NXT :: descendant of Bitcoin - Updated Information

[pandaisftw]

Thanks for answering my questions cfb!

[1611107039]

1611107039

[1611107039]

1611107039

[Jerical13]

Coinpayments is closing down: https://www.coinpayments.net

What was this site for?

Processing bitcoin payments. USA's FinCen says they have authority over bitcoin and any company that touches it is a money transmitter. Now bitcoin is as troublesome as fiat in America. Isnt America nice

So, now you need at least $5 million to operation in USA, before you can even start. maybe you can choose a few states to lower the compliance cost, but every state has their own rules, add the federal stuff on top and the war on bitcoin escalates.

James

Good side is they are taking the view that cryptos are money. Which is a really good thing.

Also, these policies will make it more difficult to convert fiat to crypto; But it will also create incentive to keep personal purchasing power in cryptos as opposed to converting crypto to fiat. In the long term I think this may be beneficial to the crypto market as any crypto is a better product than any fiat. These policies will retard the spread of cryptos initially but once peole are in, they will stay in.

[ChuckOne]

How can such a prove look like? (I am thinking of the case of a Chinese coin behind the firewall)

No need to prove. If other nodes disagree with this checkpoint they will just reject such a block in Master chain.

There are no other nodes beyond the firewall can check the slavechain. They would need to rely blindly on the Chinese nodes.

[Mario123]

https://bitcointalk.org/index.php?topic=345619.msg5543952#msg5543952

Well than we need to market this and to make this our primary client for the newcomers. We need to upload link to this client everywhere and make it least confusing for all of the newcomers. Can this be put up at the first page as our main client?

We need to get rid of this "don't go there this is just for geeks" behavior with all the newcomers and non-tech people.

I will update mynxt.org with one standard client and link to nxtclients.org for more options, so there will be no confusion.

[pinarello]

https://bitcointalk.org/index.php?topic=345619.msg5543952#msg5543952

Well than we need to market this and to make this our primary client for the newcomers. We need to upload link to this client everywhere and make it least confusing for all of the newcomers. Can this be put up at the first page as our main client?

We need to get rid of this "don't go there this is just for geeks" behavior with all the newcomers and non-tech people.

I will update mynxt.org with one standard client and link to nxtclients.org for more options, so there will be no confusion.

All please remind the client is only for testing in testnet as of now. (dont use real accounts!)

we can use it full when it is integrated by J-L in the software.

[Come-from-Beyond]

There are no other nodes beyond the firewall can check the slavechain. They would need to rely blindly on the Chinese nodes.

I'm afraid we can't solve problems related to disjoint networks.

[timmyd]

Please dont feed the mule lol

[gs02xzz]

I don't know if his idea is a good idea. Could we discuss possible routes and the implications for Nxt, please.

In my opinion the concept of TF is mostly a good one (i.e. to get a very large tx throughput) so I would think that the first thing is for the community to decide whether it agrees with that or not (all other decisions really depend upon this one).

If as a community with think it's more important to have people forging with Raspberry Pis then we would be scrapping TF altogether (realistically it is *one or the other* even though marketing people want to have both).

Is the issue all about the speed of tx? If we want higher speed we have to use less nodes or hubs with better equipments. If we want lower speed we can have more small nodes running with cheaper equipments. How about security? Which one has more security for the network?

[CIYAM]

Is the issue all about the speed of tx? If we want higher speed we have to use less nodes or hubs with better equipments. If we want lower speed we can have more small nodes running with cheaper equipments. How about security? Which one has more security for the network?

This could be more interesting when we consider the "parallel chains" idea.

Perhaps we can "have our cake and eat it to" by having say an NHS (NXT high speed) parallel chain that is only being forged by powerful hubs capable of handling huge amounts of TPM whilst the main part of the network could be forging standard NXT on low-grade hardware.

[Fatih87SK]

https://bitcointalk.org/index.php?topic=345619.msg5543952#msg5543952

Well than we need to market this and to make this our primary client for the newcomers. We need to upload link to this client everywhere and make it least confusing for all of the newcomers. Can this be put up at the first page as our main client?

We need to get rid of this "don't go there this is just for geeks" behavior with all the newcomers and non-tech people.

I will update mynxt.org with one standard client and link to nxtclients.org for more options, so there will be no confusion.

All please remind the client is only for testing in testnet as of now. (dont use real accounts!)

we can use it full when it is integrated by J-L in the software.

Yesss..

Still waiting for that. Then we can finally market the client.

[jl777]

This was flawed because of the network topology issue of knowing which nodes are online.  The only work around I can think of is to keep a master list that is broadcast to every node which lists all the nodes seen online in the last 24 hours.  Then these nodes would be rewarded.

Nodecoin will provide realtime positive feedback to forging nodes. No need to change NXTcore

[jl777]

Coinpayments is closing down: https://www.coinpayments.net

What was this site for?

Processing bitcoin payments. USA's FinCen says they have authority over bitcoin and any company that touches it is a money transmitter. Now bitcoin is as troublesome as fiat in America. Isnt America nice

So, now you need at least $5 million to operation in USA, before you can even start. maybe you can choose a few states to lower the compliance cost, but every state has their own rules, add the federal stuff on top and the war on bitcoin escalates.

James

Do you have a source for this? I'd like to read up.

http://www.fincen.gov/

Read especially:

http://www.fincen.gov/news_room/testimony/html/20140220.html

FinCEN getting involved in cryptocurrency is a huge blow to Bitcoin in the US and NXT as well.   If NXT implements NXTcash as a truly anonymous transfer service, we can expect FinCen to arrest James as a terrorist.

I am only partially joking.

will I get internet access from jail?

Internet no, a huuuuge asshole yes.

since when is writing software a crime anyway? What has the world become??

[jl777]

This was flawed because of the network topology issue of knowing which nodes are online.  The only work around I can think of is to keep a master list that is broadcast to every node which lists all the nodes seen online in the last 24 hours.  Then these nodes would be rewarded.

Unfortunately this also is flawed due to topology (it can't be checked).

I know Evil Bob can fake API return values on his computer to fool nodecoin, but what would be the point? nodecoin will be actively using the NXT API and polling forging status (it is already there in getStatus) I just need to figure out the best way to get high confidence that a node was really forging. Some sort of data that would only be available if they had the latest blockchain that would be sent in for verification

[jl777]

Usability is KING!

A visitor of Nextcoin.org tells about his experience and why Nxt is difficult to use for newbees. I totally agree with him, usability is more important than futuristic features. How can we solve this problem?

https://nextcoin.org/index.php/topic,4339.new.html

We need a passphrase generator like the one in Electrum, it is naive to expect people know how to create a strong passphrase

openssl rand -base64 44

maybe we can put instructions on how to install openssl?

[Jerical13]

Nxt Decentralized Internet video - alfa version:
http://youtu.be/RtTWUwRL9mQ

(created between 20 Feb-8 March)

I would be very grateful for any comments and suggestions. It still needs some time, but it already can be commented

Based on the paper:
http://justpaste.it/decentralized-internet
(created between 12-18 Feb)

And good night, its almost 6 AM here

Nice use of theory and reasoning to inspirational ends to provide a backdrop to highlight NXT. It is a daunting task to summarize NXT in such a short time limit; this video does a pretty good job of it. I would suggest putting the bit of the video at the end that serves as the summary at the beginning also, to provide an intro, or provide some sort of intro (tell people what you are going to tell them, tell them, then tell them what you told them). Overall very inspiring, got my attention and made me want to know more. Nice work.

[jl777]

... the community/early adopters should find a way to cover his (and the other core devs) expenses.
My personal opinion is that 1/3 of unclaimed funds should go for audit/whitepaper, 1/3 for core devs and 1/3 for marketing.

- agree 100% !  No infrastructure committee needed.

Brilliant point in time to start a discussion about the need for infrastructure committee ...  

In my opinion, not seeing the need for an infrastucture commitee, just because there are right now more pressing issues is extremely short-sighted.

Do we have a good idea about the NXT network?
How many stable nodes do we have? Who operates them and how are they being paid for? Will these nodes still exist in 3, 6, 12 months?
Do we have enough public nodes?
Does anyone remember when we were DDOSed? Are we in danger? How will we react in the future?
Do we have a good testnet to support developers? Long-term? Can we reset the blockchain at community will and still have a stable testnet?
What changes are necessary in the core to make nodes run more effectively and lower the amount of network data?
What changes are necessary in the core to let people run nodes on low tech hard hardware (e.g. solar powered RaspberryPi's - think marketing)


The day will come that NXT will have a NXT infrastructure problem and everyone will cry and scream...

Can we handle 25,000 transactions in 1 hour? 10 minutes?

[ChuckOne]

Is the issue all about the speed of tx? If we want higher speed we have to use less nodes or hubs with better equipments. If we want lower speed we can have more small nodes running with cheaper equipments. How about security? Which one has more security for the network?

This could be more interesting when we consider the "parallel chains" idea.

Perhaps we can "have our cake and eat it to" by having say an NHS (NXT high speed) parallel chain that is only being forged by powerful hubs capable of handling huge amounts of TPM whilst the main part of the network could be forging standard NXT on low-grade hardware.

Interesting idea.

[jl777]

FinCEN getting involved in cryptocurrency is a huge blow to Bitcoin in the US and NXT as well.   If NXT implements NXTcash as a truly anonymous transfer service, we can expect FinCen to arrest James as a terrorist.

I am only partially joking.

will I get internet access from jail?

James is a machine

looking forward to first delivery of that machine

bla bla bla

https://github.com/jl777/multigateway

[jl777]

I don't know if his idea is a good idea. Could we discuss possible routes and the implications for Nxt, please.

In my opinion the concept of TF is mostly a good one (i.e. to get a very large tx throughput) so I would think that the first thing is for the community to decide whether it agrees with that or not (all other decisions really depend upon this one).

If as a community with think it's more important to have people forging with Raspberry Pis then we would be scrapping TF altogether (realistically it is *one or the other* even though marketing people want to have both).

We need high TPS and also support lightweight nodes

[Damelon]

I just had a bit of an overwhelming meeting with the outside investor.

He is the creator and owner of this/these projects:


https://www.trackprotect.com/
http://www.sustainsound.org/
http://www.rhosmovement.com/

Basically, he wants to use Nxt as a vehicle for his business and to power his system of distributing music.

I just spent two hours talking with him and he is immensely energetic and serious about this.

He sees the potential úse of Nxt and digital property and talks will continue.

From both a marketing perspective as a purely investment perspective, this could be a significant step forward for Nxt!

Music is the #1 attracting factor for users anywhere and we would be tapping into a worldwide userbase with these guys.

Even better is that his development cycle is almost finished already (I saw his already working product) and he is looking for a good "fit".

He is OK with me sharing this, because he wants to be open about his project. Have a look and see what it is all about.