NXT :: descendant of Bitcoin - Updated Information

[nesco1805]

where are these guys going from....its like non stop distractions are what....

yes...
questions, questions, questions.... we can't keep our meditation like this  

begone peasants from this sacred place of Holy Trinity (BCNext/CfB/NXT) worship  

[1715251167]

1715251167

[1715251167]

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[1715251167]

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[pastet89]

utopianfuture, kindly answer my PM about tech details of the exchange. Thanks.

[utopianfuture]

utopianfuture, kindly answer my PM about tech details of the exchange. Thanks.

Asset exchange = colored coin tech. If you understand how colored coin works, you will understand asset exchange. You can read my first draft paper to understand how generally it is supposed to work.

[jl777]

where are these guys going from....its like non stop distractions are what....


Edit: pastet89 & the other guy before him

Better look into what I wrote and answer my questions. If you can provide any answer that makes sence I will stay calm.

As it is not my purpose to troll, I have invested much money into NXT and I am planning to invest even more work as I am a developer. However, I am willing to know the whole truth from now as I do not want to write 8 hours a day a programs, using the Asset Exchange and at the end to find out that it will never be released.

Trsut me, I want all this story to be honest an correct as it is in my interest as well. But if it IS, CfB and other guys who says we are trolling will answer the questions and shut our mouths this way, instead of talking empty phrases for trollling the forum.

Can anyone give an exact answer to my questions as I ask them to watch for answers and not just to distract the thread?

Send & received nxt...Check
Alias system....Check
AM.....Check


All promised features which have been implemented have worked....so why should we also doubt Asset Exchange...

Edit: I'm sure there are others who are acting on this promise....so if you don;t take the chance you won;t be first in the market

I SUGGEST YOU WAIT 3-4 WEEKS THEN DECIDE.

I have no reason to doubt that colored coins functionality will be released, possibly with some delay, but we do need client support for it. I think pastet89's problem is that he doesn't fully understand the implications of colored coins (Asset Exchange). It is similar to ripple. ripple allows anybody to issue any three letter "currency", like USD, BTC, even DOG. All anybody has to do is send some to somebody else to issue it. There are no checks and balances at all. Anybody can send anybody a billion USD or a billion BTC or a billion DOG.

What does it mean to get something in ripple? It is all dependent on the issuer. This is why there are trust lines and the restrictions on receiving something you don't trust. It is expected that gateways will issue USD only for validated USD deposits and in turn, when the ripple USD from that issue is redeemed that the fiat USD will be sent to associated bank acct.

"ALL" that the Asset Exchange does is implement functionality similar to the above with the restriction that only a single account can issue each specific asset. So, we will get USD, BTC and probably even DOG Assets in NXT. Whoever the lucky one is that gets the BTC asset will be able to sell the BTC for NXT. I also imagine that if you return the BTC asset to that acct, a corresponding amount of BTC should be sent to your bitcoin address. At what redemption price? That depends totally on the issuer. At what fees? That depends totally on the issuer.

It is his responsibility to do all the real world interfacing. The moment there is an unissued BTC asset for a bitcoin deposit or a bitcoin transfer that is not made for a valid BTC redemption, the trust in the BTC asset owner will drop and soon nobody will use it.

This is the same problem that ripple gateways have. I have said this weeks ago. just because we get Asset Exchange, it does NOT solve the lack of reliable NXT exchanges. This is why I have put in the efforts to get NXT trading inside ripple. Asset Exchange is cool, but the entire process of getting recognizable assets and trusted issuers is not going to be as fast as people here are assuming. Short of CfB getting the BTC asset and deciding to spend his time doing BTC/NXT gateway, the community will have to develop the trust for the lucky winner of BTC asset.

My prediction is that what we will have is half a dozen people who end up with a decent combination of trustworthiness and asset name and inclination to do BTC gateway. This will fragment the market for BTC/NXT and it probably will stay this way for a while.

NXT software cannot magically enforce gateway behavior. If you expect this, then how to explain the turtles idea. NXT server uses star trek transporter tech and beams turtles to desired location on redemption of turtle coins? Nope, that's not till NRS version 6.6.6

Asset Exhange requires trusted issuers to do the gateway function.

James

[smartwart]

I will repeat my idea again as a solution for AM to make it easier to send AM while saving us from spam.


You charge 1 nxt as messaging fee to send AM to an account but allow the sender to resend any amount of messages he wants to that same account within 1440 blocks.

1440 blocks after the 1st msg he has to pay 1 nxt msg fee to send AM again.

If he wants to send to a NEW account he must pay 1 nxt msg to send AM to this NEW account.  After paying this 1 nxt fee he can send any amount of messages to this NEW account for 1440 blocks.


WHY THIS IS GOOD:  

It allows you to freely communicate to another account but saves us from spam because its quite stupid to spam the same account & if you want to spam all accounts you have to still pay 1 nxt per msg.

  

+1. Really like this idea.

cool concept!
message by invitation ...

[jl777]

I will repeat my idea again as a solution for AM to make it easier to send AM while saving us from spam.


You charge 1 nxt as messaging fee to send AM to an account but allow the sender to resend any amount of messages he wants to that same account within 1440 blocks.

1440 blocks after the 1st msg he has to pay 1 nxt msg fee to send AM again.

If he wants to send to a NEW account he must pay 1 nxt msg to send AM to this NEW account.  After paying this 1 nxt fee he can send any amount of messages to this NEW account for 1440 blocks.


WHY THIS IS GOOD:  

It allows you to freely communicate to another account but saves us from spam because its quite stupid to spam the same account & if you want to spam all accounts you have to still pay 1 nxt per msg.

  

+1. Really like this idea.

cool concept!
message by invitation ...

Disaster to blockchain. Arbitrary Messages (NOT Arbitrary Messaging) is really Arbitrary Data Storage. The confusing name confuses people. Would anybody suggest being able to pay 1 NXT to be able to open a file in the blockchain and then have NO LIMITS for a day to write to the blockchain? For 1 NXT???

We need to think of Arbitrary Message as a 1K storage unit in the blockchain.
Do we really want someone to be able to store 43 megabytes of data per day in the block chain for 1 NXT???

Please do not try to make Arbitrary Messages into Arbitrary Messaging, it is a bad name, too confusing.

ANYTHING like this suggestion will create the cheapest distributed storage EVER to the Internet and even without spam attacks, corporations would quickly use it for distributed backup of 43 megabytes per day for less than a nickel.

PLEASE do not try to reduce the cost of 1K storage in the blockchain anymore. It is already very inexpensive. I think it is best to use this feature for publishing "pointers", eg. why not just establish a direct IP connection using 1 NXT and then communicate directly IP to IP. Why does all the communication need to go into the blockchain.

Think Arbitrary Data Storage, not Arbitrary Messaging

James

[xyzzyx]

Disaster to blockchain. Arbitrary Messages (NOT Arbitrary Messaging) is really Arbitrary Data Storage. The confusing name confuses people. Would anybody suggest being able to pay 1 NXT to be able to open a file in the blockchain and then have NO LIMITS for a day to write to the blockchain? For 1 NXT???

We need to think of Arbitrary Message as a 1K storage unit in the blockchain.
Do we really want someone to be able to store 43 megabytes of data per day in the block chain for 1 NXT???

Please do not try to make Arbitrary Messages into Arbitrary Messaging, it is a bad name, too confusing.

ANYTHING like this suggestion will create the cheapest distributed storage EVER to the Internet and even without spam attacks, corporations would quickly use it for distributed backup of 43 megabytes per day for less than a nickel.

PLEASE do not try to reduce the cost of 1K storage in the blockchain anymore. It is already very inexpensive. I think it is best to use this feature for publishing "pointers", eg. why not just establish a direct IP connection using 1 NXT and then communicate directly IP to IP. Why does all the communication need to go into the blockchain.

Think Arbitrary Data Storage, not Arbitrary Messaging

Hear, hear!

Service providers with their own blockchain is the way to go on text messages, or pretty much anything to be built on top of Nxt. Leave AM for pointers into the service provider's blockchain and contracts with service providers/clients.

[allwelder]

updated 0.5.8,
start bat file,the window suddenly closes,what should I do?
TKS.

Today I had the same problem.
I remove transactions.nxt and blocks.nxt from the nxt folder and nxt started successfully.

got it resolved,thanks.

[allwelder]

updated 0.5.8,
start bat file,the window suddenly closes,what should I do?
TKS.

Maybe wrong Java-path in .bat-file.

may be ,delete .nxt files,it is oK
thank you.

[superresistant]

I have no reason to doubt that colored coins functionality will be released, possibly with some delay, but we do need client support for it. I think pastet89's problem is that he doesn't fully understand the implications of colored coins (Asset Exchange). It is similar to ripple. ripple allows anybody to issue any three letter "currency", like USD, BTC, even DOG. All anybody has to do is send some to somebody else to issue it. There are no checks and balances at all. Anybody can send anybody a billion USD or a billion BTC or a billion DOG.
What does it mean to get something in ripple? It is all dependent on the issuer. This is why there are trust lines and the restrictions on receiving something you don't trust. It is expected that gateways will issue USD only for validated USD deposits and in turn, when the ripple USD from that issue is redeemed that the fiat USD will be sent to associated bank acct.
"ALL" that the Asset Exchange does is implement functionality similar to the above with the restriction that only a single account can issue each specific asset. So, we will get USD, BTC and probably even DOG Assets in NXT. Whoever the lucky one is that gets the BTC asset will be able to sell the BTC for NXT. I also imagine that if you return the BTC asset to that acct, a corresponding amount of BTC should be sent to your bitcoin address. At what redemption price? That depends totally on the issuer. At what fees? That depends totally on the issuer.
It is his responsibility to do all the real world interfacing. The moment there is an unissued BTC asset for a bitcoin deposit or a bitcoin transfer that is not made for a valid BTC redemption, the trust in the BTC asset owner will drop and soon nobody will use it.
This is the same problem that ripple gateways have. I have said this weeks ago. just because we get Asset Exchange, it does NOT solve the lack of reliable NXT exchanges. This is why I have put in the efforts to get NXT trading inside ripple. Asset Exchange is cool, but the entire process of getting recognizable assets and trusted issuers is not going to be as fast as people here are assuming. Short of CfB getting the BTC asset and deciding to spend his time doing BTC/NXT gateway, the community will have to develop the trust for the lucky winner of BTC asset.
My prediction is that what we will have is half a dozen people who end up with a decent combination of trustworthiness and asset name and inclination to do BTC gateway. This will fragment the market for BTC/NXT and it probably will stay this way for a while.
NXT software cannot magically enforce gateway behavior. If you expect this, then how to explain the turtles idea. NXT server uses star trek transporter tech and beams turtles to desired location on redemption of turtle coins? Nope, that's not till NRS version 6.6.6
Asset Exhange requires trusted issuers to do the gateway function.

Very good résumé of the situation James. The trust in Nxt gateway will be a turning point.
Could the Nxt users agree on using one gateway to increase the traffic instead of fragmenting like ripple ?

[smartwart]

I will repeat my idea again as a solution for AM to make it easier to send AM while saving us from spam.


You charge 1 nxt as messaging fee to send AM to an account but allow the sender to resend any amount of messages he wants to that same account within 1440 blocks.

1440 blocks after the 1st msg he has to pay 1 nxt msg fee to send AM again.

If he wants to send to a NEW account he must pay 1 nxt msg to send AM to this NEW account.  After paying this 1 nxt fee he can send any amount of messages to this NEW account for 1440 blocks.


WHY THIS IS GOOD:  

It allows you to freely communicate to another account but saves us from spam because its quite stupid to spam the same account & if you want to spam all accounts you have to still pay 1 nxt per msg.

  

+1. Really like this idea.

cool concept!
message by invitation ...

Disaster to blockchain. Arbitrary Messages (NOT Arbitrary Messaging) is really Arbitrary Data Storage. The confusing name confuses people. Would anybody suggest being able to pay 1 NXT to be able to open a file in the blockchain and then have NO LIMITS for a day to write to the blockchain? For 1 NXT???

We need to think of Arbitrary Message as a 1K storage unit in the blockchain.
Do we really want someone to be able to store 43 megabytes of data per day in the block chain for 1 NXT???

Please do not try to make Arbitrary Messages into Arbitrary Messaging, it is a bad name, too confusing.

ANYTHING like this suggestion will create the cheapest distributed storage EVER to the Internet and even without spam attacks, corporations would quickly use it for distributed backup of 43 megabytes per day for less than a nickel.

PLEASE do not try to reduce the cost of 1K storage in the blockchain anymore. It is already very inexpensive. I think it is best to use this feature for publishing "pointers", eg. why not just establish a direct IP connection using 1 NXT and then communicate directly IP to IP. Why does all the communication need to go into the blockchain.

Think Arbitrary Data Storage, not Arbitrary Messaging

James

The clue on that idea is the part with the Block dependent answer message wildcard.
I like this!!!

concerning security:
An possible Attacker would be isolated in his puppet account environment.
He always can only flood his own account which sent the invitation NXT.

[timmyd]

Everyone should Vote here:

https://bitcointalk.org/index.php?topic=417125.0

NXT is on top - DO IT!

Need to keep pushing this to keep in 1st place guys

[Alias]

Everyone should Vote here:

https://bitcointalk.org/index.php?topic=417125.0

NXT is on top - DO IT!

Need to keep pushing this to keep in 1st place guys

He has already said the following:

QRK and NXT will be added once some funds are raised.

https://bitcointalk.org/index.php?topic=417125.msg4563665#msg4563665

[pastet89]

utopianfuture, kindly answer my PM about tech details of the exchange. Thanks.

Asset exchange = colored coin tech. If you understand how colored coin works, you will understand asset exchange. You can read my first draft paper to understand how generally it is supposed to work.

Link, please.

[mcjavar]

Everyone should Vote here:

https://bitcointalk.org/index.php?topic=417125.0

NXT is on top - DO IT!

Need to keep pushing this to keep in 1st place guys

He has already said the following:

QRK and NXT will be added once some funds are raised.

https://bitcointalk.org/index.php?topic=417125.msg4563665#msg4563665

So we should give him Nxt that he can sell? Lol?

[salsacz]

utopianfuture, kindly answer my PM about tech details of the exchange. Thanks.

Asset exchange = colored coin tech. If you understand how colored coin works, you will understand asset exchange. You can read my first draft paper to understand how generally it is supposed to work.

Link, please.

All Nxt articles are in the OP of the Marketing thread

[timmyd]

Everyone should Vote here:

https://bitcointalk.org/index.php?topic=417125.0

NXT is on top - DO IT!

Need to keep pushing this to keep in 1st place guys

He has already said the following:

QRK and NXT will be added once some funds are raised.

https://bitcointalk.org/index.php?topic=417125.msg4563665#msg4563665

So we should give him Nxt that he can sell? Lol?

It would attract new users

[wesleyh]

Everyone should Vote here:

https://bitcointalk.org/index.php?topic=417125.0

NXT is on top - DO IT!

Need to keep pushing this to keep in 1st place guys

He has already said the following:

QRK and NXT will be added once some funds are raised.

https://bitcointalk.org/index.php?topic=417125.msg4563665#msg4563665

So we should give him Nxt that he can sell? Lol?

It would attract new users

But then isn't it better to manage it ourselves? With a site dedicated to only nxt?

[PeercoinEnthusiast]

The Bitcoin Conference in Miami starts next week, we could still use some fund raising. Had quite a few pledges, not quite so many actual payments.

Nifty Nikel

- Paid for airfare
- Paid $40 toward business cards

JustaBit

- Paid for Nifty's hotel for 2 nights
- Paid $40 toward business cards
- Paid the remaining $130 dollars for the full conference pass

UtopianFuture, dzarmush, Uniqueorn

- Paid ~ $110 (Nifty's conference ticket)  


*** Pending ***

We still need to purchase eB101's ticket for $200. Nikel and eB have done quite a bit of work getting pins/business cards together as well as contacting companies prior to the meeting.

If anyone would like to contribute, please take a look here:

https://nextcoin.org/index.php/topic,853.msg6996.html#msg6996

[Ebrelus]

Nxt close to 0.00003... if i only had more Bitcoins, damn!

Let devs finish new features and community to grow bit more and asking for adding Nxt on these exchanges won't be needed.