NXT :: descendant of Bitcoin - Updated Information

[luckygenough56]

Not sure that many people will keep their NXT in their wallet for mining. Most NXT are on exchange plus the risk on being wallet hacked.

[1715237069]

1715237069

[1715237069]

1715237069

[1715237069]

1715237069

[pinarello]

Anyone have any answers why the two local hosts for the client might not be working for me after working fine previously?

restart java, then http

[jdebunt]

http://www.cryptoarticles.com/crypto-news/2014/1/18/poloniex-new-exchange-with-btcnxt-trading-pair  

[Alias]

Clearly there is a significant pent up demand for NXT.

bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.

China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at http://www.btc123.com/ if you don't believe me.

I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.

James

The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.

Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.

This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.

Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.

James

Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".

By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.

[jl777]

Clearly there is a significant pent up demand for NXT.

bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.

China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at http://www.btc123.com/ if you don't believe me.

I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.

James

The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.

Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.

This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.

Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.

James

Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".

By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.

Credit union is a good model. Non-profit model, fees just to cover costs. I have not analyzed DAC in detail, but if you say it will work, that's good enough for me.

James

[ifightformerkel]

NXT rise every 10 Minutes about 5%, lol lucky i buy yesterday for .36 
You must all hurry, the price will rise very fast now.

[luckygenough56]

i'm so bad at predicting things haha

i don't understand why people keep selling at 0.00006 on dgex while it's at .7-8 on bter

[hyunsookmom]

Seems like NXT is starting to kick off in China but it raises one issue. I think NXT needs to think more globally in terms of marketing. Ripple successfully had a giveaway on a major Chinese internet portal. I suggest NXT if they want the Chinese onboard should do a similar thing with unclaimed NXT or a bounty etc. Giving away a small number of NXT and help set them up the client would increase numbers massively, maybe once a more user friendly client is up though. I think the big selling point could be anonymity to the Chinese and Indians and other nations in similar government headlocks for that matter..

[ifightformerkel]

i'm so bad at predicting things haha

i don't understand why people keep selling at 0.00006 on dgex while it's at .7-8 on bter

Maybe they dont know that nxt is now also at bter.

[luckygenough56]

Client is really a con right now. I already imagine chinaman downloading the client via the link on BTER. He will unzip and wtf, that doesn't work right out of the package, what is dis crap  

[hyunsookmom]

i'm so bad at predicting things haha

i don't understand why people keep selling at 0.00006 on dgex while it's at .7-8 on bter

An attempt at Manipulation

[pinarello]

Seems like NXT is starting to kick off in China but it raises one issue. I think NXT needs to think more globally in terms of marketing. Ripple successfully had a giveaway on a major Chinese internet portal. I suggest NXT if they want the Chinese onboard should do a similar thing with unclaimed NXT or a bounty etc. Giving away a small number of NXT and help set them up the client would increase numbers massively, maybe once a more user friendly client is up though. I think the big selling point could be anonymity to the Chinese and Indians and other nations in similar government headlocks for that matter..

Agree China is a big market.

[wesleyh]

Client is really a con right now. I already imagine chinaman downloading the client via the link on BTER. He will unzip and wtf, that doesn't work right out of the package, what is dis crap  

Why aren't third party clients posted on the main page of http://nxtcrypto.org yet? These were funded, so why not promote them?

Also, ideally we need an entire translation of the nxtcrypto.org site in chinese with a simple button at the top to change language.

[Alias]

Clearly there is a significant pent up demand for NXT.

bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.

China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at http://www.btc123.com/ if you don't believe me.

I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.

James

The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.

Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.

This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.

Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.

James

Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".

By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.

Credit union is a good model. Non-profit model, fees just to cover costs. I have not analyzed DAC in detail, but if you say it will work, that's good enough for me.

James

I would encourage you to research DACs. You would be good at developing the ideas and utilities and functions that are evoked by them. The technical aspect doesn't matter so much. Just imagine a DAC as a corporation which has no motives other than it's pre-defined purpose. I.e. it has no profit motive by default. And it makes only rational logical decisions. DACs are effectively public utilities. Most of them are looked at from an economic perspective but we can look at them from a socio-economic perspective within NXT.


Edit: Check this out:-

Conclusion
DACs are a useful metaphor for designing decentralized systems that provide useful goods and services to society.   If something as complex as a bank can be implemented as a DAC then it is clearly possible to implement many other things as DACs.   In the future I will outline my designs for DACs that perform the following services:

1) News Aggregation
2) AdWords
3) Domain Names
4) Patents, Copyright and next generation Intellectual Property
5) Insurance
6) Courts, Escrow, and Arbitration
7) Authenticated Anonymous Voting
Prediction Markets
9) Next Generation Search Engines

Additionally I will describe a new approach for funding the development of DACs in a decentralized manner.   There is an exciting future filled with DACs that can faithfully provide services previously delegated to trusted 3rd parties.  We just need to learn the fundamental principles used to design DACs and then combine them in new and unique ways.

Source: http://letstalkbitcoin.com/dac-revisited/#.UtqjCxDFJaR

[hyunsookmom]

Client is really a con right now. I already imagine chinaman downloading the client via the link on BTER. He will unzip and wtf, that doesn't work right out of the package, what is dis crap  

'Chinaman' was buying elaborate cities when our nations were living in caves, as the biggest users of the Internet I'm sure they will do fine...

Many Chinese speak some English but a translated set of instructions would help oil things a lot....

I think we need some Chinese members to be more active and help NXT?

[jl777]

Client is really a con right now. I already imagine chinaman downloading the client via the link on BTER. He will unzip and wtf, that doesn't work right out of the package, what is dis crap  

We do need to have localized versions of clients. In spite of this, I would imagine that most of the current NXT investors from China are not expecting a totally complete end user solution. We are still in the beta phase.

James

[Anon136]

Clearly there is a significant pent up demand for NXT.

bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.

China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at http://www.btc123.com/ if you don't believe me.

I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.

James

The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.

Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.

This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.

Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.

James

Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".

By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.

Credit union is a good model. Non-profit model, fees just to cover costs. I have not analyzed DAC in detail, but if you say it will work, that's good enough for me.

James

I would encourage you to research DACs. You would be good at developing the ideas and utilities and functions that are evoked by them. The technical aspect doesn't matter so much. Just imagine a DAC as a corporation which has no motives other than it's pre-defined purpose. I.e. it has no profit motive by default. And it makes only rational logical decisions. DACs are effectively public utilities. Most of them are looked at from an economic perspective but we can look at them from a socio-economic perspective within NXT.

all we need really is a subordinate chain where users can embed c++ code and bid for space in the chain with nxt as well as bid with nxt for a forger to execute the code and record the product in a future block. each DAC would have its own chain like this. providing the tools is the easy part, using these tools to make a profitable dac is the hard part.

*edit* infact this could be totally separate from the nxt project. who ever made this tool wouldnt need anyones permission from the nxt project to do so and infact there is no way any of us could even stop them if they wanted to.

[jl777]

Clearly there is a significant pent up demand for NXT.

bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.

China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at http://www.btc123.com/ if you don't believe me.

I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.

James

The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.

Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.

This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.

Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.

James

Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".

By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.

Credit union is a good model. Non-profit model, fees just to cover costs. I have not analyzed DAC in detail, but if you say it will work, that's good enough for me.

James

I would encourage you to research DACs. You would be good at developing the ideas and utilities and functions that are evoked by them. The technical aspect doesn't matter so much. Just imagine a DAC as a corporation which has no motives other than it's pre-defined purpose. I.e. it has no profit motive by default. And it makes only rational logical decisions. DACs are effectively public utilities. Most of them are looked at from an economic perspective but we can look at them from a socio-economic perspective within NXT.


Edit: Check this out:-

Conclusion
DACs are a useful metaphor for designing decentralized systems that provide useful goods and services to society.   If something as complex as a bank can be implemented as a DAC then it is clearly possible to implement many other things as DACs.   In the future I will outline my designs for DACs that perform the following services:

1) News Aggregation
2) AdWords
3) Domain Names
4) Patents, Copyright and next generation Intellectual Property
5) Insurance
6) Courts, Escrow, and Arbitration
7) Authenticated Anonymous Voting
Prediction Markets
9) Next Generation Search Engines

Additionally I will describe a new approach for funding the development of DACs in a decentralized manner.   There is an exciting future filled with DACs that can faithfully provide services previously delegated to trusted 3rd parties.  We just need to learn the fundamental principles used to design DACs and then combine them in new and unique ways.

Source: http://letstalkbitcoin.com/dac-revisited/#.UtqjCxDFJaR

What URLs are best to get useful details so I can help implement some DACs. It does sound really powerful. Currently, society pays an enormous amount for almost any company to provide trusted services, eg. banks, insurance, etc. When all they do is pretty simply math.

Is there a way to be able to test a DAC? I like to develop things interactively and learn best from trial and error.

James

[gbeirn]

I wouldn't block anything at all. There is no problem to find 10 trusted people.

Looks like idea to block 10 accounts failed. What about sending 1M to 10 accounts without changes in the code?

Yes then lets do this. I can't even imagine people want to destroy coins. On one page people complain the founders are not donating enough to help fund projects and then the next page people are given the opportunity to get 10M to fund projects and they want to destroy them, this is crazy.

[gbeirn]

I wouldn't block anything at all. There is no problem to find 10 trusted people.

Looks like idea to block 10 accounts failed. What about sending 1M to 10 accounts without changes in the code?

I say you keep the funds and we keep running these contest....seems to be working....if they want funding enter the contest if they create something good then they win the funding....not need to spend money if the work will not be done or be wasted.


SO....my idea: EACH MONTH....for the next ten months we spend 1 million NXT.

Contest: Can be marketing plans, PR plans, Client, Websites, Plans to further Nxt growth, etc.

LOOK HOW THE AM CONTEST IS MOTIVATING PEOPLE.

I agree with landomata -- status quo has been working fine... I'm not sure why there's a rush to make a decision on this.

For the first month, I propose giving 1 mil to the PR group/liaison/ambassador(s). They've received little to nothing, and we've all individually spent our own money on projects.

Maybe BCNext and CFB want to be freed up to work on other things. BCNext himself said you shouldn't trust him Spread the coins and by doing so, spread the risk that one person will do something bad with all 10M. In this case I think the people who receive the coins should be made public so we can public ally shun and humiliate them if they run off with the coins. Plus we can track everything through the block chain so we know what is going where.