NXT :: descendant of Bitcoin - Updated Information

[timmyd]

Shot in the dark, is it decentralized sports betting via asset exchange?

Nope, think bigger, it's something that everyone uses (and is forced to use by some extent), but doesn't really like using due to one factor. NXT removes the factor.

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[ChuckOne]

For example, I bid Michigan (-500) vs Wofford @ 100 nxt, and if somebody takes my offer, the payout is automated based on result of the game. If I win, counterparty pays me 20 nxt. If I lose, I pay 100 nxt to them. Would need to automatically pull results from some website like ESPN, and there are other complications.

Just some thoughts on that:

This real-world intercommunication will be the most problematic part of NXT.

It is actually not possible without a certain form of trust and quite some effort.

For CCT, I try to remove the dependency of having nodes querying the BTC blockchain completely. It only introduces problems. Especially, how are other nodes supposed to verify the truth of such transactions if they do not want to scan the BTC blockchain.

The same goes for betting. It would require exchanging some sort of secrets to that external website that later can be retrieved to collect the prize.

[salsacz]

What can you build for Nxt?

Nxt Facebook

Nxt Twitter

Nxt Email

Nxt Youtube

Nxt Blogspot

Nxt World of Warcraft

Nxt Ebay

Nxt Torrent

Nxt Kickstarter

Nxt Fiverr

...

Anything. Decentralized. Open source. Without government controll/censorship...

[brooklynbtc]

Sorry?

Sports betting without the juice (fees).

For example, I bid Michigan (-500) vs Wofford @ 100 nxt, and if somebody takes my offer, the payout is automated based on result of the game. If I win, counterparty pays me 20 nxt. If I lose, I pay 100 nxt to them. Would need to automatically pull results from some website like ESPN, and there are other complications.

The AE could handle the odds I assume, the price would fluctuate as it progressed, but wouldnt each game have to be a separate asset? The ASSET would take all the money, and pay out the dividend as a winner.


Or a separate gateway with each TEAM as an asset, and the gateway sets the odds. Where would the retention be? Who holds the money?

And I think there is still a place for juice, just can be whittled down to fair market value.

[L5Society]

Just some thoughts on that:

This real-world intercommunication will be the most problematic part of NXT.

It is actually not possible without a certain form of trust and quite some effort.

For CCT, I try to remove the dependency of having nodes querying the BTC blockchain completely. It only introduces problems. Especially, how are other nodes supposed to verify the truth of such transactions if they do not want to scan the BTC blockchain.

The same goes for betting. It would require exchanging some sort of secrets to that external website that later can be retrieved to collect the prize.

Sorry, I don't see what kind of secrets you would need to exchange with a website?

Yea, I keep getting stuck on the trust part. Makes me want to start a website that just has scores, and hopefully the reputation system would show that I'm trustworthy. But, I live in the US, where I'd probably get prosecuted for operating an illegal betting service.

Maybe coins are issued to each bettor, and can only be exchanged if they are winners? (this is a half-baked idea)

[igmaca]

Yes of course some services like AM it can indexed per bytes but other
can be indexed per amount transacted

all AE like  Cryptsy, BTC, Bitstamp use % amount transacted
We're going to reinvent the wheel?
why not?

what this clear that will be a lot more economical to maintain than BTC network or clones

NXT AE, is, by definition, 'reinventing the wheel'.  You have to have a better reason than, 'thats the way its always been done'.  The other argument is basing everything on size in the blockchain.  Please argue your reason of % based with its own merits, or argue reasons against our suggestion.

an issue is how the fee is charged

must be distributed the cost of maintaining stimulated the "green, secure and decentralized network"

for example

Nxt% Fee per current transactions
Alias ​​Fee services (For example per bytes)
Nxt% Fee per AE transactions

and so on ....

How The network is worth to maintain?

How many minimum nodes are needed?
How much electricity does it cost?
How many minimum transactions contemplated

with this you can calculate total nxt minimum expected

and another issue is how the fee is partitioned

a transactions's fee should be tied to its byte size on the blockchain

ok its a posible solution but

you need to do this minimum operation

Total number of bytes expected divided by total nxt minimum expected by fees

then you can know nxt per byte aplicable

I do not know if this solution is the best but it can probably work. sharing may be quite right

[L5Society]

And I think there is still a place for juice, just can be whittled down to fair market value.

I think it would be really cool to have juice-less betting on the nxtwork. Would be harder to prosecute as illegal gambling in some countries, since you wouldn't take a profit. And all stakeholders would benefit from the increased traffic and fees.

[intmain()]

Nxt Facebook

That's what I'm working on  !

[ChuckOne]

Sorry, I don't see what kind of secrets you would need to exchange with a website?

In case of CCT, in order to do a transaction, one trader reveals a secret that is necessary for another trader to do another transaction and so on.

Yea, I keep getting stuck on the trust part. Makes me want to start a website that just has scores, and hopefully the reputation system would show that I'm trustworthy. But, I live in the US, where I'd probably get prosecuted for operating an illegal betting service.

The regulatory thing is a matter on its own. I think NXT should teach people here, too. Especially regarding asset exchange. It is like betting.

The trust issue cannot completely solved when the real world is involved. If does not function cryptographically verifiably.

For instance: that website would publish secret 1 if the game turns to be lost or it would reveal secret 2 otherwise. Regarding the revealed secret the winner can redeem his wager.

But the website must be trustworthy not to reveal the other secret.

Maybe coins are issued to each bettor, and can only be exchanged if they are winners? (this is a half-baked idea)

Maybe.

[ChuckOne]

Nxt Facebook

That's what I'm working on  !

You are kidding.

[intmain()]

You are kidding.

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

Several thousand lines of Java will need to be approved and added, it wont interfere with the blockchain though.

[ChuckOne]

You are kidding.

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

If that is so, I would like to see a plugin for the wesleyh client.

[DrearyUrbanite]

Time to buy more ?

If NXT is less than $.10 it is still time to buy  

[L5Society]

@chuckone

Thanks for the explanation. I wish AE was out of alpha so that I could work on betting for this year's March Madness. Alas, maybe next year.

[L5Society]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

[brooklynbtc]

And I think there is still a place for juice, just can be whittled down to fair market value.

I think it would be really cool to have juice-less betting on the nxtwork. Would be harder to prosecute as illegal gambling in some countries, since you wouldn't take a profit. And all stakeholders would benefit from the increased traffic and fees.

Someone needs to set this up, and that costs money. For their work they deserve the juice.

Also, if this is running solely as a gateway, exchanging two assets for a going rate (odds) is pretty much invisible, although not untraceable.
Imagine if AE issuance escapes the spam problem and the fees drop to nothing, you could issue an ASSET for
a team for one game, with any random name. people could buy and sell their bets from zerocash mixed coins.

no one would have a clue.

[ChuckOne]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

Yep. But, one could bundle several messages into one AM.

[brooklynbtc]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

Yep. But, one could bundle several messages into one AM.

and the fees are planning on dropping to .01

right? i keep reading this.

[intmain()]

Nope, I have mostly completed the messenger and friend functions, they both piggyback onto the block-chain in a really lightweight manner.

So you have to pay 1 nxt to send a message or friend somebody?

By design messages are not sent on the blockchain as AM's to avoid bloating (in the implementation I'm designing).

[rdanneskjoldr]

Nxt Facebook

That's what I'm working on  !

Every action would require a fee??