NXT :: descendant of Bitcoin - Updated Information

[barryzand]

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

[jl777]

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

No one is saying it will only function like XRP.  It is a multi-functional currency.

The developers belief in what Nxt will be is of little concern to me. What concerns me is the complete disregard for contingency planning for the real possibility of a sudden and steep price increase.  In BTC and Ripple the fee is small enough that the rise would have to be enormous for it to have a negative affect.  A .01 Nxt fee and 1000 Nxt asset fee are simply too high to not quickly have a negative affect with only modest price increases. If it hits a certain level, the market will cease to a halt as people stop trading and transacting and the price would sink back down again. Like I said it's almost a designed price control built right into the system.

I am kicking myself for not realizing all of this when the price was up.

Fees will be scaled to maximize tx, but avoid spam. This means whatever maximizes forging revenues is probably close to the right min tx fee. Elasticity of demand means lower tx fee will boost overall revenues,to a point. In order not to overshoot, we are starting with 0.1 and see what happens.

However, I have many needs for services that would really like to issue an AM per block. at 0.1 that is 100NXT per day 3000 NXT per month, on the high side and costs would need to be covered by passing them onto customers, so probably cant do the everyblock publishing until fees are 0.01

BEFORE anything can be done about tx fees, NXToshis needs to be implemented. This is highest priority now.

As far as asset fees goes, 1000 NXT is high enough to prevent mindless squatting. Wont stop people from doing it, but I will be proposing a complete solution to the Asset Naming issue soon

James

[NxtMinnow]

Pouncers suggested AE format asset naming format seems to make sense;

101 : BTC 345623 (Asset number hyperlinked to blockchain explorer) [Asset Description]
501 : Salt 678934 (Asset number hyperlinked to blockchain explorer) [Asset Description]

With Asset Numbers 1-100 reserved for special assets within each asset name.

With this suggested format assets don't have to be Salt1 Salt2 Salt4001 but rather the numbered part hyperlinks to the AE blockchain explorer for more info.

Make it hard for the scammers to hide.

[zorke]

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

HA HA you wrote it right, CRAPtsy!!
Yes this is quite normal for them, actually anything under 24h is like instant transaction for them

[barryzand]

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

There's something wrong with Cryptsy all the time, you will have no choice but to wait even longer.

LOL i knew that already made a support ticket... I just wanted to know if there's nothing wrong there Forks and stuff you know 

THNX!

[CIYAM]

@Wesley - yes we could limit the characters used to try and help.

@farl4web - the problem is that the scammer will have already "already made off with his NXT" (if they were allowed to trade immediately) and also even if we "disallow trading" for x days then how do you communicate any *issue* through the Nxt platform?

[jl777]

Anyone know if someone giving out assets would be able to change the number of assets?  Anyone know?

I'd like to issue assets and destroy them on the fly so that the block chain can record exactly how many assets have been issued.

Currently assets are issued all upfront. However, I am implementing a holding acct method. This way there will be the assets in circulation and the onces being held. A realtime (block by block) tracking of the holding acct will ensure conformance or initiate alarms.

Tracking the number of assets in the blockchain is a very good idea! I think I will have the multigateway publish AM's on inventory status of the tracked assets, just need to cover the cost of the tx fees

James

since you started with all your dreams and hypes it went downhill very fast!

what did you finally deliver from all your bla bla bla

I have only managed to create nodecoin, prototype DOGE multisig gateway, plan for NXTcash and NXTmixer, got 9 million unclaimed NXT released to three committees that were elected, started NXTcommunityfund, probably other stuff too.

While I have yet to deliver completed software, I only started coding NXT projects about three weeks ago so I hope its acceptable timeframe for you.

What have you delivered?

James

[timmyd]

remember guys where there is a seller people are buying. anyone selling nxt now.is gonna regret there actions. anyone buying nxt atm will be very happy in a few weeks time  HODL

[farl4web]

However, I have many needs for services that would really like to issue an AM per block. at 0.1 that is 100NXT per day 3000 NXT per month, on the high side and costs would need to be covered by passing them onto customers, so probably cant do the everyblock publishing until fees are 0.01

BEFORE anything can be done about tx fees, NXToshis needs to be implemented. This is highest priority now.

As far as asset fees goes, 1000 NXT is high enough to prevent mindless squatting. Wont stop people from doing it, but I will be proposing a complete solution to the Asset Naming issue soon

James

Ok, thanks. I am looking forward to it. 

[abctc]

community input needed:

Unique names for assets?

- of course.

[bizz]

I've done 4 NXT withdrawals on Cryptsy. 1 took about 2 hours, 2 took about 24 hours each, and 1 took almost a week. the one that took a week was due to a glitch in their (still very new) NXT market. I put in a support ticket after a couple days; they responded quickly and eventually resolved the issue. I used to use Dgex but at this point have switched to Cryptsy for my NXT purchases, and am glad they added NXT. In any case, I wouldn't worry unless the wait is getting significantly longer than 24 hours.

Also waiting for wd. Cryptsy will get better eventually. NXT is still very young (and different!).

I have to give a shout out to BTER.  They've been flawless with NXT since day 1. Both withdrawals and deposits.

I will never touch DGEX again. Taken 30k  NXT from me.

[farl4web]

I will never touch DGEX again. Taken 30k  NXT from me.

Too bad, I have never had problems with them and I traded really often there. Sometimes somebody is unlucky I guess. Try to contact the owner, he will help. Good luck!

[zorke]

I've done 4 NXT withdrawals on Cryptsy. 1 took about 2 hours, 2 took about 24 hours each, and 1 took almost a week. the one that took a week was due to a glitch in their (still very new) NXT market. I put in a support ticket after a couple days; they responded quickly and eventually resolved the issue. I used to use Dgex but at this point have switched to Cryptsy for my NXT purchases, and am glad they added NXT. In any case, I wouldn't worry unless the wait is getting significantly longer than 24 hours.

Also waiting for wd. Cryptsy will get better eventually. NXT is still very young (and different!).

I have to give a shout out to BTER.  They've been flawless with NXT since day 1. Both withdrawals and deposits.

I will never touch DGEX again. Taken 30k  NXT from me.

I doubt Cryptsy will ever get better. From the day one I am using them they are horrible, with every coin except BTC. People are complaining 24/7 about them.

Mintpal will overtake them and leave them in a dust.

[crazybonkers]

Price will go to 0.00001, good advice don’t buy, sell

This puppy is going to zero many bagholders will cry even big ones that could not sell before big sell of

This is very good for (re-)distribution

Bad for all those who invested during the last months

Naa don't worry, its just the ups and downs, like everything in life. Hold and don't panic. crypto coins are still new to the world. give it 5-10 years more and we will not be able to imagine a world without them. Plus, if you sell now... Emule will buy them all up.

[jl777]

CIYAM, What do you see the value of NXT being longterm? I partially agree with you, but only to a certain extent, I think the value of NXT can be a few USD max in the next 2-4 years, I'm sorry guys but 500USD isn't going to happen, unless supply is cut off.

Salsacz, I watched your video! Great work! We think a lot alike, I really appreciate the work you're doing. I'll send a tip your way when I get to a safe computer.

MyNxt.info works great, who created it? I will be passing it along to friends and family so they don't complain in a year when they "missed out" because it was too difficult to create an account.

At this moment in time the most important project for NXT's success is automated multisig gateways for the AE. Is there currently a group working on this? I can help out if you guys need a cross-language dev. If I can buy LTC or BTC with NXT I would never use BTER/Cryptsy/BTC-E again. There is a massive market here.

No outsiders care about it all anymore, development has halted, frustrated discussions without any results, prices are going to the bottom and everyone except the initial IPO holders have lost a large amount of their invested money --- is it as good as dead?

No, pull yourself together man.

I am the only one coding the core of the multisig gateway, but antanst who created NXT tipbot and http://testnet.nextblocks.info/ is helping with the web side, including google authenticator verification of withdrawals

I am a simple C programmer, so it would be great to have somebody who can refactor it into a different language. I am currently doing a total refactor now that I got the proof of concept working. Based on antanst's feedback (he didnt like the single gateway reliance for 1 second on deposit into sweep acct), I am in the process of abstracting and generalizing acct creation so it will be possible to manage a separate multisig acct for each user's deposits. As they trade assets, their deposit acct balance wont correlate to their holdings, so the deposit accts add up to being a single virtual acct for the entire gateway.

I plan on balancing the multigateway deposits so that over time, it will be evenly spread out across the accounts to provide minimal incentives for hackers to try to crack multiple hardened server locations at the same time. Fragmented multisig!

If there was an independent implementation of the multisig gateway, then when all three servers come to consensus as to a withdrawal, any bug in my code wont be replicated on all the servers, so while it might take a while to totally synchronize the algorithms, it will provide yet another redundancy.

As far as NXT price goes, It is hard to imagine that NXT wont reach $1 USD at some point in the future, however NXT is under attack as evidenced by the large amount of recent trolling, some a lot more convincing than emule. Expect volatility ahead as the anti-NXT guys that have accumulated a large amount from previous spikes and dumps still have reserves. NXT represents a big threat to the establishment, bitcoin and fiat, and it does not take much to double the price or halve the price. A volatile price shakes confidence. Look at what the fiat guys did to bitcoin!

As far as active developers on major crypto goes the following is my ranking:
1) Bitcoin - not sure, but assuming there are quite a few
2) NXT - I know of at least a dozen devs, probably a lot are working in stealth mode
3) Ripple - 10 devs/tech guys https://www.ripplelabs.com/team/
4) etherium -
5) counterparty - 3 devs
6) mastercoin - 3? devs not as good as counterparty but they have thousands of BTC)
7) DRK - 1 dev + 1
8  Anoncoin - 1 dev maybe 2?
9) emunie - 1 dev

There are other coins with a couple of devs, but most altcoins dont even have a single fulltime developer! I apologize to things like colored coins and others that I am sure exist, but I only use coinmarketcap to get candidates (other than ETH and emunie)
<rant>
Those of you that are not programmers, I ask a favor. Please stop complaining. It really doesnt help morale at all and it is counterproductive. If you want to help, test. If you cant test, then just lurk instead of bitching. You do want to help dont you?
</rant>
Now if you are invested in NXT to quickly double your investment, please join emule. The scope of NXT is quite a bit larger than a 3 week project. If you do not understand this, I suggest sell. If you like centralized organization, there is mastercoin and emunie for you. They are very centralized. You could always invest in XRP, but then again there is that 55 billion they have promised to giveaway, but that still leaves another 45 billion that could hit the market at any time. People complain about a few accts with 50 million NXT??? What is a few people having 5% each compared to a single organization controlling 93% of inventory???

NXT price will not go in a straight line. People will buy the rumor and sell the news, like what happened with mastercoin. It is no surprise that the price goes down when they release. The reason is that it was preannounced, everybody knew it was going to come out. So everybody who is into that sort of thing already purchased it before the release, who was left to buy it? Nobody. That is why the price went down. Day trading 101.

NXT is a currency. Yes of course it is. Everybody can see their NXT balance. There is a price in the markets. You can send NXT to people. Anybody that says NXT is not a currency is being silly.

NXT is a platform. Yes of course it is. I built nodecoin not out of thin air, but on top of NXT. It took a day of coding. This shows the power of NXT, I am just a simple C programmer. Imagine what somebody with real skills could do!

NXT is a decentralized asset exchange. Yes of course it is. We can all see it on testnet.

NXT is a <fill in the blank>. Yes of course it is. NXT enables things. NXT is like the internet. Does anybody say that email IS the internet or that the internet IS email? Is the internet http? Is http the internet? Is bittorrent the internet? Is the internet bittorent? Is ...

I hope you get the idea. There are literally a thousand things that can be built on top of NXT. One of the reasons why I starting coding again is that I wanted to create a developers kit to make it easy for other simple C programmers to create stuff. I was a little rusty at first and all this crypto decentralized stuff was new so I had a steep learning curve, but I am getting in to gear so if I can stop getting distracted by all this nonsense in this thread I could be pretty productive.

However, when there is a serious threat to NXT, I need to respond and the level of insidious undermining of confidence in NXT that is going on has gotten to a point where I have to take time out of programming.

If NXT is dead, then everything other than bitcoin is dead. BCNext is gone, but was he ever really here? Actually I dont think he was ever on this thread. In any case, jean-luc is our BCNext now. He is here to stay and if you havent noticed, he keeps cranking out release after release. His code is so nice and clean, I am even tempted to learn Java! If jean-luc was the only developer, NXT would still survive. However, we have so many more contributors. True many left for other projects, but that only makes sense if you are after the big score. Going from nothing to a few millions. Sure, nice if you can get it, but what happens when the price of the new fantastic NXT clone comes out and ** gasp ** nobody becomes a millionaire? The people that jumped ship wont stick around long as they have proven that they are quick to abandon.

Anyway, we all know that the initial distribution wasnt great. However, it is much, much better than ripple. NXT isnt perfect, it is what it is. If you dont like it, please sell and leave us in peace. For whatever its worth, it is my opinion that NXT is better than any of the alternatives and my multisig gateways and other add on services will not be available for any NXT clones, regardless of who makes them. Without real world gateways, NXT is confined to crypto land. With real world gateways, NXT can expand into the real world. The multigateway to other cryptos is just a start.

Anyway, please bookmark this or whatever and use it for anti-FUD. I am tired of repeating myself. gotta get to work

James

P.S. back to the NXT is like the internet analogy. Assuming you agree with me on that, please estimate how much owning some percentage of the actual internet would be worth. Owning NXT would be like that. Long term real estate thinking is what you need to have. NXT is raw land now, bulldozers, construction workers, big mess. If you dont like messy things, sell NXT

[Passion_ltc]

.. antanst who created NXT tipbot and http://testnet.nextblocks.info/ ..

Beautiful.

[alxx77]

community input needed:

Unique names for assets? For example : BLABLA (only issued once)

Or non unique names for assets?

For example: BLABLA 12423434 and BLABLA 343434334  (you only choose BLABLA, the rest is the asset id - automatically generated)

(Perhaps, I'm not sure, the number can be shortened..)

If you have another idea, please specify.

Name should not be unique, since it's purpose is NOT to uniquely identify asset, there is asset id for that.

If asset names are unique, what would happen if 200 sellers want's to sell tablet pc's over AE - only one could call it's asset Tablet PC, and 199 of them would have to give
some stupid names to their assets...??

I think asset should be just what it is - token which can securely link issuer and buyer of the asset
- buyer knows who issued an asset, and an asset should contain a pointer-URl to detailed description of asset itself...

[farl4web]

...I am a simple C programmer, so it would be great to have somebody who can refactor it into a different language. I am currently doing a total refactor now that I got the proof of concept working…..

Thanks for this James! First time I bookmarked a post!  

[DrearyUrbanite]

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

Usually takes about half a day for me. Much shorter than the others I have used. Of course they may take a lot longer if you refer to them as craptsy 

[igmaca]

Anyway, please bookmark this or whatever and use it for anti-FUD. I am tired of repeating myself. gotta get to work
James

Wise Words!!! 


Funadamental analisys
Jesus says in Luke 6:48, "He is like a man who built a house. He dug deep to put the building on rock. When the water came up and the river beat against the house, the building could not be shaken because it was built on rock."

nxt is built on rock?

Technical analisys
In Chapter 14 of Proverbs, we are given solid advice. It says, "The naive believe everything . . . but a wise man looks well into a matter."

"technical indicators are well?"

Sentimental Analisys
"Be fearful when others are greedy and greedy when others are fearful."

buy now or sell now?