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sparta_cuss
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March 02, 2014, 01:45:17 AM |
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...
"Selfish miners (those who only mine to earn fees) should be "removed" from the system. They are not interested in the success of Nxt and only want to cash out."
...
Basically, this discussion has been had over the last week. It's immediately linked to forging payouts. "Selfish" (although some, including me, prefer the term "passive") forgers will, if they are not rewarded more than "break even" for running a node, in all probability not run a node if they have other motives than earning "free Nxt". "Active" forgers, ie. forgers that run a service, would do so, because it allows them to run their service, and cut out operating costs. So, passive forgers would not be "cut out" in any active sense. It would just not be attractive in their terms to do so. However, this discussion is still ongoing. James (jl777) for instance, has proposed methods for these people to earn coins by aggregating CPU power. That helps. Right now I'm a passive forger, mainly because I am not technical enough to contribute by creating some new product or service. As NXT matures and metalayrers are enhanced and simplified, that will change, I think. It helps me to think in terms of analogies. So I think of NXT as the transportation infrastructure: roads, signs, lights, etc. that support the more interesting things - movement of commodities, communication, currencies, etc. As a forger, I operate a toll booth on one of those roads. According to my NXT "contract" (forging), I maintain my little part of the highway in return for getting a little bit of the tolls. Right now, the tolls are extremely low. Like you, I don't earn enough to keep the lights on on my part of the highway. But increasing the tolls may not be the answer. My "philosophical" question goes back to BCNext's quote. We can think of the toll booth operator as a parasite who is only benefiting the infrastructure because doing so serves his selfish interests. Or we can think of the tooth booth operator as someone who deserves a bit of a payout for providing a valuable service to the infrastructure. I think BCNext was concerned about the parasites, and rightly so. But what makes a parasite? |
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us." - E.M. Forster
NXT: NXT-Z24T-YU6D-688W-EARDT
BTC: 19ULeXarogu2rT4dhJN9vhztaorqDC3U7s
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You get merit points when someone likes your post enough to give you some. And for every 2 merit points you receive, you can send 1 merit point to someone else!
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Tercel
Member
 Offline
Activity: 87
Merit: 10
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March 02, 2014, 01:45:55 AM |
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NXT Soooooo Hoooooot !!!!!!!
Waiting for AE.
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Fly high~
King of the sky~
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newcn
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March 02, 2014, 01:53:12 AM |
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i find it hard to believe that i only posted in this thread 83 times
83 is two month ago, now it is 527! How hard would it be to bump this from 100 people to 300 or even 500 people? I am looking for involved NXTers to send these ballot codes to... the list is actually 1018 lines long, I cut it to only 100, the following is top500: rank npost id
1 4541 Come-from-Beyond
2 1224 jl777
3 1042 pinarello
4 981 smaragda
5 884 landomata
6 857 bitcoinpaul
7 768 opticalcarrier
8 748 salsacz
9 724 Damelon
10 665 laowai80
11 662 utopianfuture
12 589 wesleyh
13 566 CIYAM Open
14 556 ChuckOne
15 527 Anon136
16 523 NxtChg.com
17 522 mcjavar
18 502 rickyjames
19 497 klee
20 470 msin
21 432 allwelder
22 402 S3MKi
23 400 brooklynbtc
24 360 xyzzyx
25 359 abctc
26 354 EvilDave
27 351 TwinWinNerD
28 345 Passion_ltc
29 336 BitcoinForumator
30 332 swartzfeger
31 331 ZeroTheGreat
32 323 nexern
33 308 gbeirn
34 295 2Kool4Skewl
35 281 Jean-Luc
36 278 starik69
37 277 ImmortAlex
38 264 xibeijan
39 264 EmoneyRu
40 258 pandaisftw
41 257 dzarmush
42 247 marcus03
43 210 NxtChoice
44 208 bitcoinrocks
45 198 instacash
46 198 ferment
47 193 l8orre
48 190 Pablito89
49 184 Uniqueorn
50 183 Zahlen
51 182 martismartis
52 180 wakasaki808
53 179 redsn0w
54 176 davethetrousers
55 175 chanc3r
56 172 Bitventurer
57 169 Eadeqa
58 163 lophie
59 155 gimre
60 148 kodtycoon
61 146 abuelau
62 145 punkrock
63 142 buybitcoinscanada
64 140 timmyd
65 137 igmaca
66 132 joefox
67 131 smartwart
68 127 notsoshifty
69 125 PeercoinEnthusiast
70 121 bithic
71 116 fmiboy
72 116 bizz
73 116 BloodyRookie
74 113 FrictionlessCoin
75 111 intel
76 111 BitAddict
77 110 LiQio
78 109 lucky88888
79 104 Fatih87SK
80 101 coolfish
81 101 GCInc.
82 99 inkadnb
83 97 rriky92
84 97 newsilike
85 95 kunibopl
86 93 Pouncer
87 93 CoinTropolis_JustaBitTime
88 91 Ola
89 90 ^[GS]^
90 89 Coinonaer
91 88 Mario123
92 85 superresistant
93 85 iruu
94 85 gs02xzz
95 84 Emule
96 83 Mistafreeze
97 83 Jack Needles
98 80 bybitcoin
99 77 okaynow
100 76 bidji29
101 75 coolmist
102 73 Chang Hum
103 72 newcn
104 72 greyw00lf
105 70 OKNXT
106 70 BaiMangal
107 69 Sebastien256
108 69 MyZhre
109 67 jkoil
110 66 apenzl
111 66 Drexme
112 65 Labteck
113 64 idev
114 64 artik123
115 63 snowboard789
116 63 mnightwaffle
117 62 mr_random
118 62 Sharky444
119 61 yuriygeorge
120 61 mthcl
121 61 kwest
122 59 zhangdu
123 59 twistelaar
124 59 PaulyC
125 57 Asian Prepper
126 57 Alias
127 56 bahamapascal
128 55 loopgate88
129 55 davidoski
130 52 mezzovide
131 51 crazybonkers
132 51 Jerical13
133 50 marek3ball
134 50 cc001
135 50 VanBreuk
136 49 google98
137 49 Isildur23
138 48 nxtgt
139 47 seek4dream
140 47 mikesbmw
141 46 lyynx
142 46 Hacer88
143 45 Noitev
144 45 Meizirkki
145 45 BitThink
146 44 delulo
147 44 Kontakt
148 43 Vega
149 42 relm9
150 42 plasticAiredale
151 42 nov
152 42 minusbalancer
153 42 achimsmile
154 41 farl4web
155 41 SkillRoad
156 40 voldemort628
157 40 Secondleo
158 40 McDoxy
159 39 Voluntold
160 38 nakaone
161 38 User705
162 38 Kodoka
163 38 IveBeenBit
164 38 BrianNowhere
165 37 admiral.fu
166 37 Patel
167 36 subSTRATA
168 36 LightningFury
169 35 verymuchso
170 34 sparta_cuss
171 34 ebereon
172 34 MarvellousMutant
173 33 DrearyUrbanite
174 32 zorke
175 32 vanea84
176 32 Forobitcoins
177 31 pmabdsf
178 31 nxtru
179 31 bitdraw
180 31 2X84
181 30 omo
182 30 JohnyCrypt
183 30 Framewood
184 29 vintagetrex
185 29 nxtsky
186 29 freigeist
187 29 btc2nxt
188 29 bitme
189 28 longzai1988
190 28 grandpa_seth
191 28 antanst
192 28 Hegemon
193 27 aldrin
194 27 Conurtrol
195 26 ifightformerkel
196 26 grex
197 26 garcias
198 26 cryptolawyer
199 25 mkmen
200 25 lr127
201 24 jadedjack
202 24 erik__
203 24 NxtMinnow
204 24 Mises_77
205 24 Kattywampus
206 23 yan83
207 23 swansong
208 23 lurning
209 23 eid
210 22 xgc
211 22 tk808
212 22 nnn
213 22 gorgorom
214 22 colinistheman
215 22 Timetwister
216 22 Ezravdb
217 21 mindtomatter
218 21 MadCow
219 20 windjc
220 20 btc24
221 20 artila
222 20 CrazyEyes
223 20 CoinBuzz
224 20 Buratino
225 19 miramare
226 19 matt4054
227 19 gvans
228 19 Daedelus
229 18 psybits
230 18 podyx
231 18 morningtime
232 18 mercenar1e
233 18 maco
234 18 josephliton
235 18 gradis
236 18 drsnuggles
237 18 Fern
238 18 Ebrelus
239 18 DLXS
240 17 yassin54
241 17 xcn
242 17 visaco
243 17 giveBTCpls
244 17 eB101
245 17 SZZT
246 17 QBTC
247 17 Ardolafat
248 16 tman10
249 16 ricot
250 16 pastet89
251 16 ninjaboon
252 16 nadrimajstor
253 16 mingophoria
254 16 manrus
255 16 kknk808
256 16 evanxxx
257 16 bitmadaboutcoin
258 16 KLONE
259 15 wizzardTim
260 15 w4llace
261 15 neer.g
262 15 markn
263 15 kpax7788
264 15 hypersire
265 15 getfun12345
266 15 garp
267 15 blackfyre175
268 15 alrose
269 15 Mac Red
270 14 tylerbrad85
271 14 killver
272 14 dr_yan_yan
273 14 alex0909
274 14 ViktorK
275 13 user1922
276 13 trefifund
277 13 sherpico77
278 13 r3animation
279 13 pabloangello
280 13 luckygenough56
281 13 jubalix
282 13 jettico
283 13 jackyrozario
284 13 d5000
285 13 cromaclear
286 13 POPPP
287 13 Jimmy2011
288 12 xchrix
289 12 xadidos
290 12 sepehr
291 12 pocesar
292 12 mww
293 12 maxbit
294 12 italovers
295 12 d13id
296 12 ROBERTO
297 12 EpicThomas
298 12 Coinsy
299 12 Armando
300 12 ArcticWolfie
301 11 rb2
302 11 qqNxt
303 11 professorhandsome
304 11 nesco1805
305 11 mczarnek
306 11 matt608
307 11 feeleep
308 11 Choboy
309 11 Agent86
310 10 grizmoblust
311 10 barbierir
312 10 ParmaBTC
313 10 NWO
314 10 Krabby
315 10 Komputor
316 10 GröBkAz
317 10 DiCE1904
318 10 BitCoiner2012
319 10 96redformula
320 9 zerocom
321 9 tillou
322 9 stdset
323 9 rdanneskjoldr
324 9 oldnbold
325 9 nxtuser
326 9 nelisky
327 9 mynxtcoin
328 9 mudshark79
329 9 markus1000
330 9 marcoslopez
331 9 jelin1984
332 9 extee
333 9 dittie
334 9 cfrm
335 9 bittick
336 9 Xtar
337 9 X68N
338 9 Tompa
339 9 Thingamajig
340 9 ThePatient
341 9 Nyx
342 9 Edacra
343 9 Dps23
344 9 DeadlyEskimo
345 8 zakorus
346 8 ycm82
347 8 tooroth
348 8 stereotype
349 8 puck2
350 8 nxt-e.com
351 8 noashh
352 8 masterOfDisaster
353 8 hyunsookmom
354 8 hobbster
355 8 halabibk
356 8 drdops
357 8 demols
358 8 chinabreak123
359 8 btcruss
360 8 asdlolciterquit
361 8 aorith
362 8 Xio
363 8 X_X_X
364 8 N[e]wBie
365 8 NXT
366 8 MtheK
367 8 Kaliber1
368 8 Istanbul34
369 8 HinnomTX
370 8 Gaman
371 7 wwdz99
372 7 wastedbit
373 7 titan20
374 7 sussex
375 7 skytaper
376 7 shinep
377 7 rnr
378 7 maratmmz
379 7 hoax
380 7 eXtatiC
381 7 canuck
382 7 bitfromit
383 7 bitbets
384 7 arafel71
385 7 alxx77
386 7 Stark-Fujikawa
387 7 Snard
388 7 Kmonk
389 7 Jaguar0625
390 7 Jackevin
391 7 JKBtCn
392 7 Gonzo418
393 7 CommanderVenus
394 7 Boiar
395 6 subhead
396 6 spud3861
397 6 sherrifshenko
398 6 pilotbo
399 6 naurisdede
400 6 mvag
401 6 mellorbo
402 6 leetrump
403 6 jdebunt
404 6 himmelsfaller2
405 6 fehen
406 6 dulinxu
407 6 dawn
408 6 cryptohunter
409 6 cryptobanks
410 6 bitoktlk
411 6 bitcool
412 6 SpeedDemon13
413 6 Rluner
414 6 Morguk
415 6 Ludom
416 6 Luceat
417 6 Lubliana
418 6 JohnDoe21
419 6 Jcsarokin
420 6 GroinCoin
421 6 CryptKeeper
422 6 BCFrex
423 5 yesuper
424 5 xyz
425 5 vitvert
426 5 virtualaddict
427 5 techo051
428 5 stamen123
429 5 slothbag
430 5 shoichikun808
431 5 scor2k
432 5 schnib12
433 5 rmKHT
434 5 panhc2014
435 5 ojman28
436 5 nonstopdonkey
437 5 neonemu
438 5 nemra
439 5 mishan
440 5 mikaljan
441 5 jari76
442 5 hilotime
443 5 gobpaul
444 5 dudenohair
445 5 dave5555
446 5 crendore
447 5 coloredcoin
448 5 caishendizi
449 5 boredeo
450 5 axxian
451 5 alexrussel1980
452 5 Xandrexx
453 5 Voodah
454 5 Sondey10mg
455 5 Silv0r
456 5 Orrechorre
457 5 MrFring
458 5 LiveFree
459 5 Fry
460 5 Fastpow
461 5 FandangledGizmo
462 5 Elokane
463 5 CCInvestor
464 5 Boing7898
465 4 wezelvis
466 4 vgo
467 4 usafinders
468 4 td services
469 4 tadakaluri
470 4 stoneone
471 4 standards
472 4 soho01592
473 4 slavo
474 4 simpleunit
475 4 sava0123
476 4 rigel
477 4 rajc
478 4 podohost
479 4 lovebit
480 4 loumatrix
481 4 larue05
482 4 kitkat007
483 4 jenya-les12
484 4 jchi18
485 4 hichman
486 4 furball
487 4 freedomfighter
488 4 ewibit
489 4 esse83
490 4 dimirfu
491 4 datguyian
492 4 cxhjmfl
493 4 chindit
494 4 aan
495 4 User500
496 4 Trade101
497 4 TM
498 4 Sparky_eMunie
499 4 PiNX
500 4 Mogly
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BTC:1NzzfeHCgN8fF6mSG1UeBFCVd2cxKbGyHk
NXT:13187911577562526278
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rickyjames
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March 02, 2014, 01:54:00 AM |
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This is what I plan to do next:
Jean-Luc, it is a wonderful thing to have a sense of direction expressed from the core of the NXT dev team. Please make posts like this more often. Thnak you (and BCNext, and all the rest) for your and their hard work to put NXT on such a firm foundation of solid code. |
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xyzzyx
Sr. Member
Offline
Activity: 490
Merit: 250
I don't really come from outer space.
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March 02, 2014, 01:56:46 AM |
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"An awful lot of code is being written ... in languages that aren't very good by people who don't know what they're doing." -- Barbara Liskov
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EvilDave
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March 02, 2014, 01:57:23 AM |
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26......I must get out more. See Outsidetm
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allwelder
Legendary
Offline
Activity: 1512
Merit: 1004
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March 02, 2014, 01:58:30 AM |
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allwelder
Legendary
Offline
Activity: 1512
Merit: 1004
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March 02, 2014, 01:59:41 AM |
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Guys I need some links for educating someone in NXT!
you may find some useful links here www.nxt123.info |
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jl777
Legendary
Offline
Activity: 1176
Merit: 1132
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March 02, 2014, 02:02:02 AM |
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James, I tried get a screen shot of the Bitgem client that I was talking to you about earlier and had no luck. Here is a link to download the client setup for it if you have time to check it out to see my meaning. http://cryptosource.org/bitgem-mandatory-update-released/It allows for holding several types of coins with several types of values, (you will see). my thought was that this type of wallet (if possible to do) would let NXT users keep the coins that came through your gateway in the NXT network to be sent and received, and increase the number of transactions and fees to our network instead of sending them back to their original network (In a sense hijacking them). It could also let them send and receive regular AE assets (which would be handy for using the AE assets as sub-currencies NXT currency). It may also make the AE less cumbersome to use as once people purchased an asset they could spend it through their wallet and not the AE. If it is possible it would really compliment the gateway you are working on. If you have some time to kill maybe check it out and see what you think. Also I was wondering about fees for your gateway. Will there be fees for the holding account? Will they be the same as regular NXT transactions? It sounds like this bitgem is just a GUI that creates a unified wallet. I dont see any reason why this cant be done, except I personally dont do GUI, so we need to find a GUI dev to do this. All the AE is doing is NXT API calls to transfer assets, so the GUI just does the same and if it goes back to the gateway, it gets passed on through to the actual wallet. There will be the bitcoin TXFEE to sweep the deposit into the multisig (also the TXFEE to initially send the deposit) There is one or two NXT transaction fees to transfer the asset in. I am currently not charging that, but probably will have to pass on the costs. That is why I am advocating .01 NXT transaction fee. On withdrawal, there is a single TXFEE for the multisig, but this is automatically deducted from the withdrawal amount. You will also incur a NXT transaction fee to send back to gateway. Here is a cost summary: wallet -> gateway TXFEE gateway -> multisig TXFEE, 1 or 2 NXT transaction fees (charged at what rate?) AE -> gateway, 1 NXT transaction fee multisig -> wallet TXFEE So if you start with 1.0000 sent to gateway from wallet, you will get charged 1.0001 .9999 goes into multisig .9998 would come back to wallet Thats .03%, but of course higher percentage for smaller deposits, plus the 2 or 3 NXT transaction fees. At current exchange rates, another .024% for NXT fees, ignorable when we go to .01 NXT The gateways transaction costs would be roughly .05% on 1.0000 roundtrip deposit withdraw, these will have to be passed through. There will also need to be some fees to cover the cost for running the gateway, but this will get smaller as the usage goes up. We might even get some big donor to subsidize the server costs for the gateways (hint, hint) as the lower the cost for using the gateway, the more assets flow into NXT AE, the more NXT will be worth My job is to make the fees as small as possible to maximize volumes. I dont think the gateway is the right place to monetize. After all, if you see a big toll booth for both ways, are you more or less likely to go in? Once we get NXT transaction fee to .01 NXT, then the trading commission for 1000 NXT valued items would be .001%, which is a bit lower than on most centralized exchanges. Assuming we have easy to use trading GUIs, I dont see why a significant percentage of crypto trading wont happen inside NXT AE. I predict we will see bots making trades every block, which adds up to 10 NXT in commissions for an entire day of trading. More volumes means tighter spreads which means better prices for everyone. In order to create a NXT economy, we need to get money into AE. Once there is a billion dollars worth of trading per day within the AE, it really wont be hard to monetize. We are in very early days now. Building market share is most important. James |
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Jerical13
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March 02, 2014, 02:09:09 AM |
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...
"Selfish miners (those who only mine to earn fees) should be "removed" from the system. They are not interested in the success of Nxt and only want to cash out."
...
Basically, this discussion has been had over the last week. It's immediately linked to forging payouts. "Selfish" (although some, including me, prefer the term "passive") forgers will, if they are not rewarded more than "break even" for running a node, in all probability not run a node if they have other motives than earning "free Nxt". "Active" forgers, ie. forgers that run a service, would do so, because it allows them to run their service, and cut out operating costs. So, passive forgers would not be "cut out" in any active sense. It would just not be attractive in their terms to do so. However, this discussion is still ongoing. James (jl777) for instance, has proposed methods for these people to earn coins by aggregating CPU power. That helps. Right now I'm a passive forger, mainly because I am not technical enough to contribute by creating some new product or service. As NXT matures and metalayrers are enhanced and simplified, that will change, I think. It helps me to think in terms of analogies. So I think of NXT as the transportation infrastructure: roads, signs, lights, etc. that support the more interesting things - movement of commodities, communication, currencies, etc. As a forger, I operate a toll booth on one of those roads. According to my NXT "contract" (forging), I maintain my little part of the highway in return for getting a little bit of the tolls. Right now, the tolls are extremely low. Like you, I don't earn enough to keep the lights on on my part of the highway. But increasing the tolls may not be the answer. My "philosophical" question goes back to BCNext's quote. We can think of the toll booth operator as a parasite who is only benefiting the infrastructure because doing so serves his selfish interests. Or we can think of the tooth booth operator as someone who deserves a bit of a payout for providing a valuable service to the infrastructure. I think BCNext was concerned about the parasites, and rightly so. But what makes a parasite? Freedom isn't free. Forging makes it pretty cheap. |
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rickyjames
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March 02, 2014, 02:43:29 AM |
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i find it hard to believe that i only posted in this thread 83 times
83 is two month ago, now it is 527! How hard would it be to bump this from 100 people to 300 or even 500 people? I am looking for involved NXTers to send these ballot codes to... the list is actually 1018 lines long, I cut it to only 100, the following is top500: newcn, thank you so much for this list. I think this is effectively a voter registration list for the current ongoing funding committee votes. My intention is to get a ballot code to most of the people on this list. If they cared enough to follow this thread and make multiple posts, they deserve a ballot. |
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Jerical13
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March 02, 2014, 02:44:31 AM |
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James, I tried get a screen shot of the Bitgem client that I was talking to you about earlier and had no luck. Here is a link to download the client setup for it if you have time to check it out to see my meaning. http://cryptosource.org/bitgem-mandatory-update-released/It allows for holding several types of coins with several types of values, (you will see). my thought was that this type of wallet (if possible to do) would let NXT users keep the coins that came through your gateway in the NXT network to be sent and received, and increase the number of transactions and fees to our network instead of sending them back to their original network (In a sense hijacking them). It could also let them send and receive regular AE assets (which would be handy for using the AE assets as sub-currencies NXT currency). It may also make the AE less cumbersome to use as once people purchased an asset they could spend it through their wallet and not the AE. If it is possible it would really compliment the gateway you are working on. If you have some time to kill maybe check it out and see what you think. Also I was wondering about fees for your gateway. Will there be fees for the holding account? Will they be the same as regular NXT transactions? It sounds like this bitgem is just a GUI that creates a unified wallet. I dont see any reason why this cant be done, except I personally dont do GUI, so we need to find a GUI dev to do this. All the AE is doing is NXT API calls to transfer assets, so the GUI just does the same and if it goes back to the gateway, it gets passed on through to the actual wallet. There will be the bitcoin TXFEE to sweep the deposit into the multisig (also the TXFEE to initially send the deposit) There is one or two NXT transaction fees to transfer the asset in. I am currently not charging that, but probably will have to pass on the costs. That is why I am advocating .01 NXT transaction fee. On withdrawal, there is a single TXFEE for the multisig, but this is automatically deducted from the withdrawal amount. You will also incur a NXT transaction fee to send back to gateway. Here is a cost summary: wallet -> gateway TXFEE gateway -> multisig TXFEE, 1 or 2 NXT transaction fees (charged at what rate?) AE -> gateway, 1 NXT transaction fee multisig -> wallet TXFEE So if you start with 1.0000 sent to gateway from wallet, you will get charged 1.0001 .9999 goes into multisig .9998 would come back to wallet Thats .03%, but of course higher percentage for smaller deposits, plus the 2 or 3 NXT transaction fees. At current exchange rates, another .024% for NXT fees, ignorable when we go to .01 NXT The gateways transaction costs would be roughly .05% on 1.0000 roundtrip deposit withdraw, these will have to be passed through. There will also need to be some fees to cover the cost for running the gateway, but this will get smaller as the usage goes up. We might even get some big donor to subsidize the server costs for the gateways (hint, hint) as the lower the cost for using the gateway, the more assets flow into NXT AE, the more NXT will be worth My job is to make the fees as small as possible to maximize volumes. I dont think the gateway is the right place to monetize. After all, if you see a big toll booth for both ways, are you more or less likely to go in? Once we get NXT transaction fee to .01 NXT, then the trading commission for 1000 NXT valued items would be .001%, which is a bit lower than on most centralized exchanges. Assuming we have easy to use trading GUIs, I dont see why a significant percentage of crypto trading wont happen inside NXT AE. I predict we will see bots making trades every block, which adds up to 10 NXT in commissions for an entire day of trading. More volumes means tighter spreads which means better prices for everyone. In order to create a NXT economy, we need to get money into AE. Once there is a billion dollars worth of trading per day within the AE, it really wont be hard to monetize. We are in very early days now. Building market share is most important. James I agree with you on needing to keep the cost low and using volume to drive the value of NXT. I can't help but wonder about the server costs and the risk of holding the other currencies. This may sound kinda sharkish but would it be possible to use the holding account to provide for the cost of the server? If there were enough banked in the holding account to cover withdraws and to make loans and charge interest? For example, if there are 1000 people with money in the holding account it would be very unlikely that they would all want to withdraw at the same time. Knowing this you could safely lend a portion of the holding account out at interest to cover the cost of the server expense, and maybe bank some of the interest for insurance on the holding account. I don't mean to make a profit, as I understand your reasoning in wanting to provide the service for the worlds benefit, but economics is economics. There is going to be a cost for providing this service. And it may be possible to generate the funds to pay for the service like this. Or if you made sure to include some proof of stake coins in the gateway inclusions and had enough of them banked to get fees for them (if that is possible). Maybe that is crazy.  I think the AE is awesome and what you are doing with it is awesome. Game changing. |
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CIYAM
Legendary
Offline
Activity: 1890
Merit: 1075
Ian Knowles - CIYAM Lead Developer
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March 02, 2014, 02:47:36 AM |
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3. Before actually enabling Asset Exchange, I need to make the transition from storing transaction amounts and fees in Nxt to nano-Nxt (0.000000001 Nxt), or whatever fits in a Java long, given that the max possible balance or transaction amount is 1000000000 Nxt. I previously thought about adding a new transaction type, but this will be more complicated and ugly in the long run, so better do it right. At first this is just about increasing the precision at which amounts are stored, enabling actual usage of fractional amounts and fees will be done at a later step. But this has to be finished before the AE is turned on, it will be much more difficult after that. And it will have to be very well tested, so again we need a reliable test network.
I would recommend that we go with 8 decimal places (same as Bitcoin and most clones) as it will make it far easier for people to "port" their code to work with NXT (i.e. API returned "balance" should be 100000000 for 1 NXT). Anyone using "blockchain.info" (which CIYAM Open does) will be "dividing the balance" by 100000000 to display the value as people expect to see it so if we go with the same number then it will require only changing the website request (rather than both the request and their code). |
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MIG.fish
Newbie
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Activity: 15
Merit: 0
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March 02, 2014, 02:55:34 AM |
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3. Before actually enabling Asset Exchange, I need to make the transition from storing transaction amounts and fees in Nxt to nano-Nxt (0.000000001 Nxt), or whatever fits in a Java long, given that the max possible balance or transaction amount is 1000000000 Nxt. I previously thought about adding a new transaction type, but this will be more complicated and ugly in the long run, so better do it right. At first this is just about increasing the precision at which amounts are stored, enabling actual usage of fractional amounts and fees will be done at a later step. But this has to be finished before the AE is turned on, it will be much more difficult after that. And it will have to be very well tested, so again we need a reliable test network.
I would recommend that we go with 8 decimal places (same as Bitcoin and most clones) as it will make it far easier for people to "port" their code to work with NXT (i.e. API returned "balance" should be 100000000 for 1 NXT). Anyone using "blockchain.info" (which CIYAM Open does) will be "dividing the balance" by 100000000 to display the value as people expect to see it so if we go with the same number then it will require only changing the website request (rather than both the request and their code). Yes, it is easy to modify my code if using big integer |
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jl777
Legendary
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Activity: 1176
Merit: 1132
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March 02, 2014, 03:09:24 AM |
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This may sound kinda sharkish but would it be possible to use the holding account to provide for the cost of the server? If there were enough banked in the holding account to cover withdraws and to make loans and charge interest?
You are suggesting fractional reserve. To that, I just say no James |
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LemonAndFries
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March 02, 2014, 03:09:39 AM |
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So I've been having trouble setting up a node under Debian.
This is the error I get after 0.8.3 starts:
./run.sh: line 1: 3004 Killed java -Xmx1024M -cp nxt.jar:lib/*:conf nxt.Nxt
Help is appreciated.
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wakasaki808
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March 02, 2014, 03:23:30 AM |
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Woo! Can't wait  Hopefully Cryptsy problems are less than when I used to use them. Can't wait for an English speaking main exchange though(other than DGEX) |
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CoinTropolis_JustaBitTime
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Activity: 98
Merit: 10
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March 02, 2014, 03:39:57 AM |
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Emails going out in the next 48 hours to 80+ contacts that will be at the Texas Bitcoin Conference. Whatever bites we received, we'll kick it right back to marketing. We've created a spreadsheet and sent the link to Asian Prepper and RickyJames. I'd really like to see us make contact with some of the investment groups that will be at the conference.
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CIYAM
Legendary
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Activity: 1890
Merit: 1075
Ian Knowles - CIYAM Lead Developer
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March 02, 2014, 03:45:19 AM |
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Suggested NIP (Nxt Improvement Proposal)
Adding "meta information" to Arbitrary Messages.
As AMs are going to become a key communication tool for various other parts of the Nxt system (including NIPs themselves) I suggest that we decide on one of the two ways of providing minimal "meta" information for AMs.
This could be done in the following 2 ways:
1) Encode them as URIs (making it simple for web apps to handle different kinds of things).
or
2) Use the first x bits of the AM to indicate the type.
The advantage of 1 is the simplicity for web apps (i.e. no coding necessary) and the advantage of 2 is size (we only have 1000 bytes for an AM currently).
Which way we go is up to the community - but whichever way I would like to see then an NIP AM (which might just contain the hash of an NIP document - the document itself could be posted on forums or wherever else).
By having such information your "inbox" could automatically place messages in different folders and could also perhaps sound an "alert" according to the AM type received (e.g. we might expect to also have an "alert" AM a bit like Bitcoin alerts).
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