NXT :: descendant of Bitcoin - Updated Information

[marcus03]

Hey guys who wants to give me 1 million next? 500k is also fine 

Show me a cross platform client that includes decentralized exchange, encrypted messaging, decentralized marketplace, alias transfer, reputation system, voting system, full account control and I'll send you 500k!

Is your offer open for everyone and without a time limit? 

[Come-from-Beyond]

Block 52920 came with base target of 69.7%. What could that possibly mean?

That 1/0.697 *100% = 143% of wallets were ready to forge??

Forging is like a gambling. Each time, when a new block is forged within 30 sec after the previous one, target becomes 2 times smaller. At some point in the future we could see 20 "fast" blocks in a row that would lead to incredibly small target (one million times smaller). It's almost impossible to hit such a target within a reasonable period of time, forging would be effectively frozen. Luckily for us we r moving to Transparent Forging. But Nxt clones will have hard times when such the event happens, this is just one of the traps scattered in Nxt code. I think development of Nxt was just a funny game for BCNext, he left a lot of riddles and traps to make it interesting for people to dig thru Nxt concept and implementation.

[pandaisftw]

NxtMyths 6: What is Nxt mining and why is Proof of Work bad?

After many weeks of collecting various materials about this topic:

https://drive.google.com/file/d/0BwAGADgnQcrtcDhZTHRtSWNPUkU/edit?usp=sharing

- you can add comments

NXT Donations: 15003961341330858247
 


7. Rich get richer - coming soon

Hey, I spot a quote by me in there

[pandaisftw]

Sure thats true but it isn't really relevant. The question is whether nxt will cause the rich to get richer. Not whether everyone will get an equal rate of return on their investment.

lets go back... why is this an issue?  This aint unicef.  LIFE aint unicef.  OK the rich do get richer, perhaps we should instead focus just on how things are and what this REALLY means.  Like the talk about the initial stakeholders making a 4700% ROI immediately after genesis.  So what?  The period was open for OVER SIX WEEKS, that is like ages in comparison to all other altcoin ANN threads before then. (no Im not a genesis block stakeholder either)  If the 'unfairness' of the 6 week period is all you can think of then you are a fool as you are really missing the whole POINT of NXT.  Its not some stupid altcoin to get pumped and dumped like all others; its the basis for a completely new crypto currency infrastructure.  Why are they not clamoring about the unfairness of all the early bitcoin adopters getting such a headstart.

Just dont even bother with trying to reason with unreasonable people.  Problem solved, problem staying solved.

Yea I agree with a lot of that but the point wasn't to make value judgments. (i think i technically did and perhaps i shouldn't have) My intention was to examine the question of whether nxt would or would not tend to cause the rich to get richer at the expense of the poor.

also as a side note the net transfer would be very minor i think.

I think instead of focusing on the rich getting richer, we should focus on the poor not getting poorer.

In Bitcoin (and all it's clones), holders are basically paying a fee (10% of their holdings a year currently) just to hold their bitcoins. This fee is paid to miners, and the inflation it causes devalues everyone's stake. So the only people not getting poorer are ASIC manufacturers+friends mining huge amounts of bitcoin to dump, and passing that cost onto bitcoin holders. Thus, this is a very real situation of the rich getting richer, and the poor getting poorer.

In NXT, everyone who is a stakeholder is guaranteed to not lose a single percent of their stake, ever. Sure, the rich may forge the majority of blocks, but that in no way affects the small stakeholder's holdings. This lets the small stakeholder build his stake up over time (let's say he works hard and gets paid in NXT), his stake will continue to grow and grow as long as he makes the effort. He may eventually even become a big stakeholder himself. In Bitcoin, the small stakeholder loses 10% of his stake every year, and has to fight an overwhelming uphill battle to get to the top.

[Come-from-Beyond]

Hey, I spot a quote by me in there

Oh, I spotted too many quotes by me. The only area of expertise where I feel myself as an authority is development of MMORPG-servers. I hope next myth explanations will have less or none of my quotes...

[landomata]

@ CfB

when is the deadline for AM contest?

[Come-from-Beyond]

Hey salsacz...  this is what happens if one cannot make it to Iceland...   

https://bitcointalk.org/index.php?topic=170332.msg4808083#msg4808083

At least now we know the answer to this question:

[Come-from-Beyond]

@ CfB

when is the deadline for AM contest?

Voting is starting on 1st of Feb.

[coolfish]

Why did not plan to release the client by the 26th?

[Mario123]

a sneak peak to my idea about a green Nxt video:
http://www.youtube.com/watch?v=ic_WLMPX888&feature=youtu.be

Wow, way cool dude

Hey salsacz...  this is what happens if one cannot make it to Iceland...   

https://bitcointalk.org/index.php?topic=170332.msg4808083#msg4808083

Haha 

Marketing material!

[jettico]

Transition to Transparent Forging (at least the way it is described in the wiki) will ruin the axiom of

"Rate of return to 1 Nxt is the same regardless how many Nxt you have."

Here's why.

Steps 3-5 in http://wiki.nxtcrypto.org/wiki/Transparent_Forging from the statistics point of view are equivalent to comparing random numbers uniformly distributed between 0 and 1/N where N is number of coins in the wallet (normalization coefficient is the same for all wallets and is omitted for clarity).

Now imagine that you throw a dice with numbers from 1 to 6 and your opponent throws a semi-dice with three possible values from 1 to 3. Who gets the lower number wins the round. In half of the cases you will throw 4-6 and win. In the other half you will have 50:50 chances to win. Thus your chances are 1/2 + 1/4 = 0.75 and his chances are 1/4 = 0.25. Which is 3 times lower.

For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.

[Come-from-Beyond]

For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.

Incorrect. Already discussed million times. For example, here - https://bitcointalk.org/index.php?topic=406331.msg4558989#msg4558989

[lophie]

Guys I am in deperate need for a feature and for a reason price I will generiously pay

MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE

any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.

- Lophie

[Come-from-Beyond]

Guys I am in deperate need for a feature and for a reason price I will generiously pay

MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE

any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.

- Lophie

Do u have more info for those who don't use Electrum?

[jettico]

For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.

Incorrect. Already discussed million times. For example, here - https://bitcointalk.org/index.php?topic=406331.msg4558989#msg4558989

Dervish's formula is incorrect. I explained it here with pictures and formulas here:
https://nextcoin.org/index.php/topic,2849.msg33659.html#msg33659

But this is completely another situation. Plz read my post carefully.

[Come-from-Beyond]

But this is completely another situation. Plz read my post carefully.

Ur resume is incorrect so ur post is incorrect as well.

Edit: Hint - 100k account has 100 times higher chance than 1k account by definition (target = baseTarget*balance*time).

[Coinonaer]

Come-from-Beyond: Any news regarding Laskhmi [LAK]? 

[Come-from-Beyond]

Come-from-Beyond: Any news regarding Laskhmi [LAK]? 

Yes, it's postponed by a week, so we won't take part in the AM contest.

[Coinonaer]

Come-from-Beyond: Any news regarding Laskhmi [LAK]? 

Yes, it's postponed by a week, so we won't take part in the AM contest.

Thank you Sir, looking forward to it. If you need testers, just let me know. 

[2Kool4Skewl]

Come-from-Beyond: Any news regarding Laskhmi [LAK]? 

Yes, it's postponed by a week, so we won't take part in the AM contest.

Is there a thread about Laskhmi?