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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756263 times)
jl777
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March 14, 2014, 02:48:55 AM
 #44181


If you dont mind, I will move to the inf-com thread as I am clearly a bit burned out by the negativity in the main thread. Maybe we can reach consensus there and I wont even have to post details in the mainthread.

Before you "leave", will you answer to this?

since there was nobody who would sign up to do the bounties fulltime, I decided it was best if I just implemented what I saw best for NXT.


Can we get devs from "the outside" to work for these bounties?


CfB:
Quote
What was paid will be delivered by the 3rd of April. Not more.
Refactoring, consulting, some extra functionality like API calls.

You are the "gatekeeper" of millions of community Nxt, and more dev has to be done… New devs have 2 weeks before CfB is out of service now.
To clarify, the NXTcommunityfund is comprised of private donations, it is not related to the unclaimed coins fund. As private donations my charter is to do the bidding of the donors. i purposely did not run for any of the three community fund committees.

Most professional devs are not available to work low wages. I have no Java expertise and I do not view my scope to include NXTcore. I would urge the dev committee to start actively recruiting. I know rickyjames is working with jean-luc about posting some ads, but active recruiting is something I dont have time for.

If anybody is interested in working long hours for NXT, they can always PM me. Several have, but most can only spare a few hours here and there so it is very hard to get up to speed quickly

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 14, 2014, 02:52:20 AM
 #44182

to jl777
i think you will have two  problems to implement nodecoin,or nodecoins
1: you can issue nodecoin,or nodecoins at Nxt blockchains(not testnet)
2: send 10 nodecoin will cost 1 nxt, that 10nodecoin=1nxt
For mainnet the plan is to require user to redeem their nodecoins by sending in 1 NXT, which is a signal to receive all nodecoins earned.

This sets a floor value to nodecoins to being the average number of nodecoins redeemed at a time, divided by 2 NXT

http://www.digitalcatallaxy.com/report2015.html
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March 14, 2014, 02:58:20 AM
 #44183

Kyle Torpey gave NXT (alongside MSC and ETH) a positive mention on the Keiser Report.

Re: Bitching. Ethereum and Mastercoin will also have ups and down but they don't air it all in public. At least we know what is really going on with NXT.

I just want to say it's great being part of NXT's growth. There will be failures. Google has had over a dozen 'failures' but they just keep trying things until something 'sticks'.

PS: Keep doing what you are doing James.
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March 14, 2014, 02:59:29 AM
 #44184

where can i see the complete description about nodecoin?
nodeminer reports to the pool server the 20 active nodes it is in contact with

the pool server tabulates this and awards nodecoins based on the number of times a node was reported as an active peer

nodecoins are currently automatically sent out when you accumulate 10 of them. This will be changed in the future to require people to specifically request them

nodeminer.c is about 150 lines of C and nodeminer.h about 250 lines, together they make nodeminer and pool server:
https://github.com/jl777/multigateway

Based on the amount of time and amount of code, nodeminer has created the most controversy per line or per hour spent writing it. I did build it on top of the low level library that is under construction that I am writing for multigateway and the other projects, but nodecoin is literally a 400 lines detour that has exploded into major controversy.

James

P.S. I have added blacklisting since the last push, but no other significant changes

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 14, 2014, 03:18:30 AM
 #44185

I have completed migration of my 26 VPSs to SSL.  As they are on 0.8.9, HTTP is not available, only HTTPS, and I have also enforced POST for APIs with sensitive data to ensure the sensitive data is encrypted (using HTTP GET instead of HTTP POST will expose secretPhrase, even if SSL is used).

I am the only one with access to vps1 - vps12 on nxtcrypto.org and other people have access to vps13 - vps26.  Even so, I would still highly recommend against using secretPhrase even on vps1 - vps12.

That being said, the CA that signed my VPSs' certs is my private self-signed cert.  So it is not signed by any public CA, and as such will error out if you enforce host verification (you should do this) unless you include my CA (so, yes you should do this as well) in your HTTPS client:

Code:
-----BEGIN CERTIFICATE-----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-----END CERTIFICATE-----
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March 14, 2014, 03:20:49 AM
 #44186

thanks jl777,i'm trying to run it

eXocoin [EXO]-gen 2.0- dev. from scratch! Give-Away | Open Beta
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March 14, 2014, 03:50:53 AM
 #44187

Pls someone answer.  If in some time,we had lots of nodes supporting the network,could we just get rid of nodecoins??Or would they be part of Nxt in their most basic structure???
Once issued, nodecoins will exist for 27 years as they are given out 100 per block.
nodecoins are NOT part of NXT core. It is not part of NXT basic structure.
It is simply an asset I created using NXT core.
anybody can do this

Clearly NXT is a very disruptive tech. It can disrupt itself!

There are literally more than 47 to the 10th power of potential assets that can be created. That a lot of assets. nodecoin is just one asset.

Still think nodecoin does not add value to NXT? Just the discussion it has created has now gotten a bunch of people thinking about how they can create their own coin and issue it on AE. Dont deny it, I know you are. I charge 2% of coins as they are mined, if you need my help.

James

Jesus.  We will have our own little coin market cap war inside NXT.  It's a recursive fight to the death.  I thought AE would just be a way to trade coins peer-to-peer and avoid transaction fees altogether.  As soon as you devalue NXT to be the transaction fee token instead of a 1st gen coin, it is automatically devalued to be less than the coins being traded on it.  This coin will self-destruct in five seconds...
Your basis for this conclusion is?

i claim the NXT market cap will correlate with the SUM of the value of all the assets in AE. I provide as evidence, XRP market cap, which has done exactly that. At least as a rough approx, as big surge in December corresponded to big influx in CNY and subsequent decay in gradual exodus of assets out of ripple network.

Like it or not, AE makes NXT a similar animal as XRP. I have first hand experience with ripple and how it has fluctuated. I used to be an active market maker there, until the total fiat inside ripple drained away. I am not an economist, but when I see 70% of assets disappear and market value drops by 70%, well I was able to put two and two together.

What is your evidence of NXT destruction?

How exactly did you envision creating an economy using NXT by by building on top of NXT?
What is an economy? Isnt it people trading stuff with each other? Having a coinmarketcap war inside of NXT will bring a lot of activity and new blood into NXT. It will spawn the need for charting services, automated bot services, market makers, etc. Not exactly the joe-sixpack demographic, but in crypto land we know this is the group that provides liquidity.

I believe that I understand a lot of nuances about all this. If you have any evidence to support your theory that having active trading market of assets is totally destructive to NXT, please post. Otherwise you are just yelling "fire" in a movie theater, when there is no fire.

James

James,

I'm glad to hear you have some experience with Ripple. I've been more and more thinking that NXT is shaping up to be nothing more than a Ripple copy-cat and one that is not as good at that and I'd love to hear why you think this is not so.

Ripple already is way faster, Has Decentralized Exchange w/ cross currency trading (Can buy NXT from Peercover with Bitstamp BTC or even Bitstamp USD), the XRP fees for trading are infinitesimal and only for spam protection. You can covert USD to XRP directly via SnapSwap (albeit w/ too high fees). You can even "mine"/acquire them with a far greater return through the BOINC WCG, which is a very noble cause.

NXT is slower, all the assets can only be purchased in NXT, there are NXT fees for doing anything, there is a NXT fee for PLACING a buy or sell order (which no other exchange does) , no one knows if enough people will run nodes, and it's been sounding like the system may end up needing centralized high performing servers to be able to boost the transaction speed to anywhere near what Ripple already has.

I'm really interested in hearing your thoughts on why you think NXT is better than Riipple and why the liquidity will be better or the spreads closer, why more companies and assets will be attracted to it, why REAL businesses and banks will buy into it & why it will be any more  successful.

NXT: 4957831430947123625
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March 14, 2014, 04:07:18 AM
 #44188

@jl777
Seriously James, what your are doing in NXT community is awesome. You are one of the *two* peoples that I have put in my favorite bar:

https://bitcointalk.org/index.php?action=profile;u=177323;sa=showPosts

I had to say it. I Hope you like the compliment and that is a bit of positivity for you... Man you are on the favorite bar of someone, can you believe that!?! Grin

Keep up the good work (but if you think you need vacation, I think you really deserve it)!


Nxt official forum at: https://nxtforum.org/
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March 14, 2014, 04:12:03 AM
 #44189

Hi Brian Nowhere,

it's been a long day and you have joined the party late here today. I am going to refer you to http://ripplescam.org/ and you can read all about how Ripple is not actually decentralized. All your other questions can be answered by actually reading this monster thread or the newsletter here: http://nxter.org/nxt-newsletter-5/.    

Pls someone answer.  If in some time,we had lots of nodes supporting the network,could we just get rid of nodecoins??Or would they be part of Nxt in their most basic structure???
Once issued, nodecoins will exist for 27 years as they are given out 100 per block.
nodecoins are NOT part of NXT core. It is not part of NXT basic structure.
It is simply an asset I created using NXT core.
anybody can do this

Clearly NXT is a very disruptive tech. It can disrupt itself!

There are literally more than 47 to the 10th power of potential assets that can be created. That a lot of assets. nodecoin is just one asset.

Still think nodecoin does not add value to NXT? Just the discussion it has created has now gotten a bunch of people thinking about how they can create their own coin and issue it on AE. Dont deny it, I know you are. I charge 2% of coins as they are mined, if you need my help.

James

Jesus.  We will have our own little coin market cap war inside NXT.  It's a recursive fight to the death.  I thought AE would just be a way to trade coins peer-to-peer and avoid transaction fees altogether.  As soon as you devalue NXT to be the transaction fee token instead of a 1st gen coin, it is automatically devalued to be less than the coins being traded on it.  This coin will self-destruct in five seconds...
Your basis for this conclusion is?

i claim the NXT market cap will correlate with the SUM of the value of all the assets in AE. I provide as evidence, XRP market cap, which has done exactly that. At least as a rough approx, as big surge in December corresponded to big influx in CNY and subsequent decay in gradual exodus of assets out of ripple network.

Like it or not, AE makes NXT a similar animal as XRP. I have first hand experience with ripple and how it has fluctuated. I used to be an active market maker there, until the total fiat inside ripple drained away. I am not an economist, but when I see 70% of assets disappear and market value drops by 70%, well I was able to put two and two together.

What is your evidence of NXT destruction?

How exactly did you envision creating an economy using NXT by by building on top of NXT?
What is an economy? Isnt it people trading stuff with each other? Having a coinmarketcap war inside of NXT will bring a lot of activity and new blood into NXT. It will spawn the need for charting services, automated bot services, market makers, etc. Not exactly the joe-sixpack demographic, but in crypto land we know this is the group that provides liquidity.

I believe that I understand a lot of nuances about all this. If you have any evidence to support your theory that having active trading market of assets is totally destructive to NXT, please post. Otherwise you are just yelling "fire" in a movie theater, when there is no fire.

James

James,

I'm glad to hear you have some experience with Ripple. I've been more and more thinking that NXT is shaping up to be nothing more than a Ripple copy-cat and one that is not as good at that and I'd love to hear why you think this is not so.

Ripple already is way faster, Has Decentralized Exchange w/ cross currency trading (Can buy NXT from Peercover with Bitstamp BTC or even Bitstamp USD), the XRP fees for trading are infinitesimal and only for spam protection. You can covert USD to XRP directly via SnapSwap (albeit w/ too high fees). You can even "mine"/acquire them with a far greater return through the BOINC WCG, which is a very noble cause.

NXT is slower, all the assets can only be purchased in NXT, there are NXT fees for doing anything, there is a NXT fee for PLACING a buy or sell order (which no other exchange does) , no one knows if enough people will run nodes, and it's been sounding like the system may end up needing centralized high performing servers to be able to boost the transaction speed to anywhere near what Ripple already has.

I'm really interested in hearing your thoughts on why you think NXT is better than Riipple and why the liquidity will be better or the spreads closer, why more companies and assets will be attracted to it, why REAL businesses and banks will buy into it & why it will be any more  successful.

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March 14, 2014, 04:29:24 AM
 #44190

I could not relate in the conversation in this forum. Maybe because i am just new in this community... or maybe it is just too complex. I am starting to buy NXT slowly. If there is anyone out there interested for selling me a large amount of NXT for LTC for a discount/ lower than market, PM me.

Msg me if you want me to put anything here.
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March 14, 2014, 04:41:54 AM
 #44191

Hi Brian Nowhere,

it's been a long day and you have joined the party late here today. I am going to refer you to http://ripplescam.org/ and you can read all about how Ripple is not actually decentralized. All your other questions can be answered by actually reading this monster thread or the newsletter here: http://nxter.org/nxt-newsletter-5/.    

I've read ripplescam.org before so I'm familiar with it. Part of my point is that from some of the talk I've surmised by reading this thread there has been allusions to to the fact that to get true Transparent Forging working as promised (to obtain transaction speeds that can compete with Ripple's) we are going to need high end servers running on VPS's that will require administration and money. Who will be running these servers save for a few NXT fat-cats with a vested interest? How is that very much different or less centralized than what Ripple is doing?

ripplescam is also a little outdated as they have released the server source code and anyone can run one. Bitstamp and Peercover would be likely candidates to do so if anything every happenedd to Ripple Labs, which is pretty much the same argument I hear regarding the type of people who will run servers for NXT.

With Ripple at least I know it works, transactions in XRP are fast and irreversible and I don't have to worry about whether enough Ripple users are running nodes now or in the future or worry about DDOS attacks.

As far as the decentralization goes, maybe NXT represents a slight improvement but that's about the only area it is superior. In almost every other area from what I can see, Ripple does it either the same or better.

For a decentralized system to beat a centralized one it still has to be superior. Merchants and Consumers don't really care about the inner workings. It will come down to which system they trust more.

NXT: 4957831430947123625
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March 14, 2014, 05:05:14 AM
 #44192



++nodez

SN
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Uniting cryptocurrencies, Rewarding talent, Sharing benefits..

Blockchain Technology.

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March 14, 2014, 05:12:02 AM
 #44193

Nodecoin is not a clear cut issue. It seems more want to see where this goes than not. James, release the hounds. I hope you make a lot of money on it.

As far as I know James does not care much about money. He's got a nice IRL income... he doesn't really require more than that. He has enough to comfortably use his brain.
I have no RL income, all my income comes from crypto. I am currently working on a three month contract funded by neer.g for $2000 USD/month paid in NXT. Based on the number of hours I work, it is about minimum wage, but that is all I need to cover RL expenses.

If my performance is insufficient (or I inadvertently destroy NXT) I dont imagine my contract will be renewed after May 12th

My charter is to do the community's will, so when the community is divided, I need to figure out what to do instead of coding.

I am in the curious position of having authority over millions of NXT, but since there was nobody who would sign up to do the bounties fulltime, I decided it was best if I just implemented what I saw best for NXT. Due to conflict of interest concerns, I cant authorize payments to myself for my dev work, not that I have actually formally released anything yet.

James

P.S. There have been some kind donations to me personally, but I think so far it is less than 2000 NXT total.

1M NXT for zerocoin implementation

+BAM!

SN
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March 14, 2014, 05:19:12 AM
 #44194

I'm a little behind because today is my son's birthday, but here is the Windows Installer for Nxt 0.8.9

https://nextcoin.org/index.php/topic,1902.0.html

happy birthday young freeze

SN
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Uniting cryptocurrencies, Rewarding talent, Sharing benefits..

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March 14, 2014, 05:20:10 AM
 #44195

Hi Brian Nowhere,

it's been a long day and you have joined the party late here today. I am going to refer you to http://ripplescam.org/ and you can read all about how Ripple is not actually decentralized. All your other questions can be answered by actually reading this monster thread or the newsletter here: http://nxter.org/nxt-newsletter-5/.    

I've read ripplescam.org before so I'm familiar with it. Part of my point is that from some of the talk I've surmised by reading this thread there has been allusions to to the fact that to get true Transparent Forging working as promised (to obtain transaction speeds that can compete with Ripple's) we are going to need high end servers running on VPS's that will require administration and money. Who will be running these servers save for a few NXT fat-cats with a vested interest? How is that very much different or less centralized than what Ripple is doing?

ripplescam is also a little outdated as they have released the server source code and anyone can run one. Bitstamp and Peercover would be likely candidates to do so if anything every happenedd to Ripple Labs, which is pretty much the same argument I hear regarding the type of people who will run servers for NXT.

With Ripple at least I know it works, transactions in XRP are fast and irreversible and I don't have to worry about whether enough Ripple users are running nodes now or in the future or worry about DDOS attacks.

As far as the decentralization goes, maybe NXT represents a slight improvement but that's about the only area it is superior. In almost every other area from what I can see, Ripple does it either the same or better.

For a decentralized system to beat a centralized one it still has to be superior. Merchants and Consumers don't really care about the inner workings. It will come down to which system they trust more.

Yawn.

Edit: Still yawning.
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March 14, 2014, 05:34:47 AM
 #44196

OK, line by line;

"I've read ripplescam.org before so I'm familiar with it."

Great. Please read it again.

"Part of my point is that from some of the talk I've surmised by reading this thread there has been allusions to to the fact that to get true Transparent Forging working as promised (to obtain transaction speeds that can compete with Ripple's) we are going to need high end servers running on VPS's that will require administration and money. "

Yes networks cost money and require administration to run.

"Who will be running these servers save for a few NXT fat-cats with a vested interest? "

The original Nxt VPS operators are taking a risk to volunteer their time and expertise to build and secure the Nxt network. After the Nxt Asset Exchange is released to the Nxt mainnet, forging fees will increase from the increased NXT based AE trading volume. This in turn translates to revenue for the original VPS operators in the form of forging NXT (transaction fees). As Nxt AE volume further increases, more people will have incentive to maintain Nxt nodes (which by the way do not need to be VPSs)

"How is that very much different or less centralized than what Ripple is doing?"

The Ripple system is operated on a distributed ledger, not a decentralized ledger like Nxt is. Ripple is funded by Andreessen Horowitz and Google Labs. Google Labs surely would never hand sensitive customer data over to agencies with three letters would it?  Shocked


"ripplescam is also a little outdated as they have released the server source code and anyone can run one. "

Of course anyone can run compromised software if they choose to.

"Bitstamp and Peercover would be likely candidates to do so if anything every happenedd to Ripple Labs, which is pretty much the same argument I hear regarding the type of people who will run servers for NXT."

This sentence is so vague it cannot be reasonably responded to. What is your question? Bitstamp and Peercover would be candidates to "do so" ? What?

"With Ripple at least I know it works, transactions in XRP are fast and irreversible and I don't have to worry about whether enough Ripple users are running nodes now or in the future or worry about DDOS attacks."

I know Nxt works. Transactions in NXT are fast and irreversible with one minute block generation times. The Nxt network is designed to be the most efficient and secure blockchain technology with revolutionary features not found in any other cryptocurrency platform. The Nxt network is extensible with use of Arbitrary Messages and Automated Transactions.

Nxt has already successfully fought off DDOS attacks months ago. That fear is misplaced. You should be more concerned about the implications of this article http://bitcoinmagazine.com/10958/geostrategic-implications-bitcoin/ than whether or not Nxt can fight off a DDOS attack. It can.

"As far as the decentralization goes, maybe NXT represents a slight improvement but that's about the only area it is superior. In almost every other area from what I can see, Ripple does it either the same or better."

Again, Ripple is a distributed ledger based system vs. Nxt which is a decentralized ledger system. Does Ripple allow Issuers to issue their own currencies or their own shares in companies? How about Messaging? Does Ripple have that? Does Ripple have a decentralized Voting System near implementation? No?

"For a decentralized system to beat a centralized one it still has to be superior. Merchants and Consumers don't really care about the inner workings. It will come down to which system they trust more."

For the last time, Ripple is a distributed ledger based system and not a decentralized ledger based system like Nxt. Nxt is superior and offers numerous advantages to the corporate sponsored Ripple. Ripple powered by Google money. Decentralized? Not even. Good night.
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March 14, 2014, 05:44:07 AM
 #44197

I think the Nodecoins will help Nxt and not harm Nxt.
It's an additional feature like Whats app helped the Smartphones.
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March 14, 2014, 05:44:34 AM
 #44198

I'm glad to hear you have some experience with Ripple. I've been more and more thinking that NXT is shaping up to be nothing more than a Ripple copy-cat and one that is not as good at that and I'd love to hear why you think this is not so.

Ripple already is way faster, Has Decentralized Exchange w/ cross currency trading (Can buy NXT from Peercover with Bitstamp BTC or even Bitstamp USD), the XRP fees for trading are infinitesimal and only for spam protection. You can covert USD to XRP directly via SnapSwap (albeit w/ too high fees). You can even "mine"/acquire them with a far greater return through the BOINC WCG, which is a very noble cause.

NXT is slower, all the assets can only be purchased in NXT, there are NXT fees for doing anything, there is a NXT fee for PLACING a buy or sell order (which no other exchange does) , no one knows if enough people will run nodes, and it's been sounding like the system may end up needing centralized high performing servers to be able to boost the transaction speed to anywhere near what Ripple already has.

I'm really interested in hearing your thoughts on why you think NXT is better than Riipple and why the liquidity will be better or the spreads closer, why more companies and assets will be attracted to it, why REAL businesses and banks will buy into it & why it will be any more  successful.

Ripple community is a small circle of about a dozen guys who are mostly composed of naysayers who dont do much other than rip other people's ideas to shreds. A few fanboys, but at any given point in time only a few people are even on the forum. I defected over to NXT when I was reprimanded for trying to get a NXT market jump started over new years holidays. It seems the ripple forum is moderated by people who view anything close to ripple as a threat that needs to be squelched. NXT certainly fit the bill.

From a trader's perspective, USD != USD due to no cross redemption agreements between the various USD gateways. This leads to situations where you can pay a 50% premium to purchase BTC. Especially due to the large spreads going from anything to XRP and from XRP to anything else. There are basically 5 "active" markets in ripple BTC/XRP, USD/XRP (2) and CNY/XRP (2) The total trading volume in all five is less than NXT volumes are now and this is when NXT is "sleeping"

Oh, the giant elephant. 48 billion more XRP to be "distributed", which at any moment can disrupt the entire XRP ecosystem. Already, Jed McLeb donated many millions of XRP, which immediately diluted all XRP holdings. Basically any XRP based business that was holding XRP inventory lost 10% of value before they could do anything about it. Not that you can do much about it due to such low volumes in the market. Currently the bitcoin bridge is not working and hasnt been for 2 weeks. An inconvenience if you have a bitstamp acct, if not your XRPs and BTC inside ripple are trapped with no way out.

ripple has an AE like mechanism, but takes the position that they wont have anything to do with what happens. It is buyer beware. Also no restrictions on who can issue any specific IOU (ripple asset). Some scamster can (and has) issued "gold backed" IOU except the gold was not really accounted for and at best was something like one third backed. Another guy issued an asset that was backed fully by BTC (or so he said), but it started out at a price of 1.05 BTC. he said he would have an automatic bot that gradually raised the ASK price to 2 BTC, and because of this it was a good investment. sockpuppet show ensued.

He doesnt get reprimanded for that, but I do for trying to create a NXT market in ripple that had potential to get good volumes.

Ripple is slow to react. Everything has to go through proper channels, corporate management, PR and legal review, etc. In the time ripple decides to do one thing, NXT can (and has) done dozens of things.

NXT has a community that can protect its users from harm. NXT community has already tracked down crooks, got them to cough up ill gotten gains and made returns to victims. We have made continual improvements as fast as we can to protect users from newbie errors and I imagine we will continue to do so until we get it 100% foolproof.

Ripple is not really extensible. After they get all the bugs out,they will have a nice cross currency payment system that is totally transparent to all govt authorities. This is a concern as USA is in the process of implementing regulations that will force people to somehow prove the provenance of all their crypto. If they cant prove where it came from, it will be deemed to be illegal and probably confiscated. Even if they dont confiscate your ripple holdings, they will be able to identify by name, address and social security number each and every account and be able to backtrace all transactions. The trend is to assume people are guilty until proven innocent. Not exactly the home of freedom and individual rights the american PR machine leads the world to believe.

Is there anyway to add anonymity to ripple? There might be technically, but it is sure to be killed by the powers that be. Ripple has its place. It will be a perfect fiat gateway for all of crypto. Somebody has to fill that role and ripple does nicely at that.

The liquidity here will be better because that is one of the things I have set out to do. non-profit automated multisig gateways will allow this to be possible. It will charge enough fees to pay for its expenses and it wont be a monopoly, but it will be there for NXT community to be able to trade with low spreads. Where there are low spreads, there will be liquidity.

Ripple community did not want to listen to me and took measures to squelch me. At least here, we might disagree and tempers might flare, but at the end of the day there are many people who actively support what I am trying to do, both in public and in private, with encouragement and actual money. NXT community has its share of people who would fit right in with the ripple crowd, but there are a large number of people who are here not just to make a quick fortune, but really want to help change the world for the better.

For those of you who have not noticed, the war on bitcoin is escalating and with actual cash on its way to becoming less and less accepted, we MUST create anonymous crypto or there wont be any financial privacy left in the world anymore. NXT can achieve this, ripple cant.

In summary, anything ripple can do NXT can do it better. This would be the reason why businesses are better off building on top of NXT instead of on top of ripple. If we all just focused on helping businesses quickly get up to speed using NXT, it will be no contest at all. We need to think like we are an ethernet cable. We want packets going back and forth. The more activity, the better. At some point one of the NXT businesses will crack the joe-sixpack market (or teenage girl market) and go mainstream with their service. Most people wont know or care it is built on NXT, but 1% will probably find out. If it is a 10 million person market, 1% will add 100,000 active NXT users.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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March 14, 2014, 06:05:07 AM
 #44199

Nxt have a better innovation compared to other altcoins popping up everywhere, but the only thing that is keeping it from progressing is the inability to mine Nxt when you have zero balance from you account or even if you have a thousand of it, decentralize means it is not controlled by a few big stake holders.
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March 14, 2014, 06:07:20 AM
 #44200

..  The problem is trying to solve this issue in this way creates all kinds of other potential issues. Nodecoin is not building an asset on top of the AE, its hacking functionality ...
I repeat my question about Pandora's Box Wink
- The question "to create nodecoin or not to create" has no point in open source crypto world. If there is tx malleability in bitcoin, then someone will exploit it. The only way to prevent it is to modify bitcoin protocol and eliminate the malleability. The same with nodecoin. May be it is an exellent idea and nodecoin will thrive along with Nxt. May be it will harm Nxt, and the only way to eliminate it will be to modify the Nxt protocol.

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