NXT :: descendant of Bitcoin - Updated Information

[wesleyh]

Hello, my name is James.
I rebooted and feeling much better

Thanks to all the generous donators!! I am feeling very optimistic today.

For all the controversy the "coin that shall not be named" has created, at least people now are seeing NXT for what it can do. The idea of a middlecoin that pays out in NXT is a very good one. https://bitcointalk.org/index.php?topic=345619.msg5694336#msg5694336

I authorize 20,000 NXT from NXTcommunityfunds for this bounty.

I would also like to authorize 50,000 NXT to wesleyh for his fantastic web GUI. With matching amounts up to another 50,000 NXT for any directed donations to NXTcommunityfunds for him. Just send donation to 13776816462073143763 , post txid, amount and that its for wesley.

We need more testing. The first of the testing bounties:
antanst should get 10000 NXT for crashing testnet
l8orre should get 5000 NXT for making freerider that will help others crash testnet

James

Hey james, thanks a ton for your recommendation! I haven't asked for it, but it would of course be fantastic to receive this amount as I have put a ton of work in my client already

Thanks again.

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[alxx77]

If some firm will sell shares in Nxt Asset Exchange and I will buy 20% of the shares. Then how would I know that the same firm won't sell the same shares in another asset exchange platform? Then I will end up with 10% .. 5% .. 1% shares for example in no time.

No way to know this, you must trust them...

[wesleyh]

@Wesleyh

Where can I see how much there is left to forge a block?

Time? I don't think there is such an API. And I think it's better to hide it anyway, since most of the times it's depressing to see how long it would take

Thoughts?

I agree, it provides more confusion than value.

there is the getForging API that requires secretPhrase

That requires keeping secretPhrase in memory and sending it to the server in plain text, not good.. btw did you see my previous post about preparetransaction (directed at you)?

secretPhrase is always in memory anyways when an account is forging.  and yes that API should a POST to an HTTPS url.  I did get it, not much else to say though except I still say if an ultralight client has to decode the VPSs response anyways in order to verify it before the client signs it and sends it off, then it may as well just do it all to begin with.  And yeah I handt considered the mass of other APIs that VPSs will have to serve, which makes it even more desirable IMO to be able to limit some things.  For example, if a server starts to get overloaded, it may want to stop serving ultralight clients but still take in signed transactions from light clients

I'm talking about client side in memory (in the user's browser in my case).

As I said, prepareBytes also validates server side. It checks to see if the asset you are placing an order for exists, if you have enough money to pay for that asset etc.. If you try to sell, it checks to see if you have enough if the asset exists, if you have enough of the asset to sell of, etc.. As you can see, prepareBytes takes just 1 API request, whereas another client would have to do multiple (check if asset exists, check if enough of asset to sell, etc). If the client does not do error validation this it will always think it returns successfully (broadcastTransaction does not verify).

So I am dumbfounded as why you would want to disable this, since it may actually result in _less_ api calls. Also I think there should be no made up words like "ultralight" and "light" clients.

[L5Society]

If some firm will sell shares in Nxt Asset Exchange and I will buy 20% of the shares. Then how would I know that the same firm won't sell the same shares in another asset exchange platform? Then I will end up with 10% .. 5% .. 1% shares for example in no time.

No way to know this, you must trust them...

Not exactly. As a shareholder you should be able to vote on such matters. This isn't always the case, as some companies have different classes of equity which have different voting rights, or some companies are majority owned by a few insiders.

[ChuckOne]

If some firm will sell shares in Nxt Asset Exchange and I will buy 20% of the shares. Then how would I know that the same firm won't sell the same shares in another asset exchange platform? Then I will end up with 10% .. 5% .. 1% shares for example in no time.

No way to know this, you must trust them...

It is not so easy after all. Actually, real-world shares enables you to vote for/against certain actions the company will do in the future.

If companies are going to fund themselves via NXT, they need to solve that first.

[ChuckOne]

Not exactly. As a shareholder you should be able to vote on such matters. This isn't always the case, as some companies have different classes of equity which have different voting rights, or some companies are majority owned by a few insiders.

That is correct. However, there is no jurisdiction backing up his claim.

[ChuckOne]

That is correct. However, there is no jurisdiction backing up his claim.

To re-formulate it: why should an existing jurisdiction back up his claim?

[mcjavar]

If some firm will sell shares in Nxt Asset Exchange and I will buy 20% of the shares. Then how would I know that the same firm won't sell the same shares in another asset exchange platform? Then I will end up with 10% .. 5% .. 1% shares for example in no time.

No way to know this, you must trust them...

Not exactly. As a shareholder you should be able to vote on such matters. This isn't always the case, as some companies have different classes of equity which have different voting rights, or some companies are majority owned by a few insiders.

You should only invest in companies where you have the insight what´s going on. You should only invest in COMPANIES not in "projects" and not in "people" who have great ideas as they most probably will run away with your money.

We are planning to use the Nxt Asset Exchange to sell shares in the new project our company is going to work on. We are a registered company, the owners are known, the management is known, we will be available for Q&A and and will provide a business plan as well as our financial results so far. I think this is the minimum someone should provide before asking for investment. Everything else is pure speculation.

Edit: we are currently in the process of working out how it would be possible to have a contract between our investors and us, enabling them to stay anonymous.

[ChuckOne]

Everything else is pure speculation.

+1440

Only risk what you can afford to loose.

[L5Society]

That is correct. However, there is no jurisdiction backing up his claim.

If a company doing an IPO on NXT isn't legally incorporated in a state or country, I'd stay the hell away from that investment.

[mcjavar]

That is correct. However, there is no jurisdiction backing up his claim.

If a company doing an IPO on NXT isn't legally incorporated in a state or country, I'd stay the hell away from that investment.

And even that will not save you from potential lossess. Just look at MtGox.

But you have to take the risk if you want to make big money. Otherwise put your money on a bank account, that´s pretty safe, yet.

[ChuckOne]

That is correct. However, there is no jurisdiction backing up his claim.

If a company doing an IPO on NXT isn't legally incorporated in a state or country, I'd stay the hell away from that investment.

Yep.

[alxx77]

Huh, at the end it allways come down to a matter of trust...

[ChuckOne]

Huh, at the end it allways come down to a matter of trust...

Of course.

But you can choose whom you trust.

[opticalcarrier]

I'm talking about client side in memory (in the user's browser in my case).

As I said, prepareBytes also validates server side. It checks to see if the asset you are placing an order for exists, if you have enough money to pay for that asset etc.. If you try to sell, it checks to see if you have enough if the asset exists, if you have enough of the asset to sell of, etc.. As you can see, prepareBytes takes just 1 API request, whereas another client would have to do multiple (check if asset exists, check if enough of asset to sell, etc). If the client does not do error validation this it will always think it returns successfully (broadcastTransaction does not verify).

So I am dumbfounded as why you would want to disable this, since it may actually result in _less_ api calls. Also I think there should be no made up words like "ultralight" and "light" clients.

oh well in that case the original question doesnt apply if the client doesnt sync the blockchain and actually forge.  And I do see your point now on less server load - that does make sense.  I do still like the ultralight term for a client though, especially since now it seems like not so bad of a thing anyways.

[marek3ball]

It looks like there should be good connection in the wallet between Assets <-> Messages <-> Voting in one "package" to cover all these needs around buying shares and be able to comunicate and vote directly with the firm.

[L5Society]

Huh, at the end it allways come down to a matter of trust...

I suppose you could reduce the need for trust if the company used NXT's voting system for the shareholder votes and if the majority of the company's balance sheet assets were held on the AE platform.

[alxx77]

Huh, at the end it allways come down to a matter of trust...

I suppose you could reduce the need for trust if the company used NXT's voting system for the shareholder votes and if the majority of the company's balance sheet assets were held on the AE platform.

Now, that would be gamechanger...

[ChuckOne]

I suppose you could reduce the need for trust if the company used NXT's voting system for the shareholder votes and if the majority of the company's balance sheet assets were held on the AE platform.

If I am not completely mistaken, complete trust-removable can be achieved when the company is a DAC. The only thing you need to trust/check are the algorithms.

[L5Society]

You still have to trust the employees. So never truly trust-less.

Also don't get fooled into thinking that having a company's balance sheet assets kept on AE would be a silver bullet. Companies are worth way more than their book value, and even book value has such vague assets as "goodwill" which cannot be liquidated.