NXT :: descendant of Bitcoin - Updated Information

[wesleyh]

New version of NxtWallet for Mac available:

http://nxtra.org/mac/NxtWallet.zip

Shows blockchain download progress. Tomorrow or monday I will release the same version for windows.

It connects to TestNet at first start. you can switch to Main Net via tools menu. I suggest you test everything out in TestNet first as there may be bugs. We need someone to do an audit of the web code.

If you want the old interface, simply go to http://localhost:7875 (main net) in the browser when the app is running.

My Nxt id is : 8189784314684138350 - thanks for any donations.

[chanc3r]

Thanks  

You're welcome.

(I'm killing me)

and me.... 

[BrianNowhere]

In other words, it's complete fiction right now with no evidence that anyone is even working on it to implement on Nxt and how it's going to be implemented. Not only there is no code, but how it will be implemented is unclear speculation.  Plus there is no evidence  it will work. We should stop making Youtube videos about Nxt having zerocoin "feature" as if it's implemented working feature. .

salsacz delete your youtube video immediatly.

This goes for all the promotion out there promising instant transactions and transparent forging. I feel like I've been suckered in somewhat with a bait and switch.

[Come-from-Beyond]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

[chanc3r]

If it is possible to speed up the network, in a resource efficient manor that wasn't out of balance with the purpose for speeding it up I say "Hell Yeah! Do it". If not , there are other options.

To use your words 'Hell Yeah' this is the way I would try to do it... and it is about infrastructure if you consider this to be how NXT works as a whole, but its not about H/W or shouldn't be (other than N/W).

What ever works. <snip...>
Plus this kind of conversation is just interesting.

What do you mean by H/W and N/W ? missed that.

For next computation is not the issue but we cannot do much about data volumes... we can make the communication more efficient by compressing/turning it into binary, but once done then the more transactions you have the more data nodes need to exchange so N/W or network could become an issue. Its not an issue today we don't need nodes with huge pipes but in my experience the way you stop something like this being an issue or costing a lot to fix is to solve it when the system is small.

Also we talk about NXT (singular) and think about 1 node, there is value in thinking of it as a network and a sequence of nodes...

[BrianNowhere]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

The more I think about this idea the more I don't like it. If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible? If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.

I don't think most people will be willing to do this.

Just my .5 NXt

I like the parallel blockchain idea much better if it's feasible.

[chanc3r]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

Please help us me to understand - what is the reason for the 1/10 ratio? or is it completely arbitrary?

EDIT: Cfb - what about the reserve balance approach I posted in your other thread?

[EvilDave]

Don't know if anyones posted this here yet....but there's another password cracker going thru the NXT blockchain:

https://bitcointalk.org/index.php?topic=506298.msg5580350#msg5580350

There's a reference in the thread above to a 1 megaNXT account with a 4 character password. Smells like FUD to me, but have a look for yourselves.....I'm going to carry on plowing thru this thread.

[bitcoinpaul]

Fact check: Ripple was founded in 2004 by Ryan Fugger

https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

Didn't know!

[Sebastien256]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

The more I think about this idea the more I don't like it. If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible? If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.

I don't think most people will be willing to do this.

Just my .5 NXt

I disagree on "If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.". Right now, bad news could happen anytime to plummet NXT price. You should think NXT feathure for long term ideology. NXT is not a final product.

Overall, I believe that "If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible" is good idea if all the thing is secure and can be work out.

[BrianNowhere]

Don't know if anyones posted this here yet....but there's another password cracker going thru the NXT blockchain:

https://bitcointalk.org/index.php?topic=506298.msg5580350#msg5580350

There's a reference in the thread above to a 1 megaNXT account with a 4 character password. Smells like FUD to me, but have a look for yourselves.....I'm going to carry on plowing thru this thread.

Best comment in that thread:

You just opened a Pandora's Box ...

Perhaps Nxt can actually be "mined", after all.  Grin


Seriously though, this is pretty scary. You can brute force the ENTIRE network at once. It's the equivalent of someone walking though the neighborhood (at high speed) checking every door for a weak lock and methodically steal EVERYTHING from anyone who has the wrong kind of lock.

It would be nice to be able to tie your account to a MAC address if you want to, or to a list of MAC addresses. 2FA might help as well but don't see that as feasible at the core level.

[Emule]

In other words, it's complete fiction right now with no evidence that anyone is even working on it to implement on Nxt and how it's going to be implemented. Not only there is no code, but how it will be implemented is unclear speculation.  Plus there is no evidence  it will work. We should stop making Youtube videos about Nxt having zerocoin "feature" as if it's implemented working feature. .

salsacz delete your youtube video immediatly.

This goes for all the promotion out there promising instant transactions and transparent forging. I feel like I've been suckered in somewhat with a bait and switch.

hell yeah you see it finally

almost april and......

Let sum up what we have finished here:

- Decentralized Alias System / DNS: yes but not Complete
- Basic DDoS Protection: Complete?
- Decentralized Asset Exchange / Colored Coins:NO
- Transparent Mining:NO
- Transparant Forging:NO
- Arbitrary Messaging: Complete but absolete
- Instant Transactions:NO
- Decentralized Marketplace / Auction:NO
- Distributed Storage:NO
- Multi-signatures:NO
- Blockchain Shrinking:NO
- Two-phase Payments:NO
- Voting System:NO
- Reputation System:NO
- Decentralized Mixing Service:NO
- Distributed Computing:NO
- Smart Contracts:NO
- Hardware Wallets:NO
- Advanced DDoS Protection Project Kharo:NO
- white paper: NO
- Client:NO

What do we have:

bloated Blockchain that uses GB's of traffic that no one can afford!
hot air
unclaimed coins
12 laughing rich initial founders and 15 sitting on a pile of nxt they never can sell
rats leaving the sinking ship already

[BrianNowhere]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

The more I think about this idea the more I don't like it. If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible? If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.

I don't think most people will be willing to do this.

Just my .5 NXt

I disagree on "If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.". Right now, bad news could happen anytime to plummet NXT price. You should think NXT feathure for long term ideology. NXT is not a final product.

Overall, I believe that "If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible" is good idea if all the thing is secure and can be work out.

It's what I like to refer to as a "weird" solution. It might work but it's not elegant. If a bank gave you a debit card that worked this way you'd laugh in their faces.

[pandaisftw]

Asset Exchange Enhancement Proposal

https://docs.google.com/presentation/d/1FsyumJLmQ9ckLNkHlmW1oPRGOoK3oAg_pVjFz3s0fNw/edit?usp=sharing

With even more feedback, some have suggested that perhaps relying on an external website is not good (although it *should* be secure, perhaps someone can find a way to abuse this?)

With this in mind, I added slides 5-7 to show how this could be done without external URLs, only using Aliases. NXT already provides all the tools needed for this to work, clients just have to be able to interpret it. If people think this is a good idea, hopefully we can have a discussion going on the standard formatting.

IMO, this is important because it removes the ability of squatters to hold important asset names at ransom from the community.

Pandaisftw

Okay, another update to address an issue of phonies. Also, just thought of new uses for external URLs, such as audio (for music artists to put up samples) and videos (for game companies like Steam to show trailers). It should be a pretty robust system now. Of course, and feedback is appreciated!


Also my contribution earlier to this discussion:

Now that I think about it, parallel chains is a very nice way to achieve the 1000 TPS goal. It is highly unlikely that everyone needs to use all the parallel chains at once, so by providing many, many chains, people would only have to secure the ones they are interested in. NXT as a whole could have 1000 TPS, but a regular user would probably only need to secure at most 100 TPS on the chains he/she is interested in.

It is unlikely someone in India using NXTIndia will need to secure the NXTChina parallel chain (although both would secure the master chain). So with just 10 countries using NXT at 100 TPS, you got your 1000 TPS without the entire network having to have super-mega-fast internet speeds.

Add in specialized services with their own chain, and this number could be much higher than 1000 TPS.

Pandaisftw

[wesleyh]

In other words, it's complete fiction right now with no evidence that anyone is even working on it to implement on Nxt and how it's going to be implemented. Not only there is no code, but how it will be implemented is unclear speculation.  Plus there is no evidence  it will work. We should stop making Youtube videos about Nxt having zerocoin "feature" as if it's implemented working feature. .

salsacz delete your youtube video immediatly.

This goes for all the promotion out there promising instant transactions and transparent forging. I feel like I've been suckered in somewhat with a bait and switch.

hell yeah you see it finally

almost april and......

Let sum up what we have finished here:

- Decentralized Alias System / DNS: yes but not Complete
- Basic DDoS Protection: Complete?
- Decentralized Asset Exchange / Colored Coins:NO
- Transparent Mining:NO
- Transparant Forging:NO
- Arbitrary Messaging: Complete but absolete
- Instant Transactions:NO
- Decentralized Marketplace / Auction:NO
- Distributed Storage:NO
- Multi-signatures:NO
- Blockchain Shrinking:NO
- Two-phase Payments:NO
- Voting System:NO
- Reputation System:NO
- Decentralized Mixing Service:NO
- Distributed Computing:NO
- Smart Contracts:NO
- Hardware Wallets:NO
- Advanced DDoS Protection Project Kharo:NO
- white paper: NO
- Client:NO

What do we have:

bloated Blockchain that uses GB's of traffic that no one can afford!
hot air
unclaimed coins
12 laughing rich initial founders and 15 sitting on a pile of nxt they never can sell
rats leaving the sinking ship already

Emule doesn't think my client is any good  

btw, voting system is ready. On testnet.
AE is ready on testnet.
Arbitrary messaging is not obsolete, in fact AT even depends on it.

[Sebastien256]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

The more I think about this idea the more I don't like it. If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible? If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.

I don't think most people will be willing to do this.

Just my .5 NXt

I disagree on "If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.". Right now, bad news could happen anytime to plummet NXT price. You should think NXT feathure for long term ideology. NXT is not a final product.

Overall, I believe that "If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible" is good idea if all the thing is secure and can be work out.

It's what I like to refer to as a "weird" solution. It might work but it's not elegant. If a bank gave you a debit card that worked this way you'd laugh in their faces.

well bank act in someway like this. My bank want me to have 2000$ in the account to avoid fee relative to my debit transaction. Probably others are in the same situation.

If an idea is working and secure, why not implement it (im not saying that it is, only IF). It is not because you do not find this usefull that other people will not find a utility to it.

[BrianNowhere]

hell yeah you see it finally

Did you ever think that if you occasionally sprinkled in some positive feedback or gave more constructive criticism that people might take your harsher criticisms more seriously? You're predictable and boring.

[chanc3r]

Seriously though, this is pretty scary. You can brute force the ENTIRE network at once. It's the equivalent of someone walking though the neighborhood (at high speed) checking every door for a weak lock and methodically steal EVERYTHING from anyone who has the wrong kind of lock.

It would be nice to be able to tie your account to a MAC address if you want to, or to a list of MAC addresses. 2FA might help as well but don't see that as feasible at the core level.

Anyone can run a cracker on anything - that doesn't mean it can be broken.
There is a variation called vanitygen to look for nice account numbers
Tries lots of passwords until it finds one that matches your parameters
I wanted a shorter account number which is the one in my signature so I wrote a script to find me one, 5 digits shorter than my original one.
People can easily write a cracker but will it work ? - read the posts on password length and entropy...
I read the other thread... its juvenile.

I'm sure someone has already calculated the hash for "Peanuts" which is account 11002691385236070570, put any NXT in that account, a bot will see the TX on the block chain and nick the NXT probably.

I've run 10m passwords through NRS to see if I can break it - didn't,  I did do it randomly to see if i could get a password collision.
I could have run a smarter cracker but I didn't see the point its not my job to find people who have used weak passwords.

[BrianNowhere]

Since the second transaction has a higher fee, it will get on the next block with higher priority, right? Since the first payment won't be confirmed, how can the double-spend succeed?

Only 1/10 is allowed to spend.

The more I think about this idea the more I don't like it. If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible? If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.

I don't think most people will be willing to do this.

Just my .5 NXt

I disagree on "If a security bug becomes known or there's some bad news that causes NXT price to plummet I have no way to react.". Right now, bad news could happen anytime to plummet NXT price. You should think NXT feathure for long term ideology. NXT is not a final product.

Overall, I believe that "If I want to have 100 NXT to spend on hand I have to commit 1000 NXT to be unaccessible" is good idea if all the thing is secure and can be work out.

It's what I like to refer to as a "weird" solution. It might work but it's not elegant. If a bank gave you a debit card that worked this way you'd laugh in their faces.

well bank act in someway like this. My bank want me to have 2000$ in the account to avoid fee relative to my debit transaction. Probably others are in the same situation.

If an idea is working and secure, why not implement it (im not saying that it is, only IF). It is not because you do not find this usefull that other people will not find a utility to it.

Emunie is also promising instant transactions. does anyone know how they plan to achieve this? I plan to start paying attention to them soon, they are supposed to launch their 1st official product this month. I am seriously considering jumping to them depending on what I find there.

[Eadeqa]

Fact check: Ripple was founded in 2004 by Ryan Fugger

https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

Didn't know!

This is misleading. Ripple evolved since 2004.  It's dishonest to claim Ripple of today has anything to do with Ripple of 2004.

Ripple as we know it today is NOT older than Bitcoin. The real date is 2012 when Open Coin was founded.