NXT :: descendant of Bitcoin - Updated Information

[rickyjames]

Stupid question time.  Soon we are going to go live with asset exchange.  When we do, will NXT be the preferred (or even only) currency to use in purchasing an asset?   Is it even possible to do something like this?

I really worry about Bitcoin or even Litecoin or Doge being used more than NXT itself as a form of payment for all of these assets that are about to be traded.  It just seems like we are missing a golden opportunity here.  From my point of view the ideal situation would be for all the altcoins to trade among themselves, but have AE force the use of NXT and not any other altcoin to purchase a tangible non-altcoin asset.

Letting another altcoin besides NXT be used as payment in the NXT exchange ecosystem is good because...

The NXT AE only accepts NXT natively. Every buy/sell order will cost NXT, no matter what.

Pandaisftw

I understand that the EXCHANGE FEE will be NXT.  Is there any way to limit things so ONLY NXT can be used as PAYMENT FOR THE ASSET ITSELF?

Why would we allow any other competitor coin to be used in asset payment on our own system?

[1715184254]

1715184254

[bitcoinpaul]

Still: Only NXT.

[Eadeqa]

Stupid question time.  Soon we are going to go live with asset exchange.  When we do, will NXT be the preferred (or even only) currency to use in purchasing an asset?   Is it even possible to do something like this?

I really worry about Bitcoin or even Litecoin or Doge being used more than NXT itself as a form of payment for all of these assets that are about to be traded.  It just seems like we are missing a golden opportunity here.  From my point of view the ideal situation would be for all the altcoins to trade among themselves, but have AE force the use of NXT and not any other altcoin to purchase a tangible non-altcoin asset.

Letting another altcoin besides NXT be used as payment in the NXT exchange ecosystem is good because...

The NXT AE only accepts NXT natively. Every buy/sell order will cost NXT, no matter what.

Pandaisftw

I understand that the EXCHANGE FEE will be NXT.  Is there any way to limit things so ONLY NXT can be used as PAYMENT FOR THE ASSET ITSELF?

Why would we allow any other competitor coin to be used in asset payment on our own system?

How would it be not only nxt? Only nxt are accepted on nxt blockchain.  

[rickyjames]

Stupid question time.  Soon we are going to go live with asset exchange.  When we do, will NXT be the preferred (or even only) currency to use in purchasing an asset?   Is it even possible to do something like this?

I really worry about Bitcoin or even Litecoin or Doge being used more than NXT itself as a form of payment for all of these assets that are about to be traded.  It just seems like we are missing a golden opportunity here.  From my point of view the ideal situation would be for all the altcoins to trade among themselves, but have AE force the use of NXT and not any other altcoin to purchase a tangible non-altcoin asset.

Letting another altcoin besides NXT be used as payment in the NXT exchange ecosystem is good because...

The NXT AE only accepts NXT natively. Every buy/sell order will cost NXT, no matter what.

Pandaisftw

I understand that the EXCHANGE FEE will be NXT.  Is there any way to limit things so ONLY NXT can be used as PAYMENT FOR THE ASSET ITSELF?

Why would we allow any other competitor coin to be used in asset payment on our own system?

How would it be not only nxt? Only nxt are accepted on nxt blockchain.  

@joefox - would you please elaborate on your previous statement of "you can't control this" ?  

[Passion_ltc]

I think you meant in the initial phase you can also take Bitcoin and then distribute the assets like you want. (e.g. for a company)

But after this point if you wanna trade them on the AE you can only do it with NXT.

[joefox]

Stupid question time.  Soon we are going to go live with asset exchange.  When we do, will NXT be the preferred (or even only) currency to use in purchasing an asset?   Is it even possible to do something like this?

I really worry about Bitcoin or even Litecoin or Doge being used more than NXT itself as a form of payment for all of these assets that are about to be traded.  It just seems like we are missing a golden opportunity here.  From my point of view the ideal situation would be for all the altcoins to trade among themselves, but have AE force the use of NXT and not any other altcoin to purchase a tangible non-altcoin asset.

Letting another altcoin besides NXT be used as payment in the NXT exchange ecosystem is good because...

The NXT AE only accepts NXT natively. Every buy/sell order will cost NXT, no matter what.

Pandaisftw

I understand that the EXCHANGE FEE will be NXT.  Is there any way to limit things so ONLY NXT can be used as PAYMENT FOR THE ASSET ITSELF?

Why would we allow any other competitor coin to be used in asset payment on our own system?

How would it be not only nxt? Only nxt are accepted on nxt blockchain.  

@joefox - would you please elaborate on your previous statement of "you can't control this" ?  

Sorry -- I should be more clear.  You can set prices for assets in Nxt, yes, but there's nothing stopping anyone from building a system on top of the AE that automatically converts/arbitrages for other currencies.  At that point, the price in Nxt can be hidden completely.  As an analog, think of the way enterprising folks have made Nxt "minable" at hashrate.org and p00l.org.  Suddenly our lightweight PoS coin is subject to the same PoW arms race as every other currency -- for better or for worse. 

If someone creates a system, and the market prefers that system, then that system wins regardless of your wishes or desires.

I'm not saying I'm a fan of this.  I'm just acknowledging reality.  Now is a good time to plug my new favorite book: "Who Owns The Future?"

"Controlled" and "decentralized" don't mix, outside of the basic primitives that define the system (i.e. the blockchain and transaction model).  It's impossible to predict what the market will create on top of a system like Nxt.  BCNext has a vision for Nxt, but he's gone and nobody is forced to adhere to any part of his plan.

The BEST example of this, right now, is the "mining culture" for Bitcoin.  If Satoshi knew that his creation would result in massive centralized CPU farms burning $17 million in electricity per day, he may have had second thoughts.  Now that Pandora has unleashed this model unto the world, though, it is here to stay.

[Etanllah]

Anyone had issues "mining" Nxt? I have been mining at http://www.p00l.org/ for about 2 days now. My account shows up under the Online Users tab, but it's never shown up under payouts. Have I not given it enough time?

I also tried another miner at http://hashrate.org a couple hours ago and nothing under the hashrates 10 min avg...which says give it 10 minutes.

Am I doing something wrong?

[chanc3r]

Sorry -- I should be more clear.  You can set prices for assets in Nxt, yes, but there's nothing stopping anyone from building a system on top of the AE that automatically converts/arbitrages for other currencies.  At that point, the price in Nxt can be hidden completely.  As an analog, think of the way enterprising folks have made Nxt "minable" at hashrate.org and p00l.org.  Suddenly our lightweight PoS coin is subject to the same PoW arms race as every other currency -- for better or for worse.  

If someone creates a system, and the market prefers that system, then that system wins regardless of your wishes or desires.

I'm not saying I'm a fan of this.  I'm just acknowledging reality.  Now is a good time to plug my new favorite book: "Who Owns The Future?"

"Controlled" and "decentralized" don't mix, outside of the basic primitives that define the system (i.e. the blockchain and transaction model).  It's impossible to predict what the market will create on top of a system like Nxt.  BCNext has a vision for Nxt, but he's gone and nobody is forced to adhere to any part of his plan.

The BEST example of this, right now, is the "mining culture" for Bitcoin.  If Satoshi knew that his creation would result in massive centralized CPU farms burning $17 million in electricity per day, he may have had second thoughts.  Now that Pandora has unleashed this model unto the world, though, it is here to stay.

I my experience utility drives price and value especially where the supply is fixed... All of these uses for NXT will drive the price of NXT, what is the difference whether the price of something is in $ £ BTC DGE or whatever ?

How is AE different to a shop or a website? Prices there will be quoted in FIAT probably to insulate from EXCH risk and if people choose NXT to pay they will go through the equivalent of NXTPay or its equivalent.

Demand where supply is inflexible drives price - what ever source that demand is ... Any business or person that is using NXT will hold more NXT than they transact.

I see no reason to control and I think people are being too purist about the uses that NXT is put too...

RIGHT NOW THE MOST IMPORTANT THING IS THAT IT IS USED...

[Mistafreeze]

Anyone had issues "mining" Nxt? I have been mining at http://www.p00l.org/ for about 2 days now. My account shows up under the Online Users tab, but it's never shown up under payouts. Have I not given it enough time?

I also tried another miner at http://hashrate.org a couple hours ago and nothing under the hashrates 10 min avg...which says give it 10 minutes.

Am I doing something wrong?

Same here on both accounts.

[martismartis]

People, how it is possible to trade in AE not with NXT?

[Ludom]

I don't understand where is the problem. The fear about NXT coins could be lost by mining pool, NODEcoin or something other.

NXT coins is the basis of all the system NXT. It's proof of stake of NXT, not NODEcoin or other asset. It's impossible. No worry about that. If you want to have some control of NXT, you need NXT.

About the mining, I'm not a miner. I think it's a wast of energy and ecological inefficient.
But when you want to buy a stake in NXT, you have not a lot of solution :
- You buy some with Bitcoin. To have BTC, you can buy them with FIAT or shitty altcoins.
- You receive a bounty or a gift (or salary) in NXT

The mining pool NXT are attractive while the PoW coins are valuable. If you think, the PoW are stupid, you can stop buy them with your NXT.
It's the same with NODEcoin, if the community thinks what NODEcoin is shitty coin, the don't buy them and NODEcoin has no value.
If NXT (PoS) have more value as BTC (PoW), our model win. But we need to have the value and the economy who support this value.

Every thing is a coin. Assets can be avery thing : one hour of work, one kg of sand, a blowjob, a node on the NXT network, one day of wast of energy. You can buy what you want. If you think some things are stupid, don't buy.

NXT is the central point of every thing. Your choice of what you do (or not) with them, it's the possibility to influence the NXT economy.

HODL, not only to have money but also to have your part of control. And when you give some NXT, make that like a smart guy, help the project you like or buy what is in your own moral value.

NXT is decentralised and the NXT economy/ecosystem grows with the power/stake of the stakeholders. Don't worry. The system is based on NXT, it's the connection between every NXTers and projects. Nobody can change that.

And every new projects are welcome. If I don't like, I don't buy or use. If all the community don't like or use, it will naturally die. Like the forging pools, great project but no useful.

Let's build an economy !

[farl4web]

I don't understand where is the problem. The fear about NXT coins could be lost by mining pool, NODEcoin or something other.

NXT coins is the basis of all the system NXT. It's proof of stake of NXT, not NODEcoin or other asset. It's impossible. No worry about that. If you want to have some control of NXT, you need NXT.

About the mining, I'm not a miner. I think it's a wast of energy and ecological inefficient.
But when you want to buy a stake in NXT, you have not a lot of solution :
- You buy some with Bitcoin. To have BTC, you can buy them with FIAT or shitty altcoins.
- You receive a bounty or a gift (or salary) in NXT

The mining pool NXT are attractive while the PoW coins are valuable. If you think, the PoW are stupid, you can stop buy them with your NXT.
It's the same with NODEcoin, if the community thinks what NODEcoin is shitty coin, the don't buy them and NODEcoin has no value.
If NXT (PoS) have more value as BTC (PoW), our model win. But we need to have the value and the economy who support this value.

Every thing is a coin. Assets can be avery thing : one hour of work, one kg of sand, a blowjob, a node on the NXT network, one day of wast of energy. You can buy what you want. If you think some things are stupid, don't buy.

NXT is the central point of every thing. Your choice of what you do (or not) with them, it's the possibility to influence the NXT economy.

HODL, not only to have money but also to have your part of control. And when you give some NXT, make that like a smart guy, help the project you like or buy what is in your own moral value.

NXT is decentralised and the NXT economy/ecosystem grows with the power/stake of the stakeholders. Don't worry. The system is based on NXT, it's the connection between every NXTers and projects. Nobody can change that.

And every new projects are welcome. If I don't like, I don't buy or use. If all the community don't like or use, it will naturally die. Like the forging pools, great project but no useful.

Let's build an economy !

Good summary!

[igmaca]

nxt up 22%  

all the other down

[Eadeqa]

What's with nexern? I seriously doubt he will release the client now, and even if does, it's not tested by the community like the rest of the clients.  

He was paid 160K nxt.

Should he split that money with the other client developers?

[S3MKi]

nxt up 22%  

all the other down

because bitcoin down

[wakasaki808]

What's with nexern? I seriously doubt he will release the client now, and even if does, it's not tested by the community like the rest of the clients.  

He was paid 160K nxt.

Should he split that money with the other client developers?

Any information on Nexren, the author of the explorer http://87.230.14.1/nxt/nxt.cgi?action=1 ? How is going on his client?

-

have been very busy the last 10 days with an important RL extended service request for a big data project
i have built for a company some times ago, so i haven't had the time to follow the thread and development.
as soon i am finished this service (this weekend) i am again on the client and asset exchange even if there
are some very nice clients already in use, since my client structure differs from the current ones.

ps: i have recieved three donations for the client work (165k nxt) which i would pass back, if i am not able
to deliver until end of month (never ever took funds for nothing and don't intend to change this).
just mentioned in case the current boring data work keeps me longer busy as expected.

[joefox]

People, how it is possible to trade in AE not with NXT?

This is a discussion about semantics.

At the HEART, you CAN'T.  But:

- Litecoin can trade on AE via Nxt
- Bitcoin can trade on AE via Nxt
- therefore a service can calculate the cost of Litecoin in Bitcoin and trade them against one another. Nxt is invisible.

Think more like a chess player

[flychickeny]

I am looking forward to see more news of the Bitcoin.

[salsacz]

since I posted our "looking for dev" ads also to other forums, who sould the devs contact?

Hello,

I just saw you were looking for Java programmers on ThisWeeksCoin board (posted by salsacz).
I am a french full stack web developer, with main experiences in Java.
You can have a look at my linkedin profile here : www.linkedin.com/in/quentinrenard.
Feel free to reach me out at fox.altcoins@gmail.com.

Have a good day,

iFox

[Eadeqa]

People, how it is possible to trade in AE not with NXT?

This is a discussion about semantics.

At the HEART, you CAN'T.  But:

- Litecoin can trade on AE via Nxt
- Bitcoin can trade on AE via Nxt
- therefore a service can calculate the cost of Litecoin in Bitcoin and trade them against one another. Nxt is invisible.

Think more like a chess player

If someone goes out his way to build apps on on top of nxt to do that, that will help nxt even more.  Still it's a pipe dream that even if true will be months away. Nxt will be the primary currency.