NXT :: descendant of Bitcoin - Updated Information

[Alias]

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 ?

Could the trust in a particular NXT gateway be amplified/compounded using multisig or something? So instead of 100 different BTC/NXT gateways, have 1 gateway with 100 backers? I.e. decentralise the assets.

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[Mises_77]

5 Cryptocurrencies that could rival bitcoin
NXT gets a mention

http://dailyreckoning.com/5-cryptocurrencies-that-could-rival-bitcoin/

related reddit post:

http://www.reddit.com/r/CryptoCurrency/comments/1vg3e8/5_cybercurrencies_that_could_rival_bitcoin/


Mises

[ImmortAlex]

1. Is using java as well

I'm the lead developer of f*cking huge enterprise project written in Java.
Am I BCNext + C-f-B?!

2. Is using jetty server as well

Early versions of NRS doesn't use Jetty. And failed when network became big. So C-f-B rewrote it to use Jetty as network layer.

3. Has same runing command "java -jar start.jar"

It is command line to run Jetty. NRS is servlet in container inside Jetty. Everyone run Jetty that way.

4. Has SAME path to the nodes file:

/webapps/root/WEB-INF/web.xml

This is standard Jetty configuration file.

So you're troll or doesn't know what are you talking about.

[NxtChoice]

There are so many questions for CfB in the above posts. CfB may be whoom BCNext is, may be not, that's not so important. I don't think BCNext, CfB are scammers, but I have some questions in my mind and also need CfB's help/answer:

1) I remember (If I am right) CfB once said he owns 3 Mil Nxt about two weeks ago, and today or yesterday he said he owns 5 Mil Nxt. As we know, CfB sold a little Nxt every cheap weeks ago, but now he owns more. CfB, did you buy in recently?

2) BCNext transfered the unclaimed Nxt to you, right? As we know, you provided the community the geneis block account signature from BCNext, so the Nxt was launched by BCNext, right? Obviously one of the 73 accounts was controlled by CfB, that is the unclaimed Nxt account. If I am not wrong, that account had more than 100 Mil, and then some guys claimed their Nxt before Jan 3rd and you sent to them. After Jan 3rd, the unclaimed Nxt was about 13 Mil according to CfB, but I found that account was not that amount. Unfortunately I can't find that account right now, but those guys who received Nxt from CfB can get it. So what's the difference and how to explain it? CfB, how did you deal with you personal account and the "unclaimed" account?

On the other hand, there is no one complained their loss of their investment after Jan 3rd due to their late. Nxt is so popular, how can some guys invested in it and don't realize it until now? Now that the community has the decision the Nxt won't be send to those unlucky guys, could CfB tell us how many guys invested those unclaimed Nxt? Is it possible that those Nxt belongs to BCNext or CfB who take it as development, marketing fund?

The community need some facts, not the privacy of the inventor and the developer. Thanks.

[salsacz]

ImmortAlex: + CfB was hired especially to work on the client..

[Come-from-Beyond]

CfB please stop with the bullshit, let's fix the whole story and you will be richer than ever imagined.

U won't believe but Cfb doesn't care about being richer than ever imagined.

[Anon136]

go here and vote guys

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

[coolfish]

go here and vote guys

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

Yeah, Fuck Dgex..

[xyzzyx]

Could the trust in a particular NXT gateway be amplified/compounded using multisig or something? So instead of 100 different BTC/NXT gateways, have 1 gateway with 100 backers? I.e. decentralise the assets.

Tie PoS forging power to trust metric.

[NxtChoice]

For those who missed it:
New Blog post:
NxtMyths 1. Nxt is not a scam, it wasn’t created by anonymous developers
= chapter 1 from my NxtMyths paper, will be used as a documentation for the Nxtmyths video
by: SalsaCZ

+ I would like share some marketing plans in the Nxt PR Marketing thread: https://bitcointalk.org/index.php?topic=412243.msg4555415#msg4555415, feel free to comment!

Hi salsacz, thanks for your great paper.

BTW, I'm curious that how do you know BCNext is 35+ years old, CfB is 34 years old, and Jean-Luc is 30+ years old and hold PhD? Thanks.

[ImmortAlex]

salsacz, please correct you post or you will create one more myth - I am not a full-time developer of any Nxt appication.

[smartwart]

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

don't understand.
I should fund an account there and hope they will add NXT?

[jl777]

[need coffee, somehow quote of colored coin threads and BTC asset fragmentation was dropped...]

Anything is possible. For something like that to work, it would require N participants to all agree to honor each others coins at 1:1

For example, the people that end up with the asset names: "BTC", "BTC2", "BTCxyx", etc all agree that they will redeem each others BTC for actual BTC.

The only problem is if something goes wrong, eg. issuer of "BTC2" gets hit by a bus. What happens? Everyone with BTC2 redeems it at the other issuers, so now all the participants have a bunch of BTC2, but he is no more. On a small scale, it would work like a group self-insuring, but what if we are talking about 100BTC worth?

I don't think that approach will work at large scales, due to "hit by bus" scenario.

OK, so plan B.

Let us assume there is a group account that holds all the BTC that backs the Assets issued by all the group members and there was a mechanism for deposits and withdrawals to be processed that can be trusted, it could work.

On deposit to any of the BTC variants, actual BTC goes to BTC variant holder, they issue the BTC variant asset and deposit to shared BTC acct.

On withdrawal, anybody that holds any of the BTC variants can redeem it from the shared BTC acct directly using automated mechanism that recognizes all the BTC variants. This side actually seems doable.

The key to make this work is enforcing the "they issue the BTC variant asset and deposit to shared BTC acct". We cannot control when an account issues an Asset. However, we can track in realtime all issued BTC variants and all deposits credited to that variant. Some sort of realtime audit system could then disable withdrawals for any BTC variant that goes out of balance, with associated public message as to the problem issuer's status.

In order to make that foolproof, all participating issuers would need to NOT issue their asset, until there was confirmation of deposit into the shared acct.

So, my long answer, is yes, this is possible, though ultimately boils down to all participants needing to trust the deposit/withdrawal software and all following strict rules of issuing assets.

James

[chanc3r]

Apologies if this is answered already but i've been following this since page 10 and I can't remember...

I've forged four blocks so far according to the block chain, I received a fee of 4 NXT for the first block I forged and ZERO for the other 3 - is this right?

If every transaction has fees then how can a block reward be zero or did I somehow forge an empty block or are there unlucky blocks and I've been unlucky 3 times in a row?

[Come-from-Beyond]

CfB has launched a Qubic coin more than a year before CBNext came out from the nothing with the idea for NXT.
The qubic coin client:

1. Is using java as well
2. Is using jetty server as well
3. Has same runing command "java -jar start.jar"
4. Has SAME path to the nodes file:

/webapps/root/WEB-INF/web.xml

1. Java is one of the most popular languages (#1 if u need to create a cross-platform solution).
2. Jetty is one of the most popular webserver (used by Google in its app cloud service)
3. This is how all jar-packed applications r ran
4. This is standard place in Jetty

Looks like a good excuse to me, doesn't it?

Yesterday after you said that "guys from Wall Street" will test the exchange asset, and you got asked about more deatails, you said you meant "business guys, not exactly wall street guys". Sounds exactly like trying to get dry from the situation. If this is true, why you didn't say "Wall Street guys" (like WS type guys), but you said "guys from Wall Street"?

Really? Ok, each day I study more and more nuances of English. It's not my mother tongue, sorry if sometimes I use incorrect words.

[jl777]

CfB please stop with the bullshit, let's fix the whole story and you will be richer than ever imagined.

U won't believe but Cfb doesn't care about being richer than ever imagined.

CfB just want girls

[instacalm]

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

don't understand.
I should fund an account there and hope they will add NXT?

I am personally not interested at all in a site where I can only pay in Fiat using Skrill.

What NXT needs is large exchanges, Cryptsy and alikes. Cryptsy's feature of allowing to trade in USD is coming soon. DGEX was/is a good start despite all the criticism it has received over the past weeks.

[lyynx]

Last night a few developers and myself where brainstorming on the concepts of implementing Nxt into e-commerce applications and one use does not seem to be possible.

I do not believe this question has been asked yet, but since Nxt is to be used as a currency, I think there is one use we have yet to touch upon.

Recurring payments? Since Nxt will not only be used for purchasing, but I'm sure for services, many of which will be subscription based, how, if it all, will this be possible? Will this be a function of the client? Is this built into the framework already?

[Alias]

Could the trust in a particular NXT gateway be amplified/compounded using multisig or something? So instead of 100 different BTC/NXT gateways, have 1 gateway with 100 backers? I.e. decentralise the assets.

Tie PoS forging power to trust metric.

What trust metric? The issuer of 1 gateway could demonstrate that he owns a large stake (POS) in the NXT system anyway.

I'm wondering how the need for trust can be removed from these gateways.

At least if there were a bunch of decentralised BTC/NXT gateways they have the same common reserve currency (NXT tokens) so they could trade between each other. This could ultimately ensure that "One BTC Coloured Coin = Another BTC Coloured Coin".

[starik69]

did I somehow forge an empty block or are there unlucky blocks and I've been unlucky 3 times in a row?

Right. There are still many empty blocks on network.