NXT :: descendant of Bitcoin - Updated Information

[ChuckOne]

Well think about it.  If everyone with NXT sends 2 or 3 NXT back to the genesis account to be burned, we would essentially raise the value of NXT while still keeping our NXT.  Small amounts like that don't matter much by themselves, but when pulled together as a group they have much higher value.

Anyways, it wasn't meant to be taken seriously.  Just a random thought.

I know.

But think of it as this:

if somebody does this alone, not only his stake will increase in value but also the stake of others => he loose
if everybody does this, it evens out => nothing happens except having greater numbers in some exchanges, or maybe not that because people are scared away

What about if that person invested 2-3 times in NXT starting IPO with different accounts and he has enough to burn millions while still keeping a huge fortune and making that fortune worth even more.  And not only does this person not just raise his own value, but he also does so on purpose to raise everyone else's value as a reward for taking the risk.

Again, more random thoughts.

That would work.

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[2Kool4Skewl]

Current NXT circulation:
1. Buy NXT from initial stakeholder.
2. Register alias / send message / issue asset and pay fee to stakeholder.
3. Goto :1

As I always said, forging was created for stakeholders. You (community) always said that "when we'll have more transactions, fees would be better distributed". False! Forging is not dependent on fee in expected block. The only thing that will change is that stakeholders would get back their sold NXT faster.

Nxt is good platform. It is another P2P software like Bittorent. We need to find another way to prevent spam and get rid of NXT.

Ok.  All fees go to the genesis account.

If you send the fees to the genesis account you will destroy NXT because you will eventually run out of NXT.

With or without pooled forging, people with more NXT will get more NXT by forging.  People should view NXT as non-depreciating mining equipment.  The more NXT you own, the more NXT you will receive.  I'd rather purchase NXT than an ASIC because an ASIC will depreciate and I will earn less and less with my ASIC.  With my NXT, I will always recieve "MY NXT AMOUNT" / 1,000,000,000 NXT x 100% of the network's transaction fees.

The one worrisome thing about this Proof Of Stake concept is that it may very well turn out to be like a game of Risk. Where once a player passes a point where they have  a decisive advantage with troops, they quickly dominate the entire game, becoming more dominant with every battle until soon everyone else is slowly and methodically wiped out, or someone flips the board over, whichever comes first.

It seems like this might happen with something like NXT. The large stakeholders gaining the most out of forging, becoming more powerful with every block they win, achieving something of a compounding interest snowball type effect, until only a few big fish remain, sitting on their fat Jaba the Hut asses for the rest of NXT's existence gobbling up all the NXT while everyone else gives up forging at all; the network degrades until the Whales see the writing on the wall and push the SELL button, making NXT just another addition to the isle of coulda-shoulda-woulda.

This is why BCNext advocated for a reduction of transaction fees.

[LemonAndFries]

Well think about it.  If everyone with NXT sends 2 or 3 NXT back to the genesis account to be burned, we would essentially raise the value of NXT while still keeping our NXT.  Small amounts like that don't matter much by themselves, but when pulled together as a group they have much higher value.

Anyways, it wasn't meant to be taken seriously.  Just a random thought.

I know.

But think of it as this:

if somebody does this alone, not only his stake will increase in value but also the stake of others => he loose
if everybody does this, it evens out => nothing happens except having greater numbers in some exchanges, or maybe not that because people are scared away

What about if that person invested 2-3 times in NXT starting IPO with different accounts and he has enough to burn millions while still keeping a huge fortune and making that fortune worth even more.  And not only does this person not just raise his own value, but he also does so on purpose to raise everyone else's value as a reward for taking the risk.

Again, more random thoughts.

That would work.

To be honest, I need to invent a time machine and go back in time to do this.  I would do it so everyone can benefit.  It's not fun if you're the only one with riches, more fun when other people can join in and share the fun.

[hisun]

Hey guys! I'm allwelder's friend.
If you want the price of NXT pumping up,
please go to https://bitcointalk.org/index.php?topic=501963.0 to vote NXT!!!
Www.btc38.com is the biggest Altcoins exchange in China.
It will be a great news to NXT if the site launch NXT!!!

Please!!!

Done.

done 

[2Kool4Skewl]

NXT is a great infrastructure for future projects, but by NO MEANS does NXT create economic freedom and most certainly not regardless of socio-economic status. NXT is for people who have money to spare and are computer literate.

Ones NXT gets adopted on a massive scale things WILL get regulated the sh*t out of. Just like every other internet project that gets to big and imposes a risk for the (world) economy and infrastructure.

I love NXT, but please be realistic. 

NXT does create economic freedom by removing our dependence on the ever increasing centralization of PoW blockchain security.  All PoW currencies are vulnerable to a 51% computational attack, which means that any entity that can generate 51% of the network's hashpower controls the economic freedom of the users of the currency.  NXT is immune to computational attacks, because it is secured by its currency.  Anyone holding NXT, big or small, is helping to secure the network.

[btc2nxt]

about Asset Exchange test
everything looks like ok.

found a api error

1. getTrade  OK
{"trades":[{"timestamp":8778667,"price":200,"bidOrderId":"10668185170919619908","askOrderId":"11342895551343357312","quantity":15},{"timestamp":8778667,"price":300,"bidOrderId":"10668185170919619908","askOrderId":"627868227848821830","quantity":10}]}

2.getAskOrder
http://127.0.0.1:6876/nxt?requestType=getAskOrder&order=11342895551343357312 (this api don’t corret)
{"errorCode":5,"errorDescription":"Unknown order"}
askorder or bidorder api cannot return result.

3.getTransaction OK (use this api replace getaskorder api)
http://127.0.0.1:6876/nxt?requestType=getTransaction&transaction=11342895551343357312

btw
i have issued some tulips(quantity=100). Tomorrow i will launch Tulip Bubble TEST, who earned most testNxt will win the match. I will donate 500 true Nxt to the winner.

[mcjavar]

CORE DEV TEAM

Some questions:

1, How could one join? Whom to contact?
2, Are there any candidates?
3, Do we have a bounty for them? Unclaimed coins or should we put together some Nxt for this?

My candidate for joining the dev team is CIYAM.

I have also contacted Jean-Luc and am now awaiting his answer.
When we know whom to contact in order to get the core dev team together and we have the candidates, I will contact them one by one asking them if they would be interested.

AFAIK there is only Jean-Luc actively working on the core. Am I right?

No interest?

[mcjavar]

@2Kool4Skewl: could you please check your PM?

[BrianNowhere]

Here's something whales could do:

http://www.fastcompany.com/3027271/fast-feed/move-over-bitcoin-crosscoins-new-accelerator-bets-on-the-ripple-ecosystem

If the playoffs ended today and only one system could win, I really would have to go with Ripple. The consensus ledger seems to work pretty well, transactions arrive at the speed of email, it's easy to use for regular people and it has the closest thing to a working decentralized exchange going. It may not be 100% decentralized as far as the server side goes, but at the end of the day are regular people (merchants & consumers) really going to care about that? Most people aren't Libertarian. They just want shit to work and be easy to use.

I'm rooting for NXT I really am, but the inventor has rode off into the sunset without saying goodbye & Tonto is leaving soon & while he's here talks in hints & riddles and vague promises of a 3rd plan, transparent forging/1000 TPS is starting to look like it was a pipe dream all along, The Asset Exchange is cool but sounds awfully similar to what Ripple already has, the transaction fees are still too damn high, forging rewards are way to low & come too slow for all but the richest Nxters. Newbs are confused and meanwhile six or seven serious competitors who don't communicate via a mutli-thousand page thread are getting ready to launch similar systems of their own.

I'm really hoping this thing gets pulled together but I am not so sure as i once was. Still HODLING but also HEGDING.

[BitcoinForumator]

Here's something whales could do:

http://www.fastcompany.com/3027271/fast-feed/move-over-bitcoin-crosscoins-new-accelerator-bets-on-the-ripple-ecosystem

If the playoffs ended today and only one system could win, I really would have to go with Ripple. The consensus ledger seems to work pretty well, transactions arrive at the speed of email, it's easy to use for regular people and it has the closest thing to a working decentralized exchange going. It may not be 100% decentralized as far as the server side goes, but at the end of the day are regular people (merchants & consumers) really going to care about that? Most people aren't Libertarian. They just want shit to work and be easy to use.

I'm rooting for NXT I really am, but the inventor has rode off into the sunset without saying goodbye & Tonto is leaving soon & while he's here talks in hints & riddles and vague promises of a 3rd plan, transparent forging/1000 TPS is starting to look like it was a pipe dream all along, The Asset Exchange is cool but sounds awfully similar to what Ripple already has, the transaction fees are still too damn high, forging rewards are way to low & come too slow for all but the richest Nxters. Newbs are confused and meanwhile six or seven serious competitors who don't communicate via a mutli-thousand page thread are getting ready to launch similar systems of their own.

I'm really hoping this thing gets pulled together but I am not so sure as i once was. Still HODLING but also HEGDING.

[barbierir]

Anyone likes my idea a Electrum-like passphrase generator to be included in Nxt clients? Today there are two new stories of newbies who had their Nxt stolen because they used a weak password

https://nextcoin.org/index.php/topic,4316.0.html

[mcjavar]

Here's something whales could do:

http://www.fastcompany.com/3027271/fast-feed/move-over-bitcoin-crosscoins-new-accelerator-bets-on-the-ripple-ecosystem

If the playoffs ended today and only one system could win, I really would have to go with Ripple. The consensus ledger seems to work pretty well, transactions arrive at the speed of email, it's easy to use for regular people and it has the closest thing to a working decentralized exchange going. It may not be 100% decentralized as far as the server side goes, but at the end of the day are regular people (merchants & consumers) really going to care about that? Most people aren't Libertarian. They just want shit to work and be easy to use.

I'm rooting for NXT I really am, but the inventor has rode off into the sunset without saying goodbye & Tonto is leaving soon & while he's here talks in hints & riddles and vague promises of a 3rd plan, transparent forging/1000 TPS is starting to look like it was a pipe dream all along, The Asset Exchange is cool but sounds awfully similar to what Ripple already has, the transaction fees are still too damn high, forging rewards are way to low & come too slow for all but the richest Nxters. Newbs are confused and meanwhile six or seven serious competitors who don't communicate via a mutli-thousand page thread are getting ready to launch similar systems of their own.

I'm really hoping this thing gets pulled together but I am not so sure as i once was. Still HODLING but also HEGDING.

Totally agree. I was very excited when I found Nxt, put all my BTC in it. I still hope that things are going into the right direction, but the way things are handled in the last few weeks is anything but transparent and fair. We´ve lost a lot of potential investors and developers due to the closed group of core deveopers (from which only Jean-Luc is still active) and blind promises. We made a few people rich (also BCNext), but can´t really see where all this is heading...

[pinarello]

Installer for 0.8.6 TestNet with Wesley's interface will be released in the morning.

Night y'all.

thank you very much Mistafreeze looking forward to it!

[pandaisftw]

...

the transaction fees are still too damn high, forging rewards are way to low & come too slow for all but the richest Nxters.

...

Slow? Maybe. Low? No, everyone gets the same percentage. Anyways, you can't have high forging rewards and low fees.

[BrianNowhere]

NXT is a great infrastructure for future projects, but by NO MEANS does NXT create economic freedom and most certainly not regardless of socio-economic status. NXT is for people who have money to spare and are computer literate.

Ones NXT gets adopted on a massive scale things WILL get regulated the sh*t out of. Just like every other internet project that gets to big and imposes a risk for the (world) economy and infrastructure.

I love NXT, but please be realistic. 

NXT does create economic freedom by removing our dependence on the ever increasing centralization of PoW blockchain security.  All PoW currencies are vulnerable to a 51% computational attack, which means that any entity that can generate 51% of the network's hashpower controls the economic freedom of the users of the currency.  NXT is immune to computational attacks, because it is secured by its currency.  Anyone holding NXT, big or small, is helping to secure the network.

Anyone who is forging is helping to secure the network. As a "small fry" holding 10k NXT for over a month all the while being told I'm 20 days 1 hour 14 minutes 29 seconds away from generating a block I am having my doubts that many people like me will bother to forge. I really hope this nodecoin thing works out as a way to get normal people forging.

[allwelder]

I have a wild hypothesis.....

What about if at some point in the future some of these millions of coins are going to be sent to the furnace (genesis block) to be burned in order to make the coin more rare and valuable.

Just thought I'd share my wild fictitious thought.

IMP,burn Nxt to make new coins may be much better,like XCP.

[instacalm]

Anyone who is forging is helping to secure the network. As a "small fry" holding 10k NXT for over a month all the while being told I'm 20 days 1 hour 14 minutes 29 seconds away from generating a block I am having my doubts that many people like me will bother to forge. I really hope this nodecoin thing works out as a way to get normal people forging.

I've got about 120k NXT in total atm and I do not bother to forge either. Unfortunately it is not worth it (in terms of money), in my humble opinion.

I'm not complaining -- I just believe the forging model as it is not to be an incentive at all.

[2Kool4Skewl]

Here's something whales could do:

http://www.fastcompany.com/3027271/fast-feed/move-over-bitcoin-crosscoins-new-accelerator-bets-on-the-ripple-ecosystem

If the playoffs ended today and only one system could win, I really would have to go with Ripple. The consensus ledger seems to work pretty well, transactions arrive at the speed of email, it's easy to use for regular people and it has the closest thing to a working decentralized exchange going. It may not be 100% decentralized as far as the server side goes, but at the end of the day are regular people (merchants & consumers) really going to care about that? Most people aren't Libertarian. They just want shit to work and be easy to use.

I'm rooting for NXT I really am, but the inventor has rode off into the sunset without saying goodbye & Tonto is leaving soon & while he's here talks in hints & riddles and vague promises of a 3rd plan, transparent forging/1000 TPS is starting to look like it was a pipe dream all along, The Asset Exchange is cool but sounds awfully similar to what Ripple already has, the transaction fees are still too damn high, forging rewards are way to low & come too slow for all but the richest Nxters. Newbs are confused and meanwhile six or seven serious competitors who don't communicate via a mutli-thousand page thread are getting ready to launch similar systems of their own.

I'm really hoping this thing gets pulled together but I am not so sure as i once was. Still HODLING but also HEGDING.

We all knew BCNext's plan was to leave and we all knew that Come-from-Beyond was only on contract until April.  NXT's asset exchange is different than Ripple's gateway system.  Ripple's gateways require that you "trust" a single operator.  The gateways James is working on are multi-sig.  I agree the tx fees are too high.  In Ripple, there are no forging rewards.  You receive nothing for running a rippled server.

[instacalm]

The gateways James is working on are multi-sig.  I agree the tx fees are too high.  In Ripple, there are no forging rewards.  You receive nothing for running a rippled server.

... and you receive cents for running NXT nodes which is not really that far from nothing.

[2Kool4Skewl]

NXT is a great infrastructure for future projects, but by NO MEANS does NXT create economic freedom and most certainly not regardless of socio-economic status. NXT is for people who have money to spare and are computer literate.

Ones NXT gets adopted on a massive scale things WILL get regulated the sh*t out of. Just like every other internet project that gets to big and imposes a risk for the (world) economy and infrastructure.

I love NXT, but please be realistic. 

NXT does create economic freedom by removing our dependence on the ever increasing centralization of PoW blockchain security.  All PoW currencies are vulnerable to a 51% computational attack, which means that any entity that can generate 51% of the network's hashpower controls the economic freedom of the users of the currency.  NXT is immune to computational attacks, because it is secured by its currency.  Anyone holding NXT, big or small, is helping to secure the network.

Anyone who is forging is helping to secure the network. As a "small fry" holding 10k NXT for over a month all the while being told I'm 20 days 1 hour 14 minutes 29 seconds away from generating a block I am having my doubts that many people like me will bother to forge. I really hope this nodecoin thing works out as a way to get normal people forging.

Suit yourself.  Everyone receives the same ROI from forging.  Imo, you'd be better off purchasing more NXT and forging than buying an ASIC/GPU and mining PoW.