NXT :: descendant of Bitcoin - Updated Information

[opticalcarrier]

I think NXT market gains should be measured from the value of initial release (~$1 million), not the 21BTC as that is a token amount and does not represent real world development costs.

James

Good idea.

but where did that value of initial release come from?

I am estimating $1 million for a working NXT equivalent written from scratch. Try getting a quote for getting software developed. It is not cheap, we could use even higher amounts, but a round million dollars is easy to justify. Just calculate the man years of software this represents and cost per man year. Ignore time to market, etc.

BCNext gifted the 73 founders the development cost. What the founders paid is not relevant as the moment the software was released, they immediately made that gain.

For instance if someone sells you a lottery ticket worth $50,000 for $50, you made $49950 the moment you get the ticket. If after that, a market develops and people pay $500,000 for the lottery ticket, the $450,000 is the market gain.

I also think that it is important to track market value change as it relates to Alias feature deployment. There is a clear and significant jump in market value at this point.

James

P.S. The drop in price since source code release follows the standard pattern of buy the rumor, sell the news. This happens a lot and since a lot of people already knew the source code was already there through unobscured java, the news wasn't a big surprise to many investors.

Don't get me wrong... these discussions are healthy... but the initial NXT distribution among the first supporters had nothing to do with valuation.  Its sole purpose was the establishment of the Genesis Block.

exactly, I agree with you and C-f-B.  It doesnt matter *what* the initial stakeholders had put in, in total.. As said 1000 times before, its necessary for 100% POS to work from the start.  I dont think NXT will ever be able to get away from that 4700% or whatever number is being pushed, and I dont care (and I wasnt in on genesis, either).  As long as people are aware with the fact that the founder's stakes was proportional to their contributions then really thats all we can hope for.

[NxtChg]

!!! http://www.cryptocoinsnews.com/2014/01/17/whats-nxt-world-cryptocurrencies/

I love the font for some weird reason...

One thought - we keep producing confusing terms, like "Arbitrary Messages" and "Transparent Forging". That's not good.

We need the "PR" guys to work with "tech" guys to create proper terms, at least from now on.

[opticalcarrier]

!!! http://www.cryptocoinsnews.com/2014/01/17/whats-nxt-world-cryptocurrencies/

I love the font for some weird reason...

One thought - we keep producing confusing terms, like "Arbitrary Messages" and "Transparent Forging". That's not good.

We need the "PR" guys to work with "tech" guys to create proper terms, at least from now on.

Im 100% with jl777 on moving away from AM to 'arbitrary data'.

[admiral.fu]

I think NXT market gains should be measured from the value of initial release (~$1 million), not the 21BTC as that is a token amount and does not represent real world development costs.

James

Good idea.

but where did that value of initial release come from?

I am estimating $1 million for a working NXT equivalent written from scratch. Try getting a quote for getting software developed. It is not cheap, we could use even higher amounts, but a round million dollars is easy to justify. Just calculate the man years of software this represents and cost per man year. Ignore time to market, etc.

BCNext gifted the 73 founders the development cost. What the founders paid is not relevant as the moment the software was released, they immediately made that gain.

For instance if someone sells you a lottery ticket worth $50,000 for $50, you made $49950 the moment you get the ticket. If after that, a market develops and people pay $500,000 for the lottery ticket, the $450,000 is the market gain.

I also think that it is important to track market value change as it relates to Alias feature deployment. There is a clear and significant jump in market value at this point.

James

P.S. The drop in price since source code release follows the standard pattern of buy the rumor, sell the news. This happens a lot and since a lot of people already knew the source code was already there through unobscured java, the news wasn't a big surprise to many investors.

Exactly. Software and project like this takes expertise of finest developers and many more talented individuals from many fields who usually are very involved in high-paid jobs. This is way more than $1M. And how can we measure commitment of so many nexters investing their time and money. It's enjoyable and priceless.

[NxtChg]

Im 100% with jl777 on moving away from AM to 'arbitrary data'.

Or something more sexy, like Distributed Storage.

Or Blockchain Cloud

Get creative, guys!

[marcelus]

ethereum has some interesting features. esp. the DACs getting my attention.
some questions for those with a fresher overview about this:

1. DACs are first defined by a company called invictus?
2. is there any real working DAC in any running system now?
3, if so, where and what kind of task?
4. would it make sense to create DACs for nxt?
5. if so, would this lead into real media attention or is this just buzz?

1. Yes, Daniel Larimer (bytemaster) is the coiner of the phrase.
2. Bitcoin and many many other crypto-protocols
3. See no.2
4. NXT is a DAC but could be subdivided into smallers DACS by forking the protocol like protoshares will be forked to bitshares, etc.
5. No it wouldn't lead to any extra attention

[admiral.fu]

I just watched "Love and other drugs" and it almost feels like NXT is in the same stages when Pfitzer was doing clinical testing for cold medicine sildenafil citrate. It is a nice story, look it up.

[BldSwtTrs]

ethereum has some interesting features. esp. the DACs getting my attention.
some questions for those with a fresher overview about this:

1. DACs are first defined by a company called invictus?
2. is there any real working DAC in any running system now?
3, if so, where and what kind of task?
4. would it make sense to create DACs for nxt?
5. if so, would this lead into real media attention or is this just buzz?

1. Yes, Daniel Larimer (bytemaster) is the coiner of the phrase.
2. Bitcoin and many many other crypto-protocols
3. See no.2
4. NXT is a DAC but could be subdivided into smallers DACS by forking the protocol like protoshares will be forked to bitshares, etc.
5. No it wouldn't lead to any extra attention

Can we build DACs on top of NXT?

PS : PTS will not be forked to BTS. BTS will consists of several blockchains, PTS entitle future property of the tokens of these several BTS blockchains.

[msin]

I think NXT market gains should be measured from the value of initial release (~$1 million), not the 21BTC as that is a token amount and does not represent real world development costs.

James

Good idea.

"Do not pay much attention to the price of 1 NXT measured in fiat money." - BCNext

But the price of 1 Nxt measured in BTC is falling, although there were several good news in the last few days. I couldn't convince one of my friends whom funds I am managing to hold on his Nxts, so I bought his stake. I really hope it wasn't a bad decision of me.

People selling Nxt aren't going to be able to stomach the long term.  I remember seeing BTC fall from $31 to $2 in 2011.  It stayed around $2-$5 for so long.  I look at Nxt as a long term investment.  I'm not looking for any kind of return and I certainly wouldn't measure that in $'s.  Was your friend looking for a quick return to buy something?  Regardless, you made a very smart decision.  

[nexern]

ethereum has some interesting features. esp. the DACs getting my attention.
some questions for those with a fresher overview about this:

1. DACs are first defined by a company called invictus?
2. is there any real working DAC in any running system now?
3, if so, where and what kind of task?
4. would it make sense to create DACs for nxt?
5. if so, would this lead into real media attention or is this just buzz?

1. Yes, Daniel Larimer (bytemaster) is the coiner of the phrase.
2. Bitcoin and many many other crypto-protocols
3. See no.2
4. NXT is a DAC but could be subdivided into smallers DACS by forking the protocol like protoshares will be forked to bitshares, etc.
5. No it wouldn't lead to any extra attention

thx for the info marcelus, it seems i have had a totally different approach in understanding DACs.
calling bitcoin a DAC seems not very logic to me, autonomous neither, perhaps i mixed up with
smart contracts.

[msin]

Im 100% with jl777 on moving away from AM to 'arbitrary data'.

Or something more sexy, like Distributed Storage.

Or Blockchain Cloud

Get creative, guys!

Or just call it Nxt Message, because messaging is what it is and I like messaging.

[salsacz]

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.

sorry for the delay, I added citations to the paper, now you can see where the sources come from:
http://nxtcoin.blogspot.cz/2014/01/nxtmyths-1-nxt-is-not-scam-it-wasnt.html
+ there are some new quotes about BCnext..

[NxtChg]

!!! http://www.cryptocoinsnews.com/2014/01/17/whats-nxt-world-cryptocurrencies/

Not to bash or anything, but such articles should be proofread.

"It is brand new [, built?] from scratch with its own code." - also phrased badly

"peer-peer" - correct is "peer-to-peer"

Your point "but it was announced 6 weeks in advance" is weak. Who cares? If you want to seriously take on inequality, this is not the way to do it. It's just a lame red herring.

Are you sure that decentralized exchange will remove all "trust points"? I don't know much about it, but if it's anything like Ripple, you will still need a lot of trust for gateways.

"(pun intended)" - what pun?

Many sentences should be rephrased, because this is crazy:

Proof of Stake doesn’t involve ‘mining’ per se, so it’s important to realize that unlike Bitcoin exists currently, and like Bitcoin will exist in 2140 when all of it is mined, all NXT that will ever exist already exists, so client wallets now forge (in NXT the term ‘mining’ is replaced with ‘forging’) for transaction fees.

"are competed"? Maybe they just compete?

"client is based on java" - it's not based on Java, it's written in Java

Anyway, the point is - proofread!

[allwelder]

Just an article about colored coin copied from other website
Plz forgive me if offensive ,especially for the original author.
https://nextcoin.org/index.php/topic,721.0.html

[baller1]

The last client show me: WARNING: system properties and/or jvm args set.

What is it?

Can anyone answer this? have the same thing,
If no one answered this poster?
Client seems to be running, but still curious.

I did some research and only found this,

https://nextcoin.org/index.php/topic,1277.msg10730.html#msg10730
bulletin 7.3

tried removing the blocks and tx., and it didn't fix this warning.
Looking at some Java forums, seems like it could be related to the start.bat?

Running 5.8 verified. Windows.
with start.bat pointed to java and
-jar start.jar

[mcjavar]

I think NXT market gains should be measured from the value of initial release (~$1 million), not the 21BTC as that is a token amount and does not represent real world development costs.

James

Good idea.

"Do not pay much attention to the price of 1 NXT measured in fiat money." - BCNext

But the price of 1 Nxt measured in BTC is falling, although there were several good news in the last few days. I couldn't convince one of my friends whom funds I am managing to hold on his Nxts, so I bought his stake. I really hope it wasn't a bad decision of me.

People selling Nxt aren't going to be able to stomach the long term.  I remember seeing BTC fall from $31 to $2 in 2011.  It stayed around $2-$5 for so long.  I look at Nxt as a long term investment.  I'm not looking for any kind of return and I certainly wouldn't measure that in $'s.  Was your friend looking for a quick return to buy something?  Regardless, you made a very smart decision.  

It was his very first crypto investment. I told him about Nxt, he gave me fiat, which I converted to BTC and bought Nxt for him at .00008
I felt guilty (although I told him several times that in the crypto world the possible roi is high because the risk is high, too) so I paid him 0.00005

[joefox]

Important announcement

BCNext devised a way to handover unclaimed coins in such a way that doesn't require multisig and still keeps the spirit of decentralization.

BCNext will choose 10 people. I'll contact these people privately to ask for an account id. Each of them will create a special account and send it to me. 1M NXT will be sent to each account (10M total, not 9M, so the community is supposed to subsidize the public nodes by itself). Jean-Luc will be asked to add a special code that blocks outgoing transactions from these special accounts. When the community decides how to spend part of the unclaimed coins, Jean-Luc will change the code to allow partial withdrawals possible. 10 chosen ones will send 1/10th of the required amount to the account the funds r supposed to go to.

I think this is a good idea, badly implemented.  Instead of changing code to make 10 accounts special, why not prioritize the Account Control feature and then implement this plan using THAT?

[smartwart]

Just an article about colored coin copied from other website
Plz forgive me if offensive ,especially for the original author.
https://nextcoin.org/index.php/topic,721.0.html

cool,

You has done a great work, but please reference to the paper or mark it as an summery of it.
That would make it more "consistent" in eyes of some kind of people.

Some weeks ago I was starting an similar thread in german sub forum with, lets say, not so much resonance ;-)
Maybe the client with assets will change the situation...

cheers

[allwelder]

CfB,

result of the rewards vote for sites and social media.

would you be so kind to pay the people that won, thank you.

S3MKi               82 (31.3%)
allwelder       57 (21.8%)
Mac Red       42 (16%)
yulkisa       39 (14.9%)
Damelon       13 (5%)
Passion_ltc       11 (4.2%)
Coinonaer       8 (3.1%)
apenzl       3 (1.1%)
Mises_77       3 (1.1%)
pablito89       2 (0.8%)
^[GS]^       2 (0.8%)


1) 50,000
2) 30,000
3) 20,000
4) 5,000
5) 5,000
6) 5,000
7) 5,000
8)3,000
9)3,000
10)3,000
11)2,000

Any chance that u have their accounts ready?

I will provide them to you.

Winners can you sent me the accountnumbers please

received.
Thank you again Pin and CFB.
I and my employee would continue to do something for Nxt in China as more and far as possible.

[Armando]

The last client show me: WARNING: system properties and/or jvm args set.

What is it?

Can anyone answer this? have the same thing,
If no one answered this poster?
Client seems to be running, but still curious.

I did some research and only found this,

https://nextcoin.org/index.php/topic,1277.msg10730.html#msg10730
bulletin 7.3

tried removing the blocks and tx., and it didn't fix this warning.
Looking at some Java forums, seems like it could be related to the start.bat?

Running 5.8 verified. Windows.
with start.bat pointed to java and
-jar start.jar

I have the same warnings, but eberything seems to be OK with my wallet