NXT :: descendant of Bitcoin - Updated Information

[Sebastien256]

So I was brainstorming the decentralized sports betting idea with my friend yesterday, and I've got some new ideas. Can smarter people than me give me some feedback? These ideas might be really dumb, because I'm not a programmer and I don't fully understand how everything works.

1) A parallel blockchain that contains the history of scores generated by a crawler that pulls data from ESPN, Yahoo Sports, Google, etc and crosschecks the data against the sources. Users of the betting service must somehow reference the correct score history when placing bids for a new bet. After a certain number of confirmations (ie when the future bettors come to a consensus on the correct score history), the old bets are paid out.

2) A parallel blockchain that contains the history of scores generated by a crawler that pulls data from ESPN, Yahoo Sports, Google, etc and crosschecks the data against the sources. Users of the betting service must submit corrections to the blockchain, to be verified by "miners" which are rewarded for the verification (somehow, to be determined). If you submit a false claim for correction, you get penalized in a big way.

These two ideas are trying to decentralize the score reporting portion, so that payouts can be automated without trusting a 3rd party to correctly report the scores.

if these sporting bet can be done in a 100% decentralized manner, that would be so huge for Nxt!

[1713885999]

1713885999

[1713885999]

1713885999

[1713885999]

1713885999

[L5Society]

http://www.coindesk.com/kncminer-accepting-pre-orders-first-scrypt-miner-titan/

This might push people away from scrypt altcoins. An arms race for mining litecoin and dogecoins helps us, right?

[bitcoinpaul]

That's not funny opticalcarrier   and no I did not as a matter of fact. Now I am starting to question whether we are in a simulation.

[S3MKi]

on https://bitcoinwisdom.com/markets/bter/nxtbtc buy orders about 2mln on 5000/4900/4800/4700/4600 etc. http://clip2net.com/s/72Y0Az
There are not same buy orders on bter  http://clip2net.com/s/72Y3Wp
Why?

[Come-from-Beyond]

ROFL

[ChuckOne]

That's not funny opticalcarrier   and no I did not as a matter of fact. Now I am starting to question whether we are in a simulation.

ROFL.

[opticalcarrier]

http://www.coindesk.com/kncminer-accepting-pre-orders-first-scrypt-miner-titan/

This might push people away from scrypt altcoins. An arms race for mining litecoin and dogecoins helps us, right?

Isnt this price/MH much more attractive than regular ATI-based mining rigs?  With a 6 card rig, costing around 6000 or so, you might get 6MH/s.  They are advertising min of 100MH/s for only 10G.

This will be interesting.

[ShroomsKit_Disgrace]

on https://bitcoinwisdom.com/markets/bter/nxtbtc buy orders about 2mln on 5000/4900/4800/4700/4600 etc. http://clip2net.com/s/72Y0Az
There are not same buy orders on bter  http://clip2net.com/s/72Y3Wp
Why?

Tell me you are not confusing particular bid orders shown at bter with the cumulative bid sum shown at bitcoinwisdom...

[bitcoinpaul]

on https://bitcoinwisdom.com/markets/bter/nxtbtc buy orders about 2mln on 5000/4900/4800/4700/4600 etc. http://clip2net.com/s/72Y0Az
There are not same buy orders on bter  http://clip2net.com/s/72Y3Wp
Why?

Tell me you are not confusing particular bid orders shown at bter with the cumulative bid sum shown at bitcoinwisdom...

mmmmmhhhhhh

[Eadeqa]

Tor is compromised.                                     Source http://lifehacker.com/how-can-i-stay-anonymous-with-tor-1498876762

Why is Nxt using Tor when it is known to be compromised?

It is not compromised when used properly.

[NxtMinnow]

HODLers don't care about bid.

[bidji29]

I just noticed nobody donated to BCnext donations addresses yet (noted in his original post)

So i sent some.
https://blockchain.info/address/125EJ3HYXNZ8swr2UBcvKNBV2voAYACFu9


I should have donated 0.21BTC, but too late now

[S3MKi]

on https://bitcoinwisdom.com/markets/bter/nxtbtc buy orders about 2mln on 5000/4900/4800/4700/4600 etc. http://clip2net.com/s/72Y0Az
There are not same buy orders on bter  http://clip2net.com/s/72Y3Wp
Why?

Tell me you are not confusing particular bid orders shown at bter with the cumulative bid sum shown at bitcoinwisdom...

bitcoinwisdom 4800 2292K
bter
0.00004851    10,000.000    +   
0.00004850    20,000.000    +   
0.00004800    100.000    =
Total 30.1k


Wrong?

[sepehr]

thank you! also watching video of decentralised internet! was it you that made that? very nice vid!

yes, I wrote this text: http://justpaste.it/decentralized-internet
then I created this video: http://youtu.be/RtTWUwRL9mQ
- I was hoping someone could point at some other videos that could be put there or if anyone suggested using different colors, but I got only opinions about bad music (which is only reffering to social network film trailer: http://youtu.be/lB95KLmpLR4?t=8s)

It was a very nice film Salsa, I included it in the wiki list of videos about Nxt:

http://wiki.nxtcrypto.org/wiki/External_Videos

[igmaca]

...

There is another possibility.

a market of byte Vs Nxt so that in order to if you want to forge for example for a minimum of 1440 blocks you can provide a nxt per byte minimum price you are willing to offer to forge.

everybody have the possibility to make their numbers to see if it is profitable or not to forge.

if the price reaches a very low value should nevertheless have a minimum VPS nodes to ensure network.

in order to forge more attractive can be charged other services like;

leasing of computer

and so on

[NxtMinnow]

sepehr, here is another video if you would like to put it on the wiki.

https://www.youtube.com/watch?v=Br4HEt_HbOY

[ShroomsKit_Disgrace]

on https://bitcoinwisdom.com/markets/bter/nxtbtc buy orders about 2mln on 5000/4900/4800/4700/4600 etc. http://clip2net.com/s/72Y0Az
There are not same buy orders on bter  http://clip2net.com/s/72Y3Wp
Why?

Tell me you are not confusing particular bid orders shown at bter with the cumulative bid sum shown at bitcoinwisdom...

bitcoinwisdom 4800 2292K
bter
0.00004851    10,000.000    +   
0.00004850    20,000.000    +   
0.00004800    100.000    =
Total 30.1k


Wrong?

Yeah, you are confusing it.

On one hand, Bitcoinwisdom refers to the cumulative bid sum. In other words, it is saying that 2292k nxt must be sold to reach 0.00004800. That 2292k quantity is the sum of all the buy orders from the highest to the price mark of 0.0004800.

On the other hands, bter just shows to particular buy orders and at which price are them: for example one person want to buy 10000nxt at a price of 0.00004851 other one needs 20000nxt at 4850 etcetc.

Is it clear?

Fell free to tip me due to this master lecture about market-reading: nxt 2036086998805235104
 

[mczarnek]

0.01 Nxt would still be a high fee for messaging though... I would recommend a fee of about 0.0001 Nxt per message, if the only thing being sent is a message, the catch is you can only pay that low of a fee if the message is automatically deleted from the blockchain.

I think the messages need to be perceived as being really cheap as we are competing against WhatsApp that offers messaging for 99 cents per year.  The average teen sends 3,339 txts per month!! (http://mashable.com/2010/10/14/nielsen-texting-stats/) This would be about 40,000 txts per year.  Assuming he/she uses WhatsApp, that costs $0.99 per year, that works out to be $0.000025/txt   Assuming Nxt will soon reach 10 cents that would be a fee of 0.00025 Nxt to compete with them on price alone, we also offer encryption but I'd say we really should try to compete when it comes to price as well. Because if we do it right, I do feel like this could be a killer app because we could probably even compete well with them price-wise.  The money made off of this could then compensate for even lower transaction fees and the forgers could be profitable.

And I worked through all the math but just deleted it to avoid clutter, I believe that we could even afford to charge lower than this assuming we delete messages once the app on the other end receives it, after all most text messages will be stored by the local apps on both sides and the blockchain/decentralized storage can be temporary.. only a few seconds in most cases.  Forgers supporting the text messaging would have to be paid for their extra bandwidth though.


Regard facebook built on top of Nxt.. actually I see some sense to that, we can afford to charge people a very low fee per post, that varies based on how long they want to store it, store it using the decentralized storage, the people in charge of make money off of that and use that money to advertise itself and grow a business.  Why would people use it?  Same advantage Dispora has, Diaspora is indeed very similar but I see it being hard to advertise itself, build it into Nxt and I know I would sign up for a Nxtbook account!

Price isn't everything. I don't know anything about "WhatsApp", however as a long-time irc user, that $0.99/yr sounds rather steep for something I havn't been paying at all for for many years, so they must have some other draw considering they aren't competitive price-wise. I would consider endpoint-endpoint encryption a must, and that would be one of your draws imo.

The problem with full-blown nxtbook though is that people don't want to just post text, they post pictures, videos, etc, and you just can't store all that in the blockchain, even on a temporary basis.

WhatsApp
Not everything, true but it's a part of it.  I agree that encryption will be a big advantage of it.

WhatsApp also offers the ability to form group, sort of like a chat room, I image (haven't used it myself) as well as send image, video, and audio clips.  They intend to start offering phone calls, which would be tricky in a decentralized system, I think you'd have to assign individual computers to handle the call and include everyone who's on the line, if that computer drops out, then you reconnect.  Would be an interesting feature to eventually offer.  Point is though, there are cheap options out there and we do need to compete price-wise, we should approach it from the point of view of what is the minimal amount we need to charge to ensure that forgers to break even, add a little to make them profitable, and charge that much.  0.01Nxt seems arbitrary.


NxtBook
Actually not true about nxtbook, you will be able to store that much info eventually using Nxt's decentralized storage, basic idea is you pay people for storage space and then you store your data across multiple harddrives, so that if any one of them goes down, others are holding onto it and if someone goes down, you copy it to another machine from one of the ones still there.  So the idea is that you only need to store it on 3 or 4 machines at a time and you'd paid to keep it online.  The more you are willing to pay per byte, the more machines and therefore security we can offer.

Similiar to multi-sigs you wouldn't have to store the entire data on every machine, just enough so that 2 out of 5 machines could reconstruct it or whatever.

If people hook up 2 or 3 TB drives and allow Nxt to use them for the decentralized storage system and get paid for them, they could make money off of the process and we'd end up with a lot of available storage space.

This could be used to host such images and will eventually be implemented.  It would also allow us to provide an email service and store encrypted emails in a distributed manner, so google can't read your emails for example.  I think that decentralized storage should be a big priority once asset and decentralized exchanges are finished.  Especially because once we have decentralized storage working, then we can create the distributed computing option, and Nxt will become a supercomputer running across multiple forging machines.

[sepehr]

sepehr, here is another video if you would like to put it on the wiki.

https://www.youtube.com/watch?v=Br4HEt_HbOY

I afraid it to confuse newbies! After about a week or two I hope we can publish the real AE client itself!

[Jerical13]

@Everyone: Since JL already made the change to the code that non-unique asset names are allowed, perhaps we will see lower fees on issuing assets.

Why? I see no need here now.

Lower fees would offer more utility to the AE. More people would be able to use it for more things.