NXT :: descendant of Bitcoin - Updated Information

[verymuchso]

What is the logic behind allowing multiple assets with the same name?
How are client developers supposed to deal with this?

[1714780481]

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[apenzl]

---and some news from Nxter.org.

NXT Newsletter #6

http://nxter.org/nxt-newsletter-6/

I'm still missing some pages, but had to release. What's not in this newsletter will be in next week's. Only got 24 hours and all that. 

Enjoy.

/apenzl

[msin]

Is there a difference between CCT and Atomic CCT?

Sorry, I'm too dumb to answer confidently.

When we refer to CCT for Nxt, we are always referring to Atomic CCT

CCT:
Simply if we decide to trade Bitcoin for Litecoin and I send you BTC and you send me LTC.  You can chose not to send me LTC after you receive BTC, so I get scammed.

Atomic CCT:
1. Bob create and sign the transaction as usual and compute its txid. He sends txid and the transaction body with input scripts/signature blanked to Alice.
2. Alice computes hash of the blanked body, call it blankhash, and constructs transaction with special bitcointxid (blankhash,txid) opcode. Broadcasts the transaction to altchain.
3. Bob waits for altchain tx to confirm and verify its outputs are as previously agreed - at that point he sends the "uncensored" Bitcoin tx to Alice who'll broadcast it. Alice is therefore credited the bitcoin funds, which in turn validate altchain transaction at the same time (this is the atomic point).
4. Note that bob releases his tx only if he is sufficiently confident the altchain will not reorg its transactions, thus possibly double spend. This might imply that *many* confirmations in altchain should come first, however during that time each of them might decide to cancel the trade with no further consequences.

For CCT above, this can be done on a trading thread. I was under the impression that CCT was a bridge between otherwise incompatible blockchains.i.e a nxt transaction is sent > *magic happens* > transaction appears on bitcoin chain? So all chains could eventually 'talk' to each other. Sounds like this is actually atomic CCT.

Atomic CCT are basically trustless escrows?

Yes, CCT just means you are trading two different coins.  That's it.  Your impression is of Atomic CCT, where the "magic happens" and it would basically utilize AT and Parallel Block Chain to work, from my understanding.  

[apenzl]

Re-posting my Public Service Announcement:
(... because I haven't posted it in almost 500 pages of posts here...)

... and don't forget our other Nxt sites (and these are just the English ones):
- Summaries of this thread
- http://www.nxtclients.org
- http://www.nxtcrypto.org
- http://mynxt.org
- http://nxtarea.com/

Hmprf….

I should spend more time promoting myself instead of Nxt…. 

[allwelder]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

just curious.
How to mine Nxt with specialized rig?

[jl777]

Could be a deadcat bounce. Still a lot of selling power.

Once the exchange goes live a lot of new people will show interest in NXT. There are some people worried about paper losses too much IMO. It's only a loss if you sell for less than you bought. I'm sitting on paper losses too, but I'm not going to sell until at least 1 NXT=1USD. The deadcat bounce is Auroacoin IMO

I agree. It's amazing how jittery many in this young community seem to be about price. The alt coin world is so spoiled with the idea of instantaneous profits. Not many think long term and amazingly even long term is defined most of the time as <12 months.

Thats because of all the "every type of altcoin going" pump and dump mentality. People are starting to realise nxt has never been a pump and dump coin. Now all you see is pumping and dumping of the alt clones to transfer to nxt. If anything Nxt has given a purpose for the alt clones and thats is pumping them to dump for nxt. alts are a way for people to obtain nxt without putting up fiat. imo any ways. i personally mine alts to swap for ghs at cex or buy nxt with em and thats it. nxt is my gold stash lol

And now we have 2 pools www.hashrate.org and www.nxtp00l.org i dont even have to handle to alts lol

who runs the p00l site? why do most addresses end with 3 zeros? might this be a bug and he pays out to invalid addresses?

I'm not sure, but I noticed it too.

This is my address under 'Online Users':7606968008269260975. This is correct.
Under 'Payouts' it looks like this:         7606968008269261000.

The last 4 digits are wrong. Not sure why this would be intentional, but maybe I'm an idiot.

it looks like a precision error rounding the last four digits into a single one 0975 -> 1

[jl777]

[Math Lesson]

I want to explain some things that are very clear to me, but it seems that almost everybody else has come to the opposite conclusion. So, either my math is wrong, or nobody else has done the math.

The question is do we want everything in AE to be traded via NXT.

joefox is only partially correct that if the market wants this we cant stop a layer that hides the AssetA <-> NXT <-> AssetB transaction. If the market really wants this, there will be AssetA <-> AssetB direct trading. I already know how to do this.

Before you start slamming out a reply, please bear with me. I have a clarifying example.

Q1. Do you want USD assets to exist within NXT AE?

If you answered no, they you can skip reading the rest of this post and start flaming away. If you think having USD assets in AE might actually benefit NXT, here is

Q2. How much USD assets do you want deposited into NXT AE?
a) $100,000 USD
b) $1 million USD
c) $1 billion USD

If you answered a) or b), stop reading and start flaming away. If you answered c)

Q3. If all AE trades are denominated in NXT, then how do you propose actually dealing with $1 billion USD deposit.

If you can post a coherent answer to Q3 other than "NXT will be worth $10 billion and it will easily absorb $1 billion" then I might change my mind. I am not an economist, just a simple C programmer. When I write a program to deal with $1 billion of assets, but only have $30 to $50 million of NXT total and much, much, much less in active circulation, my conclusion is that if we limit AE trading to being just NXT, we will be lucky to have $1 million USD of assets deposited.

Q4. Are you still 100% sure that you want to restrict all AE trading to be in NXT?

James

[allwelder]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

I got 151 yesterday, and 147 this morning. keep it up!

haha,good luck

[mcjavar]

When we talk about unfair distribution...

http://www.chartbookofeconomicinequality.com/wp-content/uploads/countrycharts/USA/USA_Chartbook.html

[DrearyUrbanite]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

just curious.
How to mine Nxt with specialized rig?

At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean?

[jelin1984]

What is exactly
Nxt ae??

[Sebastien256]

What is exactly
Nxt ae??

Asset Exchange = AE, see the following:
https://bitcointalk.org/index.php?topic=460343.0

[Armando]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

just curious.
How to mine Nxt with specialized rig?

At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean?

Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc?

[DrearyUrbanite]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

just curious.
How to mine Nxt with specialized rig?

At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean?

Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc?

I have none to share yet. Neither pool is very good at reporting, particularly SHA-256 stats. I will report and compare once I have some data. My rig is a BFL 30GHz Little Single that I got last August. It is toward the end of its useful life.

[Armando]

http://hashrate.org just paid out it's third payout.  (http://hashrate.org/payouts.html)
Five miners took home over 100 NxT, two miners took home over 200 NxT and one took home over 400 NxT
Start mining for NxT today!

just curious.
How to mine Nxt with specialized rig?

At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean?

Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc?

I have none to share yet. Neither pool is very good at reporting, particularly SHA-256 stats. I will report and compare once I have some data.

Thanks! If anyone else can share stats, that would be extremely usefull for all current and future NXTers I believe)

[jl777]

When we talk about unfair distribution...

http://www.chartbookofeconomicinequality.com/wp-content/uploads/countrycharts/USA/USA_Chartbook.html

With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority.
Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%.

This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution"

Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful.

There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows.

In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation.

James

[MadCow]

Re-posting my Public Service Announcement:
(... because I haven't posted it in almost 500 pages of posts here...)

... and don't forget our other Nxt sites (and these are just the English ones):
- Summaries of this thread
- http://www.nxtclients.org
- http://www.nxtcrypto.org
- http://mynxt.org
- http://nxtarea.com/

Hmprf….

I should spend more time promoting myself instead of Nxt…. 

Apenzl , I absolutely love your newsletter. Keep up the good work. I'm sure joefox loves it too.

[dhit]

I would like for us to try and come up with a "NXT Mission Statement".

The last thing I want to do is distract all you magicians from building NXT, but I just came across this on LTB! forum; http://ltbcoin.com/discussion/24/how-should-the-ltb-network-operate-please-check-out-bettermeans-open-enterprise-governance-model

I've never heard of BetterMeans, but perhaps it could be of some value here.

[jl777]

For those (considering) issuing shares in company via AE, expect a call from the US govt
http://trilema.com/2014/interacting-with-fiat-institution-a-guide/

Maybe best to restrict it to non US residents?

James

[MadCow]

When we talk about unfair distribution...

http://www.chartbookofeconomicinequality.com/wp-content/uploads/countrycharts/USA/USA_Chartbook.html

With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority.
Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%.

This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution"

Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful.

There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows.

In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation.

James

+1

Poor old whales. If they hold they're being greedy. If they sell they're crashing the price. Only other way to distribute is giveaways and bounties, which many whales have done in the last 4 months, and from all reports will do more of in the future. NXT  distribution 'problem' is being solved IMO. More important task for whales is to pay for developers and infrastructure. NXT whales are doing an OK job compared to most other crypto coin founders, including bitcoin.