NXT :: descendant of Bitcoin - Updated Information

[Anon136]

doesnt this mean its illegal to sell anything on craigslist? i mean would it be different if someone sold their bicoins on craigslist instead of localbitcoins? are bitcoins legally speaking any different from any other good that you might buy on craigslist?

It's the dollar amount.  They ran up against anti-money laundering laws.

The feds have an amount ($10,000) and states and local jurisdictions may have their own laws on the subject too.

It's a mine-field for those of us in the US.

so then people buying cars for > 10,000 on craigslist are breaking the law?

I don't believe so since a car is a physical good.  It has to do with money-for-money transmission/exchange.

OWOW bitcoin is considered money in the us now?

[1714182999]

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[1714182999]

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[FrictionlessCoin]

doesnt this mean its illegal to sell anything on craigslist? i mean would it be different if someone sold their bicoins on craigslist instead of localbitcoins? are bitcoins legally speaking any different from any other good that you might buy on craigslist?

It's the dollar amount.  They ran up against anti-money laundering laws.

The feds have an amount ($10,000) and states and local jurisdictions may have their own laws on the subject too.

It's a mine-field for those of us in the US.

so then people buying cars for > 10,000 on craigslist are breaking the law?

I don't believe so since a car is a physical good.  It has to do with money-for-money transmission/exchange.

OWOW bitcoin is considered money in the us now?

No, but accepting $10,000 is under money laundering laws.

[bithic]

you know guys. we could cut out the dollar by tying our main token that we trade with to something extremely liquid but lacking other properties of money. the nxt token representation of the object will give it its strong money characteristics and the high liquidity of the item its tied to could give a stable and recognizable price.

so just as an offhand example, the basic pricing could be done by having the main medium of exchange be a token that represents 1 egg. say i am an egg farmer, i issue 1 million grade a egg colored tokens. the nxt/egg cross becomes the deepest and most liquid token in the market and so then nxt becomes priced in eggs. if you want to know what the value of a nxt is in dollars then you go to the supermarket and check out the price of eggs and just do the conversion. if you want eggs than you just trade 1 token for 1 egg to the egg farmer.

eggs probably bag example. ill try to think of something better.

Don't see how this should convert to real egg prices? If we cut out the dollar and the supermarket only accepts dollars then there's no link between real eggs and nxt eggs.

Supermarket should accept NXTs then we get the price real.

Apparently BTC China is using vouchers.

http://www.cryptonews.biz/btc-china-selling-vouchers-on-chinese-auction-site/

http://www.reddit.com/r/Bitcoin/comments/1tnf8e/btcchina_adds_a_fundingwithdrawal_option_btcc/

[xyzzyx]

doesnt this mean its illegal to sell anything on craigslist? i mean would it be different if someone sold their bicoins on craigslist instead of localbitcoins? are bitcoins legally speaking any different from any other good that you might buy on craigslist?

It's the dollar amount.  They ran up against anti-money laundering laws.

The feds have an amount ($10,000) and states and local jurisdictions may have their own laws on the subject too.

It's a mine-field for those of us in the US.

so then people buying cars for > 10,000 on craigslist are breaking the law?

I don't believe so since a car is a physical good.  It has to do with money-for-money transmission/exchange.

OWOW bitcoin is considered money in the us now?

I think I might be incorrect on the details.  Looks like all over $10k *cash* transactions must be reported.  A lawyer would be the best one to ask.  

[Voluntold]

doesnt this mean its illegal to sell anything on craigslist? i mean would it be different if someone sold their bicoins on craigslist instead of localbitcoins? are bitcoins legally speaking any different from any other good that you might buy on craigslist?

It's the dollar amount.  They ran up against anti-money laundering laws.

The feds have an amount ($10,000) and states and local jurisdictions may have their own laws on the subject too.

It's a mine-field for those of us in the US.

so then people buying cars for > 10,000 on craigslist are breaking the law?

I'd say yes.  The difference is that people buying and selling used cars has been going on for a long time, it still gets taxed in some form (dmv fees), and it doesn't threaten the government's power in any way, unlike bitcoin/cryptos.

All I know is that the government can not stop crypto-currencies, aside from maybe shutting down the internet indefinitely, which isn't going to happen. And historically, anything the government bans, tends to drive UP the price. Fact: Something like 25% of the world's economy is black market. Crypto-currencies were MADE for the black market.

[msin]

Do we have a thread for those who deserve Dev Bounties from unclaimed Nxt?  I recommend the following allocation for dev:

l8oore (asset exchange) - 200k

We can add to these amounts in the future for ongoing projects.

I would like to see an asset exchange in action... cause i was going to implement it.
Since it is already done not sure if i will have to do so.

Yes, to be clear, these are for finished product, in the case of QBTC, it's more of a maintenance fee.

[xyzzyx]

All I know is that the government can not stop crypto-currencies, aside from maybe shutting down the internet indefinitely, which isn't going to happen. And historically, anything the government bans, tends to drive UP the price. Fact: Something like 25% of the world's economy is black market. Crypto-currencies were MADE for the black market.

This always seemed weird to me.  I mean, the ledger of transactions is public after all.  To me it seems foolish to use a public ledger when funding illegal activities.  But perhaps I just haven't thought it through since I don't care about drugs.

[bithic]

so the real question is satoshi ==bcnext??

nope, a few years ago bcnext said he doesn't use C

Do u have the link?

I dont want to exploit his identity

Hasn't BCNext only been operating under that name for a few months? Do you know who he is then?

[Voluntold]

All I know is that the government can not stop crypto-currencies, aside from maybe shutting down the internet indefinitely, which isn't going to happen. And historically, anything the government bans, tends to drive UP the price. Fact: Something like 25% of the world's economy is black market. Crypto-currencies were MADE for the black market.

This always seemed weird to me.  I mean, the ledger of transactions is public after all.  To me it seems foolish to use a public ledger when funding illegal activities.  But perhaps I just haven't thought it through since I don't care about drugs.

People also use their phones to text drug deals... The government doesn't REALLY want people to stop illegal activities.  WAY too much money involved.

[Daedelus]

Question:

Is it better to give 5, 10 or 20 Nxt to little good things you see regularly (expecting everyone else to do the same),

or;

Will people think that is insulting for their effort (maybe get pee'd off and stop helping?) so I should save up my Nxt till I see something "WOW!" and give a few hundred?

Opinions?

N.B.
I bought all my Nxt after the 28th Dec, first purchase was 0.00009. Bought more since so I am looking at just about break-even so far. Never sold a Nxt so far though and I can feel another purchase coming on! Tho probably on Dgex, grrr... thanks Graviton but you have already had your tips out of me!

[pandaisftw]

All I know is that the government can not stop crypto-currencies, aside from maybe shutting down the internet indefinitely, which isn't going to happen. And historically, anything the government bans, tends to drive UP the price. Fact: Something like 25% of the world's economy is black market. Crypto-currencies were MADE for the black market.

This always seemed weird to me.  I mean, the ledger of transactions is public after all.  To me it seems foolish to use a public ledger when funding illegal activities.  But perhaps I just haven't thought it through since I don't care about drugs.

People also use their phones to text drug deals... The government doesn't REALLY want people to stop illegal activities.  WAY too much money involved.

This is why I recommend to use a pigeon carrier for illicit activities.


^{Just kidding NSA, I don't even have a pigeon}

[Mistafreeze]

Question:

Is it better to give 5, 10 or 20 Nxt to little good things you see regularly (expecting everyone else to do the same),

or;

Will people think that is insulting for their effort (maybe get pee'd off and stop helping?) so I should save up my Nxt till I see something "WOW!" and give a few hundred?

Opinions?

N.B.
I bought all my Nxt after the 28th Dec, first purchase was 0.00009. Bought more since so I am looking at just about break-even so far. Never sold a Nxt so far though and I can feel another purchase coming on! Tho probably on Dgex, grrr... thanks Graviton but you have already had your tips out of me!

I've gotten some small donations and one large one. I appreciate them all the same.

[bithic]

1000 TPS is a theoretical number, in fact I'd wager that it would take at least 2 (possible more) years to have that many transactions per second. So no, you won't need 300GB available (per month).

The max transaction is 255 per block(per minute),right?
so I didnot catch clearly what is mean of 1000 TPS.

We have to remind ourself that the POSSIBILITY of 1000TPS brings us to 1000TPS in a few years. If we now state "not possible", we lose one feature.

For the record, there was no "theoretically" about 1000 transactions pe rsecond (TPS).

What do you mean with 4.25 tps to 1000 tps?

One of the killer features of Nxt is ability to process transactions at VISA rate (thousands per second).

Btw, any ideas how much the price will rise after VCs realize that Nxt is able to process 1000+ tps? 10x is min, imho. 100x-1000x is more likely...

There have been occasional hints by CfB of incremental steps to improve the capacity of NXT by making the number of bytes encapsulating a transaction smaller (going from JSON to binary with a target of 128 bytes per transaction) so a block could hold more transactions, synchronizing the timing of blocks ("time warp"), and speeding up the rate at which NXT blocks were produced.  The problem of block chain bloat has not been discussed by the core devs and remains a future problem to achieving this stated capability.  

In my opinion, solving the block chain bloat ( by reforging a new genesis block around every 1500 blocks) is THE problem facing future expansion of NXT.  But:

Blockchain pruning / minimization is for survival.

U should undestand that everything is in ur own hands. Pruning is not a rocket science. Just make a snapshot at some block height and use it as Genesis Block 2.

Once the development committee membership has been finalized and they are in control of 3M NXT from the unclaimed funds currently held by CfB, I will lobby vigorously for them to immediately hire a programmer to focus exclusively on block chain bloat shrinkage and real time genesis block forging.  This is how we take the future of NXT into our own hands as a community.  This is too important to just throw a bounty up and wait for somebody to wander by and say they'll do it.  Ideally, such a hired programmer should integrate ASAP with JLP's ongoing efforts under a non-disclosure agreement (NDA) and not wait for open source release in 60 days.  We need to be working on block chain bloat NOW.  

We don't have to sit around wailing while the price of NXT slowly sags.  We can take action NOW to make NXT the premiere cryptocurrency on the planet.  Once we crack the "not-rocket-science" nut of real-time genesis block reforging, we will have created all the components necessary to set up a 1000 TPS testnet that we can demonstrate to the world.  

https://bitcointalk.org/index.php?topic=345619.msg4964910;topicseen#msg4964910

https://bitcointalk.org/index.php?topic=345619.msg4966259;topicseen#msg4966259

And with a functional 1000 TPD demonstration testbed in place to demo at will to media, venture capitalists, and critics, NXT WILL GO TO THE MOON.  

+1

[mingophoria]

hi, just wanna ask, is this nxt-e.com launched by u guys?

https://bitcointalk.org/index.php?topic=453580.0

[EvilDave]

hi, just wanna ask, is this nxt-e.com launched by u guys?

https://bitcointalk.org/index.php?topic=453580.0

I think the answer is:

GOD, no, its a scam, ffs!

Not us, not even the FCs, (I think)

[ChuckOne]

I didn't see the announcement to vote.

What's you opinion on that?

I think NXT tx fees should track BTC transaction fees... around 9 cents.

Which basically is even more than 1 NXT.

[msin]

hi, just wanna ask, is this nxt-e.com launched by u guys?

https://bitcointalk.org/index.php?topic=453580.0

No, I would be very cautious in dealing with them.

[mingophoria]

ok. thx for the replies

[pandaisftw]

I don't understand how people still get excited over a new alt-coin that does not offer anything new. Apparently most people think "new" means simply switching the block time and hashing algo, and all of a sudden you have "innovation". Out of hundreds of cryptocurrencies, there are only a handful that actually offer anything new, and maxcoin is not one of them.

Although, I suppose if I had a huge collection of GPUs, I'd be excited to make $k's of cash every time a new coin came out so I could mine and dump immediately... a sobering reminder that most miners don't care if they are securing the network, only that they are lining their pockets.

Which does bring me to my point - we need to market to a slightly different demographic. Marketing to those already invest in PoW coins is an inefficient use of resources, because if they can't mine it, they are not interested. Of course there are always exceptions, but if the accusations of "nxt is pre-mined!" are any indicator, most of the complaints are in-fact from miners. I'm not saying we shouldn't try to convert those invested in bitcoin and clones (we should, and we already are with LTB), but they should not be our main focus.

We need to be attracting people who are actually interested in innovation and smart investments. This means our focus is not on the majority of the cryptocurrency crowd, but on tech and business oriented people (Forbes, IEEE, universities, etc). We just have to present NXT in a manner that is easy to understand and why it completely blows all other coins out of the water. Right now is not quite the right time, but when nexern releases his client (along with the AE), we should have a very simple to install client as well as be able to show off the power of decentralized exchanges. We should not market to raise the price of NXT, but market to recruit talent and smart investors that will contribute (and not just ride the wave) to the NXT ecosystem. The price will rise as a side effect of the cumulative contribution. NXT is the only cryptocurrency platform that allows an exponentially growing ecosystem due to BCNext's decentralized vision - the rest of the coins are limited to what their developers can put out - NXT is unlimited.

Cryptocurrency crowd + tech / money people + ?

Who is / should be our target audience? Please comment and discuss.

Just want to catch on the discussion we had this afternoon about features and target audience for nxt.

1. (Possible) Features:
- TF for instant transactions
- TF + punishment against 50% attacks (correct?)
- no bloated blockchain
- energy friendly crypto
- mobile friendly crypto
- easy to add new features
- many many TPS
- parallel blockchains
- blockchain shrinking
- decentralized exchange
- colored coins
- decentralized voting/opiniongrabber
- decentralized AM (data storage, link storage (eg torrents), encrypted messaging, ...)
- dividend payouts (all fees per block) for everyone instead of mining of the few with lots of power
- Turing capability
- smart contracts
- anonymous transactions
- SMS gateway

2.Today it was clear that the nxt community isn't sure yet, which features are the most important ones, which could be ignored in favor of other features (some exclude each other), and who the target audience is. Would it be easier if we knew plan 2 and 3 from BCNext? I don't know. But regardless of BCNext's plans, we should discuss this topic in the community: which is our target audience now, next months and in one year? Does this depend on the features we implement or does the features depend on the audience we want to tackle? The answer is clear (or is nxt just fundamental research?) That's why we should discuss this.

...

Business people, developers, entrepreneurs, academics, marketers, philosophers, etc. People who can see raw potential, and do something about it. It's not a matter of IQ, but the willingness of that person to actually positively contribute. And these efforts can be profitable, they just take more effort than sitting back and pointing your computer in a certain direction. For example, I'm not particularly smart, but I do have a few ideas that I am coordinating with a friend that hopefully will be of use when AE is implemented. I also volunteer to edit papers, articles, etc.

So basically what I am saying is that, in the short-run, we need to be focusing our marketing efforts on getting doers on-board. I think we can all agree that users right now can't do much with NXT, so marketing to the Average Joe at this time will only serve to temporarily increase the market value, but not add any real substance behind NXT. Of course, for people to make services, people have to use those services, so that's why I said we should not completely ignore this segment of the market. I don't know the ideal split of our marketing focus, but something like 75% towards doers and 25% towards users. Can you imagine if all the features on the list were completed right now? The price would be through the roof in an instant. That will be us in the future, but we need a strong community to get us there first.

My viewpoint is actually quite similar to jl777's, we should do everything because we can - we're decentralized. We just have to get more people on-board that are capable of doing these things in the first place. With all the bounties he is handing out (I lost count), we simply have to spread awareness to the correct demographics, and we'll have people interested in innovating. And the best part is that all this stuff can be developed in parallel to the main core development, so that's a huge advantage as well.

[xyzzyx]

ok. thx for the replies

Just because you might see a couple of us over there doesn't mean much.  I expect to lose the Nxt I put in.