes it. Bitcoin is the cow.
My impression is that this means that if btc devalues by a factor of 5 over the next month (let's ignore the following recovery down the road for the sake of argument), NXT will also devalued by a very similar factor. The lack of ease there is in buying NXT with USD isn't as much an issue as how excessively easy it is to convert btc to NXT.

It's your choice friend. Do what you think is wisest. I'm rooting for you, i hope what ever choice you make is the right one.

[loopgate88]

However once you have all of the conveniences that comes from the infrastructure built around it, you will no longer have the opportunity for the sorts of gains that you may see if you bought now.

Life is all about trade-offs.

Valid point indeed. Maybe this means that I am saying NXT is significantly over valued now...

[dzarmush]

Wut? GW is a proved fake. Even pro-global-warming "scientists" already agreed to change its name to "global climate change" since everyone sees that it's total crap. There were always periods of global warming and global cooling and they will always be. It has nothing to do with us. Especially with mining.

Really, what planet do you live on, not earth.

Yeah, we should probably downplay the "carbon footprint / global warming" thing. The global warming ship has sailed, fewer and fewer people believe in it as time goes on.

We CAN say that Nxt "conserves resources," as that is not up for debate and the people that still believe in global warming can make their own connections to carbon footprints and what not.


It's funny, but 20,000 years ago, in the spot right where I am sitting, there w a glacier two kilometers thick. Now it's melted and the nearest glacier is 2200 km away. I used to blame that on carbon emissions from the industrial revolution, but people kept laughing at me, so I became a climate change denier.

Exactly. How much data do we have? For the last 10-20 years? How can anybody make conclusions based on it?
Yesterday my temperature was 97.9 F (33.6 C), today it's 99.7 F (37.6). Does it mean my temperature will be 300 F (150 C) a hundred days from now?  

[dzarmush]

My impression is that this means that if btc devalues by a factor of 5 over the next month (let's ignore the following recovery down the road for the sake of argument), NXT will also devalued by a very similar factor.

The week bitcoin crashed twice nxt bumped x10.

[loopgate88]

My impression is that this means that if btc devalues by a factor of 5 over the next month (let's ignore the following recovery down the road for the sake of argument), NXT will also devalued by a very similar factor.

The week bitcoin crashed twice nxt bumped x10.

I am not sure how effective parallel thinking is when applied to exponential data...

[opticalcarrier]

can someone get me the peerexplorer scanner's IP address?  I have my VPSs API locked down, would like to add them as a bot

[Come-from-Beyond]

Ok, so two versions found:

https://github.com/swdunlop/WaspVM/blob/ce71767f5eea8d3768c7aba376c65ce8a13fdc73/vm/curve25519_i64.c
(looks to be unedited)


and https://github.com/swdunlop/WaspVM/blob/master/vm/curve25519_i64.c

Thank u for the link. Unfortunatelly, it doesn't contain an implementation of EC-KCDSA.

PS: BCNext modified original version of EC-KCDSA to increase requirements to hardware implementations of an Nxt wallet. This was supposed to increase protection of end users. But this also has some disadvantages, like inability to find other source code that does the same thing. I'm not even sure that the original contained such the code.

I don't even know what that means, but the guy just replied to me and I have his code. It seems to be the same as the source linked to, only it adds sign25519 and verify25519 methods. and there is another archive included by Michele Bini. Should I email it to you? what's your email?

Never mind, I've uploaded them to copy.com:

https://copy.com/uOipoZkrpqO6
https://copy.com/sC8yYDyhhLmo

Let me know if this helps?

I haven't asked the guy yet, he may also be appropriate to do a code review? Should I ask him CFB?

Edit: Oh, actually, this was the guy that ported from C to Java - dmitry skiba - not the guy that wrote the C implementation - haven't heard back from him yet.

Thank u, I'll check it.

[IveBeenBit]

Owning nxt doesn't but using the nxt that you own to forge does. In-order to doublespend a person needs to silently make a chain that is longer (technically chains arnt selected by length in nxt but i dont want to get into that here) than the chan that is being used currently and publish it absent the transaction that he wishes to unspend. The more evenly distributed the stake the less likely it is for someone to be able to silently get multiple blocks in a row. By having a portion of the stake and forging with it you help to make this distribution more even (unless you own too much of it).

anyway thats not a perfect explanation its just a quick overview of the basic idea.

Thank you for the explanation. Now riddle me this....

The "transparent forging" mechanism defends against a 90% attack, because if the 90% stakeholder did not forge a block when it was his turn, the network would select another forger for the next block, thus preventing a malicious person from making their own chain.

Could this the be defeated by the hypothetical 90% stakeholder splitting his NXT into 5 or more accounts that he controls so that he may be "tapped" to forge the next block a few times in a row and then he ultimately releases a phony chain with one of his puppet accounts?

[brooklynbtc]

went to work, came home and you guys broke into 4 digits. good job

[Come-from-Beyond]

nxt really is the model for distributed autonomous corporations. Inorder to have thousands or millions of blockchains that are all secure it is imperative that they not be in competition with one another for the resources that make them secure. with mining, the strength of one blockchain is the weakness of another. Or put differently, every hash/s on blockchain a is a hash/s that is not available to secure blockchain b. with the nxt framework we can have an almost infinite number of secure blockchains. this is a prerequisite for a vibrant ecosystem of distributed autonomous corporations.

*edit* i may write a paper about this

Would be great. I was going to implement Parallel Blockchains by April, but I see that u already got the same idea ("or put differently, every hash/s on blockchain a is a hash/s that is not available to secure blockchain b. with the nxt framework we can have an almost infinite number of secure blockchains"), so I'll focus on other things.

[fmiboy]

I guess I am bit late for 1000, but anyway wohoo page 1001, keep up guys

[Come-from-Beyond]

https://bitcointalk.org/index.php?topic=406331.msg4543546#msg4543546
Someone is this thread is claiming that: P > p
where P means the probability of forging to put all Nxt into one acount,
p means the probability of forging to split Nxt to 2 accounts.

Could you confirm whether this is correct?

If it's true, it's absolutely unfair. The large holders will have much more forge chances than they should be.

Answered - https://bitcointalk.org/index.php?topic=406331.msg4558623#msg4558623

[Anon136]

nxt really is the model for distributed autonomous corporations. Inorder to have thousands or millions of blockchains that are all secure it is imperative that they not be in competition with one another for the resources that make them secure. with mining, the strength of one blockchain is the weakness of another. Or put differently, every hash/s on blockchain a is a hash/s that is not available to secure blockchain b. with the nxt framework we can have an almost infinite number of secure blockchains. this is a prerequisite for a vibrant ecosystem of distributed autonomous corporations.

*edit* i may write a paper about this

Would be great. I was going to implement Parallel Blockchains by April, but I see that u already got the same idea ("or put differently, every hash/s on blockchain a is a hash/s that is not available to secure blockchain b. with the nxt framework we can have an almost infinite number of secure blockchains"), so I'll focus on other things.

The only problem that I'm having with the idea of writing a paper about it is that i pretty much communicated everything that i needed to communicate in a paragraph >.< While at the same time I cant say, "hey guys i wrote a paragraph, everyone check out my awesome paragraph!"

[LiQio]

Also catching up a couple of pages at the moment.

I totally agree with msin:

3Mil is not enough to allocate for development, especially if you are thinking of spending 7Mil on marketing.  Again, I can't emphasize enough the things we can do with 200k-500k bounties to developers, incredible progress in a short period of time.  Marketing is good, but the general crypto user base will know Nxt based on features alone.

I would clearly prefer an allocation of
70% development/network/code reviews/etc.
30% marketing/advertisements/social networking/etc.

should go hand in hand but led by technology

[xgc]

The only problem that I'm having with the idea of writing a paper about it is that i pretty much communicated everything that i needed to communicate in a paragraph >.< While at the same time I cant say, "hey guys i wrote a paragraph, everyone check out my awesome paragraph!"

best paragraph I read this year.   Thank you!