NXT :: descendant of Bitcoin - Updated Information

[wakasaki808]

Question to the pro's here:

How much nxt do I reasonably need for forging? I am a bit confused. My estimated block generation time always changes with every new block...

100k+ NXT or so in my view (which is still very inconsistent to calculate consistent return).

Don't view forging as something where you will make load of NXT on. View it as helping secure the network. Same thing will happen when any bitcoin-like crypto reaches their max supply cap where they have to help secure the network and get paid in transaction fee's. I view forging blocks like winning a very tiny lottery until we have more transactions happening often.

If you have a low amount of NXT I would suggest joining nxtio.org (forging pool) and send your NXT there to forge if you want to have satisfaction of an increasing NXT amount(although very very tiny increase). Unless we ever getting leased forging method.

[bitcoinpaul]

Just a reminder: BCNext don't want NXT to be a currency. Coins on top of Nxt should be. Does this change anything?

Does this change anything regarding instant confirmation discussion?

[jl777]

NXT is a decentralized, free market ecosystem that incorporates its own peer to peer asset exchange. The NXT Asset Exchange is a virtual market place that allows NXT users to generate assets that can be bought, sold or traded on the open market. These NXT based assets can hold a value of their own, like a crypto currency or loan marker, or be a representation of some thing physical, that has a value, like livestock, precious metals, or what ever NXT users have the creativity and capacity to imply to the asset. The NXT Asset Exchange is also capable of accepting deposits of assets that have been generated outside of the NXT blockchain such as Bitcoin, Litecoin and other crypto currencies. These deposited assets can be bought sold or traded on the NXT Asset Exchange in a similar fashion to conventional private exchanges like Cryptsy or Bter. To compliment and facilitate this free market, NXT also provides a common, decentralized currency. The NXT Asset Exchange provides a means for NXT users to buy, sell, or trade anything. Is this accurate?

I don't exactly follow what you mean when you mention unicorn assets and managing inventory. Is that just a reference to the AE being able to accept crypto deposits for trade as well as generate assets?

NXT Assets currently are issued with all of them created at once. Kind of in the spirit of NXT. However, for creating a 1:1 correspondence between the NXT AE Asset and something tangible, this issue all at once model is not quite right.

For example, in the gateway I have to exchange deposited DOGE with NXT AE DOGE. Since there are 100 billion DOGE and only 1 billion NXT AE DOGE possible, that would create a problem if more than 1% of all DOGE is deposited. For a NXTcoins that are mined at a rate of 100,000 per day it is quite important that the number of NXT assets in circulation match the number that was mined.

In order to make it easy for people to deal with these type of cases, I am creating a NXTcoins development kit where you will be able to specify (within reason) the properties of the coin, especially as it pertains to total authorized, total in circulation, creation criteria, etc.

James

sounds good james. i was just going to issue myself as many silver nxt tokens as there were above ground ounces of silver in the world but it would be nice instead to just issue tokens as i actually produce the bars.

With the current restrictions of the Asset exchange API, you would be authorizing all 1 billion (or whatever absolute max). Then you can issue (or destroy) a token to match your inventory. To make it easy to account for the currently issued, there would be two NXT accounts needed. One to authorize the billion tokens. Then issuing would transfer from the authorizing acct. Destruction is the reverse. This way you can have an inventory acct that has the number of silver bars you actually have, but have not sold. All the bars you sold would have tokens in other NXT accts. The sum of all the issued tokens would be equal to (#authorized - quantity in authorizing acct)

In order to keep authorizing accts honest (not that we need this for you!), there will be software running a continuous check on all the different NXTcoins to make sure nobody is cheating. The moment any funny business is detected, alarms would go off, participating users would have all AE bid offers canceled, etc. Still need to work out all the contingency plan details, but you get the idea.

The raw NXT AE asset is perfectly fine for certain things, but we need an additional layer to make it easy for a lot of the actual usage

James

[msin]

Well this is progress. An actual answer & link to some documentation instead of a wave of the hand and a bow to the almighty. I will definitely read it. Thanks.

I stated an obvious thing. Didn't expect that u need a lesson coz 99% of ppl here know what Ripple is.

Well Ripple is obviously flouting some law of physics that can't be breached, or is lying that they are planning to become decentralized.
I've been asking this question about ripple for a while now in different forums and you are the first person to offer an answer that I can chew on.

& I wasn't trying to be a jerk. I just figured that's the way y'all talk to each other from reading these threads and I'm just trying to fit in.

Well, when reading your post, you are definitely coming across as a jerk.  Talk to people here like you would talk to them face to face.  Focus on productivity, your ideas, contributing to the community, that is the best way to fit in.  And never say y'all again.  

[msin]

Hey guys,

I am one of the admins of AltCoins Market. It's a new website about cryptocoins where you can see instantly all the information about your coins. We want to add NxT to our website but we need a blockchain where I can get the total coins mined (forged in this case) so we can calculate the market cap and the USD value. Do you know any site where I could get it using json? It would be nice to have it.

Thank you in advance and I hope you like AltCoins Market!

Hello tyme,

All the NXT coins that will ever be created are in existence right now (and have been since the network launced). That number is 999,997,104 NXT coins (from here http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=1739068987193023818).

Regards,
Al

Thank you very much Al, appreciated. I think we will add it before this week ends.

Best, tyme.

Thanks tyme, I'll check it out.

[BrianNowhere]

Why can Ripple have 3 second transactions and NXT can't?

Coz Ripple is distributed and Nxt is decentralized.

That's a BS answer. According to Ripple Labs they will be just as decentralized as NXT is in the future. All that as to happen is for volunteers to host the servers instead of Ripple Labs, which is no different than asking users to pay for VPN services and running nodes. Right now Ripple is the only alt-currency/network that is ready for prime time when it comes to being point of sale capable and even if your argument were true, the merchants & users will give exactly two shits about which one is more decentralized. If it works, it works. End of story.

First one to the finish line gets to be Google. The rest will enjoy bing and yahoo status.

That's BS. It ain't over til its over. If your statement held any weight then there wouldn't be a Ripple or NXT because Bitcoin was first. The more animal that has evolved to be more adaptive will eventually feast on the flesh of the lesser adaptive.

Ripple and NXT are Bing and Yahoo right now. Bitcoin is Google (as in Kleenex, Band-Aid type brand dominance) but it's search algorithm is not so hot and is ripe to be taken over by a competitor. It's not a perfect meta-phor, just a hsitorical example of where we are right now. You could go w/ VHS v Betamax, Microsoft v. IBM, v. APPLE v. WANG

[RucksackSepp]

Question to the pro's here:

How much nxt do I reasonably need for forging? I am a bit confused. My estimated block generation time always changes with every new block...

100k+ NXT or so in my view (which is still very inconsistent to calculate consistent return).

Don't view forging as something where you will make load of NXT on. View it as helping secure the network. Same thing will happen when any bitcoin-like crypto reaches their max supply cap where they have to help secure the network and get paid in transaction fee's. I view forging blocks like winning a very tiny lottery until we have more transactions happening often.

If you have a low amount of NXT I would suggest joining nxtio.org (forging pool) and send your NXT there to forge if you want to have satisfaction of an increasing NXT amount(although very very tiny increase). Unless we ever getting leased forging method.

Thank you!
It would be helpful If I would see my forging rate in the client like: 0.000xxxx NXT / Day. With the current XXX Days to create next block always changing every minute I cannot deal with.

[salsacz]

I think Bitcoin is Altavista

[wakasaki808]

Question to the pro's here:

How much nxt do I reasonably need for forging? I am a bit confused. My estimated block generation time always changes with every new block...

100k+ NXT or so in my view (which is still very inconsistent to calculate consistent return).

Don't view forging as something where you will make load of NXT on. View it as helping secure the network. Same thing will happen when any bitcoin-like crypto reaches their max supply cap where they have to help secure the network and get paid in transaction fee's. I view forging blocks like winning a very tiny lottery until we have more transactions happening often.

If you have a low amount of NXT I would suggest joining nxtio.org (forging pool) and send your NXT there to forge if you want to have satisfaction of an increasing NXT amount(although very very tiny increase). Unless we ever getting leased forging method.

Thank you!
It would be helpful If I would see my forging rate in the client like: 0.000xxxx NXT / Day. With the current XXX Days to create next block always changing every minute I cannot deal with.

just remember you don't get partial NXT if you forge a block (you will get 0/1 or more NXT not .01/.1/etc. NXT). Nxtio.org has something like that but that's the only way you will see something like that. Someone else can explain why the time is there, as I am horrible at explaining things...

[RucksackSepp]

Question to the pro's here:

How much nxt do I reasonably need for forging? I am a bit confused. My estimated block generation time always changes with every new block...

100k+ NXT or so in my view (which is still very inconsistent to calculate consistent return).

Don't view forging as something where you will make load of NXT on. View it as helping secure the network. Same thing will happen when any bitcoin-like crypto reaches their max supply cap where they have to help secure the network and get paid in transaction fee's. I view forging blocks like winning a very tiny lottery until we have more transactions happening often.

If you have a low amount of NXT I would suggest joining nxtio.org (forging pool) and send your NXT there to forge if you want to have satisfaction of an increasing NXT amount(although very very tiny increase). Unless we ever getting leased forging method.

Thank you!
It would be helpful If I would see my forging rate in the client like: 0.000xxxx NXT / Day. With the current XXX Days to create next block always changing every minute I cannot deal with.

just remember you don't get partial NXT if you forge a block (you will get 1 or more NXT not .01/.1/etc. NXT). Nxtio.org has something like that but that's the only way you will see something like that. Someone else can explain why the time is there, as I am horrible at explaining things...

Would be really cool to get partial next, so everybody could see the cash register ring 

[Agent86]

Are other people having problems with withdrawal from Dgex?  I did instant BTC withdrawal last week (5 days) and still haven't got any BTC.  It showed up as processed on my account with a transaction ID that appears nowhere on blockchain explorer.  I got no BTC and they refuse to resend because they say it might send twice even though they know that I got nothing and obviously wanted the BTC fast.  I don't know if this is a transaction malleability issue or if they are f*ing up and screwing people, but people should be aware don't do instant BTC withdrawal from Dgex... They put up no warning even though they know of the problem.  WTF.  Other possibility is that they are just keeping my money and using confusion about transaction malleability as an excuse.  Sorry to be negative and pissed off but don't know of other reasonable recourse after exchanging emails with them and getting no reply to the last one.

Likely nobody of your readers is having such a problem - we have 4 withdrawals out of hundreds in such status because they include "transaction malleability" rigged inputs in the output transaction, thus remaining in unclear state on our Bitcoin daemon until we manage to perform some tech black magic to extract the transactions to clear whether the account holder has anything to do with the input rigging. As you may know the bitcoin network brings up some pretty nasty surprises on occasion, it's unfortunate you are one of the affected customers this time. That's no excuse, support should have explained it to you and this is not the right thread to complain about DGEX account problems. Thanks

Hi Graviton. Thank you for your previous response, however I still haven't got my "instant" BTC withdrawal from Dgex from over a week ago.  What is the update?  It looks like someone gave you instructions on the forum on how to clear your failed transactions.  Have you done this yet?  When can I expect my BTC?  It's good that this "only happened to a few people" but that's not much comfort to me.  I am in real need of the money.  If this is a random thing that happens to 1 out of 100 transactions then people still should be warned about it.

I think I deserve a commitment to as to when I will get my Dgex withdrawal...  Treating customers fairly when you make mistakes is a cost of doing business!

Thanks for your attention to it

[Eadeqa]

Ripple and NXT are Bing and Yahoo right now. Bitcoin is Google (as in Kleenex, Band-Aid type brand dominance) but it's search algorithm is not so hot and is ripe to be taken over by a competitor. It's not a perfect meta-phor, just a hsitorical example of where we are right now. You could go w/ VHS v Betamax, Microsoft v. IBM, v. APPLE v. WANG

This is not only NOT perfect but bad. Yahoo is older than Google. Bing is just a rebranding of MSN Search, around same age if not older than Google.

Is Google search algorithm not so hot? Who told you that? I will take it over anything else

[Jerical13]

NXT is a decentralized, free market ecosystem that incorporates its own peer to peer asset exchange. The NXT Asset Exchange is a virtual market place that allows NXT users to generate assets that can be bought, sold or traded on the open market. These NXT based assets can hold a value of their own, like a crypto currency or loan marker, or be a representation of some thing physical, that has a value, like livestock, precious metals, or what ever NXT users have the creativity and capacity to imply to the asset. The NXT Asset Exchange is also capable of accepting deposits of assets that have been generated outside of the NXT blockchain such as Bitcoin, Litecoin and other crypto currencies. These deposited assets can be bought sold or traded on the NXT Asset Exchange in a similar fashion to conventional private exchanges like Cryptsy or Bter. To compliment and facilitate this free market, NXT also provides a common, decentralized currency. The NXT Asset Exchange provides a means for NXT users to buy, sell, or trade anything. Is this accurate?

I don't exactly follow what you mean when you mention unicorn assets and managing inventory. Is that just a reference to the AE being able to accept crypto deposits for trade as well as generate assets?

NXT Assets currently are issued with all of them created at once. Kind of in the spirit of NXT. However, for creating a 1:1 correspondence between the NXT AE Asset and something tangible, this issue all at once model is not quite right.

For example, in the gateway I have to exchange deposited DOGE with NXT AE DOGE. Since there are 100 billion DOGE and only 1 billion NXT AE DOGE possible, that would create a problem if more than 1% of all DOGE is deposited. For a NXTcoins that are mined at a rate of 100,000 per day it is quite important that the number of NXT assets in circulation match the number that was mined.

In order to make it easy for people to deal with these type of cases, I am creating a NXTcoins development kit where you will be able to specify (within reason) the properties of the coin, especially as it pertains to total authorized, total in circulation, creation criteria, etc.

James

So then the gateway you are working on won't allow for external assets like Bitcoin to be directly deposited but will create an internal representative asset that reflects the real world characteristics of the external asset. This will allow the new internal asset be responsive to influences of those characteristics? The gateway will create a fully functional copy of the external asset but not truly accept the external asset as a deposit? Is this closer to what you mean?

[Xio]

I think Bitcoin is Altavista

Thumbs up for people remembering Altavista. 

[NxtMinnow]

Texas Bitcoin Conference NXT Marketing Brochure

I would like to thank bitcoinpaul, w4llace, LiQio, EvilDave and especially mvag for their prompt and generous assistance in revising my primitive, clumsy attempt at an NXT marketing brochure into this thing of beauty:

http://nxt.sx/images/resources/NXT-Brochure-4.pdf

Small typo: It's Johns Hopkins University, not John Hopkins.

Just joining to correct this type-o shows COMMITMENT!

Well done, sir 

rickyjames, will you please post a link to that final NXT trifold brochure with the John(s) typo corrected?  

[bitcoinpaul]

What, astalavista?

[Damelon]

& I wasn't trying to be a jerk. I just figured that's the way y'all talk to each other from reading these threads and I'm just trying to fit in.

 

Welcome to the wonderful world of non-native speakers.

Sometimes it can sound blunt, but we try to be nice, even if sometimes we hit each other over the head with stuff.

Mostly we're just pumped and enthousiastic

[Jerical13]

NXT is a decentralized, free market ecosystem that incorporates its own peer to peer asset exchange. The NXT Asset Exchange is a virtual market place that allows NXT users to generate assets that can be bought, sold or traded on the open market. These NXT based assets can hold a value of their own, like a crypto currency or loan marker, or be a representation of some thing physical, that has a value, like livestock, precious metals, or what ever NXT users have the creativity and capacity to imply to the asset. The NXT Asset Exchange is also capable of accepting deposits of assets that have been generated outside of the NXT blockchain such as Bitcoin, Litecoin and other crypto currencies. These deposited assets can be bought sold or traded on the NXT Asset Exchange in a similar fashion to conventional private exchanges like Cryptsy or Bter. To compliment and facilitate this free market, NXT also provides a common, decentralized currency. The NXT Asset Exchange provides a means for NXT users to buy, sell, or trade anything. Is this accurate?

I don't exactly follow what you mean when you mention unicorn assets and managing inventory. Is that just a reference to the AE being able to accept crypto deposits for trade as well as generate assets?

NXT Assets currently are issued with all of them created at once. Kind of in the spirit of NXT. However, for creating a 1:1 correspondence between the NXT AE Asset and something tangible, this issue all at once model is not quite right.

For example, in the gateway I have to exchange deposited DOGE with NXT AE DOGE. Since there are 100 billion DOGE and only 1 billion NXT AE DOGE possible, that would create a problem if more than 1% of all DOGE is deposited. For a NXTcoins that are mined at a rate of 100,000 per day it is quite important that the number of NXT assets in circulation match the number that was mined.

In order to make it easy for people to deal with these type of cases, I am creating a NXTcoins development kit where you will be able to specify (within reason) the properties of the coin, especially as it pertains to total authorized, total in circulation, creation criteria, etc.

James

sounds good james. i was just going to issue myself as many silver nxt tokens as there were above ground ounces of silver in the world but it would be nice instead to just issue tokens as i actually produce the bars.

O.k. that helps me Anon. The gateway will allow for multiple issues of the same token based on pre applied parameters. So when two different accounts "deposit" a Bitcoin at different times the AE will recognize them as being of the same set, as if they had been issued by the same account at the same time. So anyone trading Bitcoins on the AE will be trading the same animal. Correct?

[wakasaki808]

& I wasn't trying to be a jerk. I just figured that's the way y'all talk to each other from reading these threads and I'm just trying to fit in.

 

Welcome to the wonderful world of non-native speakers.

Sometimes it can sound blunt, but we try to be nice, even if sometimes we hit each other over the head with stuff.

Mostly we're just pumped and enthousiastic

Yup

Have to remember this forum doesn't just include English-native speakers and as they say text can be taken a variety of ways.

[chanc3r]

Have to remember this forum doesn't just include English-native speakers and as they say text can be taken a variety of ways.

And not everyone is over 18 either